Ledger’s Newest Addition to Cryptocurrency Hardware Wallets – Ledger Nano X
Ledger Nano X is the most recent cryptocurrency wallet on sale by fast-growing wallet creator –Ledger. Ledger has developed Nano X wallet. The company is based in Paris, France. Along with Ledger Nano S and Ledger Blue, Ledger Nano X is Ledger’s latest addition to its family of cryptocurrency hardware wallets.
Initially, Ledger blue hardware wallet was an enterprise-grade device manufactured by French producer Ledger, a specialist in Crypto security. The company was established in the year 2014. Ledger has around 130 employees and was founded by cryptographic and technical security experts, and has sold about 1.5 million hardware wallets till date.
Back story of Ledger Nano X
Nano X was launched in Las Vegas, during the Consumer Electronics Show in January. Currently, the wallet is swiftly gaining more importance as the most significant turning point for cryptocurrency users who want to claim easy access to their assets.
Nano X wallet permits its users to keep a hundred different cryptocurrencies simultaneously and backs more than a hundred applications.
One of the vital features of Nano X is it permits its users to access and spend their cryptocurrencies without breaking any security.
Trustworthy Security
Security is a vital feature when it comes to cryptocurrency hardware wallets. We can trust Nano X to provide reliable protection. Moreover, the user’s private keys are securely placed inside the device.
Nano X provides a very high level of security and protection when compared with software wallets. This is because they give physical protection aspect to the transaction procedure, which will secure users from prospective risk.
Nano X can be used to back up and restore access to user’s cryptocurrency if something happens by mistake to the user’s wallet.
Advantages of Ledger Nano X
Compatibility with Mobile – which means the user can take Nano x wallet anywhere as it uses Bluetooth.
Recognized and Secure – It is highly secured as it comes from Ledger, which is highly respected. The significant difference is that it has more features than Ledger Nano S.
Reasonable price – Out of two Bluetooth mobile cold wallets which exist currently, Nano X is the cheaper of the two.
Features – Nano X has additional storage capacity with higher grade screen, where it has a wide range of operations compared to its previous versions.
Disadvantage of Ledger Nano X
Expensive – Even though it is a bit expensive within its scope, Nano X is a bit costlier compared to older hardware wallets.
Wrap Up
Ledger has made it simpler to easily access cryptocurrency funds from the mobile phone, making users link Nano X using Bluetooth. Every transaction is highly protected, and Nano X uses a technology similar, which is used to protect the chips which are found in passports and credit cards. If a user wants a hardware wallet which can store a large number of tokens or cryptocurrencies with the phone, then Ledger Nano X is the best. Moreover, the user experience in Ledger Nano X is straightforward and impressive!
Ledger Nano X is the most recent cryptocurrency wallet on sale by fast-growing wallet creator –Ledger. Ledger has developed Nano X wallet. The company is based in Paris, France. Along with Ledger Nano S and Ledger Blue, Ledger Nano X is Ledger’s latest addition to its family of cryptocurrency hardware wallets.
Initially, Ledger blue hardware wallet was an enterprise-grade device manufactured by French producer Ledger, a specialist in Crypto security. The company was established in the year 2014. Ledger has around 130 employees and was founded by cryptographic and technical security experts, and has sold about 1.5 million hardware wallets till date.
Back story of Ledger Nano X
Nano X was launched in Las Vegas, during the Consumer Electronics Show in January. Currently, the wallet is swiftly gaining more importance as the most significant turning point for cryptocurrency users who want to claim easy access to their assets.
Nano X wallet permits its users to keep a hundred different cryptocurrencies simultaneously and backs more than a hundred applications.
One of the vital features of Nano X is it permits its users to access and spend their cryptocurrencies without breaking any security.
Trustworthy Security
Security is a vital feature when it comes to cryptocurrency hardware wallets. We can trust Nano X to provide reliable protection. Moreover, the user’s private keys are securely placed inside the device.
Nano X provides a very high level of security and protection when compared with software wallets. This is because they give physical protection aspect to the transaction procedure, which will secure users from prospective risk.
Nano X can be used to back up and restore access to user’s cryptocurrency if something happens by mistake to the user’s wallet.
Advantages of Ledger Nano X
Compatibility with Mobile – which means the user can take Nano x wallet anywhere as it uses Bluetooth.
Recognized and Secure – It is highly secured as it comes from Ledger, which is highly respected. The significant difference is that it has more features than Ledger Nano S.
Reasonable price – Out of two Bluetooth mobile cold wallets which exist currently, Nano X is the cheaper of the two.
Features – Nano X has additional storage capacity with higher grade screen, where it has a wide range of operations compared to its previous versions.
Disadvantage of Ledger Nano X
Expensive – Even though it is a bit expensive within its scope, Nano X is a bit costlier compared to older hardware wallets.
Wrap Up
Ledger has made it simpler to easily access cryptocurrency funds from the mobile phone, making users link Nano X using Bluetooth. Every transaction is highly protected, and Nano X uses a technology similar, which is used to protect the chips which are found in passports and credit cards. If a user wants a hardware wallet which can store a large number of tokens or cryptocurrencies with the phone, then Ledger Nano X is the best. Moreover, the user experience in Ledger Nano X is straightforward and impressive!
Facebook Reveals Plans of Launching Its Cryptocurrency ‘GlobalCoin’ in 2020
As per the latest reports doing the rounds since today morning, Facebook is all set to introduce its own digital currency next year. The crypto referred to as ‘GlobalCoin,’ is most likely to hit the market in the 1st quarter of 2020 officially. If everything goes according to the social networking giant’s plans, its digital currency payments system will be set up in 12 countries at the same time.
Reports also revealed that Facebook will begin testing its digital currency thoroughly before the present year marks an end. The detailed outline of the plan has not yet been made public. However, it will be shared soon in the upcoming months, stated the reports.
Facebook is making all the efforts to go according to its plans. The social media giant’s team has already met Mark Carney, the governor of Bank of England, as well as the U.S. Treasury officials for relevant advice.
Mark Zuckerberg, the Founder of Facebook, also discussed the associated risks and opportunities involved in the crypto’s launch with Mr. Carney. The meeting also saw Zuckerberg seeking advice on the regulatory and operational issues attached with this initiative, tentatively titled “Project Libra,” from the Treasury officials.
Apart from that, the company is also reaching out to several payments entities such as Visa, Mastercard, and Western Union, so that people get faster and cheaper options for sending and receiving their money without the need to open a bank account.
Facebook’s ambitious project aims to provide its wide user base with a hassle-free platform where they can make swift money transfers and online purchases. The company wants to launch the digital currency, which is both secure and affordable, irrespective of whether the users possess an account in the bank.
With this project, the social networking platform intends to break down all the financial barriers while considerably lowering the costs for consumers. The hope is to disrupt the existing network and compete with the banks. Facebook’s project will allow people to easily exchange their dollars or any other global currency into its own digital tokens instantly.
To take things further, Facebook has also approached several online merchants to add support for its crypto as a payment option with reduced transaction fees.
On 2nd May, Facebook took firm steps towards establishing its project by registering a new company titled “Libra Networks” in Switzerland’s Geneva. The freshly incorporated company is formed to offer technological and financial services in addition to building related software and hardware. The official launch of the firm might take place in the upcoming weeks.
As per the latest reports doing the rounds since today morning, Facebook is all set to introduce its own digital currency next year. The crypto referred to as ‘GlobalCoin,’ is most likely to hit the market in the 1st quarter of 2020 officially. If everything goes according to the social networking giant’s plans, its digital currency payments system will be set up in 12 countries at the same time.
Reports also revealed that Facebook will begin testing its digital currency thoroughly before the present year marks an end. The detailed outline of the plan has not yet been made public. However, it will be shared soon in the upcoming months, stated the reports.
Facebook is making all the efforts to go according to its plans. The social media giant’s team has already met Mark Carney, the governor of Bank of England, as well as the U.S. Treasury officials for relevant advice.
Mark Zuckerberg, the Founder of Facebook, also discussed the associated risks and opportunities involved in the crypto’s launch with Mr. Carney. The meeting also saw Zuckerberg seeking advice on the regulatory and operational issues attached with this initiative, tentatively titled “Project Libra,” from the Treasury officials.
Apart from that, the company is also reaching out to several payments entities such as Visa, Mastercard, and Western Union, so that people get faster and cheaper options for sending and receiving their money without the need to open a bank account.
Facebook’s ambitious project aims to provide its wide user base with a hassle-free platform where they can make swift money transfers and online purchases. The company wants to launch the digital currency, which is both secure and affordable, irrespective of whether the users possess an account in the bank.
