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Cryptocurrency And Blockchain News Update 20th December 2019

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FED Employee Has Harsh Remarks About Bitcoin

A member of the United States Federal Reserve’s board of governors seems to believe that one in four people who use Bitcoin (BTC) are criminals. Lael Brainard has spoken about the perceived risks still posed by cryptocurrencies in remarks delivered today in Frankfurt Germany. Brainard was speaking as part of a panel honoring Benoît Coeuré, a member of the executive board of the European Central Bank (ECB).  

Orchid Labs Has Launched Privacy Network

American blockchain and software development firm Orchid Labs has launched its privacy network alongside its native token OXT. Orchid’s digital currency OXT is available for trading on major United States-based cryptocurrency exchange Coinbase Pro. According to an announcement, OXT will be available in Coinbase’s supported jurisdictions, with the exception of New York State. Coinbase Pro started accepting OXT deposits. 

Former Kraken Employee Suing The Kraken Exchange

A former employee of The United States-based cryptocurrency exchange Kraken initiated legal proceedings against the company in connection with breach of contract and sanctions violation, among other issues. As Per a court document filed on Nov. 26, the former employee of Kraken, where he served as a financial analyst under the exchange’s chief financial officer — brought the case to court accusing the company of an array of legal violations and falsifications.

Alchemy Blockchain Firm Launching API

San Francisco-based blockchain firm Alchemy announced the launch of its public application programming interface (API) after having raised $15 million in its Series A funding round. According to a press release published by the firm on Dec. 17, Alchemy’s platform allows enterprises to build blockchain-based applications.

US SEC Settles With Unregistered ICO For $250,000

The United States Securities and Exchange Commission (SEC) has reached a settlement with New York-based startup Blockchain of Things Inc. (BCOT) for conducting an unregistered initial coin offering (ICO). In recent days the SEC announced in a press release that the charges were settled in the form of an order that requires BCOT to cease and desist from committing any violation of the registration provisions of the federal securities laws. The blockchain company also agreed to pay a $250,000 penalty, without admitting or denying the findings. The  Blockchain of Things Inc. will need to return the $13 million in raised funds “to those investors who purchased tokens in the ICO and request a return of the funds.”

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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