Industry Giants, BHP and Baosteel, Make First Iron Ore Trade for $14 Million Using Blockchain

Mining conglomerate, BHP Group has revealed that it has transacted a $14 million worth of iron ore trade through a blockchain-based platform which has been created by MineHub Technologies based in Canada.

The transaction involved BHP Group and China Baowu Steel Group, which is an offshoot of Chinese giant steelmaker China Baoshan Iron & Steel, which is mostly referred to as Baosteel.

Last month, BHP stated that it was in the process of piloting a blockchain-based iron ore trade with the Chinese conglomerate Baosteel.

In a statement shared exclusively with Bitcoin Exchange Guide, during the transaction process, BHP utilized the blockchain platform to process the contract terms virtually, exchange the documents as well as offer real-time cargo visibility.

The piloting of the blockchain-enabled trading by BHP is part of the firm’s plan to digitize its documentation procedures for its commodities trading fully. According to Michiel Hovers, who is BHP’s sales and marketing executive, the mining industry requires a paradigm shift when it comes to documentation. He said:

“The bulk commodity industry needs a digital revolution to reduce physical documentation processes.”

Baowu Steel, which is state-owned, has previously invested in blockchain technology in efforts to digitize its trade. Last month, the firm conducted what it said was the inaugural blockchain-enabled yuan-denominated foreign letter of credit (LC) with another mining giant called Rio Tinto. The firm used the Contour platform that has been developed on Corda technology R3, which is an enterprise-focused blockchain solutions firm.

BHP’s journey in the blockchain space can be traced back to 2017 after Vitalik Buterin, Ethereum founder announced that the mining giant was developing a blockchain-based application that will help in tracking natural resources.

In February last year, the mining leader in partnership with a Japanese based shipping firm NYK successfully tested blockchain tech.

The Canadian-based MineHub Technology explained that the BHP testing was just one of the many in the pipeline, which will involve its blockchain platform. The firm also stated that the testing comes at an opportune time when various crooked characters are taking advantage of the supply chain uncertainties brought by the COVID-19 pandemic.

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Author: Joseph Kibe

Vitalik Buterin Celebrates Ethereum Layer 2 Scaling; Only ‘Refinement & Deployment’ Left

LRC token jumped 14% today to trade at $0.054.

In 2020 so far the 97th largest cryptocurrency recorded 144% gains but despite that, it is still down 98% from its all-time high.

The ongoing gains have been the result of the monthly update released by the team that the Loopring Exchange has settled over one million trades. Since its launch two months ago, it has traded $14 million in volume through only 1,600+ users.

The most interesting piece of information is that the exchange only paid about 50 ETH for this which means each trade cost only $0.1, thanks to zkRollup.

Zero-knowledge proof (zkRollup) is deployed for layer 2 that increases scalability by processing mass transfer into a single transaction.

“We believe Loopring Exchange and Loopring Pay will become the killer features in our mobile app.

Our users will not be restricted by Ethereum’s ever-rising gas price and congestion, but still enjoy Ethereum’s security guarantees and everything else it offers.”

Loopring Pay, a zkSNARK-based layer-2 fast transfer service is to be released this week for an invite-only beta testing for Loopring Wallet.

It will enable its users to transfer Ether and ERC20 tokens without on-chain Ethereum transactions or gas fees. The transfer fees are reportedly “negligible” thanks to zkRollup. It will also be integrated into Loopring Wallet.

“This is sorely needed on Ethereum right now, as transfers of stablecoins, especially USDT, are among the biggest gas guzzlers,” reads the update.

Interestingly, today, Bitfinex also announced the largest stablecoin by market cap Tether will be integrated into the OMG Network (formerly known as OmiseGo) which will reduce transaction confirmation time and fees because Ethereum is “vulnerable to severe network congestion” under heavy demand.

Ethereum network is already over 90% at capacity and throughout May, it has also been experiencing a very high gas price. Not to mention, ETH 2.0 is still nowhere near its release.

