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Ubitquity Enters Deal With Rainier Title To Create Tokenized Property Title

By
Adam Barry
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0

Ubitquity, which specializes in developing blockchain-secured platform for real estate and title recordkeeping has signed an agreement with Rainier Title. The deal will see Ubitquity  develop a platform for creating tokenized property title that will be used by Rainer clients to represent value of their property.. The platform will also be used as parallel records of conveyances for Rainier.

“Rainier Title has proven itself to be one of the most aggressive and innovative title companies in Washington State. Blockchain technology is going to disrupt, not replace, the title industry, and it makes sense for a company as innovative as Rainier to approach this with full force,” said Nathan Wosnack, Ubitquity Founder & CEO.

Storage and distribution of data

Blockchain was initially created for record-keeping and is the technology on which the bitcoin network is built. The technology allows storage and distribution of digital information.

The new platform will allow the Washington-based real estate company to log records of conveyance. It will be integrated with the conveyance suite Qualia where Rainier Title is migrating.

Ubitquity has created “unanimity”, patent-pending BaaS or Blockchain-as-a-Service platform which allows users to store their data on the blockchain. The platform allows users to accurately audit their data.

In a statement, Rainier Title Chief Executive Officer Bill Bergschneider they are happy to be the pioneers of blockchain technology in their region which he said will create a more transparent and secure trends for real estate transfer. In a blog post, Ubitquity noted that Rainier Title will offer clients with tokens that represent their property. This way, token holders will be able to create new value with their property. Ubitquity said that then tokens will represent the property as well as records of conveyance stored on a blockchain.

Addressing the raise in cybercrime

In addition to its partnership with Rainier Title, Ubiquity has announced that it is taking steps to address the increasing cases of cybercrime. The company has developed SmartEscrow , a smart contract module for escrow contracts, which allows use retrieval and reuse of data without the need for additional verifications. SmartEscrow creates one single source of truth and does not need additional verification hence allowing agents to better avoid fraud. The data in the blockchain can be trusted by all parties without the need for additional verification.

Be Wary of Crypto Scams-Warns California Attorney General

By
Adam Barry
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0

California Attorney General Xavier Becerra issued a cautionary statement on crypto crime. The AG issued alert warning consumers from scams involving digital assets.

“Recently, unscrupulous actors have impersonated well-known politicians, celebrities, and business executives on social media and YouTube channels in ‘giveaway’ scams that falsely promised, for example, to double any digital assets sent to a specific digital asset wallet.”

Hackers take over most powerful verified Twitter accounts

Recently, in a move that shocked Twitter, hackers took over the most powerful verified Twitter accounts belonging to well-known politicians and celebrities. Among those affected include Barack Obama, Joe Biden, Jeff Bezos, Mike Bloomberg, Warren Buffett, Wiz Khalifa, Kim Kardashian, Kanye West, Bill Gates, and Elon Musk.

The hackers took over the accounts for some time and posted fake promotional bitcoin promotion ads. In the ads, the attackers asked users to send bicoins to a given address then get it back double the amount.

Many of the affected accounts managed to respond to the threat fast enough by deleting the posts and temporarily blocking locking the accounts. On its side, Twitter locked down all verified accounts until the situation had normalized.

In response to the attack, Twitter CEO Jack Dorsey said a team had taken up the matter and investigations had been launched with the aim of uncovering those responsible as well as preventing further damage.

Among investment schemes that Xavier has warned people against include fraudulent Coin Offerings, fake Exchanges and Wallets, Ponzi Schemes, pyramid Schemes, mining Scams, and digital assets as an alternative form of payment.

There is an increase in online scammers

According to Xavier, there have been scam artists who have been convincing people to invest in ICOs for cryptocurrecies that do not exist. Some schemes have been exposed for using big names and unrealistic promises to attract potential investors especially on social media.

In addition, he talked about con traders who set up fake exchanges and virtual wallets before disappearing with investors’ money. According to Xavier, these scams trick users by offering low trading costs and promise quick, easy and sometimes unrealistic returns. He advices potential investors to enough research so as to use only reputable services.