With this project, the social networking platform intends to break down all the financial barriers while considerably lowering the costs for consumers. The hope is to disrupt the existing network and compete with the banks. Facebook’s project will allow people to easily exchange their dollars or any other global currency into its own digital tokens instantly.
To take things further, Facebook has also approached several online merchants to add support for its crypto as a payment option with reduced transaction fees.
On 2nd May, Facebook took firm steps towards establishing its project by registering a new company titled “Libra Networks” in Switzerland’s Geneva. The freshly incorporated company is formed to offer technological and financial services in addition to building related software and hardware. The official launch of the firm might take place in the upcoming weeks.
Hackers Behind Baltimore City Ransomware Attack Demand 13 Bitcoins, So Are Cryptocurrencies For Criminals?
Ransomware attacks are the worst nightmares of an any organization’s cybersecurity, and more so in the case of administration. The recent Ransomware attack Baltimore City named RobbinHood has once again proved that cybercriminals are more than a step ahead of the authorities.
The hackers have taken down over 10,000 government computers, which has brought a technical halt in the city, severely affecting day to day life. Each and every government department in Baltimore has been hacked and made immutable for the time being. However, this time it’s more than just about RobbinHood, it’s also about the ransom.
Hackers have reportedly demanded 13 Bitcoins as a ransom to pull the plug on the malware. The government has refused to fulfill its demand and is trying to decode the malware. However, this has raised several questions on the integrity of cryptocurrencies at large.
Digital currencies have always been criticized for being favorites for anti-social activities. The matter in question this time is Bitcoin as ransom money. A few articles have surfaced online, accusing Bitcoins of being a mere tool of extortion by terrorists, criminals, and money laundering. Those against Bitcoin are claiming that
Ransomware seems very dependent upon cryptocurrencies.
Some are even wondering whether Ransomware existed before Bitcoins.
To simply answer that, the first Ransomware was recorded in 1989, and the modern ones like RobbinHood are in existence since early 2005. Therefore, it is too harsh to say that Bitcoin or any cryptocurrency triggered any cybercrime. Not only criminals, but everyone likes cryptocurrencies, especially Bitcoin.
Also, though there were reports of criminals using cryptocurrencies last year, the more recent reports have busted the myth. Tim Draper, one of world’s leading venture capitalists, stated in February earlier this year, that future no one except terrorists and criminals will use cash, and the rest will use digital currencies.
Those who are criticizing Bitcoins and other cryptocurrencies might not be fully aware of digital assets. Criminals love hiding and secrecy, which is in stark contrast to what cryptocurrencies offer, that is, decentralization and transparency. It’s unfortunate that the hackers are demanding Bitcoins, however, claiming Bitcoin of being the devil’s favorite demon is bizarre.
Ransomware attacks are the worst nightmares of an any organization’s cybersecurity, and more so in the case of administration. The recent Ransomware attack Baltimore City named RobbinHood has once again proved that cybercriminals are more than a step ahead of the authorities.
The hackers have taken down over 10,000 government computers, which has brought a technical halt in the city, severely affecting day to day life. Each and every government department in Baltimore has been hacked and made immutable for the time being. However, this time it’s more than just about RobbinHood, it’s also about the ransom.
Hackers have reportedly demanded 13 Bitcoins as a ransom to pull the plug on the malware. The government has refused to fulfill its demand and is trying to decode the malware. However, this has raised several questions on the integrity of cryptocurrencies at large.
Digital currencies have always been criticized for being favorites for anti-social activities. The matter in question this time is Bitcoin as ransom money. A few articles have surfaced online, accusing Bitcoins of being a mere tool of extortion by terrorists, criminals, and money laundering. Those against Bitcoin are claiming that
Ransomware seems very dependent upon cryptocurrencies.
Some are even wondering whether Ransomware existed before Bitcoins.
To simply answer that, the first Ransomware was recorded in 1989, and the modern ones like RobbinHood are in existence since early 2005. Therefore, it is too harsh to say that Bitcoin or any cryptocurrency triggered any cybercrime. Not only criminals, but everyone likes cryptocurrencies, especially Bitcoin.
Also, though there were reports of criminals using cryptocurrencies last year, the more recent reports have busted the myth. Tim Draper, one of world’s leading venture capitalists, stated in February earlier this year, that future no one except terrorists and criminals will use cash, and the rest will use digital currencies.
Those who are criticizing Bitcoins and other cryptocurrencies might not be fully aware of digital assets. Criminals love hiding and secrecy, which is in stark contrast to what cryptocurrencies offer, that is, decentralization and transparency. It’s unfortunate that the hackers are demanding Bitcoins, however, claiming Bitcoin of being the devil’s favorite demon is bizarre.
Cardano (ADA) Foundation Partners With Fintech Association of Hong Kong
Cardano Foundation has announced that it has joined the Fintech Association of Hong Kong. FTAHK is an independent organization that is based on transparency, accountability, and governance. A number of committees organize and lead FTAHK Association for the community.
These committees focus on key sectors, including blockchain, artificial intelligence, huge data, payments, and RegTech. The committees, led by volunteers from every field, bring together stakeholders from throughout Hong Kong and beyond to facilitate, mentor, and educate them. The Association will create a larger ecosystem through its activities, to enable the larger communities in Hong Kong to benefit.
Cardano is a project that started in 2015 to change the design and development of cryptocurrencies. Over and above a number of innovations, the main focus is on creating a balanced and sustainable ecosystem that better response to user needs and other integrated systems. Cardano didn’t start with a full road map or even an authoritative white paper in the spirit of many open-source projects.
But it is a technology platform that can run financial applications that people, organizations, and governments throughout the globe now use every day. Cardano is more than just a cryptocurrency. The platform is built in a layer that makes it easier to maintain the system and allows soft forks to upgrade. When the settlement layer is finished which will run ADA, the digital legal agreements which underpin future business and business will have a separate computer layer built to handle smart contracts. Cardano will also run decentralized applications or dApps, and blockchain services.
It reflects the entrepreneurial nature of Hong Kong. The Association will further enhance Hong Kong’s position as a FinTech hub by bringing together the various elements in Hong Kong’s FinTech industry – including finance, startups, academia, government, investors, companies, and Accelerators.
This partnership is considered a good move by all the investors and traders, and the Cardano coin (ADA) is expected to show an upward trend in the market.
Cardano Foundation has announced that it has joined the Fintech Association of Hong Kong. FTAHK is an independent organization that is based on transparency, accountability, and governance. A number of committees organize and lead FTAHK Association for the community.
These committees focus on key sectors, including blockchain, artificial intelligence, huge data, payments, and RegTech. The committees, led by volunteers from every field, bring together stakeholders from throughout Hong Kong and beyond to facilitate, mentor, and educate them. The Association will create a larger ecosystem through its activities, to enable the larger communities in Hong Kong to benefit.
Cardano is a project that started in 2015 to change the design and development of cryptocurrencies. Over and above a number of innovations, the main focus is on creating a balanced and sustainable ecosystem that better response to user needs and other integrated systems. Cardano didn’t start with a full road map or even an authoritative white paper in the spirit of many open-source projects.
But it is a technology platform that can run financial applications that people, organizations, and governments throughout the globe now use every day. Cardano is more than just a cryptocurrency. The platform is built in a layer that makes it easier to maintain the system and allows soft forks to upgrade. When the settlement layer is finished which will run ADA, the digital legal agreements which underpin future business and business will have a separate computer layer built to handle smart contracts. Cardano will also run decentralized applications or dApps, and blockchain services.
It reflects the entrepreneurial nature of Hong Kong. The Association will further enhance Hong Kong’s position as a FinTech hub by bringing together the various elements in Hong Kong’s FinTech industry – including finance, startups, academia, government, investors, companies, and Accelerators.
This partnership is considered a good move by all the investors and traders, and the Cardano coin (ADA) is expected to show an upward trend in the market.
Could “Noow” Form A Bridge Between Television and Crypto-Collectibles
Swisscom AG is Switzerland’s leading provider of telecommunications services. The Swisscom has recently introduced a new product called Noow, which uses the non-fungible tokens (NFTs).
This new project shows the art that you have through NFTs and how many copies of the work of an artist were created using the tokens.
To expand on the project, a number of places across the country, such as offices, hotels, and restaurants, will be displaying digital art created on the program. As art is normally shown illegally in situations such as this, the company concentrates on building a situation using blockchain technology to ensure the artists ‘ ownership rights.
NFT is a type of Token which cannot be exchanged and distinguished. In some cases, this feature makes it distinguished and desirable. It is a virtual token you build, which can be verified by means of encryption to demonstrate authenticity and ownership. Non-Fungible Token is the best example of how to use a token to create a scarcity that creates value. This is tokenization of physical and virtual assets, such as actual artwork, memorabilia, and tokenized assets.