But Ethereum co-founder Viatlik Buterin took to Twitter to shout out to the likes of Loopring, Matic Network, Omise Network, and others that are working on Ethereum’s L2 scaling.

Matic Network’s mainnet is now live with an initial set of validators. The mainnet has also already produced over 43,000 blocks.

“While everyone wasn’t looking, the initial deployment of ethereum’s layer 2 scaling strategy has *basically* succeeded. What’s left is refinement and deployment,” Buterin said.

Although these systems are by and large limited to payments and DEX, these sections are a large part of Ethereum activity.

As for moving these into rollups and plasmas, there is an adoption challenge as it would require the users to have wallets where their coins are stored in either of them. He said,

“Look forward to the future of ethereum scaling! (Including sharding supercharging all of these techniques 100x further down the line).”

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Author: AnTy

Crypto Derivatives Exchange ErisX, Opens API Service for BCH, BTC, ETH, and LTC Block Trading

  • ErisX REST API will now grant registered clients access to their Block Trade platform. This will be a reserve for the Institutional investors due to the large volumes of minimum trades required.
  • The pre-negotiated deals will only be reported for automated verification and instant clearing by the ErisX clearing win.

ErisX has now unveiled a REST API that grants its clients access to their Block Trade. This is a facility that allows investors to make big trades, within the given array of listed spot and futures commodities, privately.

Authorized users will be able to table already struck Block deals to the exchange via the REST API or their web-based platform. This will then be subjected to verification from the exchange. It’s also set to include verifying credit for both parties and then submitted to their clearing arm, ErisX clearing for immediate settlements.

It’s only after the deals have already gone through that they can be published on their portal. This system would be restricted to spot trades of 10 BTC, 100 BCH, 100 ETH and 250 LTC while including 10 Future BTC contracts and 50 ETH contracts according to the release.

They have, however, insisted that this feature would only be afforded to Clearing members that had already joined and those currently onboarding ErisX.

They would then be required to pre-fund their accounts before attempting any trades to ensure transactions go through smoothly, whilst mitigating counterparty woes. The parties would be required to either submit their trade dates to the system or within 15 minutes of execution.

This, according to CEO, Tom Chippas, would mitigate risks brought about by OTC based workflows while ensuring competitive prices for their clients.

“We are removing the friction and risks associated with OTC based workflows…. Our Members with a competitively priced service.”

Other exchanges have also launched similar Block trades for their institutional investors including Coinbase and Japanese based Nomura. However, Carlos Mosquera Benatuil, CEO of Solidus OTC is confident that the Commodity Futures Trading Commission oversight would rule out counterparty settling risks.

Notably, the TD Ameritrade backed crypto exchange recently launched physically settled Ether contracts in the US. These would be offered under the supervision of the CFTC.

This was bolstered by the fact that ErisX clearing was able to get approval for the coveted BitLicense by the NYFDS. This license has only been issued to 25 other companies since it was introduced in 2015. It is a must-have for any crypto firm that intends to engage with New York-based clients.

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Author: Lujan Odera

Iran’s Fiat, Rial, Becomes Another Victim of Hyperinflation As Govt Releases ‘Toman’

Iran’s national fiat, Rial, has become the latest victim of hyperinflation due to constant trade sanctions from the United States even in times of the pandemic. Now the Iranian government is looking for an alternative to replace Rial in the coming years.

In a report published in a local daily on 4th May, the Iranian parliament has passed a bill titled ‘Reforming Monetary and Banking Law’ which would see the country move from their national fiat rial to the new alternative called toman in the next two years. Each toman is valued at 10.000 rials.

Hyperinflation has wreaked havoc on the economies of many countries in the past, especially those who are not an ally to the United States.

Just a couple of weeks back, Libya saw the value of its national fiat fall by 50% causing a series of protests and the riot-like situation on streets where the citizens were seen attacking the central bank.

Venezuela has become a default example of how hyperinflation can bring even a wealthy country to its knees, and as of today, their national fiat bolivar is not even worth the paper they are printed on.

