Binance launches crypto payment application for African countries
Binance cryptocurrency exchange this Thursday announced its new product called “Bundle”. It is a social payment application for working with traditional and digital currencies. In particular, the Bundle allows users to request, send and receive payments.
“The Bundle product’s vision is to create a super app with a built-in digital wallet that supports digital and traditional currencies - an application that provides everyday practical value for Africans and the world,” the exchange writes.
Bundle allows you to buy, sell and store cryptocurrencies, including Bitcoin, Ethereum and Binance Coin, as well as exchange them for Nigerian naira. The list of supported fiat currencies will be expanded in the coming weeks. By the end of the year, the company plans to introduce its new product in more than 30 African countries.
In September 2019, Bundle closed the preliminary round of fundraising, receiving $ 450,000 from Binance. The startup remains independent from the exchange, while connecting it with African investors.
Earlier, Twitter CEO Jack Dorsey announced his plans for the development of cryptocurrency payments in Africa. Binance, for its part, has invested in five African startups today, focused on serving various aspects of the cryptocurrency ecosystem.
Binance cryptocurrency exchange this Thursday announced its new product called “Bundle”. It is a social payment application for working with traditional and digital currencies. In particular, the Bundle allows users to request, send and receive payments.
“The Bundle product’s vision is to create a super app with a built-in digital wallet that supports digital and traditional currencies - an application that provides everyday practical value for Africans and the world,” the exchange writes.
Bundle allows you to buy, sell and store cryptocurrencies, including Bitcoin, Ethereum and Binance Coin, as well as exchange them for Nigerian naira. The list of supported fiat currencies will be expanded in the coming weeks. By the end of the year, the company plans to introduce its new product in more than 30 African countries.
In September 2019, Bundle closed the preliminary round of fundraising, receiving $ 450,000 from Binance. The startup remains independent from the exchange, while connecting it with African investors.
Earlier, Twitter CEO Jack Dorsey announced his plans for the development of cryptocurrency payments in Africa. Binance, for its part, has invested in five African startups today, focused on serving various aspects of the cryptocurrency ecosystem.
77% of ethers that are not blocked in smart contracts did not move within six months
According to Glassnode, more than three-quarters of the ethers (ETH) on personal (or external) accounts have not moved over the past six months, despite sharp price fluctuations during this period. It is reported by The Block.
There are two types of accounts on the Ethereum network: external (private key controlled) and smart contract accounts (controlled by contract code).
Glassnode data shows that ETH investors are strong scammers. 77.7% of ETH did not move within six months, 57.6% during the year, and 31.6% during two years.
Bitcoin holders exhibit similar behavior. Currently, 42.8% of bitcoins remain motionless for at least two years, which is 10.4% more than last year.
According to Glassnode, more than three-quarters of the ethers (ETH) on personal (or external) accounts have not moved over the past six months, despite sharp price fluctuations during this period. It is reported by The Block.
There are two types of accounts on the Ethereum network: external (private key controlled) and smart contract accounts (controlled by contract code).
Glassnode data shows that ETH investors are strong scammers. 77.7% of ETH did not move within six months, 57.6% during the year, and 31.6% during two years.
Bitcoin holders exhibit similar behavior. Currently, 42.8% of bitcoins remain motionless for at least two years, which is 10.4% more than last year.
Coinbase “intercepted” some employees of the closed blockchain company
On May 5, TokenAnalyst, a blockchain analytics company, announced its decision to close. The company’s website says that "the data is no longer being updated."
The company said in a post on the Medium website that it was no longer supporting its platform and application programming interface (API), but did not explain the reasons for the closure. At the same time, the report said that some team members are moving to Coinbase from San Francisco.
The company also stated that its mission was to “bring transparency to a decentralized world where significant success has been achieved.”
A Coinbase spokesperson confirmed to Cointelegraph that several members of the TokenAnalyst team have joined them.
TokenAnalyst was founded in October 2017, in the midst of a crypto boom. According to LinkedIn, then the company employed 6 people, including its founders Jaya Prasad and Sid Shekhar, who now joined Coinbase.
On May 5, TokenAnalyst, a blockchain analytics company, announced its decision to close. The company’s website says that "the data is no longer being updated."
The company said in a post on the Medium website that it was no longer supporting its platform and application programming interface (API), but did not explain the reasons for the closure. At the same time, the report said that some team members are moving to Coinbase from San Francisco.
The company also stated that its mission was to “bring transparency to a decentralized world where significant success has been achieved.”
A Coinbase spokesperson confirmed to Cointelegraph that several members of the TokenAnalyst team have joined them.
TokenAnalyst was founded in October 2017, in the midst of a crypto boom. According to LinkedIn, then the company employed 6 people, including its founders Jaya Prasad and Sid Shekhar, who now joined Coinbase.
Study: 98% of XRP transactions have no economic value
A group of researchers from Cornell University found that the vast majority of transactions in the blockchains of three large cryptocurrencies have no economic value. In many cases, they simply clutter the blockchain or are used to distribute useless tokens.