Buyers receive an authenticity certificate and can view the art on their display. They also know how many copies exist, and the rareness of their work can be grasped. This is, obviously, an ongoing work, but it’s fun as it stands to tell a non-crypt audience about crypto collectible.
Swisscom AG is Switzerland’s leading provider of telecommunications services. The Swisscom has recently introduced a new product called Noow, which uses the non-fungible tokens (NFTs).
This new project shows the art that you have through NFTs and how many copies of the work of an artist were created using the tokens.
To expand on the project, a number of places across the country, such as offices, hotels, and restaurants, will be displaying digital art created on the program. As art is normally shown illegally in situations such as this, the company concentrates on building a situation using blockchain technology to ensure the artists ‘ ownership rights.
NFT is a type of Token which cannot be exchanged and distinguished. In some cases, this feature makes it distinguished and desirable. It is a virtual token you build, which can be verified by means of encryption to demonstrate authenticity and ownership. Non-Fungible Token is the best example of how to use a token to create a scarcity that creates value. This is tokenization of physical and virtual assets, such as actual artwork, memorabilia, and tokenized assets.
Buyers receive an authenticity certificate and can view the art on their display. They also know how many copies exist, and the rareness of their work can be grasped. This is, obviously, an ongoing work, but it’s fun as it stands to tell a non-crypt audience about crypto collectible.
Project Starlink by SpaceX May Broaden the Cryptocurrency Access Globally
SpaceX, with its ambitious project titled Starlink, is all set to bring increased internet access to everyone on the planet. The reputable company has already taken steps towards it by launching the first series of satellites on 23rd May 2019.
A total of 60 satellites were launched to the orbit by SpaceX in the previous week. These satellites were launched using the Falcon 9 rocket at the Cape Canaveral, Florida. After an hour of the liftoff, SpaceX came forward to announce the satellites’ successful deployment.
SpaceX aims to create a space-based internet network with its Starlink project, and these 60 satellites will form the inceptive phase of the full-fledged network architecture the company has planned. This space-based network architecture will have the capability of providing high-speed internet signals from space to consumers across the world.
However, this is only the beginning as the company has lined up 6 more such launches, each of which will comprise 60 satellites, which are necessary for the initial activation. SpaceX wants to send 360 satellites before the current year ends. In addition to that, 12 more launches will follow to offer significant coverage. Thus, project Starlink has a goal of launching up to 12K satellites in total.
The project looks supremely ambitious on paper, but once it completes the implementation, it will change the whole game. Not only the project will offer considerably faster internet but will also provide internet access to areas that had zero or poor internet services previously. To put it in simple words, even villages and deserts will have super-fast internet service other than the cities.
The end goal here is to offer global internet access from space. This satellite network would also ensure easy and enhanced connectivity, obtained by lower-income groups. As a result, the use, access and awareness about digital currencies will also get a boost all over the world. Starlink project will make it possible for people to easily avail all the information about Bitcoin, Altcoins, blockchain networks and their utilization. Eventually, it will elevate the crypto adoption on a global level.
Elon Musk, CEO of SpaceX, was quoted as saying,
We see this as a way for SpaceX to generate revenue that can be used to develop more and more advanced rockets and spaceships.
He also indicated in a statement that the revenue generated from Starlink could be used for Starship funding, the company’s ambitious Mars mission.
SpaceX, with its ambitious project titled Starlink, is all set to bring increased internet access to everyone on the planet. The reputable company has already taken steps towards it by launching the first series of satellites on 23rd May 2019.
A total of 60 satellites were launched to the orbit by SpaceX in the previous week. These satellites were launched using the Falcon 9 rocket at the Cape Canaveral, Florida. After an hour of the liftoff, SpaceX came forward to announce the satellites’ successful deployment.
SpaceX aims to create a space-based internet network with its Starlink project, and these 60 satellites will form the inceptive phase of the full-fledged network architecture the company has planned. This space-based network architecture will have the capability of providing high-speed internet signals from space to consumers across the world.
However, this is only the beginning as the company has lined up 6 more such launches, each of which will comprise 60 satellites, which are necessary for the initial activation. SpaceX wants to send 360 satellites before the current year ends. In addition to that, 12 more launches will follow to offer significant coverage. Thus, project Starlink has a goal of launching up to 12K satellites in total.
The project looks supremely ambitious on paper, but once it completes the implementation, it will change the whole game. Not only the project will offer considerably faster internet but will also provide internet access to areas that had zero or poor internet services previously. To put it in simple words, even villages and deserts will have super-fast internet service other than the cities.
The end goal here is to offer global internet access from space. This satellite network would also ensure easy and enhanced connectivity, obtained by lower-income groups. As a result, the use, access and awareness about digital currencies will also get a boost all over the world. Starlink project will make it possible for people to easily avail all the information about Bitcoin, Altcoins, blockchain networks and their utilization. Eventually, it will elevate the crypto adoption on a global level.
Elon Musk, CEO of SpaceX, was quoted as saying,
We see this as a way for SpaceX to generate revenue that can be used to develop more and more advanced rockets and spaceships.
He also indicated in a statement that the revenue generated from Starlink could be used for Starship funding, the company’s ambitious Mars mission.
G20 Countries to Follow FATF to Devise Integrated Crypto Standards
The assembly of 20 biggest economies of the world, G20, has decided to announce regulations on cryptocurrencies to counter financial terrorism and money laundering in their last meeting. The members are now discussing how to devise the standards that were set by the FATF as the next G20 summit is approaching, FATF is an intergovernmental organization. G20 has planned to shadow the rules set by FATF for crypto assets.
As per FATF, cryptocurrencies are separate from fiat currencies, or legal tender of the nation and hence must be treated as an asset and not currencies.
The G20 nations include some of the leading economies like China, India, EU, US, and the UK. They have agreed to the fact that creating international standards for crypto assets is necessary for its sustainable growth. As per reports, the member countries will remain committed to the agreed financial reform agenda.
They may face some challenges while complying the standards. As per the Central Bank of Europe, the threat posed by the crypto asset to the financial constancy for European nations is manageable.
Earlier this month in Austria FATF has held its yearly PSC Forum meeting. In the conference, more than 300 representatives and FATF members were present. Among its member, two international organizations, including European commission and 36 nations, are present.
In the meeting, the discussion was on the mapping of virtual currencies and how to implement FATF standard was focused.
So far, policymakers and banks around the globe were slow to accept cryptocurrencies. According to them, cryptocurrency is mainly used for tax evasion and illegal cross border transactions.
In the last meeting of FATF with G20 countries, it was committed by FATF to continue guide jurisdiction and private sectors regarding cryptocurrencies. Especially in the areas where risk is involved regarding the service provider of virtual assets. It will also continue to supervise and monitor the crypto assets for these countries.
FATF recognizes that crypto assets play a significant part in money laundering, but the technological innovation underlying these assets can offer significant benefit to the financial system and broader economy.
The next G20 summit is going to be held in Japan. The host country is working actively to implement the global standard for crypto assets. Although Russia has not yet applied measures set by FATF but is looking forward to implementing it soon, South Korea has announced several times before to comply with the unified regulatory standard for crypto the progress report has to be summited in the upcoming G20 summit to be held in June.
The assembly of 20 biggest economies of the world, G20, has decided to announce regulations on cryptocurrencies to counter financial terrorism and money laundering in their last meeting. The members are now discussing how to devise the standards that were set by the FATF as the next G20 summit is approaching, FATF is an intergovernmental organization. G20 has planned to shadow the rules set by FATF for crypto assets.
As per FATF, cryptocurrencies are separate from fiat currencies, or legal tender of the nation and hence must be treated as an asset and not currencies.
The G20 nations include some of the leading economies like China, India, EU, US, and the UK. They have agreed to the fact that creating international standards for crypto assets is necessary for its sustainable growth. As per reports, the member countries will remain committed to the agreed financial reform agenda.
They may face some challenges while complying the standards. As per the Central Bank of Europe, the threat posed by the crypto asset to the financial constancy for European nations is manageable.
Earlier this month in Austria FATF has held its yearly PSC Forum meeting. In the conference, more than 300 representatives and FATF members were present. Among its member, two international organizations, including European commission and 36 nations, are present.
In the meeting, the discussion was on the mapping of virtual currencies and how to implement FATF standard was focused.
So far, policymakers and banks around the globe were slow to accept cryptocurrencies. According to them, cryptocurrency is mainly used for tax evasion and illegal cross border transactions.
