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Blockchain and Cryptocurrency News 5th August 2019

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Blockchain and Cryptocurrency News 5th August 2019

Apple Card does not allow buying cryptocurrency

The Customer Service Agreement for the Apple Card has been released, and it stipulates that its users will not be permitted to buy cryptocurrencies using the company’s upcoming credit card service. American tech giant Apple is releasing the Apple Card in partnership with investment banking company Goldman Sachs as part of a broader business plan to bring in more revenue through service offerings. The user agreement says that cash advances — and cash equivalents — are among several banned activities for Apple Card use, meaning that buying crypto with their card is forbidden. How will this affect the adoption and use of the apple card?

Bitcoin.com appoints new CEO to replace Roger Ver

Bitcoin.com which until recently had Roger Ver at the helm has appointed Stefan Rust as the company’s new CEO. Rust is expected to continue working on the development of the company’s new products and services that promote peer-to-peer electronic cash. Commenting on the appointment, Mr, Rust is filled with a lot of excitement about his new position. Let’s see how he does as the new man in charge.

Jack Dorsey says “We love you bitcoin!”

Jack Dorsey, the founder of social media giant Twitter and Bitcoin payments provider Square — has said: “We love you Bitcoin.” In his remarks during an earnings call devoted to Square’s Q2 2019 results, Dorsey noted that the Cash App ecosystem continued to grow, generating $135 million in revenue — excluding Bitcoin, Bitcoin revenue alone accounted for $125 million. What is the future for Square?

Grayscale transfers $3 billion in crypto assets to Coinbase.

Digital asset management fund Grayscale Investments is set to transfer nearly $3 billion worth in cryptocurrency holdings the crypto wallet provider and exchange Coinbase. Grayscale is going to move assets including Bitcoin, Bitcoin Cash, Ether, Litecoin, Ripple, among some other assets to Coinbase, wherein Coinbase Custody will serve as custodian of the underlying assets for the company’s products. How will this affect the future of Coinbase?

Steve Bannon says Bitcoin could help a populist revolt.

Stephen Bannon, who is a co-founder of Breitbart News and was also briefly the Chief Strategist for U.S. President Donald Trump’s administration, has recently spoken about his admiration for Bitcoin, seeing it as part of a “global populist revolt,” in an interview with CNBC’s Squawk Box. Bannon said that Bitcoin could be a very important part in “this global populist revolt,” with cryptocurrencies having a big future. Will his dream become a reality?

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3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

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3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

In a special announcement made at the Unitize conference on July 6,  Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:

“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”

Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.

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Telegram Is Set To Shut Down The TON Testnet By August 2020

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Telegram Is Set To Shut Down The TON Testnet By August 2020
Telegram Is Set To Shut Down The TON Testnet By August 2020

Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.

Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.

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Binance Supports An Ontology Upgrade

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Binance Supports An Ontology Upgrade
Binance Supports An Ontology Upgrade

Binance, one of the world’s biggest crypto exchanges, has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade. Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet. Binance says that it will end support of Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits. Any future deposits of NEP5 ONT will not be credited to users’ Binance account, it indicates. Deposits and withdrawals of ONT will be stopped starting July 6 at 9 a.m. UTC. Users will be notified when the Ontology upgraded network becomes stable and deposits and withdrawals are reopened, says Binance.

The Ontology network upgrade will not result in a new token creation and ONG staking rewards for ONT will not be affected. Ontology uses a dual token (ONT and ONG) model. ONT is the coin and can be used for staking in consensus, whereas ONG is the utility token used for on-chain services. MainNet ONT started to release ONG as soon as Ontology MainNet went live two years ago. According to Ontology, from 9 to 12th June 2020, it will give its community the opportunity to have a say in the development of its governance and staking economic model, especially for the Triones node results. However, The Ontology Foundation’s first three-year bonus to the top 49 nodes and the distribution method remains unchanged.

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