The crypto division of Square, Square Crypto, has recently hired Matt Corallo. The announcement was made on Twitter. He was one of the co-founders of Blockstream and a prominent Bitcoin dev. He previously worked on Chaincode Labs, too, where he passed almost three years.
Corallo commented on the news affirming that he was very excited to be a part of the team. According to him, it will be very exciting to experiment on Square Crypto and to make Bitcoin even better.
During an interview, he affirmed that the work will be different from what he is used to, but that the bigger the problems, the more you need talent.
The whole project is set to be open source, so the upgrades made by them can be used for others interested in Bitcoin as well.
Square Crypto Is Building Its Team
Corallo was just the newest addition to the company created by Jack Dorsey. Since the announcement of the initiative back in March, many people have been wondering who would be working on it.
The goal of the startup is to create a small but good team that will have a single designer and some software engineers.
Before him, Steve Lee was hired. He worked as a Google director previously and was hired to lead the new team. At the time, he affirmed that the team would be focused on creating the technology that could complement Bitcoin and make it more efficient and mainstream.
Author: Lorraine Mburu
The U. S. Securities and Exchange Commission (SEC) has recently decided to emit a cease and desist order against ICO Rating, which is a company focused on researching about the crypto market and rating the best investments.
According to the SEC, ICO Ratings has violated the Securities Act. The company is being accused of describing securities to get a certain direct or indirect compensation from the group that issues the investment.
This happened because the company charged fees in order to create the reports of the investments. As some of the tokens listed on the platform were considered securities, the company broke the law. The illegal reports were also widely published on social media, which is also against the norms.
The SEC affirms that ICO Rating was paid over $100,000 USD by companies and groups that issued ICOs to have them rated. These payments, however, were never disclosed to the readers of the site, meaning that they could end up investing in these security tokens without knowing that they were seeing something that the SEC considered to be a paid promotion.
ICO Ratings was ordered to cease all activities, give the money back (plus interest) and then pay a civil money penalty that would be over $160,000 USD.
Author: Gabriel Machado
The Financial Industry Regulatory Authority (FINRA) has recently decided to approve IOI Capital and Market’s application for membership. The new company is set to offer digital securities based on the Hyperledger Fabric technology.
Now that the company has the approval of the entity, it can issue its securities to clients. According to the co-founders Hamid Gayibov and Rashad Kurbanov, the plans are to launch the platform in September.
The company had to wait around 18 months in order to be approved. FINRA has a huge backlog and it is common to take over a year to approve companies, which can get in the way of their plans sometimes.
Fortunately, this gave the company time to prepare. Kurbanov affirmed that the company wanted to make sure that all investors would end up receiving all necessary protections from them, which is why the company has already implemented all the systems that will ensure its security.
Iownit, the technology that was developed by the group based on Hyperledger, will be used to manage the technological part of the securities and create a more efficient market, according to the company’s founders.
The name of the new platform, which sounds like “I own it”, was inspired by how the blockchain can be used to secure records. All named that had blockchain in it were rejected. According to Kurbanov, many people wanted names such as Block Security or something similar. He decided to hold on because he was against following trends that were so obvious.
Author: Gabriel Machado
The Central Bank of the Philippines has recently decided to allow two new companies to operate as cryptocurrency exchanges within its boundaries. Now, Telcoin Corpl and Atomtrans Tech Corp will both be able to offer its services in the country.
Telcoin is a technology company based in Japan while Atomtrans is a Phillipino one. The Japanese company uses and Ethereum-based platform and has a strong mobile market in Japan. The other one is focused on remittance and payment systems and has important partnerships with Chinese companies.
With these two new companies, the country will have 13 of them. While the Philippines can still be considered somewhat of a small market, the truth is that it has been growing a lot lately. In 2017, the country transacted around $189 million using crypto while in 2018 the numbers were over $390 million USD, basically the double of what it was a year before.
Because of the high usage of these tokens, the crypto industry needs to be regulated in the country and that is where the central bank comes in. For instance, the government has issued the guidelines for ICOs this year, in order to show companies how they can offer the assets in a fully compliant way.
Other crypto-related initiatives in the country include the recent plans to launch a central bank-backed crypto. It looks like the plans did not bear fruit, however, as they were recently abandoned by the central bank of the country.
