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Apple’s CEO Says No To Launching Its Own Cryptocurrency

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Apple’s CEO Says No To Launching Its Own Cryptocurrency

Tim Cook, Chief Executive Officer of Apple, said the company has no plans to launch a cryptocurrency. He firmly opposes the idea of private firms launching their own currencies.

Speculation around Apple launching a cryptocurrency arose when its senior executive hinted in an interview with CNBC that the firm is closely watching the crypto space. The company already has an ecosystem to facilitate payments on its phones. Many felt that Apple might introduce a cryptocurrency like Facebook’s plans to launch Libra.

However, Facebook faced a lot of opposition when it announced plans to launch Libra next June. France and Germany strongly opposed the introduction of Libra and said they would not allow it in Europe.

Many corporate houses like Uber, MasterCard, PayPal, and Visa supported Facebook when it announced a plunge into the crypto space and agreed to partner with Facebook in the venture. Several are now second-guessing that decision under increasing regulatory scrutiny.

Tim Cook said he does not favor private entities launching their own cryptocurrencies, as it’s something best left to governments. Executives in private firms are not elected by the people, therefore, private companies should refrain from entering fields like defense and currencies.

Cook did not, however, comment on the stateless nature of Bitcoin or other decentralized cryptocurrencies.

MacOS Catalina 10.15

In other Apple news, on October 3, 2019, Apple unveiled an updated MacOS Catalina 10.15 Golden Master. The new update comprises a lot of features and changes. It provides standalone apps for Apple TV and Apple Music. The new software also supports Podcasts. Apple has planned to withdraw iTunes. Catalina would run smoothly on MacBook Pro (2012 and later versions), MacBook Air (2012 and later versions), 12-inch Macbook, iMac Pro, Mac mini (2012 and later versions).

iPad as second Mac display

Apple introduced Sidecar, a feature that allows an iPad as the second Mac display. Mac will boast a revamped app called “FindMy”, which combines Find My Friends and Find My Phone. The company also added voice control to the OS to offer a powerful experience to users with rich navigation. To help users know how much time they spent on the screen, the company introduced screen time to macOS.

Apple would also introduce the UIkit framework to Project Catalyst. It allows developers to port iPad apps to macOS.

Blockchain News

Fidelity Investments Launches Crypto Custody Service

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Fidelity Investments Launches Crypto Custody Service
Fidelity Investments Launches Crypto Custody Service

American financial services company Fidelity Investments has fully launched its cryptocurrency custody service. Abigail Johnson, CEO of Fidelity Investments, revealed the development in an interview with the Financial Times published on Oct. 18. Johnson said that the company is ready to roll out its crypto custody business following a year-long preparation and accumulation of clients.

Last fall, Fidelity specifically indicated that it would provide an enterprise-grade crypto custody service to hedge funds, family offices, and financial advisors. Johnson called that kind of service nascent and not developed, but noted its potential, saying:

“There are people out there with significant amounts of wealth in cryptocurrencies, probably Bitcoin, and they’re looking for somebody to hold those coins for them because in the event of their passing — which is going to happen at some point or another — you’ve got to have a plan to be able to get those coins to somebody else.”

Speaking about Coinbase’s custody offering, Johnson argued that Coinbase “is still a company that most people had never heard of, and they don’t have the existing relationships with the independent advisers.”

As previously reported, Coinbase Custody was initially announced in November 2017 and launched in July 2018, to provide robust security of crypto assets, which according to Coinbase has been institutional investors’ “‘number one concern.” As of August, Coinbase Custody claimed to store assets on behalf of more than 120 clients in 14 different countries.

Recently, Kathleen Murphy, personal investing president of Fidelity Investments, said that the firm does not offer cryptocurrencies on retail trading platforms to protect its clients. When asked when she expects users to trade crypto “in a meaningful way” on Fidelity’s platform, Murphy replied:

“You know, we’re really careful about that. So while we embrace crypto in terms of trying to understand it and be innovative and thoughtful… We’re also very careful about where we offer those types of things, so they’re not offered broadly on the retail platform. We want to be very careful about making sure that investors who really aren’t institutional investors […] don’t make a mistake with cryptocurrency.”

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Bitfinex Files for Subpoena in Bid to Recover $880 Million in Frozen Funds

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Bitfinex Files for Subpoena in Bid to Recover $880 Million in Frozen Funds

Bitfinex has applied to a U.S. court to subpoena a former banking executive of a trusted company that the crypto exchange believes can help it recover over $850 million in frozen funds.