In the last meeting of FATF with G20 countries, it was committed by FATF to continue guide jurisdiction and private sectors regarding cryptocurrencies. Especially in the areas where risk is involved regarding the service provider of virtual assets. It will also continue to supervise and monitor the crypto assets for these countries.
FATF recognizes that crypto assets play a significant part in money laundering, but the technological innovation underlying these assets can offer significant benefit to the financial system and broader economy.
The next G20 summit is going to be held in Japan. The host country is working actively to implement the global standard for crypto assets. Although Russia has not yet applied measures set by FATF but is looking forward to implementing it soon, South Korea has announced several times before to comply with the unified regulatory standard for crypto the progress report has to be summited in the upcoming G20 summit to be held in June.
Ripple Unveils its XRP Based Mobile Banking Application
Ripple is still gaining the attention of crypto lovers. The XRPL lab of Ripple has designed an app for the mobile user that can do more than just sending cryptocurrency from one wallet to another.
The newly designed app of Ripple was unveiled at a community event, Bitrue in Amsterdam. The aforementioned app will be a complete mobile banking app that can operate without the intervention of any financial institution for storing and spending Dollar, Euro, XRP, and other currencies. They have named the app as Xing.
On the occasion of presenting the mobile app, Wietse Wind of XRP LAB has told Xing will provide online banking experience to the user. It is not only meant for crypto, but any other currency as XRP ledger can work on any given currency.
He further added that they are developing a banking app that is built on a digital ledger. It is not just a crypto wallet; it is a banking app that is built on Inter-ledger protocol and XRP ledger.
He also specified that the mobile app would make payment for both crypto and traditional currencies as simple as possible. The app can be used by everyone of the societies, be it a computer expert or a non-technical person. The app will be a secure and user-friendly application with a start-up guide included in it.
While using the app, the user will not have to enter a long crypto address while sending the fund. Instead, the app will have lookup and social feature in its account directory. The user of the app will have the power to approve or deny any payments to any person or business.
The wind is working hard for the mainstream adoption of cryptos. His company XRP LAB has got investment from Xpring the fund-raising arm of Ripple to invest in several other ventures.
Presently XRP LAB is working on cold storage OS and decentralized exchange.
Over the years, Ripple is working on going beyond the expectations. It is providing financial services for a lot of countries, especially in South East Asia. The unparallel tools of Ripple and fastest cross broader transaction are attracting more and more financial institutions.
Ripple is still gaining the attention of crypto lovers. The XRPL lab of Ripple has designed an app for the mobile user that can do more than just sending cryptocurrency from one wallet to another.
The newly designed app of Ripple was unveiled at a community event, Bitrue in Amsterdam. The aforementioned app will be a complete mobile banking app that can operate without the intervention of any financial institution for storing and spending Dollar, Euro, XRP, and other currencies. They have named the app as Xing.
On the occasion of presenting the mobile app, Wietse Wind of XRP LAB has told Xing will provide online banking experience to the user. It is not only meant for crypto, but any other currency as XRP ledger can work on any given currency.
He further added that they are developing a banking app that is built on a digital ledger. It is not just a crypto wallet; it is a banking app that is built on Inter-ledger protocol and XRP ledger.
He also specified that the mobile app would make payment for both crypto and traditional currencies as simple as possible. The app can be used by everyone of the societies, be it a computer expert or a non-technical person. The app will be a secure and user-friendly application with a start-up guide included in it.
While using the app, the user will not have to enter a long crypto address while sending the fund. Instead, the app will have lookup and social feature in its account directory. The user of the app will have the power to approve or deny any payments to any person or business.
The wind is working hard for the mainstream adoption of cryptos. His company XRP LAB has got investment from Xpring the fund-raising arm of Ripple to invest in several other ventures.
Presently XRP LAB is working on cold storage OS and decentralized exchange.
Over the years, Ripple is working on going beyond the expectations. It is providing financial services for a lot of countries, especially in South East Asia. The unparallel tools of Ripple and fastest cross broader transaction are attracting more and more financial institutions.
EDF Partners With Cloud Computing Platform iExec, To Build Application On Ethereum
Data solutions, in modern times, are mostly based on cloud computing, and of late, cloud data security has been under the scanner for quite some time. The next big thing in data science is expected to be the marriage of cloud computing and blockchain technology.
Data computing giant iExec and leading energy provider of France, EDF have come together to maintain the latter’s cloud-based infrastructure. EDF will be building a new decentralized application on Ethereum Blockchain. This decentralized application or DApp will be called GPUSPH.
EDF is a global leader in low-carbon energies, and overall the fifth largest utility company in the world. It has a large user base of over 39.8 million customers, 29.7 million of which are in France. Sales wise, it generated over €69 billion in 2018. On the other hand, iExec is a decentralized platform for computing resources, which allows individuals and enterprises to monetize their dapps and trade computing power.
GPUSPH will reportedly benefit from the decentralized cloud. The dapp will manage Ethereum’s scalability issues by making sure that all heavy computing is done off-chain. Ethereum has been one of the most preferred choices for dapp developers, especially in the segment of cloud-based services.
Commenting on the partnership with iExec, EDF’s blockchain engineer, Gilles Deleuze said,
In a wider perspective, the development of distributed computing is a credible scenario for the future, and blockchain may be a nice lever in this scenario. The plan is to continue with other open scientific codes requiring possibly other types of worker pools.
iExec is a blockchain start-up with its native token, iExec RLC (RLC). Its partnership with the global utility giant could give it the first major boost since its launch in 2017. Off late, the price of RLC has been falling drastically, and its partnership with EDF could just be the savior.
Data solutions, in modern times, are mostly based on cloud computing, and of late, cloud data security has been under the scanner for quite some time. The next big thing in data science is expected to be the marriage of cloud computing and blockchain technology.
Data computing giant iExec and leading energy provider of France, EDF have come together to maintain the latter’s cloud-based infrastructure. EDF will be building a new decentralized application on Ethereum Blockchain. This decentralized application or DApp will be called GPUSPH.
EDF is a global leader in low-carbon energies, and overall the fifth largest utility company in the world. It has a large user base of over 39.8 million customers, 29.7 million of which are in France. Sales wise, it generated over €69 billion in 2018. On the other hand, iExec is a decentralized platform for computing resources, which allows individuals and enterprises to monetize their dapps and trade computing power.
GPUSPH will reportedly benefit from the decentralized cloud. The dapp will manage Ethereum’s scalability issues by making sure that all heavy computing is done off-chain. Ethereum has been one of the most preferred choices for dapp developers, especially in the segment of cloud-based services.
Commenting on the partnership with iExec, EDF’s blockchain engineer, Gilles Deleuze said,
In a wider perspective, the development of distributed computing is a credible scenario for the future, and blockchain may be a nice lever in this scenario. The plan is to continue with other open scientific codes requiring possibly other types of worker pools.
iExec is a blockchain start-up with its native token, iExec RLC (RLC). Its partnership with the global utility giant could give it the first major boost since its launch in 2017. Off late, the price of RLC has been falling drastically, and its partnership with EDF could just be the savior.
Creation Of Ethereum – The World’s Largest Adopted Blockchain, By Vitalik Buterin
Vitalik Buterin is one of the most decorated and influential names in the global crypto space. More than anything, he is credited for creating arguably the most dominant blockchain platform after Bitcoin, Ethereum.
At the beginning of his career, Buterin joined which called the Bitcoin Space. After dropping from college, he co-founded the Bitcoin Magazine, before creating Ethereum blockchain. So what made Buterin create another blockchain platform when he was already engaged in the Bitcoin space?
Bitcoin initially was touted only as a substitute for fiat currencies, or at best, an investment asset. Nakamoto’s brainchild didn’t care much about blockchain adoption, dapps, or any of the fancy stuff associated with blockchain today. However, Buterin realized that distributed ledger had much more potential than merely storing the value of wealth. He was of the view blockchain could solutions to various problems confronting life and business functions.
There’s one more thing Buterin realized, which was a more difficult one. He realized that to materialize his vision, he needed a much more liberal blockchain, which could allow developers to create apps using the technology. Moreover, Buterin felt that the structural design of Bitcoin did not leave much scope for innovation. In an interview a few months ago, on being why did he create Ethereum, Buterin replied,
Soon after that I started to realize that there were a lot more interesting things that you could do with blockchains than just a single peer-to-peer currency. And this was something a lot of other people were starting to recognize at the same time. I came up with the idea behind Ethereum.
Buterin thought that the idea of a blockchain with a built-in programming language was the simplest and most logical way to build a platform that could be used for various functions. On being asked about the shortcomings of Bitcoin, he stated that the platform had limited functionality. He went on to say that Bitcoin was like a pocket calculator, while Ethereum was like a smartphone. He further added,
A pocket calculator does one thing and it does one thing well, but really people want to do all these other things. And if you have a smartphone then on the smartphone you have a pocket calculator as an app.