“Our analysis showed that only a small fraction of the transactions are used to transfer economic values,” the authors write. - So, 95% of EOS transactions were carried out for the purpose of airdrop of tokens, which today have no value. On the Tezos network, 82% of the blockchain throughput is spent to maintain consensus, and in the XRP registry, only 2% of transactions are associated with the transfer of funds. ”
In other words, the blockchains of these cryptocurrencies contain a large number of transactions, but in fact their economic value is small.
“In the case of EOS and XRP, most of the transactions demonstrate the characteristics of DoS attacks,” analysts write. - The throughput of the XRP registry during our observations was absorbed by zero-value transactions. We were able to establish that the volume of transactions in the XRP registry is undergoing serious manipulation. "
At the same time, according to the authors, these blockchains have a resource for processing large volumes of transactions, however, they use it irrationally.
“The following conclusion can be made: the three blockchains examined in this study demonstrate the ability to work under high loads. Nevertheless, their huge potential is not yet fully realized in accordance with the declared purpose, ”they conclude.
A group of researchers from Cornell University found that the vast majority of transactions in the blockchains of three large cryptocurrencies have no economic value. In many cases, they simply clutter the blockchain or are used to distribute useless tokens.
“Our analysis showed that only a small fraction of the transactions are used to transfer economic values,” the authors write. - So, 95% of EOS transactions were carried out for the purpose of airdrop of tokens, which today have no value. On the Tezos network, 82% of the blockchain throughput is spent to maintain consensus, and in the XRP registry, only 2% of transactions are associated with the transfer of funds. ”
In other words, the blockchains of these cryptocurrencies contain a large number of transactions, but in fact their economic value is small.
“In the case of EOS and XRP, most of the transactions demonstrate the characteristics of DoS attacks,” analysts write. - The throughput of the XRP registry during our observations was absorbed by zero-value transactions. We were able to establish that the volume of transactions in the XRP registry is undergoing serious manipulation. "
At the same time, according to the authors, these blockchains have a resource for processing large volumes of transactions, however, they use it irrationally.
“The following conclusion can be made: the three blockchains examined in this study demonstrate the ability to work under high loads. Nevertheless, their huge potential is not yet fully realized in accordance with the declared purpose, ”they conclude.
Nigma Conseil and AIT develop cryptocurrency transaction tracking tool
The French company Nigma Conseil, together with the Austrian Institute of Technology (AIT), began developing a new blockchain-based GraphSense tool for tracking cryptocurrency transactions.
The development is led by Nigma Conseil, which specializes in cybersecurity, transaction monitoring, and compliance testing with KYC / AML.
The tool is being created as part of the TITANIUM program, one of the organizers of which was AIT, with the aim of studying operations with cryptocurrencies in the “shadow markets”. In order to strengthen the supervision of cryptocurrency space, the European Union has allocated € 5 million for this program.
According to Fabien Tabarly, CEO of NIGMA Conseil, in collaboration with a leading European university, the company will be able to develop and implement more advanced financial crime tools that use digital currencies.
Anti-money laundering laws are constantly being tightened, so companies operating both in the traditional financial sector and in the cryptocurrency industry have more often introduced blockchain-based tools for monitoring transactions and assessing risk.
For example, last year, the Bitfinex and Bittrex cryptocurrency exchanges introduced the Chainalysis KYT solution to track suspicious transactions and comply with regulatory requirements.
The French company Nigma Conseil, together with the Austrian Institute of Technology (AIT), began developing a new blockchain-based GraphSense tool for tracking cryptocurrency transactions.
The development is led by Nigma Conseil, which specializes in cybersecurity, transaction monitoring, and compliance testing with KYC / AML.
The tool is being created as part of the TITANIUM program, one of the organizers of which was AIT, with the aim of studying operations with cryptocurrencies in the “shadow markets”. In order to strengthen the supervision of cryptocurrency space, the European Union has allocated € 5 million for this program.
According to Fabien Tabarly, CEO of NIGMA Conseil, in collaboration with a leading European university, the company will be able to develop and implement more advanced financial crime tools that use digital currencies.
Anti-money laundering laws are constantly being tightened, so companies operating both in the traditional financial sector and in the cryptocurrency industry have more often introduced blockchain-based tools for monitoring transactions and assessing risk.
For example, last year, the Bitfinex and Bittrex cryptocurrency exchanges introduced the Chainalysis KYT solution to track suspicious transactions and comply with regulatory requirements.
Coinbase acquires Tagomi primary brokerage service to expand institutional business
The Coinbase exchange this Wednesday confirmed the acquisition of Tagomi, the primary cryptocurrency service of primary brokerage, putting an end to many months of rumors and speculation.
According to sources of The Block, the deal could range from $ 70 million to $ 100 million. This is one of Coinbase's largest acquisitions to date. It will allow the exchange to continue the development of the institutional direction of its business related to the provision of professional services for the trading and storage of digital assets.
For the first time, a brewing deal became known in November. It was then reported that Tagomi was in talks with several other exchanges, including Binance. An agreement between Coinbase and Tagomi requires regulatory approval. The deal is expected to close by the end of 2020.
