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Cryptocurrency And Blockchain News Update 12th March 2020

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Kraken Moving Into India

The U.S. based crypto exchange Kraken will start to increase its operations in the Indian market following the recent ruling of the country’s Supreme Court to lift banks’ banning to do business with crypto companies, according to a March 9th announcement. According to Kraken, its growth in India was hampered by the ban on the Reserve Bank of India (RBI). However, they did not give further details regarding the plans for this large market.

U.S. Congressman Working On Crypto Regulation

A United States congressman is the latest working to clarify and determine which U.S. regulator is responsible for which digital assets. On March 9, Representative Paul Gosar who is a republican from the great state of Arizona, introduced the “Crypto-Currency Act of 2020,” a bill that looks to choreograph a wide range of digital assets to answer to the appropriate regulator.

Robinhood Goes Down Twice In Two Weeks

After experiencing a major outage last week, major stock and cryptocurrency trading app Robinhood is in trouble again. Robinhood encountered another technical outage on Monday, causing its platform to halt trading services, according to a March 9 tweet by Robinhood’s support team.   The firm has said that Trading is currently down on Robinhood and they are investigating the issue, but they are focused on getting back up and running as soon as possible.

Japan Real Estate Using Blockchain

Two companies have developed a blockchain-based solution to address the large number of vacant homes in the Japanese countryside. Securitize, a compliance platform for token issuers, has joined forces with Tokyo-based LIFULL to create a funding platform using digital securities to invest in real estate. According to a March 10 press release, the collaboration has been successful in proving that blockchain technology and digital securities are more effective crowdfunding for the Japanese real estate market than traditional methods

Russian Rubble Falling After Oil War With Saudis

The Russian Rubble (RUB) has dipped, down 20% this year with 10% of it just today after Saudi Arabia began pumping oil production. Saudi oil minister) tried to get Russia to agree to a plan to reduce oil production by a million barrels in light of significant fall in demand. President Putin more or less said no, and the Crown Prince basically said ‘crash it,’ offering a $6 to $8 discount to western markets, so sending oil to $30 or so.  Now, if the value of the Rubble falls drastically, Russians are able to buy less bitcoin, meaning there is less demand, and so its global price might be affected.

Altcoin News

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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Altcoin News

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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Altcoin News

Brock Pierce Enters The 2020 US Presidential Race

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Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce Enters The 2020 US Presidential Race

Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “

“I, Brock Pierce, am running for President of the United States of America.”

Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.

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