Vitalik Buterin is one of the most decorated and influential names in the global crypto space. More than anything, he is credited for creating arguably the most dominant blockchain platform after Bitcoin, Ethereum.
At the beginning of his career, Buterin joined which called the Bitcoin Space. After dropping from college, he co-founded the Bitcoin Magazine, before creating Ethereum blockchain. So what made Buterin create another blockchain platform when he was already engaged in the Bitcoin space?
Bitcoin initially was touted only as a substitute for fiat currencies, or at best, an investment asset. Nakamoto’s brainchild didn’t care much about blockchain adoption, dapps, or any of the fancy stuff associated with blockchain today. However, Buterin realized that distributed ledger had much more potential than merely storing the value of wealth. He was of the view blockchain could solutions to various problems confronting life and business functions.
There’s one more thing Buterin realized, which was a more difficult one. He realized that to materialize his vision, he needed a much more liberal blockchain, which could allow developers to create apps using the technology. Moreover, Buterin felt that the structural design of Bitcoin did not leave much scope for innovation. In an interview a few months ago, on being why did he create Ethereum, Buterin replied,
Soon after that I started to realize that there were a lot more interesting things that you could do with blockchains than just a single peer-to-peer currency. And this was something a lot of other people were starting to recognize at the same time. I came up with the idea behind Ethereum.
Buterin thought that the idea of a blockchain with a built-in programming language was the simplest and most logical way to build a platform that could be used for various functions. On being asked about the shortcomings of Bitcoin, he stated that the platform had limited functionality. He went on to say that Bitcoin was like a pocket calculator, while Ethereum was like a smartphone. He further added,
A pocket calculator does one thing and it does one thing well, but really people want to do all these other things. And if you have a smartphone then on the smartphone you have a pocket calculator as an app.
NEO Hopeful To Widen Its Adoption As It Gets Support On Crypto.com
The push towards the mass adoption of cryptocurrencies has reached its critical stage with many organizations pushing the crypto agenda in their own respective manners. While some are involved in spreading the awareness about digital coins, others are pushing the adoption more realistically. Specifically, the role of crypto exchanges and mobile wallets have sprung into the prominence as these have emerged as the most influential tools for helping spread the crypto adoption among prospective users.
Crypto.com and its influence
One such influential platform is Crypto.com, which has been involved in the sale and purchase of cryptocurrencies and their conversion into fiat currencies for quite some time now. The platform has a long list of cryptocurrencies it supports in terms of transfer and exchange, and now it has announced the addition of NEO cryptocurrency to its existing list of supported cryptocurrencies. This inclusion also means that NEO gets the support of the “MCO Visa” card which will convert NEO into fiat currency instantly and can be used all over the places where the visa card is accepted for the payment.
In the month of June last year, Monaco was rebranded as Crypto.com, and since then, the company has made significant leaps in term of growth and customer acquisitions. It has gone on to enlarge the portfolio of its services, and some of the significant conveniences that you can enjoy now on the Crypto.com include cryptocurrency exchange into fiat currency, trading services, collateral loan facilities on digital coins, and a range of financial solutions involving fiat and crypto for various businesses and merchants. Just so you know the MCO Visa Card has a service agreement with Metropolitan Commercial Bank in New York. Some of the other cryptocurrencies which have got the support on the Crypto.com include Bitcoin, Ethereum, PAXOS, MCO, and CRO.
Official Response
Reacting on the news of NEO’s inclusion on Crypto.com platform, the founder of the cryptocurrency Da Hongfei expressed pleasure and said that the organization is looking forward to work with Crypto.com to take this collaboration further and make it more fruitful for both stakeholders. This collaboration is definitely going to expand the adoption of NEO and make it easy for its users to buy, exchange, and transact the digital coin without any kind of inconvenience. In terms of a larger picture also, this step is going to boost the overall adoption of cryptocurrencies and motivate people to come forward and take a plunge into the crypto world.
NEO is the culmination of the efforts made to synthesize a structure which has the notion of “smart economy” at its heart. It is a blockchain-based open source platform that utilizes technologies like smart contracts digital assets to automate the management of digital assets. The most significant benefit of having NEO on Crypto.com is the fact that anyone can now buy NEO at its real-time cost without paying any extra charges or fees for the transaction.
The push towards the mass adoption of cryptocurrencies has reached its critical stage with many organizations pushing the crypto agenda in their own respective manners. While some are involved in spreading the awareness about digital coins, others are pushing the adoption more realistically. Specifically, the role of crypto exchanges and mobile wallets have sprung into the prominence as these have emerged as the most influential tools for helping spread the crypto adoption among prospective users.
Crypto.com and its influence
One such influential platform is Crypto.com, which has been involved in the sale and purchase of cryptocurrencies and their conversion into fiat currencies for quite some time now. The platform has a long list of cryptocurrencies it supports in terms of transfer and exchange, and now it has announced the addition of NEO cryptocurrency to its existing list of supported cryptocurrencies. This inclusion also means that NEO gets the support of the “MCO Visa” card which will convert NEO into fiat currency instantly and can be used all over the places where the visa card is accepted for the payment.
In the month of June last year, Monaco was rebranded as Crypto.com, and since then, the company has made significant leaps in term of growth and customer acquisitions. It has gone on to enlarge the portfolio of its services, and some of the significant conveniences that you can enjoy now on the Crypto.com include cryptocurrency exchange into fiat currency, trading services, collateral loan facilities on digital coins, and a range of financial solutions involving fiat and crypto for various businesses and merchants. Just so you know the MCO Visa Card has a service agreement with Metropolitan Commercial Bank in New York. Some of the other cryptocurrencies which have got the support on the Crypto.com include Bitcoin, Ethereum, PAXOS, MCO, and CRO.
Official Response
Reacting on the news of NEO’s inclusion on Crypto.com platform, the founder of the cryptocurrency Da Hongfei expressed pleasure and said that the organization is looking forward to work with Crypto.com to take this collaboration further and make it more fruitful for both stakeholders. This collaboration is definitely going to expand the adoption of NEO and make it easy for its users to buy, exchange, and transact the digital coin without any kind of inconvenience. In terms of a larger picture also, this step is going to boost the overall adoption of cryptocurrencies and motivate people to come forward and take a plunge into the crypto world.
NEO is the culmination of the efforts made to synthesize a structure which has the notion of “smart economy” at its heart. It is a blockchain-based open source platform that utilizes technologies like smart contracts digital assets to automate the management of digital assets. The most significant benefit of having NEO on Crypto.com is the fact that anyone can now buy NEO at its real-time cost without paying any extra charges or fees for the transaction.
A Special Block Explorer For BTC (Bitcoin) And ETH (Ethereum) By CoinMarketCap
CoinMarketCap is a renowned crypto market data portal that offers the latest details on all the fluctuations in the cryptocurrencies rates, market capitalizations, volume, circulating supply, the maximum supply of any cryptocurrency or token on every 24 hours basis. The crypto portal has recently launched a special block explorer that is especially dedicated towards Bitcoin BTC and Ethereum ETH cryptocurrencies. These cryptocurrencies have largest market value currently.
CoinMarketCap announced this news on its official Twitter handle on 4th June. One can estimate the excitement in the audience with the number of reactions the post received. By far, it has got two hundred and sixty-five re-tweets, six hundred and sixty-three hearts, and one hundred and sixty-one people engaged in the conversation about the post.
So what is the Block Explorer all about?
If we look at the Block Explorer by CoinMarketCap in terms of functionality carefully, we will find that it runs quite parallel to the other block explorers that are already in the market. On opening the block explorer on the first page, you will get information such as overview, and general information about the two cryptocurrencies- BTC and ETH. This information includes things such as the market value of the cryptos, current and the maximum number of coins in circulation in the crypto market, the on-going hash-rate, information about the volume, and so on.
Further, according to some reports, the users of the platform may also get access to the information which is made available to the public about some certain addresses. They can explore the revealed crypto balances, details on the inbound transactions as well as the outbound transactions, the on-going fee, and information of the amount which has been already transacted. One can also get information about the ‘state of Bitcoin BTC and Ethereum ETH blockchains’ too.
Bitcoin BTC and Ethereum ETH at the moment:
At the press time, Bitcoin’s BTC current market rate is 7,810.38 U.S Dollars. It has fallen with -2.33 percent against the U.S. Dollars. If we look at the market cap of the crypto, then it is 138,571,943,178 U.S Dollars or 17,742,025 BTC. Talking about the volume in the last 24 hours, it was 23,654,965,902 U.S Dollars or 3,038,525 BTC. The circulating supply was 17,742,025 BTC, whereas the maximum supply was 21,000,000 BTC.
