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Breaking Cryptocurrency and Blockchain News 24 July

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Breaking Cryptocurrency and Blockchain News 24 July

“Bitcoin Billionaires” is the bestselling book that explores the Winklevoss twins’ rise in the cryptocurrency industry. The author of the book, Mr. Ben Mezrich has joined the hit Showtime TV series “Billions” as a consulting producer. “Billions” has broached the topic of cryptocurrencies in several episodes. However, most of the references were negative, with crypto being used almost exclusively for money-laundering. How will the influence of Mr. Mezrich change the direction or the show, and how it relates to cryptocurrency?

Bakkt, the future’s platform from the Intercontinental Exchange, has started testing the delivery of BTC futures. As per a recent communication about the platform, user acceptance testing for Bitcoin daily and monthly futures has started with participants from around the world. The platform initially announced the launch of futures testing in June

The Iranian government’s Economic Commission has approved a method for cryptocurrency mining in the country, according to an announcement by the Iran Chamber of Commerce, Industries, Mines and Agriculture.
Governor of the Central Bank of Iran said that a mechanism to mine digital coins were approved by the government’s economic commission and will later be put to a discussion at a Cabinet meeting. What will this do for the Iranian economy?

A non-utility patent filed by Bank of America has those who like Ripple riding high. The patent, which is dubbed “Real-time net settlement by a distributed ledger system,” directly references Ripple’s digital ledger technology in multiple illustrations.
The patent cites “Nostro accounts” – a term used to describe how banks secure money for each other – and points out that they are expensive. It looks like the influence of blockchain technology has Bank of America wanting to try something new.

Elizabeth Warren, one of the many democratic party candidates for president, recently released a blog post with the intention of scaring people into voting for the Democrat in the presidential run, with a post called “The Coming Economic Crash — And How to Stop It” However, the post may have a different effect altogether for those getting interested in Bitcoin. Bitcoin and Facebook have been in the news regularly as of late, with some lawmakers and bankers fearing the upheaval of the global financial system as a result of the latter’s Libra project. When there is an economic downturn people always place their assets into commodities that are likely to remain stable or appreciate.

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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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