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Bitmain Partners With Foundry To Finance Customers In North America

By
Adam Barry
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0

Bitmain has secured a partnership with Foundry, a wholly-owned subsidiary of Digital Currency Group, or DCG, to offer financing to its mining customers.  The partnership is part of Bitmain move to streamline its operations in North America.

Filling the financing gap

In many cases, high-yield industries always huge capital and financing support to help in business growth and development. However, the mining industry has lagged behind in terms of financing options. The industry is able to produce compelling returns if sufficient investment is made.

In recent years, however, there has been an increase in investors expressing interest in financing crypto mining businesses. Mining is one of the key pillars of the crypto business and involves the creation of intrinsic value. It is one of the best and secure ways to enter the crypto industry.

Digital Currency Group is one of the early pioneers seeking to fill the financing gap in the mining sector. The company formed Foundry in 2019 to focus on offering financing options for crypto miners. Foundry has emerged as one of the largest bitcoin miners in North America. In addition, the start-up has offered tens of millions of dollars in financing to other mining companies. Through its financing options, Foundry had helped to procure 50% of the bitcoin mining in North America this year.

Bitmain and Digital Currency Group have a long working relationship

Bitmain and Foundry have a long working relationship and have jointly offered capital to several mining projects by purchasing mining equipment. Access to capital is very critical to the mining business and helps break the barrier to entry into the industry and development of the mining business. In addition, access to funding helps strengthen the entire mining ecosystem.

Foundry offers capital, market intelligence, and institutional expertise to crypto miners and manufacturers. “Foundry was established to empower miners with the tools that they need to build tomorrow’s decentralized infrastructure. An important part of this is addressing the chronic lack of financing options, which is holding back many successful mining businesses from scaling their operations”, said Mike Colyer, CEO at Foundry.

Brave Browser Integrates Anti-Phishing Solutions To Protect Crypto Users

By
Adam Barry
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0

Privacy-based browser Brave is integrating anti-phishing solutions in a move to protect crypto users. In a tweet, the company said it has installed open source solutions from cybersecurity firm PhishFort. The company is revamping its security features to protect crypto users from phishing attacks.

Phishing is an online scam that involves tricking people into giving up their details. The scammers use fake emails and websites, and the information collected is later used to steal from the victim or committee other criminal activities.

In the tweet, Brave said that the software will strengthen the protection of its same-name browser by detecting fraud and alerting uses of suspicious website domains.

PhishFort is an anti-phishing company that defends cryptocurrency holders from phishing attacks. In April, the company detected and removed 49 Google Chrome web browser extensions designed to steal digital currencies from software and hardware wallets of unsuspecting users.

In a recent update, PhishFort indicated that “when the reward is as valuable and anonymous as cryptocurrency assets and secrets, these attackers quickly iterate and target the most used and most talked about apps.”

Brave has become a favorite browser for many crypto users, thanks to its strong privacy and security features. These include ad-blocking features and BAT token. Currently, the platform boasts of 18.3 million active users.

Brave adds new Sync feature in Android and desktop browser

Brave has announced the release of version 1.12 of the web browser that has more features. The new version has been designed with better sync functionality for all its supported platforms.

Brave did not have sufficient synching capabilities, and until now, the company limited data that could be synched. In addition, the browser was not bug-free. In new version can be downloaded from Google Play. It is automatically available for desktop users. Besides, the new version is also available on the official Brave website. The company intends to roll out the new version to iOS users shortly. Data supported by the current version include bookmarks, passwords, autofill data, history, extensions, themes, open tabs, settings, and apps.

Lygon Blockchain Make Digital Bank Guarantees Commercial In Australia

By
Adam Barry
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0

Lygon Blockchain Platform has concluded its initial pilot that commenced last year regarding digital bank guarantees and has now introduced Australia’s system. Lygon is an amalgamation of heavyweights in the Australian finance scene, ANZ, Commonwealth Bank, Scentre Group, and Westpac; all backed up by American multinational technology company, IBM. The Australian financial bigwigs sought to collaborate on the project contributing their expertise to bring about the birth of Lygon.

The digital bank guarantee aims to rapidly increase the efficiency for securing a bank guarantee for companies looking to expand their business, perhaps. It is also to encourage entrepreneurship effects and activities. This ensures that the arduous and meticulous process involved, which could take up to a month, thereby curtailing and trudging the entire procedure, can eventually take a day.

A bank guarantee that is essential in business enables companies to operate and increase in stake by ensuring that they cover the risk if the borrower defaults on a loan. It enhances the purchase of goods (exporting is a common kind in this sphere) with the knowledge that the bank will cover the loss if the borrowing party fails to repay the loan.