On the other hand, Ethereum ETH had a current market rate as 244.78 U.S Dollars with a downhill trend of -1.89 percent against the U.S. Dollars or 0.03140358 BTC with 0.29 percent. If we look at the market cap of the crypto, then it is 26,035,880,623 U.S Dollars or 3,340,216 BTC. Talking about the volume in the last 24 hours, it was 9,468,375,112 U.S Dollars or 1,214,724 BTC. The circulating
CoinMarketCap is a renowned crypto market data portal that offers the latest details on all the fluctuations in the cryptocurrencies rates, market capitalizations, volume, circulating supply, the maximum supply of any cryptocurrency or token on every 24 hours basis. The crypto portal has recently launched a special block explorer that is especially dedicated towards Bitcoin BTC and Ethereum ETH cryptocurrencies. These cryptocurrencies have largest market value currently.
CoinMarketCap announced this news on its official Twitter handle on 4th June. One can estimate the excitement in the audience with the number of reactions the post received. By far, it has got two hundred and sixty-five re-tweets, six hundred and sixty-three hearts, and one hundred and sixty-one people engaged in the conversation about the post.
So what is the Block Explorer all about?
If we look at the Block Explorer by CoinMarketCap in terms of functionality carefully, we will find that it runs quite parallel to the other block explorers that are already in the market. On opening the block explorer on the first page, you will get information such as overview, and general information about the two cryptocurrencies- BTC and ETH. This information includes things such as the market value of the cryptos, current and the maximum number of coins in circulation in the crypto market, the on-going hash-rate, information about the volume, and so on.
Further, according to some reports, the users of the platform may also get access to the information which is made available to the public about some certain addresses. They can explore the revealed crypto balances, details on the inbound transactions as well as the outbound transactions, the on-going fee, and information of the amount which has been already transacted. One can also get information about the ‘state of Bitcoin BTC and Ethereum ETH blockchains’ too.
Bitcoin BTC and Ethereum ETH at the moment:
At the press time, Bitcoin’s BTC current market rate is 7,810.38 U.S Dollars. It has fallen with -2.33 percent against the U.S. Dollars. If we look at the market cap of the crypto, then it is 138,571,943,178 U.S Dollars or 17,742,025 BTC. Talking about the volume in the last 24 hours, it was 23,654,965,902 U.S Dollars or 3,038,525 BTC. The circulating supply was 17,742,025 BTC, whereas the maximum supply was 21,000,000 BTC.
On the other hand, Ethereum ETH had a current market rate as 244.78 U.S Dollars with a downhill trend of -1.89 percent against the U.S. Dollars or 0.03140358 BTC with 0.29 percent. If we look at the market cap of the crypto, then it is 26,035,880,623 U.S Dollars or 3,340,216 BTC. Talking about the volume in the last 24 hours, it was 9,468,375,112 U.S Dollars or 1,214,724 BTC. The circulating
Badger Wallet Introduced For iOS With The Power Of BCH And SLP
Badger Wallet of Bitcoin.com, the client of Bitcoin cash light has introduced an innovative app for iOS on June 3rd. The app is launch as a beta variant for iOS mobile devices. Through this launch, the company is making its entry into the mobile devices previously; they had successfully launched the app for desktop.
Now the Apple phone user can download the app on their phone to stock, send and accept BCH. They can also use the wallet to store other SLP token in a non-custodial manner. Several desktop functionalities are directly translated to the mobile version in the new wallet. In the new wallet, the user will have full client control and can take custody of their BCH or other SLP tokens.
Using the new Badger wallet, the user can not only keep their bitcoin cash safe but also will allow them to store SLP token safely that gets generated on the BCH chain. The new wallet has some resemblance with Ethereum built Metamusk wallet as it acts as an entryway to an assembly of BCH chain.
Badger light client is formerly present for Firefox and Chrome as browser wallet it functioned well for Android version as well. Now Apple handler can also use the same. The utmost striking features of this wallet is using the user can send little assets from one wallet to another. One of the Badger user after testing the new wallet has told he has sent himself nickel as it is not possible to send such a small sum of Satoshis to another wallet.
To use the Badger wallet, one has to go to the App store and download the 11.3 MB application. To use badger on iPad, iPhone, or iPod touch, one has to use iOS version 9.0 or later. After the wallet gets the download, it will prompt the user to restore the existing wallet or generate a new wallet. To continue with the current wallet, the user has to enter the 12-word seed expression. If the sentence is correct, then funds will appear from existing Badger wallet. For creating a new wallet, it takes a few second time.
Using the wallet user can send fund anyplace in the world instantly.
Badger Wallet of Bitcoin.com, the client of Bitcoin cash light has introduced an innovative app for iOS on June 3rd. The app is launch as a beta variant for iOS mobile devices. Through this launch, the company is making its entry into the mobile devices previously; they had successfully launched the app for desktop.
Now the Apple phone user can download the app on their phone to stock, send and accept BCH. They can also use the wallet to store other SLP token in a non-custodial manner. Several desktop functionalities are directly translated to the mobile version in the new wallet. In the new wallet, the user will have full client control and can take custody of their BCH or other SLP tokens.
Using the new Badger wallet, the user can not only keep their bitcoin cash safe but also will allow them to store SLP token safely that gets generated on the BCH chain. The new wallet has some resemblance with Ethereum built Metamusk wallet as it acts as an entryway to an assembly of BCH chain.
Badger light client is formerly present for Firefox and Chrome as browser wallet it functioned well for Android version as well. Now Apple handler can also use the same. The utmost striking features of this wallet is using the user can send little assets from one wallet to another. One of the Badger user after testing the new wallet has told he has sent himself nickel as it is not possible to send such a small sum of Satoshis to another wallet.
To use the Badger wallet, one has to go to the App store and download the 11.3 MB application. To use badger on iPad, iPhone, or iPod touch, one has to use iOS version 9.0 or later. After the wallet gets the download, it will prompt the user to restore the existing wallet or generate a new wallet. To continue with the current wallet, the user has to enter the 12-word seed expression. If the sentence is correct, then funds will appear from existing Badger wallet. For creating a new wallet, it takes a few second time.
Using the wallet user can send fund anyplace in the world instantly.
Komodo Hacks Own Wallet Users Only To Protect Them Of A $13 Million Theft From Old Wallet
A big theft, which could result in a loss of $13 million, has been prevented by pro-active measures. Komodo, a crypto wallet start-up was informed about a potent theft by its internal security after an extensive audit on June 5, which showed that many customer accounts from the old crypto wallet were under threat.
To prevent the hackers from executing the theft by utilizing the malware found in the audit, Komodo hacked the vulnerable accounts itself. It then transferred the funds to a safe location, away from the reach of the hackers. Komodo worked in collaboration with the security team of npm Inc. and avoided what could be a major crypto hack. It found that a total of 8 million Komodo Tokens (KMD) and about 96 BTCs were at risk.
In npm’s official blog on Tumblr, the company stated,
The attack was carried out by using a pattern that is becoming more and more popular; publishing a “useful” package (electron-native-notify) to npm, waiting until it was in use by the target, and then updating it to include a malicious payload.
In its official statement on the situation, Komodo explained in detail about what exactly happened, and how it was avoided. It stated,
After discovering the vulnerability, our Cyber Security Team used the same exploit to gain control of a lot of affected seeds and secure the funds at risk. We were able to sweep around 8 million KMD and 96 BTC from these vulnerable wallets, which otherwise would have been easy pickings for the attacker.
The start-up has requested all the users on the Agama wallet to move their tokens to some other platform. It, however, noted that the latest Versus Version of the wallet is safe and hasn’t been affected
A big theft, which could result in a loss of $13 million, has been prevented by pro-active measures. Komodo, a crypto wallet start-up was informed about a potent theft by its internal security after an extensive audit on June 5, which showed that many customer accounts from the old crypto wallet were under threat.
To prevent the hackers from executing the theft by utilizing the malware found in the audit, Komodo hacked the vulnerable accounts itself. It then transferred the funds to a safe location, away from the reach of the hackers. Komodo worked in collaboration with the security team of npm Inc. and avoided what could be a major crypto hack. It found that a total of 8 million Komodo Tokens (KMD) and about 96 BTCs were at risk.
In npm’s official blog on Tumblr, the company stated,
The attack was carried out by using a pattern that is becoming more and more popular; publishing a “useful” package (electron-native-notify) to npm, waiting until it was in use by the target, and then updating it to include a malicious payload.