Chainlink Partners With War Riders To Create A Hybrid Solution For Human Readable Ethereum Names

By
Adam Barry
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0

Chainlink (LINK) has partnered with War Riders to launch human-readable Ethereum (ETH) names. The new names will use a different approach from the Ethereum Name Service, or ENS. War Riders use blockchain elements to represent in-game elements. The company also has its cryptocurrency, which games mine when playing.

There are a number of challenges that gamers will need to overcome when playing. For instance, they will need to memorize long alpha-numeric addresses of Ethereum wallets. The use of human-readable names is more convenient and helps to remove entry barriers. The newly proposed hybrid solution will be available for free gamers, unlike ENS, which is fully decentralized.

The proposed system is not fully decentralized, and users will largely depend on the robustness and security of Chainlink’s oracles.

Chainlink partners with Provide Technologies

Chainlink has entered into partnership with Provide Technologies to integrate the Chainlink oracle services into the Provide API. In addition, Chainlink will also offer a offer a low-code framework to build on. According to details given, developers will have the option of using their Provide API to access Chainlink data streaming.

Chainlink is banking on its partnership with Provide to further stamp its position as the leader in the supply of oracle services in smart contracts through the Baseline Protocol. On the other hand, Provide will increase its support for the oracle API and nodes orchestration.

The Chainlink blockchain was developed to link blockchain technology smart contracts to other programs. An instrument is needed to facilitate data feeds in smart contracts because blockchains cannot access data outside their paths.

Prov has since activated its Provide API price reference data, which can be used as a Docker container. Unibright, Provide’s partner, will also install Chainlink oracles in its no-code zero-knowledge workflow.

Chainlink price explodes

Following the announcement, Chainlink’s price went up by 15.21%, trading at $9.62 with 36.07% weekly gains and 100.26% monthly gains. The coin reached its record price and became one of the biggest winners. LINK has seen its price grow past BTC and other leading digital coins.

Bitfinex Offering $400M Reward To Recover $1.3B In Stolen Bitcoin

By
Adam Barry
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0

Cryptocurrency exchange Bitfinex is offering $400 million to recover the 120,000 bitcoins worth $1.33 billion stolen by hackers in 2016. The exchange is offering reward to anyone who has a lead to the hackers or the hackers themselves.

“Bitfinex is offering a reward to any persons that connect us with hackers responsible for the unauthorized transfer of almost 120,000 bitcoins from the exchange in August 2016,” said the company in a statement.

Stolen bitcoin still circulating in crypto wallets

The company hopes to recover the stolen coins, which are still circulating in crypto wallets meaning there is someone who is still in control of the funds. It further adds that the money paid out will be classified as the cost of recovering the stolen property.

The exchange was hacked in 2016, and 119,755 bitcoins stolen in 2072 unauthorized transactions. Authorities investing the matter managed to recover 27.66270285 bitcoins in February 2019 from the loot. At the time of the loot, the stolen bitcoin was valued at $71 million. The amount has since risen to $1.34 billion in the four years.

Bitfinex hs been working with law enforcement agencies to track down the hackers but indicated that it is willing to drop charges as long as the money is recovered. Bitcoin’s value has since gone up by 1600% since the hack. In 2016, it was valued at $650, but today it is valued at $11,000. The company is hoping to entice hackers with 30% of the stolen funds.

Affected victims paid back

Bitfinex has since repaid all affected users in its native BFX token. The company also started offering monthly redemption in the same year the attack happened.

Authorities investigating the matter recently noted some movements in BTC from the 2016 hack. In May, 28.4 bitcoins were moved to an unknown account. Besides, the hackers moved around 500 BTC to another address. The latest transfer involved around 2,500 bitcoins from the stolen account.

The exchange has been trying to recover the money since the loot happened by promising monetary rewards. Immediately after the hack, the company offered $3.5 million or 6,000 BTC to anyone who could offer information leading to the recovery of the stolen coins.