Tagomi service was launched in 2018. It allows large investors to trade cryptocurrencies with access to the most favorable order execution prices on the market. Among investors are Peter Thiel, Pantera Capital, Digital Currency Group, and Founders Fund.
According to experts, the proposals of the two companies successfully complement each other. For the formation of full-fledged primary brokerage service, Tagomi lacked the financial base that Coinbase has. The latter, in turn, will gain access to important tools for serving institutional investors.
“We will integrate the Tagomi platform into our own product line and form the basis for the future institutional trading business,” said Shan Aggarwal, Head of Corporate Development at Coinbase.
The Coinbase exchange this Wednesday confirmed the acquisition of Tagomi, the primary cryptocurrency service of primary brokerage, putting an end to many months of rumors and speculation.
According to sources of The Block, the deal could range from $ 70 million to $ 100 million. This is one of Coinbase's largest acquisitions to date. It will allow the exchange to continue the development of the institutional direction of its business related to the provision of professional services for the trading and storage of digital assets.
For the first time, a brewing deal became known in November. It was then reported that Tagomi was in talks with several other exchanges, including Binance. An agreement between Coinbase and Tagomi requires regulatory approval. The deal is expected to close by the end of 2020.
Tagomi service was launched in 2018. It allows large investors to trade cryptocurrencies with access to the most favorable order execution prices on the market. Among investors are Peter Thiel, Pantera Capital, Digital Currency Group, and Founders Fund.
According to experts, the proposals of the two companies successfully complement each other. For the formation of full-fledged primary brokerage service, Tagomi lacked the financial base that Coinbase has. The latter, in turn, will gain access to important tools for serving institutional investors.
“We will integrate the Tagomi platform into our own product line and form the basis for the future institutional trading business,” said Shan Aggarwal, Head of Corporate Development at Coinbase.
Cardano Founder Announces Shelley Update Release Date
Cardano founder Charles Hoskinson said the launch of the Shelley update will take place between June 30 and July 7.
According to him, on June 9, Shelley will be open to all. On June 16, developers will begin to complete the system together, and if no defects are found, the update will be launched on June 30. In extreme cases, the launch may be delayed until July 7, if there are any problems. In addition, Hoskinson recommended that users have time to update their software before July 20.
“We have come a long and difficult way. We had to "change tires" when the car remained on the go. What we're working on will become the new operating system, ”Hoskinson said, adding that Shelley’s functionality will ensure genuine decentralization through Proof-of-Stake (PoS), the Ouroboros protocol.
In late April, Cardano developers announced the generation of the first block in the Shelley update test network. The update should add a staking system with which users can earn ADA cryptocurrency. Also in preparation for the launch of Shelley, Cardano released a new wallet, Daedalus 1.0.0 with accelerated synchronization.
Cardano founder Charles Hoskinson said the launch of the Shelley update will take place between June 30 and July 7.
According to him, on June 9, Shelley will be open to all. On June 16, developers will begin to complete the system together, and if no defects are found, the update will be launched on June 30. In extreme cases, the launch may be delayed until July 7, if there are any problems. In addition, Hoskinson recommended that users have time to update their software before July 20.
“We have come a long and difficult way. We had to "change tires" when the car remained on the go. What we're working on will become the new operating system, ”Hoskinson said, adding that Shelley’s functionality will ensure genuine decentralization through Proof-of-Stake (PoS), the Ouroboros protocol.
In late April, Cardano developers announced the generation of the first block in the Shelley update test network. The update should add a staking system with which users can earn ADA cryptocurrency. Also in preparation for the launch of Shelley, Cardano released a new wallet, Daedalus 1.0.0 with accelerated synchronization.
Official cryptocurrency industry regulations go into effect in Canada
On June 1, amendments to Canadian law entered into force that provide for the regulation of cryptocurrency companies as enterprises that provide money transfer services.
The amendments were first published by the Canadian government last July. From now on, cryptocurrency companies providing services to residents of Canada, including foreign ones, must comply with the requirements of the Center for Analysis of Financial Transactions and Reporting (FINTRAC) and register in it. As regulated activities with cryptocurrencies, lawmakers call the exchange and implementation of money transfers.
Founder of the Canadian crypto company Bull Bitcoin and activist of the local Bitcoin Embassy Francis Pulio said on May 31: “Today is my last day as an unregulated virtual currency dealer. The circle closed after 7 years from the moment I began my career in the space of bitcoin with lobbying for this very issue. Overall, I consider this a huge achievement. [New regulation] is not perfect, but it could be worse. Our position is unchanged: Bitcoin is money, it must be regulated like money, no more, no less. That is what we got. ”
According to Pulio, the discussion of regulated cryptocurrencies in Canada took 5 years. The Canadian parliament has proposed the inclusion of crypto companies in the law on combating money laundering and the financing of terrorism back in 2014.
In line with the new requirements, transactions with cryptocurrencies worth more than CAD 10,000 will require compliance with reporting and identification requirements. Pulio explained that this is the only point that does not allow him to call the amendments "decisive victory."