The exchange submitted a filing on Oct. 18 to a court in California for obtaining the permission to take the deposition testimony of Rondell “Rhon” Clyde Monroe, a former vice president of TCA Bancorp. It also seeks to obtain documentation of Monroe’s communication with Crypto Capital staffers.

Bitfinex alleges in the filing that Crypto Capital “has used one or more accounts held at TCA Bancorp to facilitate the transfer of funds” belonging to itself and believes Monroe has information and documents vital to their claims to over $850 million.

Bitfinex’s filing comes as part of the on-going proceedings where it seeks to recover $880 million of its funds held at its payment processor Crypto Capital that was said to be frozen by multiple government agencies.

Meanwhile, Bitfinex is also under investigation by the New York Attorney General’s Office for allegedly using a loan from its sister company Tether to cover up the frozen funds without disclosing to customers.

Bitfinex said in the filing that its relationship with Crypto Capital operated generally well until April last year when news emerged that funds at Crypto Capital had been seized by authorities in Poland due to money-laundering investigation.

Bitfinex said that in August 2018, Crypto Capital told it that about $500 million of its funds in both Poland and Portugal were being “held up” by regulators in the two countries. The exchange added that after being pressured to provide more information concerning the frozen banking accounts, Crypto Capital provided a reference letter signed by Monroe from TCA.

The letter presented the custody of a little over $300 million of Bitfinex’s funds at TCA on behalf of a customer called Global Trade Solutions AG (GTS), doing business as “Crypto Capital.”

As such, Bitfinex is applying to take deposition testimony of Monroe, as well as documentation of his communication with Ozzie Yosef, a principal at Crypto Capital; Yosef’s sister Ravid Yosef; Reginald Dennis Fowler, a sole shareholder of GTS; as well as Fowler’s son Trent Dennis Fowler, who is said to be the registered holder for at least one account used by Crypto Capital to receive deposits from Bitfinex customers.

Notably, Reginald Fowler and Ravid Yosef have been indicated by the U.S Department of Justice for alleged bank fraud charges in connection to a system for depositing funds to cryptocurrency exchanges.

Read the full application below:

APPLICATION TO CONDUCTDISCOVERY PURSUANT TO 28 U.S.C. §1782 MEMOANDUM OF POINTS AND AUTHOITIES

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Cryptocurrency And Blockchain News Update 21st October 2019

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HTC CELL PHONE CAN RUN A FULL BITCOIN NODE
Cryptocurrency And Blockchain News Update 21st October 2019

New York Court Postpones SEC Hearing About Telegram

The United States District Court for the Southern District of New York has postponed the hearing regarding the Securities and Exchange Commission’s injunction filing against Telegram Open Network (TON) and its Gram token to Feb. 18–19, 2020. Recently, the SEC has claimed that not only did Telegram violate the U.S. securities laws during its initial coin offering (ICO), but it also is seeking a preliminary injunction to prevent Telegram from further violations.

Tron CEO – Says He is Not Investing in Poloniex

Tron founder and CEO Justin Sun seemed to have refuted recent reports suggesting that he is leading an investment group behind the acquisition of cryptocurrency exchange Poloniex. In a recent statement Sun has claimed that he is “not buying anything,” noting that he is an investor and disclosing some of his crypto assets

Ethereum Based Token Created As An Incentive For Workers

Enterprise Ethereum Alliance has created a token system to encourage the active contribution of member organizations and their employees to the cooperative.  The tokens are powered by the EEA’s Off-chain Trusted Compute Specification and is said to be trustworthy enough for use both within and between different companies. The system was first demonstrated at the Devcon5 conference at the start of October in Osaka as part of an experiment conducted inside the EEA.

Bittrex Is Closing Operations In 31 Countries

Bittrex International, The Malta-based international unit of United States’ crypto exchange Bittrex, will cease operations in Venezuela and 30 other countries.  In an email to Venezuelan customers, Bittrex International announced that the exchange will halt account and trading access to users on Oct. 29, asking them to withdraw their funds with the exchange before that date.  But Venezuela is not the only country that is going to be parting ways with the exchange. Bittrex will be halting the service for, Afghanistan, Egypt, Bosnia and Herzegovina, Cambodia, the Central African Republic, the Democratic Republic of the Congo, Ivory Coast, Tunisia, Ethiopia, Uganda and Yemen, and others.

HTC Creates A Phone That Can Run A Bitcoin Node

The Taiwanese electronics giant HTC has launched its new smartphone which is called the Exodus 1s, This device enables users to run a full Bitcoin node on mobile. The phone was launched at a Lightning Conference in Berlin on Oct. 19 and started selling the first devices during the even using the Lightning payment network.

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