In its official statement on the situation, Komodo explained in detail about what exactly happened, and how it was avoided. It stated,
After discovering the vulnerability, our Cyber Security Team used the same exploit to gain control of a lot of affected seeds and secure the funds at risk. We were able to sweep around 8 million KMD and 96 BTC from these vulnerable wallets, which otherwise would have been easy pickings for the attacker.
The start-up has requested all the users on the Agama wallet to move their tokens to some other platform. It, however, noted that the latest Versus Version of the wallet is safe and hasn’t been affected
Facebook Plans to Launch Cryptocurrency “Libra” On June 18
Social media giant Facebook will launch its cryptocurrency and its white paper on June 18, 2019. The white paper will explain the basics of the digital currency.
Major stakeholders like investors were informed about the launch date while the briefing on Facebook’s crypto project. The news about Facebook working on a digital currency took the internet by storm after it hired former PayPal executive David Marcus, who was roped in to explore the blockchain and crypto realms for the company. Since then, reports about the development have time and again surfaced.
Though the date wasn’t officially announced, Laura McCracken, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe informed during an interview in Germany that the company would launch the digital currency, a stablecoin, on 18th June. He also stated that the stablecoin would be backed by multiple fiat currencies, rather than only pegging it to the US Dollar. Given the heavily diverse user base, both geographically and socially, pegging the token to multiple currencies is an apt move to avoid fluctuations and instabilities.
Though the white paper and the token would launch on June 18, the cryptocurrency may not be up for public sale until early 2020. Nonetheless, the excitement around Facebook’s digital coin, which is focused on cross-border payments, refuses to die. When launched, it is expected to be a ground-breaking breakthrough in terms of mass adoption. The platform has a user base of over a humongous 2 billion users and a presence in over 200 countries.
An earlier report suggested that Facebook will launch the token this month, and will be focusing intensively on developing countries, as they have a growing market for global payments. Moreover, the company is also expected to shift the control over the digital token to a third party, who could be an outside backer.
Social media giant Facebook will launch its cryptocurrency and its white paper on June 18, 2019. The white paper will explain the basics of the digital currency.
Major stakeholders like investors were informed about the launch date while the briefing on Facebook’s crypto project. The news about Facebook working on a digital currency took the internet by storm after it hired former PayPal executive David Marcus, who was roped in to explore the blockchain and crypto realms for the company. Since then, reports about the development have time and again surfaced.
Though the date wasn’t officially announced, Laura McCracken, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe informed during an interview in Germany that the company would launch the digital currency, a stablecoin, on 18th June. He also stated that the stablecoin would be backed by multiple fiat currencies, rather than only pegging it to the US Dollar. Given the heavily diverse user base, both geographically and socially, pegging the token to multiple currencies is an apt move to avoid fluctuations and instabilities.
Though the white paper and the token would launch on June 18, the cryptocurrency may not be up for public sale until early 2020. Nonetheless, the excitement around Facebook’s digital coin, which is focused on cross-border payments, refuses to die. When launched, it is expected to be a ground-breaking breakthrough in terms of mass adoption. The platform has a user base of over a humongous 2 billion users and a presence in over 200 countries.
An earlier report suggested that Facebook will launch the token this month, and will be focusing intensively on developing countries, as they have a growing market for global payments. Moreover, the company is also expected to shift the control over the digital token to a third party, who could be an outside backer.
Meet TradeSanta, The Latest Way To Engage In 24×7 Crypto Trading Without Leaving Your Job
TradeSanta is a cloud-based software focused on the automation of crypto trade. It helps users lay down effective crypto strategies and automates the execution. It offloads traders while allowing high-speed trades around the clock every day. You simply need to create a bot, which will take care of your trading.
TradeSanta is the perfect blend of tech and human interference. It boasts of faster transactions, 100 more orders on average than a human being. It is also highly secure as no transaction would be completed without confirmation from the account holders. Also, since ease of use is one of the core focus areas of the software, it is extremely simple to use. A user just needs an account on any of the compatible exchanges, which are Bitfinex, Binance, Bittrex, and HitBTC.
The application allows you to set up a trading bot in simple steps. After that, you can customize the trading pattern by adjusting the various parameters. You can choose the trading pair, cap upper and lower trading limit, set a trading strategy for the bot, and much more. Depending on choices, the bot will open the deal after it is set up completely and receives a signal from the parameters set. In its official release, the company stated,
When the initial order is executed, and the deal is open, the automated trading bot places the Take Profit order along with several Extra orders. Take profit order is the one that makes a profit at the percentage level set by a user.
TradeSanta is loaded with a few exclusive features, which include:
Extra orders – Bot places extra order to buy (or sell) more coins at the lower (or higher) price than the price of the First Order, making it possible to get desired take profit with a smaller price recovery in the future.
Short and long strategies – TradeSanta lets you set short and long strategies for your bot, that lets it cover profit in whichever direction the price goes.
Technical indicators – which make sure that the bot engages is trading only at an optimal point. Users are allowed to set the optimal point for trade by adjusting Volume filter, Daily filter, and Bollinger signal simultaneously.
24×7 Support – TradeSanta operates around the clock, and hence, users also get an anytime-support system. So, if you have any query or confusion in the middle of the night, you don’t need the wait for the sun to get it resolved.
Smart Order – Smart Order will help if you need to buy or sell large amounts of crypto at certain price level without affecting the market. It splits 1 order into several and keeps them on top of the exchange’s order book. For now, it’s available only for Binance traders.
Though equipped with all the features and benefits, TradeSanta may lure you into starting your bot-trading straightaway, but there is a small catch in it. The bot is a software and not an expert crypto analyst. You yourself need to know the basics of crypto trade to set up the parameters best suited to your needs. Also, it is highly recommended that you spend some time with bot initially to understand it practically.
TradeSanta is a cloud-based software focused on the automation of crypto trade. It helps users lay down effective crypto strategies and automates the execution. It offloads traders while allowing high-speed trades around the clock every day. You simply need to create a bot, which will take care of your trading.
TradeSanta is the perfect blend of tech and human interference. It boasts of faster transactions, 100 more orders on average than a human being. It is also highly secure as no transaction would be completed without confirmation from the account holders. Also, since ease of use is one of the core focus areas of the software, it is extremely simple to use. A user just needs an account on any of the compatible exchanges, which are Bitfinex, Binance, Bittrex, and HitBTC.
The application allows you to set up a trading bot in simple steps. After that, you can customize the trading pattern by adjusting the various parameters. You can choose the trading pair, cap upper and lower trading limit, set a trading strategy for the bot, and much more. Depending on choices, the bot will open the deal after it is set up completely and receives a signal from the parameters set. In its official release, the company stated,
When the initial order is executed, and the deal is open, the automated trading bot places the Take Profit order along with several Extra orders. Take profit order is the one that makes a profit at the percentage level set by a user.
TradeSanta is loaded with a few exclusive features, which include:
Extra orders – Bot places extra order to buy (or sell) more coins at the lower (or higher) price than the price of the First Order, making it possible to get desired take profit with a smaller price recovery in the future.
Short and long strategies – TradeSanta lets you set short and long strategies for your bot, that lets it cover profit in whichever direction the price goes.
Technical indicators – which make sure that the bot engages is trading only at an optimal point. Users are allowed to set the optimal point for trade by adjusting Volume filter, Daily filter, and Bollinger signal simultaneously.
24×7 Support – TradeSanta operates around the clock, and hence, users also get an anytime-support system. So, if you have any query or confusion in the middle of the night, you don’t need the wait for the sun to get it resolved.
Smart Order – Smart Order will help if you need to buy or sell large amounts of crypto at certain price level without affecting the market. It splits 1 order into several and keeps them on top of the exchange’s order book. For now, it’s available only for Binance traders.
Though equipped with all the features and benefits, TradeSanta may lure you into starting your bot-trading straightaway, but there is a small catch in it. The bot is a software and not an expert crypto analyst. You yourself need to know the basics of crypto trade to set up the parameters best suited to your needs. Also, it is highly recommended that you spend some time with bot initially to understand it practically.
GlobalCoin from Facebook Will Destroy Ripple, Says Bitcoin Expert
Max Keiser, a well-known Bitcoin expert, has predicted that Ripple and a majority of other digital currencies will be destroyed by GlobalCoin, the yet-to-be-launched cryptocurrency by the social network giant Facebook. However, the only crypto which will survive will be Bitcoin, believes Keiser strongly.
Continuing further, Keiser stated that while GlobalCoin will make altcoins irrelevant, it will eventually boost the prices of Bitcoin to a considerable extent. That’s because Bitcoin doesn’t compete with fiat currency but gold. Moreover, the entities involved in remittance and payments to leveraging digital currencies will also be annihilated.