He also noted that the new regulation applies primarily to crypto companies that work with traditional currencies, such as bitcoin terminal operators. Most industry participants already follow the strict principles of customer identification, as payment partners require them.
Earlier it became known that about 17,000 users of the Canadian QuadrigaCX crypto exchange, which had ceased to exist, applied for a refund after the collapse of the company.
On June 1, amendments to Canadian law entered into force that provide for the regulation of cryptocurrency companies as enterprises that provide money transfer services.
The amendments were first published by the Canadian government last July. From now on, cryptocurrency companies providing services to residents of Canada, including foreign ones, must comply with the requirements of the Center for Analysis of Financial Transactions and Reporting (FINTRAC) and register in it. As regulated activities with cryptocurrencies, lawmakers call the exchange and implementation of money transfers.
Founder of the Canadian crypto company Bull Bitcoin and activist of the local Bitcoin Embassy Francis Pulio said on May 31: “Today is my last day as an unregulated virtual currency dealer. The circle closed after 7 years from the moment I began my career in the space of bitcoin with lobbying for this very issue. Overall, I consider this a huge achievement. [New regulation] is not perfect, but it could be worse. Our position is unchanged: Bitcoin is money, it must be regulated like money, no more, no less. That is what we got. ”
According to Pulio, the discussion of regulated cryptocurrencies in Canada took 5 years. The Canadian parliament has proposed the inclusion of crypto companies in the law on combating money laundering and the financing of terrorism back in 2014.
In line with the new requirements, transactions with cryptocurrencies worth more than CAD 10,000 will require compliance with reporting and identification requirements. Pulio explained that this is the only point that does not allow him to call the amendments "decisive victory."
He also noted that the new regulation applies primarily to crypto companies that work with traditional currencies, such as bitcoin terminal operators. Most industry participants already follow the strict principles of customer identification, as payment partners require them.
Earlier it became known that about 17,000 users of the Canadian QuadrigaCX crypto exchange, which had ceased to exist, applied for a refund after the collapse of the company.
An updated version of the original Bitcoin Core 0.20.0 client has been released
The curator of the original Bitcoin client software, Vladimir van der Laan, today announced the release of Bitcoin Core 0.20.0. The developers note that this is a “major release” containing “new features, bug fixes and performance improvements, as well as improved translations”.
Support for the “-enablebip61” command, which enabled the activation of BIP61 functionality, was excluded. The proposal to improve BIP61 bitcoin was initiated by early developer Gavin Andresen and allowed the nodes to exchange information and the reasons for the rejection of certain transactions. Over time, the developers came to the conclusion that such information could be intentionally distorted. Users who need the appropriate functionality, such as when debugging clients, should resort to alternative methods.
The functionality of the BIP70 has also been completely removed. It allowed the use of URLs instead of standard bitcoin addresses, however, its implementation depended on several known vulnerabilities. Support for BIP61 and BIP70 was stopped in Bitcoin Core by default on versions 0.18.0 and 0.19.0 respectively. The complete removal of BIP70 also allowed to disable support for OpenSSL libraries due to uselessness.
In addition, user wallets in Bitcoin Core 0.20.0 will by default use addresses of the SegWit-compatible bech32 format when interacting via a remote procedure call. For the first time, default bech32 addresses in the graphical user interface began to be used in Bitcoin Core 0.19.0.
The new Bitcoin Core client is available and has been actively tested in versions for Linux, macOS 10.12+ and Windows 7+.
The curator of the original Bitcoin client software, Vladimir van der Laan, today announced the release of Bitcoin Core 0.20.0. The developers note that this is a “major release” containing “new features, bug fixes and performance improvements, as well as improved translations”.
Support for the “-enablebip61” command, which enabled the activation of BIP61 functionality, was excluded. The proposal to improve BIP61 bitcoin was initiated by early developer Gavin Andresen and allowed the nodes to exchange information and the reasons for the rejection of certain transactions. Over time, the developers came to the conclusion that such information could be intentionally distorted. Users who need the appropriate functionality, such as when debugging clients, should resort to alternative methods.
The functionality of the BIP70 has also been completely removed. It allowed the use of URLs instead of standard bitcoin addresses, however, its implementation depended on several known vulnerabilities. Support for BIP61 and BIP70 was stopped in Bitcoin Core by default on versions 0.18.0 and 0.19.0 respectively. The complete removal of BIP70 also allowed to disable support for OpenSSL libraries due to uselessness.
In addition, user wallets in Bitcoin Core 0.20.0 will by default use addresses of the SegWit-compatible bech32 format when interacting via a remote procedure call. For the first time, default bech32 addresses in the graphical user interface began to be used in Bitcoin Core 0.19.0.
The new Bitcoin Core client is available and has been actively tested in versions for Linux, macOS 10.12+ and Windows 7+.
Galaxy Digital and Bitmain Take Part in AVA's $ 12 Million Token Sale Blockchain Project
The blockchain project of a professor of computer science and a well-known crypto community member Emin Gyun Sirera AVA raised $ 12 million during a closed token sale, reports The Block. The investors in this round were Galaxy Digital, Bitmain, Initialized Capital, NGC Ventures, Dragonfly Capital and Dozens of Individuals.