Taurus Unveils First Crypto Debit Card In Latin America

By
Adam Barry
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0

The first crypto debit card has been launched in Latin America. Dash, in partnership with Mexican cryptocurrency exchange, Taurus.io, has unveiled the first Visa debit card in Latin America.

The card will be used at stores in Mexico to convert crypto funds into fiat currency using the Tauros mobile app. The card will also be used to complete online transactions. In a statement, Ernesto Contreras, Head of Business Development at Dash Core Group, said then card will be the first of its kind in the region and will allow for an easy entry into the Tauros ecosystem. He noted that the move is aimed at increasing Dash users in Mexico.

“The Tauros card is a first in Mexico and the region, and it will also allow for a very easy way in and out of the Tauros ecosystem, which is very important as it adds massive usability to Dash users in the country.’ he said.

COVID-19 driving online sales

In the wake of the COVID-19 pandemic, many shoppers have turned to online shopping, increasing demand for online card payment. In addition, contactless forms of payment are being encouraged to curb the spread of the pandemic.

There has been an increase in fiat-currency disruptions with blockchain and other inventions in the cryptocurrency industry. Many players agree that it will be easy to use bitcoin in the future thanks to increased acceptability.

One of the major impediments to the use of digital currency is the few outlets that accept cryptocurrencies. Bitcoin, the leading cryptocurrency, is accepted by only a handful of digital businesses.

Recently Mastercard announced that it is expanding its cryptocurrency partner program in order to streamline its use. The company says it wants to offer a secure and compliant method of payment to customers. Mastercard’s program to produce crypto powered debit card has been named the Accelerate program.

Wirex will be the first crypto exchange to partner with Mastercard in the program. Under the program, Mastercard will issue cards to Wirex users that allow them to use cryptocurrencies.

Technically, Mastercard does not allow direct spending of cryptocurrencies. Instead, it first converts the cryptocurrency into fiat before completing the transaction.

Russia Seeks To Limit Anonymous Crypto Deposits

By
Adam Barry
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0

The Russian government is putting strict measures to limit anonymous deposits made to online wallets in a move aimed at curbing illicit financial activity.  The country aims to deter illegal activities like money laundering and drug trafficking. The new move is likely to affect around 10 million crypto users.

There is a high presence of online wallets in Russia that operate through services like PayPal, WebMoney, and Yandex. Many users on these platforms deposit cash in anonymous accounts. Many anonymous accounts are used to buy cryptocurrency.

With the new regulations, topping up anonymous wallets and transport cards will only be possible from bank accounts. Cash transactions from anonymous accounts will be restricted.

The new measures will have minimal effect on the crypto industry

Analysts believe that the new regulations will have minimal impact on the country’s crypto industry. Antonina Levashenko, an economist, believes that the new measures will not affect the blockchain industry. The move is part of the country’s move to tighten its anti-money laundering measures.  Russia hopes to extend these measures to cover virtual currencies, which sometimes present weak links in the war against money laundering.

On the other hand, Maria Stankevich, a business development manager at EXMO crypto exchange, says the new measures will only affect exchanges that are not fully compliant with laid down procedures.

Dmitry Kirillov Senior Lawyer of tax practice Bryan Cave Leighton Paisner (Russia) LLP, a Moscow Digital School teacher say the new regulations will not affect users of crypto exchanges. The new regulation only deals with those who offer electronic money transfer services by requiring that all top-ups from anonymous profiles be completed in the bank only. Currently, crypto exchanges around the world are not required to trace the source of deposits.

Russians using P2P to escape monolithic banks

Recent research shows that a growing number of people use P2P trading platforms in Russia to avoid a highly monopolized banking system. The research comes at a time when the Russian government is working to limit use of crypto assets among its citizens. Bitcoin, in the context of P2P, allows investors the flexibility to try out alternative investment products that are not offered in the financial market.