Iran, on the other hand, has been mostly faced the wrath of the US sanctions which prohibit them to make trades in the international trade market.

Even during these conditions where a virus outbreak has ruined the economies of even developed nations, many thought these sanctions would be lifted on humanitarian grounds, however, that did not happen. In 2018 the official exchange rate for 1 US dollar was set at 42,000 rials and it has continued at the same rate even today.

However, bark markets are seeing exchange rates as high as 156,000 rials due to the ongoing economic crisis created by the sanctions and ongoing pandemic.

LocalBitcoins Selling BTC at $35,000 as per Local Exchange Rates

While BTC is trading under $9k on all of the foreign crypto exchanges, the inflation has skyrocketed the local value of BTC at around $35,000. 1 BTC on LocalBitcoins is available at 1,445,658,900 rials which when converted to USD comes around $34,500.

The new alternative Toman is set to take a couple of zeroes from its inflated currency but, it won’t really change the overall proposition of Rial.

Iran has been also keenly following the crypto space in hopes of regulating it and utilizing it to access the international trade markets. Last year, the country also regulated mining given it has an abundant supply of clean energy and many are hopeful that they would also regulate the use of cryptocurrencies soon.

Decentralized Currency Can Help Countries Overcome Hyperinflation and Trade Sanctions

The recent condition of Iran, Libya, Venezuela and many other nations highlights the flaws of fiat systems and how the monopoly of one currency can ruin several nations.

These issues can be easily overcome with the help of decentralized currency like Bitcoin whose value is not controlled by one particular organization, and since there is only a finite number of these digital assets the chances of hyperinflation is also near impossible.

Iran was discussing Central Bank Issued Digital Currencies (CBDCs) to as an alternative to its existing fiat system, however, the present situation has forced it to look for an immediate alternative at present in the form of toman.

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Author: James W

CULedger Rolls Out Blockchain Identity Platform, MemberPass For Commercial Use

On Feb. 21, CULedger, a fintech company that is backed by the American trade association, announced that it has commercially rolled on its blockchain identity platform dubbed MemberPass following successful testing of the platform late last last year.

CULedger which operates as a credit union service organization (CUSO), focuses on offering a peer-to-peer services platform for verifiable and authentic exchange financial cooperatives. The not-for-profit organizations, credit unions serve their registered members by offering such services like deposits, provision of loans as well as various related financial services.

CULedger has been exploring on how blockchain technology can be used in enhancing cybersecurity for members, lower the operation costs as well as come up with ways to reduce fraud risks for credit union members. The new product, MemberPass platform is developed to verify transactions among the credit unions via distributed ledger technology (DLT).

The new platform is regarded as the inaugural KYC platform to be built on blockchain and will enable the network members to have control of their identity. This will give the members a chance of having a standardized platform that will help them verify themselves within their respective credit unions.

Apart from commercially launching the MemberPass platform, three extra credit unions were also added in the pilot program. The press statement revealed that Eagle Express, Achieva and HawaiiUSA credit unions became the latest members of the platform. This means that the pilot program now boasts of 11 credit unions which are deploying the platform.

According to CULedger CEO John Ainsworth, stated that MemberPass was developed with an effort to deal with various privacy issues within the industry. He explained,

“Our previous pilots have showcased the need in the industry and how members can benefit from heightened security. Allowing members to have control of their information provides a sense of security that has slowly disappeared from financial services and is becoming increasingly important in this new digital age.”

CULedger fruitfully finished the MemberPass pilot projects in mid-December last year which involved three credit unions namely; TruWest, Unify Financial and Desert Financial credit unions, Cointelegraph reports.

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Author: Joseph Kibe

Bitcoin SV (BSV) Price Analysis (February 23)

Key Highlights

  • BSV/USD trade has been featuring lower lows and lower highs in its price valuation.
  • The price worth of BSV put under slight check-making pressure by the US dollar.
  • A downward-break of the $300 lower range point may cause fearful trading conditions in the BSV/USD market price.