For the pilot of the project, which commenced in July last year, almost 20 Australian companies were signed up for it. They were able to secure registration within approximately fifteen minutes. The pilot project also aided frequent bank guarantee procedures, for example, amendments and cancellations.

The process has been seen to convey a number of pros to the bank guarantee process. This includes the transformation from the antiquated paperwork involved, which makes the entire process less murky, more portable, and easier as a whole. It also makes the phases more lucid and transparent, which minimizes risks of unforeseen blips affecting it.

ANZ banking services lead and Lygon Chairperson Nigel Dobson stated that a gamut of improvements had been demonstrated across the entire process and helped significantly reduce the risk of fraudulence to the tune of billions of dollars increased the speed of execution.

Lygon hopes to expand its activities into international markets with a start in New Zealand, targeting cross-border guarantees frequently utilized in trading.

Russia To Amend Law Banning Crypto Transactions

By
Adam Barry
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0

Russia’s Ministry of Finance is proposing a set of amendments to the country’s “On Digital Financial Assets,” or DFA, which outlaws any crypto business in the country.  It is one of the latest signs of an unsure gamble as Russian authorities have maintained an undecided cryptocurrency position.

According to local news outlets, the ministry wants to introduce a new ban with some exemptions.  Authorities want to ban crypto operations except when used to obtain assets through enforcement proceedings, bankruptcy, and inheritance.

The main aim of the amendment is to prohibit and prevent miners from getting payments for mining cryptocurrency.

The proposed amendments may bring even more confusion to Russia’s digital currency law. Russia passed the DFA Bill in July 2020, after which authorities were to come up with another law called the bill “On Digital Currency,” or DA. Russia’s parliament is expected to pass the DA Bill in late 2020, while the DFA Bill is expected to be passed in January 2021.

In August 2020, Roskomnadzor, Russia’s telecom regulator, blocked BestChange.ru, its largest crypto-related website. At the time of its delisting, the platform hard around 400 local crypto exchange websites, and it was said to distribute information about using cryptocurrencies like Bitcoin to buy and sell products.

On Digital Financial Assets

Russia’s parliament or the State Duma passed the final reading of the On Digital Financial Assets bill in July 2020.  The bill was introduced in 2018. The authorities seem to be working to give the legal status to cryptocurrencies. This will be the first major legislation for the industry.

With the latest parliament’s latest decision, “On Digital Financial Assets,” will officially be adopted on Jan. 1, 2021. Under the new law, authorities are seeking to give a legal definition to digital assets as well as legitimize trading of cryptocurrencies in Russia. The bills will, however, continue prohibiting the use of cryptocurrencies like Bitcoin as a form of payment.

The DFA will give a foundation for the country’s digital currency legislation that will give some form of regulation to the industry.

Indian Farmers To Be Connected To The UAE Food Industry Through Blockchain Technology

By
Adam Barry
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0

Indian farmers stand to gain from a new platform called the Agriota E-Marketplace. Employing blockchain technology simplifies the trading activities between the farmers in India and the food industry firms in the United Arab Emirates. The interesting bit is that they get to connect more directly, and some of the foodstuffs to be sold include fruits, cereal, spices, vegetables, and condiments.

The working of the platform

The new platform is set to gain popularity, considering that it will provide top-level transparency. This verification starts from the Indian farmers and eventually to the traders, food processing companies, and wholesalers in the UAE.

India has been a close trading partner of the UAE, considering its large volumes of exports there. In 2019, the country exported food products valued at about $1 billion. This information was provided by the Agricultural and Processed Food Products Export Development Authority in India.

Kapoor’s take

Pavan Kapoor, who happens to be the Indian Ambassador to the UAE, has spoken concerning the most recent developments. According to the official, the UAE has already established an elaborate plan that will cater to agribusiness trade facilitation and ensure food security. The ultimate goal is to give India the major lift required to become a top hub in innovation in food production and export.

Agriota enjoys the support of the Dubai Multi Commodities Centre (DMCC), and it also matters that CropData Technology is behind its innovation. The establishment of the platform will be about facilitating more secure transactions. Resorting to the multi-tier escrow structure is also part of why the platform will be a major success.

Plans

The government of Dubai came up with DMCC back in 2002, and the purpose was to trigger interest in the worldwide commodities trade and provide a financial structure.

Several blockchain firms have expressed their commitment to work closely with the agriculture industry, which may help farmers earn higher pay. In July, Reports came up about one of the biggest farm producer organizations plotting to help farmers in India get higher pay by integrating blockchain technology. That dream is coming true, considering the latest news.

Australia’s Leading Banks Are Coming Together To Digitize Bank Guarantees Using Blockchain Technology

By
Adam Barry
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0

Three leading banks in Australia have come together to form a new start up that will use blockchain technology to produce digital bank guarantees. Bank guarantees are the official contracts between lending institutions and their clients. It assures the lender that the debt will be paid even if the borrower goes bankrupt.