SIX Swiss Exchange Lists World-First Active Cryptocurrency ETP

By
Adam Barry
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0

One of the largest stock exchanges in the world, Swiss SIX Exchange, has announced that it is listing a new cryptocurrency exchange-traded product or ETP. The new trading product called Bitcoin Capital Active ETP,” and launched by FiCAS, a Swiss cryptocurrency investment management boutique, represents an actively managed crypto ETP, trading Bitcoin (BTC). The crypto will trade against 14 other altcoins.

The new trading product is said to be the first actively managed crypto ETP and will trade under the ticker BTCA. BTCA will trade at 100 Swiss francs and will attract a management fee of 2%.

Increasing market liquidity

In a statement, FiCAS Board chair Mattia Rattaggi said the issue price was designed to accommodate retail concerns, increase market liquidity, and meet portfolio management rebalancing requirements.

FiCAS’s is the main investment objective will be to increase Bitcoin Capital Active ETP’s net asset value by actively trading the ETP against major altcoins. The company’s investment strategy will apply technical and fundamental analysis, quant signals, proprietary algorithms, and the team’s managerial experience to generate returns.

An ETP is a security that is priced using a derivative and traded using tools like a currency, commodity, interest rate, or a share price.

FiCAS founder Ali Mizani Oskui has a long experience and a proven track in the crypto industry and is well known for correctly predicting bitcoin price movements. He has been audited by “Big Four,” a consultancy firm, and has been rated 110% for correctly predicting bitcoin prices for the period between October 2015 and January 2018. Bitcoin prices sour to new highs.

Several cryptocurrency products are listed on Switzerland’s principal stock exchange; it has been recording a steady growth of crypto products over the years. Wisdomtree’s physically-backed bitcoin ETP was listed on the platform in December 2019. In addition, Amun AG, a fintech company, has listed a number of crypto ETPs on SIX.

According to Rattaggi, there is a growing interest in alternative investment products due to low-interest rates and increasing liquidity in the global equity market. He added that the launch of FiCAS’ ETPis a major milestone and will offer investors an opportunity to pursue products that offer more returns and diversify their investments.

Paxful Seeing Growing Interest In Its Peer-To-Peer Trading Platform In Russia

By
Adam Barry
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0

Paxful is reporting growing interest in cryptocurrency peer-to-peer trading in Russia. The company has reported 350% growth on a year-over-year basis. Paxful has recorded an average monthly trading volume of $4M in Russia for the period between May 2019 and May 2020. The new figures exceeded analysts’ projections as well as annual increase. Paxful says it has recorded a 42% increase in the last three months with May posting the best performance since COVID-19 broke out.

Russian losing confidence in the banking system

Ray Youssef, CEO of Paxful has attributed this trends to growing popularity of cryptocurrencies as well as experiences in the traditional banking system that have made many people lose confidence in their banks. Russians mainly use online wallets, cards, banks transfers, credit and debit cards when making payments. Paxful has indicated that it is witnessing an average of $4 million in monthly trading volumes.

Youssef has likened this period to 1998 when Russia experienced an economic downturn forcing many people to unsuccessfully try to withdraw their bank deposits. At the time, many banks ran dry. During this pandemic, many people are turning to bitcoin to offset the economic damages caused.

Recently Russia passed a law prohibiting the use of bitcoin to pay for goods and services while granting legal recognition for crypto assets. Russia is Europe’s largest P2P bitcoin trading market although much of the trading is done in Localbitcoins. According to reports, around $32 million worthy of Localbitcoin has exchanged hands this month alone.

Russia’s monolithic banking system pushing up demand for crypto assets

Paxful’s manager for the Russian market Anton Kozlov said this trend is being fueled by Russia’s monolithic banking system which is encouraging customers to seek alternative ways to store and trade their financial assets. Recently Russia introduced a raft of measures meant to enforce the strict cryptocurrency laws in the country.