Author: Gabriel Machado
The practice of adding popular brand names to the name of a startup is a method used to attract clients to a business. The blockchain industry has seen this practice several times over with startups adding popular words such as Bitcoin and Blockchain to their names in a bid to lure customers. Some startups even use parts of popular companies’ names for the same purposes.
CryptoOracle has taken to Court
One blockchain startup, CryptoOracle, has been sued by the software giant, Oracle, for cybersquatting and trademark infringement. The lawsuit claims that CryptoOracle LLC used Oracle’s brand name in a bid to ride on the popularity of the software giant. Cybersquatting is the practice of using an internet domain name in bad faith with the intention of profiting from the goodwill built by another brand or trademark.
CryptoOracle was founded by Louis Kerner in 2017. The blockchain startup is a cryptocurrency advisory firm which serves other blockchain startups and entrepreneurs in the industry. The company sells tickets to events they host at which those interested in blockchain businesses can get the information they need and meet with other players in the crypto space.
Oracle is one of the biggest software firms, and it is famously known for the Java software. They also provide a range of services such as database management and cloud services. Oracle hosts many conferences and educational seminars for different software categories and topics.
Before the lawsuit, a cease and desist order had been issued to Kerner and his brand as Oracle sought to settle the matter out of court. CryptoOracle responded with a filled-in trademark application for their brand name. Oracle said that they could not allow the use of their brand name in the defendant’s business.
A request to force CryptoOracle to change its brand name and withdraw the trademark application has been placed before a federal judge. Oracle’s attorney reportedly said that his client might be entitled to the profits CryptoOracle made during the time they’ve been using the name.
Oracle and Blockchain
Oracle has plans to move into the crypto business through its Oracle Blockchain Platform, and this may be another reason behind the lawsuit. If another company with a similar brand name already exists in the crypto space, it might cause confusion among customers because it is easy to mistake one for the other. Such confusion could cost Oracle some business and the software giant is trying to avoid that.
Author: Ali Raza
The Australian Tax Office has recently declared that any kind of self-managed fund that is backed only by crypto is breaking the law. Despite what it may look like, this is not a change or a new approach. No Australian retirement fund can have more than 90% of its value in a single asset class.
As you may know, these self-managed funds do not have any specialized company taking care of them, only the main investor. People are legally obliged to diversify their portfolios in this case, possibly in order to save them from themselves.
Unfortunately, this means that someone who has profited a lot from Bitcoin will have to sell some of it and buy other assets instead of being fined by the government.
According to Australian news site Micky, a total of 18,000 funds received warning letters this week because of this. The amount of them that only held crypto was not disclosed. Any self-managed fund that does not comply with the law can be fined in up to $4,200 AUD, which is not a lot if you got rich investing in Bitcoin by yourself.
Crypto Are Risky Investments
Despite how much you may not like that the government is meddling in your investments, the law was created with “good intentions”. It is more dangerous to invest in a single asset class. Cryptos, for instance, are highly volatile.
If you invested all your retirement money in Bitcoin when it was worth $20,000 USD and got out when it was around $4,000 USD, you would have lost 80% of your money. Cryptos are a great investment, but a diversified portfolio is always great.
Author: Lillian Peter
The third-largest crypto exchange of South Korea, Coinone, has decided to create a set of criteria for the company that wants to let people trade their tokens on the platform.
This decision was announced soon after the exchange made a partnership with CertiK, a local company that will now be responsible for security validation in the network.
Now, all candidates for listing on the platform will have to ensure that they follow a total of nine criteria before they are allowed into Coinone.
Some of these criteria will take into account things such as a good business model, long-term strategy and vision, distribution plans, transparency, marketing plans and more. Basically, only great investments will be allowed in the platform moving forward.
All potential tokens will be reviewed and the team behind the protocol will be taken into account as well when determining if they are good enough.
Non-compliant Tokens Will Be Delisted
If a token is not compliant with the rules, it will end up being delisted. For instance, if the quality of the protocol goes down or if the companies lack transparency or engage in market manipulation, they will be delisted. Any involvement with criminal activity will be the reason for an instant ban. Blockchain failures and other technical problems will be also taken into account.
Whenever a token is failing at one of these instances, it will be warned once. If the company is not improving on the matter that caused the trouble in the first place, then the delisting will happen sometime after the company was first warned.