Westpac Banking Corporation, Commonwealth Bank of Australia, and Australia and New Zealand Banking Group Limited have teamed up with IBM and Scentre Group , an Australian shopping center company to form Lygon, a startup that will leverage blockchain technology to digitize bank guarantees. The companies formed the company following a successful testing of the project last year.

The technology was also tested by National Australia Bank, which is one to the top four banks in Australi but the project never picked up following the COVID-19 pandemic outbreak.

Reducing costs and time during property leasing processes

According to the group, the new technology will mainly focus on digitizing commercial lease agreements and save time and money for commercial landlords.  According to Lygon Chairman Nigel Dobson, the new technology will also ensure small businesses’ safety in the short term. Lygon will help reduce the time it takes to issue a bank guarantee from one month to just one day.

According to IBM, the technology transformed the long and tedious paper-based and inefficient bank guarantee process into a short and simple digital process. The new company will use IBM’s Hyperledger technology to produce digital bank guarantees and make it possible to process them in one day. The startup is expected to be launched in September. The Hyperledger Fabric is an open-source blockchain project developed by the Linux Foundation.

“It comes to market at a time when some people have been questioning the value of blockchain but what makes this work for us, and our customers, is that it solves a really big problem,” Dobson said.

He added that Lygon’s commercialization is a major milestone for global and Australia’s blockchain industry. According to Dobson, the new platform will help transform a three-way contract by digitizing the paperwork, the process, and the legal undertaking behind it.

Dave Portnoy Is Preparing To Get Back Into The Crypto Industry

By
admin
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0

Dave Portnoy, the founder of Barstool Sports, has been fiddling in the cryptocurrency and Bitcoin industry for a while now. After being introduced again to the crypto industry by Twitter, Portnoy, and famous day, traders visited Cryptocurrency Twitter.

It reached a place where Dave was acquainted with Gemini’s co-founders, the Winklevoss Twins.
The twins later visited him and swayed Dave to purchase Chainlink and Bitcoin. Dave Portnoy bought almost Bitcoin that valued at 200,000 dollars and Chainlink that valued at 50,000 dollars. The crypto industry then rallied nearly five percent in the day after buying, with LINK mainly rolling.
After provisionally trading off all his crypto v=because of the 25,000-dollar value loss he suffered, Dave just declared that he might get back to the blossoming industry.

Dave Portnoy might get back to crypto soon.

On 30th August, Dave Portnoy declared that he would be getting back to the crypto industry soon one he has puzzled out the workings of the bitcoin industry. He said he would be studying all his cryptocurrency acquittances, and he is learning how they breathe, think, and exist. And after his giant brain has puzzled them out, he will re-enter the industry and overcome and lead them. But until then, he is watching, studying, observing, and soaking all of it in.
He formerly got out of the industry because he suffered a loss of $25000 of his crypto, Chainlink, and Orchid.

He mentioned that he now has no bitcoin at all, but he is waiting and watching. It took a while for him to figure the stock market out, and so will crypto. Dave said that Chainlink marines are not healthy, and the OTX flowers do not prosper in the crypto environment.

Focusing on ChainLink

Dave is anticipated to focus on Chainlink and other altcoins after returning to the crypto world, not Bitcoin alone. In a recent tweet that he posted, he said that his intentions are on saving the Chainlink marines, which he noticed that it requires keeping because of its recent decrease in price.

Majority Japanese Crypto Traders Turning To Bitcoin

By
Adam Barry
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0

Many Japanese crypto traders who entered the market in 2019 only invested in Bitcoin. According to a report by the Japan Virtual and Crypto Assets Exchange Association (JVCEA), Bitcoin dominates the cryptocurrency market by 87% compared to other altcoins. According to the report, no other token accounts for 6% of monthly trading volume.

In a statement, Yuya Hasegawa, a market analyst at Japan-based crypto exchange bitbank, said there has been growing interest in bitcoin among Japanese investors compared to other altcoins. He said that there has been a significant increase in accounts trading bitcoins compared to other coins.

“It seems like Japanese investors’ overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin.” said Yuya.

In the last one year, XRP was the biggest loser, with many crypto traders shifting to bitcoin. Before that, XRP accounted for 40% in monthly trading volumes before it fell to 5%. In February this year, Bitcoin also lost some share to MonaCoin (MONA) but regained its position during the pandemic.

Bitcoin has maintained its global dominance

Bitcoin has maintained its global dominance since 2017. The coin accounted for 70% of global monthly trading volume in the first quarter of 2017. Currently, the coin accounts for around 58% of the $373.6 billion cryptocurrency market.