Major distribution territories: $500, $600, $700
Major accumulation territories: $200, $150, $100

Bitcoin SV (BSV) Price Analysis

Some degree of featuring lower lows and lower highs has continued to play out in the BSV/USD trading cycle from February 16 until the present. Those market-moving patterns took shape mainly around $300 mark.

The crypto may continue to put under a check-making slight pressure by the US economic monetary instrument around the mark mentioned earlier. But, a sudden intense downward pressure could result in letting the pair to a lower value position a bit below or around the major accumulation territory afterward.

Bitcoin SV (BSV) Technical Indicators Reading

It appears that the 14-day SMA trading indicator will take position around $300 price territory for a while. And, the 50-day SMA trend-line points to the north closer to the BSV/USD market value mentioned from below. That signifies the potential of seeing the $300 mark serving as a pivotal line for the BSV/USD market bulls in the long run.

The Stochastic Oscillators have densely traversed southward closely to range 20. That showcases that there haven’t been many selling forces in this crypto-economy.


The BSV/USD market north wall that previously occurred on January 14, hasn’t decimated by the bears pushing effort that came up in the succeeding trading sessions until the present. By so doing, the bears’ action has only led the price to move in a ranging outlook chiefly around $400 and $300 values. A downward-break of the $300 lower range point will signify dangerous warning of witnessing fearful price trading conditions.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication ( holds any responsibility for your financial loss.

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Author: Ben Jordan

Bitcoin Cash (BCH) Price Analysis (February 16)

Key Highlights

  • Lately, there was a slow-increasing mote in the BCH/USD trade worth.
  • As at the time of writing, the crypto’s value looks being under a falling pressure.
  • Neither the bulls nor the bears of the BCH/USD market have had a stronghold of the crypto-trade.

Major distribution territories: $520, $560, $600
Major accumulation territories: $400, $360, $320

Bitcoin Cash (BCH) Price Analysis

Initially, the trade worth of the BCH/USD line had been in a slow-increasing mote until about the last trading sessions on February 14. In a weak appearing manner, on February 15, the crypto’s price begun to fall gradually against its trading SMA indicators.

The crypto’s valuation, to a degree, seems to be an under selling pressure as it is presently traded below the trading indicators.

Bitcoin Cash (BCH) Technical Indicators Reading

The 50-day SMA trend-line lies underneath the 14-day SMA indicator more pointing towards the north-east direction. The 14-day SMA has seemingly bent down towards the bigger SMA. That shows the pace at which an upward price movement has lost lately in the BCH/USD market.

The downward movement of the pair has affirmed by the Stochastic Oscillators as they are now a bit below range 40. And, presently, they attempt to close the hairs around the range region. That may eventually lead to witnessing a level of variant range price movements for a while.


The BCH/USD market operations have not been in an actual sense see a high level of up rise or being in a severe falling mode. The BCH/USD market bulls have only in the recent past succeeded in pushing the value faintly and closely around the buy signal line of the smaller SMA trading indicator. Like wisely, as at the time of writing, the bears are seemingly making a reversal formation at a $440 market territory. That suggests that the BCH/USD market may have to experience a chain of range price movements further.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication ( holds any responsibility for your financial loss.

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Author: Ben Jordan

Binance Coin (BNB) Price Analysis (February 15)

Key Highlights

  • BNB/USD trade operations have somewhat been on an increase.
  • The US dollar, at this point, has to place the crypto’s price under slow-moving forces around $24 market point.
  • The BNB/USD market bulls may not be having it further smoother against the bears in the movement pathway to the north.

Major supply zones: $32, $36, $40
Major demand zones: $16, $12, $8

Binance Coin (BNB) Price Analysis

BNB/USD trade operations have somewhat been on an increase in valuation for quite a while. Around January 14, until the present, the market worth of BNB has continued to trade through the buy signal trend-line of its smaller SMA indicator.

On February 6, the crypto successfully broke through a supply zone at $20 mark to set a sustainable stance in the market, to now trade closer to a high value at $28 point. The US dollar, at this point, has to place the crypto’s price under slow-moving forces around $24 market point.