Author: Bitcoin Exchange Guide News Team
The crypto mining company CoinMine, which is focused on manufacturing crypto hardware and software, has recently announced that it was able to get $2.5 million USD its latest seed investment round. The seed round was led by M13 Ventures, Gumi Crypto, Shervin Pishevar
A representative of the company affirmed that the investment round was so successful because Coinmine One is growing 50% every month since April.
The company is always looking for the best ways of reinvesting in its miners and using the money to create a more successful business instead of pocketing it. At the moment, the company affirmed that its products are 30% more efficient with the latest upgrades.
Now, the money will be mainly used in order to hire more engineers to work with the company. They will help Coinmine One to create more interesting products and to expand its services to hobbyist-level miners, too, another segment of the market that CoinMine wants to reach.
CoinMine’s CEO Farbood Nivi affirmed that it is important to call more people to the market. Because of this, the idea is to lead these amateurs into the mining business and let them get interested and see how profitable it can be. This way, they will have more clients in the future.
At the moment, the products sold by the company can be used to mine several cryptos such as Bitcoin, Monero (XMR), Ethereum (ETH) and Zcash (ZEC).
M13 Ventures, one of the investors, affirmed that the company is focused on finding the best investments and that the product offered by CoinMine is innovative because it helps the consumers to participate in a new and exciting market.
Author: Hank Klinger
The Cardano Foundation has recently started a new partnership with a German company called Konfidio. The main goal of this partnership is to help Cardano to get more adoption in crypto markets.
According to the official announcement, real business use cases will be built on top of the Cardano network. The first focus of the initiative will be to create new use cases for banking institutions, logistics and the pharmaceutical industry. After that, cases more focused on public services and the government will also be created.
Nathan Kaiser, the chair of the Cardano Foundation, has affirmed that the location of Konfidio is also very important. The company is based in Berlin, known as a major blockchain center that has a great relevance to the market. This will provide a strategic advantage to the Cardano Foundation.
The CEO of Konfidio, Mervyn G. Maistry, affirmed that the company is also very interested in this partnership. According to him, their current goal in this partnership is to increase the awareness of the protocol.
Konfidio intends to make sure that all corporations and startups in the region know about the potential of the Cardano tech and to help the community grow this way.
Charles Hoskinson, the co-founder of the Ethereum blockchain and Cardano as well, is the current CEO of IOHK, one of the companies that helps the foundation to run the Cardano protocol. He has recently affirmed that the version 1.6 of the token will be released soon and that this will improve the protocol in several ways.
Author: Gabriel Machado
- The latest ETF application from Bitwise was submitted in January 2019.
- Bitwise’s application was postponed until October 13th, as well as two other ETF proposals for cryptocurrency.
Adding a crypto-based exchange-traded fun has been on the minds of many cryptocurrency companies for well over a year, as the SEC has only issued denials or delays at this point. Unfortunately, the most recent action from SEC is more of the former, as the regulator postponed decisions on three crypto ETF proposals, which will not be seen again until October. Despite this setback, CEO Hunter Horsley of Bitwise Asset Management still feels that the approval of a crypto exchange-traded fund (ETF) will become a reality.
Horsley made his statements about the outcome of the SEC hearing during an interview involving himself and Matt Hougan, the global head of research, for Bloomberg UK today. His positive outlook seems to come from the open nature of the SEC, regarding the reasons that the delays have been happening. There have already been multiple ETF applications submitted from Bitwise, but Horsley appears to see these changes as progress over the last year.
Hougan appeared to match Horsley’s perspective, bringing attention to the many developments that have happened in the cryptocurrency industry, like new spreads, improved arbitrage, and the entry of Susquehanna. He added that crypto custodians have access to insurance policies, and there’s greater maturity across many platforms, solving many of the issues that the SEC has noted before.
Europe already has several crypto ETFs and other investment products, but the global expectation seems to be waiting on the US. Speaking on what circumstances would elicit an approval, Hougan stated,
“A key aspect to a Bitcoin ETF in the U.S. is that it unlocks the financial advisor marketplace. So far crypto has focused mostly on retail investors […] or institutional investors […] Half the money in the U.S. is managed by financial advisors, and right now it’s very difficult for them to access that market.”
Author: Krystle M