Kevin Secniki, co-founder and chief operating officer of AVA Labs, said that the funding will go towards the further development of the AVA blockchain network. Its launch is scheduled for July.
AVA uses Avalanche's consensus protocol and promises to surpass Ethereum 2.0. Sirer claims that the key features of the project will be not only high throughput, but also a low value of delays or time between confirmation of the validity of transactions by nodes. He said that in a test network, AVA shows a throughput of 6,500 transactions per second (TPS).
Ethereum founder Vitalik Buterin, in response to this, claims that the blockchain of the second largest cryptocurrency is also capable of processing 1,000 transactions per second in a test network, but there are reasons why the value in the main network is limited to 40 TPS. In any case, AVA Labs expects the TPS to be in the four-digit range on the main network.
The total amount of financing collected to date by the project together with the last round reached $ 18 million. Last year he received $ 6 million from such well-known investors as Andreessen Horowitz, Polychain, Balaji Srinivasan and Naval Ravikant.
Now the project plans to hold a public token sale for accredited investors in accordance with the requirements of US securities law. This stage starts on July 8 and will last at least two weeks.
The blockchain project of a professor of computer science and a well-known crypto community member Emin Gyun Sirera AVA raised $ 12 million during a closed token sale, reports The Block. The investors in this round were Galaxy Digital, Bitmain, Initialized Capital, NGC Ventures, Dragonfly Capital and Dozens of Individuals.
Kevin Secniki, co-founder and chief operating officer of AVA Labs, said that the funding will go towards the further development of the AVA blockchain network. Its launch is scheduled for July.
AVA uses Avalanche's consensus protocol and promises to surpass Ethereum 2.0. Sirer claims that the key features of the project will be not only high throughput, but also a low value of delays or time between confirmation of the validity of transactions by nodes. He said that in a test network, AVA shows a throughput of 6,500 transactions per second (TPS).
Ethereum founder Vitalik Buterin, in response to this, claims that the blockchain of the second largest cryptocurrency is also capable of processing 1,000 transactions per second in a test network, but there are reasons why the value in the main network is limited to 40 TPS. In any case, AVA Labs expects the TPS to be in the four-digit range on the main network.
The total amount of financing collected to date by the project together with the last round reached $ 18 million. Last year he received $ 6 million from such well-known investors as Andreessen Horowitz, Polychain, Balaji Srinivasan and Naval Ravikant.
Now the project plans to hold a public token sale for accredited investors in accordance with the requirements of US securities law. This stage starts on July 8 and will last at least two weeks.
US Head Service licensed blockchain analytics solutions from Coinbase
The IRS has struck a deal with crypto exchange Coinbase to use blockchain analysis software called Coinbase Analytics. Reported by The Block.
The deal was announced on July 15th. The contract comes into force on July 23 and is valid for one year with the possibility of renewal for a second year. The IRS will pay Coinbase $ 124,950 for a year of using Coinbase Analytics.
As we previously reported, the IRS was part of a group of government agencies that Coinbase considered as potential clients for its analytics platform. The IRS announced plans to buy a license for Coinbase Analytics back in April.
Coinbase CEO Brian Armstrong announced earlier this week that Coinbase Analytics is an expensive project, so the exchange plans to sell the platform to recoup the costs. A Coinbase spokesperson emphasized that “the information offered by Coinbase Analytics is completely separate from Coinbase internal data.”
Coinbase signed a similar contract with the US Secret Service last week.
The IRS has struck a deal with crypto exchange Coinbase to use blockchain analysis software called Coinbase Analytics. Reported by The Block.
The deal was announced on July 15th. The contract comes into force on July 23 and is valid for one year with the possibility of renewal for a second year. The IRS will pay Coinbase $ 124,950 for a year of using Coinbase Analytics.
As we previously reported, the IRS was part of a group of government agencies that Coinbase considered as potential clients for its analytics platform. The IRS announced plans to buy a license for Coinbase Analytics back in April.
Coinbase CEO Brian Armstrong announced earlier this week that Coinbase Analytics is an expensive project, so the exchange plans to sell the platform to recoup the costs. A Coinbase spokesperson emphasized that “the information offered by Coinbase Analytics is completely separate from Coinbase internal data.”
Coinbase signed a similar contract with the US Secret Service last week.
Banque de France and several innovative companies to experiment with the digital euro
The Central Bank of France (Banque de France) has announced that it will begin experiments related to the digital euro.
To this end, the bank has selected eight potential candidates to help integrate CBDC into interbank settlements. These are companies such as Accenture, HSBC, Societe Generale, Seba Bank and LiquidShare.
In March, the bank said it would select no more than 10 applications from companies to experiment with CBDCs, with the "innovative nature of companies" being the main selection criterion.
The French central bank will now work with these companies "to explore new methods of exchanging financial instruments." In addition, pilot projects will help understand how CBDC can be used in cross-border payments.