Binance Coin (BNB) Technical Indicators Reading

The 14-day SMA trading indicator has over time being on top of the 50-day SMA to supply the crypto with the bullish signal needed in the north direction. The 50-day SMA trend-line maintains a point over $16 mark to solidify its sitting of the major demand zone at that line.

The SMA trading indicators yet point northward to signify the possibility of not seeing a quick downturn in the BNB/USD market. The Stochastic Oscillators are now moving in a consolidation mode within the overbought region. That suggests that the BNB/USD market is now facing an indecision trading situation.


After a long and relative up rises in the BNB/USD market operations, the bulls have to stably push past $28 mark to the north to gain a stance for more ups against a falling price movement from that line. It is equally envisaged that the bulls may not be having smoother against the bears in the movement pathway to the north.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication ( holds any responsibility for your financial loss.

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Author: Ben Jordan

Kraken Expands Its Reach By Acquiring Australian Crypto Exchange Bit Trade

Kraken, the US-based cryptocurrency exchange just completed its acquisition of Bit Trade, one of the first crypto exchanges in Australia.

A press release sent out by Kraken to news organizations on January 14th indicates that it just recently purchased Bit Trade. Bit Trade happens to be one of the oldest cryptocurrency exchanges in Australia, which was launched in 2013.

At the moment, it’s expected that the official Bit Trade website will still continue trading and operating in the same manner that it has since its inception. A Kraken company representative explained this development to Cointelegraph and went on to note that:

“In the short term, Bit Trade will continue under its current brand and operate business as usual. As part of the acquisition, we are pleased to welcome the Bit Trade team led by Jonathon Miller who will be Managing Director for Kraken in Australia.”

Bit Trade Acquisition by Kraken

By taking over Bit Trade, Kraken is repositioning itself to become the leading cryptocurrency solution in the Australian market. The press release by Kraken went on to state that this is an area of the world that has continued to show a lot of potential for growth and expansion.

Bit Trade’s new owners are looking to cater to both institutional and retail traders, even as they begin hosting trade liquidity that will be pegged on the AUD (Australian dollar). In addition, this new acquisition by Kraken has also helped to add on to Kraken’s OTC (over the counter) trading abilities.

Joining the Two Company Operations

This new development will eventually lead to the merging of the two company’s operations. Kraken went on to explain that harnessing the operation of its various exchanges means that its clients will now be provided with a more enhanced product.

The Bit Trade purchase also means that clients in the Australian market are now in a position to access the sizable OTC products being offered by Kraken. Kraken had in late December announced that it had taken over Circle’s OTC desk.

This came about as the latter chose to move its operations to USDC (stablecoin, USD coin).

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Author: Daniel W

Etoro Looking To Launch Its Own Debit Card and Expand Its Services in 2020

eToro, the popular trading platforms which allow users to trade traditional shares as well as crypto assets is planning to launch their debit card services in 2020. The trading platform is also looking to expand their service base in the United States, Hong Kong and Africa.

Although the rumours of a possible debit card launch have been riffed for quite some time now, but in a recent interview eToro’s CEO confirmed that the company will be launching its debit card services this year.

Yoni Assia, CEO and co-founder of eToro in a recent interview confirmed the company’s plan on debit card and said,

“the card will expand the financial services that we currently provide to customers from over 100 countries around the world.”

Assia believed that the debit card service would help in crypto adoption as well as enhance the customer experience for its 12 million users. The CEO noted that the introduction of the Debit card would allow users to manage and spend their funds better.

Assia also believed the move would help them become the trading platform of choice as their platform is only among the very few which offers trading services for traditional shares and asset classes along with cryptocurrencies.

The firm is also planning to expand its services in the countries where it has a working base in and the target countries include the United States, Hong Kong and Africa. The firm’s CEO noted,

“Today, we offer US customers only trading in cryptocurrencies, but in the future, we’ll expand our activity there to trading in shares. In addition to the 42 US states in which we’re active, we’re planning to expand to other states, including New York.”

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Author: Lorraine Mburu