SBI Holdings, a leading financial service provider in Japan, is planning to launch contract-for-difference trading for major cryptocurrencies like Bitcoin (BTC), Ether (ETH), and XRP. According to the company, the new service will be offered through SBI FX Trade, its foreign exchange-focused arm. The platform is currently accepting new account registrations.

The new platform will allow SBI customers to trade crypto CFD contracts against the U.S dollar and Japanese yen. The platform will allow six new trading pairs. SBI FX Trade will be the first forex exchange business to offer CFD trading for cryptocurrencies in Japan. SBI Holdings, a leading player in Japan’s financial industry, has lately been involved in the crypto and bitcoin industries.

SBI Holdings has partnered with several players in the crypto industry like Ripple, the developer of XRP, and the third-largest cryptocurrency by market capitalization.

Seoul Metropolitan Police Seize Coinbit Crypto Exchange Over Fake Trading Volumes

By
Adam Barry
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0

South Korea’s third-largest crypto exchange Coinbit has been seized by the police following allegations of market manipulation and wash trading which netted more than 100 billion won.

Coibit had 99% fake wash trading transactions

According to a Seoul Newspaper, local police invaded and confiscated the exchange’s Gangnam headquarters as well as other premises. Reports indicated that around 99% of the exchange’s transaction volume was faked via wash trading.  The owner of the exchange and chairman Choi Mo and the management team have been accused of inflating the transaction volumes as well as manipulating token prices through several ghost accounts.  It is estimated that the exchange’s fraudulent activities netted a total of $84.26 million.

The fake volume transactions which are often referred to as wash trading are common in crypto markets across the globe. Researchers indicate that almost 90% of all cryptocurrency transactions globally on exchanges are bots that trade with each other to create an impression of an active market. Police say that Choi and other management team members bought and sold tokens between various accounts that affected the exchange’s 252,000 monthly active users.

How Coinbit pulled its wash trading scheme

Essentially what Coinbit did was creating two exchange accounts that contained all user funds. They then created a wash account on major cryptos such as XRP, Etherum, Tether, and Bitcoin trading pairs through ghost accounts. In May an insider informed Seoul Shinmun on the suspected wash trading on Coinbit. After an investigation, the outlet discovered that 99% of Exchange 1 transactions between August 2019 and May this year where major cryptos such as BTC were traded did not have a matching deposit and withdrawal details.

Exchange 2 blocked coin trades with other exchanges giving Coinbit control over the supply of altcoins. This gave Choi and the management team control to realize market margin through selling and buying of large quantities at particular times and also manipulating prices of coins. They will then dump the tokens on innocent traders.

A report indicates that authorities have questioned the accounting practices of the exchange implying the possibility of embezzlement and more malpractice.

Telegram Drops Lawsuit Over ‘GRAM’ Trademark

By
admin
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0

Telegram Messenger Inc has dropped a lawsuit against Lantah LLC over the use of the ‘GRAM’ trademark for its cryptocurrency token of the same name. However, U.S. District Judge Charles has ruled that Telegram will pay the attorney fee to Lantah for defending the lawsuit since 2018. The two parties will need to talk and agree on the total costs incurred before meeting in court again. Lantah is yet to issue any documents regarding its legal costs.

Lantah had filed a case with prejudice against Telegram, but the judge dismissed the suit without prejudice. This allows Telegram to make claims over the GRAM trademark in the future. The move to drop the lawsuit comes after the Telegram dropped its Telegram Open Network project in May and settled matters with the U.S. Securities and Exchange Commission in June.

Telegram granted a temporary injunction

Last year, Telegram was temporally injunction stopping Lantah from issuing a GRAM cryptocurrency. The privacy-first messenger app company said it had the right to use the GRAM trademark form its cryptocurrency that will power its own blockchain project. The company’s blockchain project is called Telegram Open Network. The network was started in 2018 around the same time the lawsuit was filed.

The cryptocurrency project did not pick up as expected, and Telegram was forced to abandon the plan in May 2020. The plan was dropped after a prolonged dispute with the US Securities and Exchange Commission over the $1.7 billion ICO whose proceeds would go towards financing the blockchain network.

In October 2019, the SEC said that Telegram was running an ICO that constituted an illegal securities sale. The social media company put up a legal battle with the SEC for several months, urging that it has structured its token sale well.

After the launch of its cryptocurrency, Telegram announced that it would fund the launch of a blockchain network by selling GRAM tokens. Lantah applied for the GRAM trademark by 2018. Telegram filed the lawsuit in May 2018 after managing to raise $1.7 billion through an ICO.

In June 2018, Lantah filed counterclaims indicating that it held priority over the trademark.

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