It looks like the Banque de France is going to explore the wholesale rather than retail use of the digital euro. It also means that the CBDC must be tailored for "interbank rules" and not for consumer purposes.
France is at the forefront of European CBDC experiments. In May of this year, Banque de France successfully tested the digital euro on the blockchain in a joint project with Societe Generale.
While it is not yet clear how the French CBDC experiments will translate across the EU, Banque de France and Deutsche Bundesbank were recently incorporated into the Bank for International Settlements (BIS) innovation center network.
The Central Bank of France (Banque de France) has announced that it will begin experiments related to the digital euro.
To this end, the bank has selected eight potential candidates to help integrate CBDC into interbank settlements. These are companies such as Accenture, HSBC, Societe Generale, Seba Bank and LiquidShare.
In March, the bank said it would select no more than 10 applications from companies to experiment with CBDCs, with the "innovative nature of companies" being the main selection criterion.
The French central bank will now work with these companies "to explore new methods of exchanging financial instruments." In addition, pilot projects will help understand how CBDC can be used in cross-border payments.
It looks like the Banque de France is going to explore the wholesale rather than retail use of the digital euro. It also means that the CBDC must be tailored for "interbank rules" and not for consumer purposes.
France is at the forefront of European CBDC experiments. In May of this year, Banque de France successfully tested the digital euro on the blockchain in a joint project with Societe Generale.
While it is not yet clear how the French CBDC experiments will translate across the EU, Banque de France and Deutsche Bundesbank were recently incorporated into the Bank for International Settlements (BIS) innovation center network.
Twitch Will Reduce Subscription Costs By 10% When Paying With Cryptocurrency
The popular streaming platform Twitch will provide a 10% discount for subscribers using cryptocurrencies for payments. Bitcoin, Ethereum, Bitcoin Cash and Litecoin are available to users.
The Amazon-owned service had 3.8 million streamers and 140 million viewers in February 2020. More recent statistics are currently not available. Twitch is especially popular among gamers, but it also supports other themed channels.
Twitch added support for cryptocurrencies in 2014 and eliminated it without comment in Q1 2019, then re-established it a few months later. Users then stated that they did not even know about the possibility of using cryptocurrencies as a means of payment on the platform.
“By offering the discount, the platform encourages the use of cryptocurrencies to pay for goods and services, rather than as a speculative investment,” CoinDesk notes.
Twitch uses the BitPay processing service to process cryptocurrency transactions.
The popular streaming platform Twitch will provide a 10% discount for subscribers using cryptocurrencies for payments. Bitcoin, Ethereum, Bitcoin Cash and Litecoin are available to users.
The Amazon-owned service had 3.8 million streamers and 140 million viewers in February 2020. More recent statistics are currently not available. Twitch is especially popular among gamers, but it also supports other themed channels.
Twitch added support for cryptocurrencies in 2014 and eliminated it without comment in Q1 2019, then re-established it a few months later. Users then stated that they did not even know about the possibility of using cryptocurrencies as a means of payment on the platform.
“By offering the discount, the platform encourages the use of cryptocurrencies to pay for goods and services, rather than as a speculative investment,” CoinDesk notes.
Twitch uses the BitPay processing service to process cryptocurrency transactions.
SpaceChain Conducts Multisigned Bitcoin Transaction via Space Station
SpaceChain today announced the successful implementation of a multi-signature bitcoin transaction from space. Thus, the researchers sent 0.01 BTC worth $ 90 at the time of the transaction on June 27, which were split into two addresses.
To achieve this goal, the startup employees used specialized equipment located on the international space station. This made it possible to transmit encrypted data through the ground station to the ISS.
A multisignature transaction, as opposed to a regular transaction, requires multiple signatures for authorization, which has additional security benefits. “Carrying out a multisignature transaction in space reflects our continued efforts to create an open network of satellites on the blockchain with enhanced security and immutability,” said SpaceChain co-founder and CTO Jeff Garzik.
The project is supported by the European Space Agency and intends to create products for digital banks and fintech companies in the future.
“This achievement sets the momentum for the use of space systems and services in the commercial market. We are delighted to continue integrating our innovative technologies to help SpaceChain achieve its goals in space and beyond, ”said Niels Buus, CEO of participating microsatellite company GomSpace.
Earlier, SpaceChain launched the Qtum blockchain node in space.
SpaceChain today announced the successful implementation of a multi-signature bitcoin transaction from space. Thus, the researchers sent 0.01 BTC worth $ 90 at the time of the transaction on June 27, which were split into two addresses.
To achieve this goal, the startup employees used specialized equipment located on the international space station. This made it possible to transmit encrypted data through the ground station to the ISS.
A multisignature transaction, as opposed to a regular transaction, requires multiple signatures for authorization, which has additional security benefits. “Carrying out a multisignature transaction in space reflects our continued efforts to create an open network of satellites on the blockchain with enhanced security and immutability,” said SpaceChain co-founder and CTO Jeff Garzik.
The project is supported by the European Space Agency and intends to create products for digital banks and fintech companies in the future.