Paxful revealed that over $182 million worth of BTC was traded on the platform every month between January and July. The company also has operations in the U.S, Kenya, Ghana, Nigeria, and India. The company recently announced that its bitcoin trading volumes had gone up 35% to $1.1 billion for the first six months of the year. This is compared to the $817 million reported during the same period last year.

Equos Set To Become First Crypto Exchange Listed in US

By
Adam Barry
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0

Equos will merge with Singapore-based 8i Enterprises Acquisition Corp ahead of its listing on Nasdaq. Equos is the new digital exchange platform for Hong Kong-based Diginex. 8i Enterprises Acquisition Corp is a special-purpose acquisition company (SPAC) listed on the Nasdaq.

The exchange will initially host crypto assets with plans to introduce other derivative products in the future. At its launch, the platform will trade USD and the USD Coin (USDC) stablecoin.

SPACs are shell companies that use funds from IPOs to buy target companies. Their association to the target company brings them to the public through the “back door”. According to Diginex CEO Richard Byworth, SPACs are the easiest way to get listed as opposed to using the traditional process especially for startups. He also adds that SPACs fix valuation in advance to avoid issues that may lead to devaluation.

Merger of EQUOS.io and 8i Enterprises Acquisition Corp

The merger of EQUOS.io and 8i Enterprises Acquisition Corp which is expected to be completed in September, will make the former the first publicly-traded cryptocurrency exchange in the U.S. EQUOS.io is an enterprise-based exchange put together by a team from the traditional derivatives market. The main agenda behind the merger is to help expand the market size of cryptocurrencies which are still very nascent compared to traditional financial markets.

Diginex had planned to complete the listing much earlier after the US Securities and Exchange Commission (SEC) approved the acquisition in February followed by a shareholders’ vote on March 20 which approved the transaction. Around the same time, the global equity market was going through a down fall prompting the postponement of the listing.

Other crypto companies that are working on public listing

In addition to EQUOS.io, another crypto company that wants to go public is Ant Group, one of the principal issuers for China’s digital yuan. In addition, Coinbase one of the leading crypto exchanges in the world has announced plans for public listing in 2021.

The decision to locate EQUOS.io in Singapore as opposed to Hong Kong where Diginex is located was based on the fact that Singapore has a favorable regulatory environment for cryptocurrencies. Diginex operates several other businesses in Hong Kong.

China’s Blockchain Service Network (BSN) Split Months After Its Creation

By
Adam Barry
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0

China launched the Blockchain Service Network (BSN) to act as a hosting platform for small and medium-sized businesses and independent contractors. Developers will use the network to access several tools when developing various blockchain applications. This will allow the creation of standardized blockchain systems across various regions, business sectors, and public networks.

Blockchain Service Network Split into two

A few months into its creation, the BSN has split into two entities after state-controlled entities protested the integration of public blockchains. The network was split into BSN-China and BSN-International after members disagreed on integrating public blockchains into existing frameworks. One of the entities will be in charge of developing public domains internationally to make BSN more flexible and adaptable to work with international blockchain systems.

The split is said to have been caused by resistance by some state-owned members who opposed the integration. The platform is run by China Union Pay and the China Mobile Communication Corporation, and the State Information Center.

The BSN-International chain will be led by Red Date Tech, a private firm, and one of the original BSN members. However, the private company will not be able to implement any strategies of its own without approval from BSN-China.

According to the source, the pushback to the integration was initiated by China Mobile Communication Corporation and China Union Pay, who opposed bringing public chains into the network.

Chinese officials are pushing back the integration due to lack of control

It is further alleged that Chinese officials are pushing back on the integration due to a lack of control on private networks. Following the split, BSN-China and BSN-International will still have to comply with local laws and regulations like other Chinese companies that have developed their blockchain platforms. The split is expected to stir up competition in the market and accelerate the rate at which the country develops its blockchain ecosystem.

In the original plan, BSN was to have five blockchain networks- Ethereum (ETH), Tezos (XTZ), EOS (EOS), Nervos (CKB), NEO (NEO) and. The push has caused delays and uncertainty about future deployment.

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