“This achievement sets the momentum for the use of space systems and services in the commercial market. We are delighted to continue integrating our innovative technologies to help SpaceChain achieve its goals in space and beyond, ”said Niels Buus, CEO of participating microsatellite company GomSpace.
Earlier, SpaceChain launched the Qtum blockchain node in space.
Japanese traders massively abandon XRP token in favor of bitcoin
The vast majority of Japanese crypto traders prefer to invest in bitcoin. This is stated in a study by the Japanese Association of Crypto Exchanges.
The researchers found that investors are massively ditching XRP and other altcoins in favor of BTC. The share of bitcoin transactions in the total volume of transactions on crypto-exchanges has reached 87%.
The number of active accounts in the spot market grew by 13,987 in April alone, which became a new record.
BitBank analyst Yuya Hasegawa points out:
It seems that the general interest of Japanese investors in altcoins has been declining over time compared to the demand for bitcoin. With the growing number of active accounts, the vast majority of new players in the Japanese market, especially since last summer, will be exclusively interested in Bitcoin.
Altcoin XRP suffered the largest losses in the Japanese market. Many investors were disappointed in it. If earlier the share of transactions with this cryptocurrency in Japan was about 40% of all transactions with digital assets, then in April it fell to 5%.
A similar study was previously conducted by the BitMEX exchange. She interviewed Japanese traders and found out that Bitcoin remains the most popular cryptocurrency among them. The second and third places were shared between the XRP token and ether (ETH).
The vast majority of Japanese crypto traders prefer to invest in bitcoin. This is stated in a study by the Japanese Association of Crypto Exchanges.
The researchers found that investors are massively ditching XRP and other altcoins in favor of BTC. The share of bitcoin transactions in the total volume of transactions on crypto-exchanges has reached 87%.
The number of active accounts in the spot market grew by 13,987 in April alone, which became a new record.
BitBank analyst Yuya Hasegawa points out:
It seems that the general interest of Japanese investors in altcoins has been declining over time compared to the demand for bitcoin. With the growing number of active accounts, the vast majority of new players in the Japanese market, especially since last summer, will be exclusively interested in Bitcoin.
Altcoin XRP suffered the largest losses in the Japanese market. Many investors were disappointed in it. If earlier the share of transactions with this cryptocurrency in Japan was about 40% of all transactions with digital assets, then in April it fell to 5%.
A similar study was previously conducted by the BitMEX exchange. She interviewed Japanese traders and found out that Bitcoin remains the most popular cryptocurrency among them. The second and third places were shared between the XRP token and ether (ETH).
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Crypto startup Zilgu "with cut functionality" received a license from the UK financial regulator
London-based cryptocurrency startup Ziglu has received a payment services license from the UK Financial Conduct Authority (FCA), which allows it to launch "P2P payments" for fiat currencies and cryptocurrencies.
FCA issued the license on September 1st. The startup applied for a license back in May 2019.
“It was quite difficult to obtain the license and it took a very long time,” said Mark Hipperson, founder and CEO of Ziglu. "But I would not want it to be any different, as it shows that the FCA only approves companies that will take compliance, risk management and customer data seriously."
Ziglu must also comply with the rules of the 5th Anti-Money Laundering Directive (AMLD5). According to Hipperson, FCA "wants to be sure that the KYC / AML procedures are being followed."
At the time of launch, the Ziglu app supports the British pound (GBP) and four cryptocurrencies - Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin (BCH), however, users can only send cryptocurrency to other Ziglu accounts, but not to external ones wallets.
In this, Ziglu is similar to Revolut, another UK-based fintech startup that supports the same cryptocurrency transactions.
And it seems strange: isn't the whole point of cryptocurrency to offer an alternative to traditional finance and send cryptocurrency anywhere? And is it so difficult to add sending bitcoins to other wallets? Indeed, there are dozens of cryptocurrency wallets on the market today.
However, according to Nick Turner-Samuels, Ziglu's director of product, it is a "complex process." In a comment for Decrypt, he said the startup "will work" to add this functionality. Ziglu made this compromise to "get to market faster." “Now that we have an FCA license, we are launching P2P payments. We are planning to release our cards soon. We are starting to develop a complete package of financial services for clients, ”he said.
But the main reason Ziglu is slow to add all the functionality of cryptocurrencies is due to regulation. According to Turner-Samuels, the cryptocurrency world has its dark sides.
“We want to make sure that we can really control the tracking of money so that everything is fair,” he said, noting that Ziglu works with companies to combat money laundering, but declined to name them.
Ziglu, like Revolut, is geared towards newcomers to cryptocurrencies. “It's very easy to enter the wrong address if you're not careful enough,” Turner-Samuels said. And "it will be very difficult for ordinary customers to know where their money has gone if they make a mistake."
Hence Ziglu's decision to enter the market with its "sterile" cryptocurrency application. “In the end, it’s the customers who will vote with their wallets for those they trust,” he concluded.
London-based cryptocurrency startup Ziglu has received a payment services license from the UK Financial Conduct Authority (FCA), which allows it to launch "P2P payments" for fiat currencies and cryptocurrencies.
FCA issued the license on September 1st. The startup applied for a license back in May 2019.
“It was quite difficult to obtain the license and it took a very long time,” said Mark Hipperson, founder and CEO of Ziglu. "But I would not want it to be any different, as it shows that the FCA only approves companies that will take compliance, risk management and customer data seriously."
Ziglu must also comply with the rules of the 5th Anti-Money Laundering Directive (AMLD5). According to Hipperson, FCA "wants to be sure that the KYC / AML procedures are being followed."
At the time of launch, the Ziglu app supports the British pound (GBP) and four cryptocurrencies - Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin (BCH), however, users can only send cryptocurrency to other Ziglu accounts, but not to external ones wallets.
In this, Ziglu is similar to Revolut, another UK-based fintech startup that supports the same cryptocurrency transactions.
And it seems strange: isn't the whole point of cryptocurrency to offer an alternative to traditional finance and send cryptocurrency anywhere? And is it so difficult to add sending bitcoins to other wallets? Indeed, there are dozens of cryptocurrency wallets on the market today.
However, according to Nick Turner-Samuels, Ziglu's director of product, it is a "complex process." In a comment for Decrypt, he said the startup "will work" to add this functionality. Ziglu made this compromise to "get to market faster." “Now that we have an FCA license, we are launching P2P payments. We are planning to release our cards soon. We are starting to develop a complete package of financial services for clients, ”he said.
But the main reason Ziglu is slow to add all the functionality of cryptocurrencies is due to regulation. According to Turner-Samuels, the cryptocurrency world has its dark sides.
“We want to make sure that we can really control the tracking of money so that everything is fair,” he said, noting that Ziglu works with companies to combat money laundering, but declined to name them.
Ziglu, like Revolut, is geared towards newcomers to cryptocurrencies. “It's very easy to enter the wrong address if you're not careful enough,” Turner-Samuels said. And "it will be very difficult for ordinary customers to know where their money has gone if they make a mistake."
Hence Ziglu's decision to enter the market with its "sterile" cryptocurrency application. “In the end, it’s the customers who will vote with their wallets for those they trust,” he concluded.
Reuters: EU will fully regulate cryptocurrencies by 2024
According to Reuters, by 2024 the European Union plans to fully exploit the possibilities of cryptocurrencies and blockchain, which means that a comprehensive legal framework will need to be developed for these industries.
According to internal documents leaked to Reuters, the EU plans to use blockchain and digital assets for international payments. The EU executive branch will present a bill clarifying how the current regulations should apply to cryptoassets, as well as introducing new rules to close the gaps in the legislation.
“By 2024, the EU must create a comprehensive framework to enable distributed ledger technology and cryptoassets in the financial sector. It must also take into account the risks associated with these technologies, ”the document says.
In addition, Brussels also plans to simplify the exchange of data in the financial sector to stimulate competition and the development of a wider range of services, according to Reuters. At the same time, the EU is going to adhere to the principle of "the same risk, the same rules, the same regulation" for companies from different countries of the European Union.
78% of payments in the EU are made with cash, and the authorities hope to make digital payments more popular. Instant payment systems should become the “norm” by the end of 2021.
“By 2024, we need to implement the principle of“ one window ”to obtain licenses for all areas with significant potential for digital finance,” the document says.
Recently, the European Markets for Crypto-Assets (MiCA) bill hit the Internet. It mainly focuses on the issuance and circulation of stablecoins in the European Union, which are defined as asset-linked tokens or electronic money tokens.
According to Reuters, by 2024 the European Union plans to fully exploit the possibilities of cryptocurrencies and blockchain, which means that a comprehensive legal framework will need to be developed for these industries.
According to internal documents leaked to Reuters, the EU plans to use blockchain and digital assets for international payments. The EU executive branch will present a bill clarifying how the current regulations should apply to cryptoassets, as well as introducing new rules to close the gaps in the legislation.
“By 2024, the EU must create a comprehensive framework to enable distributed ledger technology and cryptoassets in the financial sector. It must also take into account the risks associated with these technologies, ”the document says.
In addition, Brussels also plans to simplify the exchange of data in the financial sector to stimulate competition and the development of a wider range of services, according to Reuters. At the same time, the EU is going to adhere to the principle of "the same risk, the same rules, the same regulation" for companies from different countries of the European Union.
78% of payments in the EU are made with cash, and the authorities hope to make digital payments more popular. Instant payment systems should become the “norm” by the end of 2021.
“By 2024, we need to implement the principle of“ one window ”to obtain licenses for all areas with significant potential for digital finance,” the document says.
Recently, the European Markets for Crypto-Assets (MiCA) bill hit the Internet. It mainly focuses on the issuance and circulation of stablecoins in the European Union, which are defined as asset-linked tokens or electronic money tokens.
[An exclusive information by Xangle]
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Figure out the Rising🔝 DeFi tokens on Xangle!
According to Xangle Research, DeFi tokens that started at Uniswap and landed on major centralized exchanges(CEX) showed an average price movement of +208% (based on top 10 tokens).
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