How Facebook’s Coin will help Bitcoin but destroy XRP:
GlobalCoin has created a buzz ever since its announcement. The plus point about Facebook’s crypto, as said by the company, is that its purpose is to offer hassle-free peer-to-peer payment services as well as other microtransactions.
That would directly place Facebook’s coin in competition with altcoins such as LTC (Litecoin) and Ripple’s crypto XRP. Both of these cryptos are renowned for their offering of cheap and quick transactions. Other than Ripple and Litecoin, this niche is also claimed by companies like BitPay, which is into cryptocurrency-based payments.
In addition, the recent revelation by Facebook that they are going to peg its crypto GlobalCoin to more than one currency without solely focusing on the United States Dollars will also make the road a bit tougher for altcoins.
The plan Facebook has in mind:
Apparently, Facebook is going to specifically target developing nations which have domestic currencies of volatile nature. Zimbabwe or Venezuela, for instance. Additionally, there is also a buzz that the company’s crypto would be made available through Messenger and WhatsApp as well other than its primary social platform.
The reason for targeting developing nations is probably to boost the company’s profits in some of the world’s poorer regions which despite having an increasingly rising user base experience low ARPU, short for average revenue per user. Also, the developing nations offer more growth opportunities in terms of remittances and payments due to the relatively underdeveloped economy.
It must be noted here that Facebook had already launched its p2p payment function in its Messenger, which is considered a flop, particularly in Europe. Buzz has it that the company is about to draw curtains on this particular service in the UK as well as in France.
Facebook will be releasing its anticipated GlobalCoin in 2020.
Max Keiser, a well-known Bitcoin expert, has predicted that Ripple and a majority of other digital currencies will be destroyed by GlobalCoin, the yet-to-be-launched cryptocurrency by the social network giant Facebook. However, the only crypto which will survive will be Bitcoin, believes Keiser strongly.
Continuing further, Keiser stated that while GlobalCoin will make altcoins irrelevant, it will eventually boost the prices of Bitcoin to a considerable extent. That’s because Bitcoin doesn’t compete with fiat currency but gold. Moreover, the entities involved in remittance and payments to leveraging digital currencies will also be annihilated.
How Facebook’s Coin will help Bitcoin but destroy XRP:
GlobalCoin has created a buzz ever since its announcement. The plus point about Facebook’s crypto, as said by the company, is that its purpose is to offer hassle-free peer-to-peer payment services as well as other microtransactions.
That would directly place Facebook’s coin in competition with altcoins such as LTC (Litecoin) and Ripple’s crypto XRP. Both of these cryptos are renowned for their offering of cheap and quick transactions. Other than Ripple and Litecoin, this niche is also claimed by companies like BitPay, which is into cryptocurrency-based payments.
In addition, the recent revelation by Facebook that they are going to peg its crypto GlobalCoin to more than one currency without solely focusing on the United States Dollars will also make the road a bit tougher for altcoins.
The plan Facebook has in mind:
Apparently, Facebook is going to specifically target developing nations which have domestic currencies of volatile nature. Zimbabwe or Venezuela, for instance. Additionally, there is also a buzz that the company’s crypto would be made available through Messenger and WhatsApp as well other than its primary social platform.
The reason for targeting developing nations is probably to boost the company’s profits in some of the world’s poorer regions which despite having an increasingly rising user base experience low ARPU, short for average revenue per user. Also, the developing nations offer more growth opportunities in terms of remittances and payments due to the relatively underdeveloped economy.
It must be noted here that Facebook had already launched its p2p payment function in its Messenger, which is considered a flop, particularly in Europe. Buzz has it that the company is about to draw curtains on this particular service in the UK as well as in France.
Facebook will be releasing its anticipated GlobalCoin in 2020.
Bitcoin and Altcoins Gaining Pace
☑️Bitcoin price remained well bid above the USD 7,700 support area.
☑️Ethereum may surpass the USD 250 resistance and ripple price could climb above USD 0.400.
☑️EGT is up around 25% and XZC gained close to 18% today.
In the past few sessions, there was a slow and steady rise in bitcoin price above the USD 7,700 and USD 7,800 levels. BTC/USD touched the USD 8,000 level on a couple of occasions, but it failed to gain momentum. At the moment, the price is trading in a range below USD 8,000 and it seems like there could be an upside break in the near term. Altcoins are also gaining pace and they might correct higher further. Litecoin gained more than 8%. LTC/USD might even clear the USD 140 resistance.
Bitcoin price
There was a close above the USD 7,900 level in bitcoin price . However, BTC/USD struggled to gain pace above the USD 8,000 and USD 8,050 levels. The price is currently (08:10 UTC) trading in a range below USD 8,000 and it seems to be preparing for more gains above the USD 8,000 and USD 8,050 levels. The next key resistance is near the USD 8,200 area.
Conversely, if the price fails to clear the USD 8,000 and USD 8,050 resistance levels, there could be a fresh drop below the USD 7,900 and USD 7,800 support levels in the near term.
Ethereum price
Ethereum price settled above the USD 245 level. ETH/USD is currently struggling to clear the USD 250 resistance, above which the price could accelerate above the USD 255 and USD 258 levels in the near term.
On the downside, an initial support is near the USD 245 level. If the price fails to stay above USD 245 pivot level, there could be a fresh decline towards the USD 240 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price is currently consolidating below the key USD 400 pivot level. BCH/USD is facing an uphill task near USD 400, but a successful close could open the doors for a sharp rise in the near term. The next main hurdle for the bulls is near the USD 420 level. On the downside, the main supports are near USD 380 and USD 370.
EOS failed to gain strength above the USD 6.400 level and recently declined. The price broke the USD 6.350 support level and it could accelerate losses if there is a close below USD 6.300. The next major support is near the USD 6.250.
Ripple price is holding the USD 0.385 and USD 0.380 support levels. XRP/USD must break the USD 0.395 and USD 0.400 resistance levels to start a fresh upward move. The next major resistance is near the USD 0.411 level. On the downside, the main support is at USD 0.380, below which the price might test USD 0.365.
Other altcoins market today
In the past three sessions, a few small cap altcoins gained more than 6%, including EGT, XZC, WAX, GXC, HEDG, LTC, ADA and KCS. Out of these, EGT is up around 25% and XZC gained nearly 18%.
Overall, bitcoin price is trading in a range below the USD 8,000 resistance area. A successful close above USD 8,000 might start a decent upward move. If not, there is a risk of another slide below USD 7,800 in the coming sessions.
Total market capitalization:
☑️Bitcoin price remained well bid above the USD 7,700 support area.
☑️Ethereum may surpass the USD 250 resistance and ripple price could climb above USD 0.400.
☑️EGT is up around 25% and XZC gained close to 18% today.
In the past few sessions, there was a slow and steady rise in bitcoin price above the USD 7,700 and USD 7,800 levels. BTC/USD touched the USD 8,000 level on a couple of occasions, but it failed to gain momentum. At the moment, the price is trading in a range below USD 8,000 and it seems like there could be an upside break in the near term. Altcoins are also gaining pace and they might correct higher further. Litecoin gained more than 8%. LTC/USD might even clear the USD 140 resistance.
Bitcoin price
There was a close above the USD 7,900 level in bitcoin price . However, BTC/USD struggled to gain pace above the USD 8,000 and USD 8,050 levels. The price is currently (08:10 UTC) trading in a range below USD 8,000 and it seems to be preparing for more gains above the USD 8,000 and USD 8,050 levels. The next key resistance is near the USD 8,200 area.
Conversely, if the price fails to clear the USD 8,000 and USD 8,050 resistance levels, there could be a fresh drop below the USD 7,900 and USD 7,800 support levels in the near term.
Ethereum price
Ethereum price settled above the USD 245 level. ETH/USD is currently struggling to clear the USD 250 resistance, above which the price could accelerate above the USD 255 and USD 258 levels in the near term.
On the downside, an initial support is near the USD 245 level. If the price fails to stay above USD 245 pivot level, there could be a fresh decline towards the USD 240 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price is currently consolidating below the key USD 400 pivot level. BCH/USD is facing an uphill task near USD 400, but a successful close could open the doors for a sharp rise in the near term. The next main hurdle for the bulls is near the USD 420 level. On the downside, the main supports are near USD 380 and USD 370.
EOS failed to gain strength above the USD 6.400 level and recently declined. The price broke the USD 6.350 support level and it could accelerate losses if there is a close below USD 6.300. The next major support is near the USD 6.250.
Ripple price is holding the USD 0.385 and USD 0.380 support levels. XRP/USD must break the USD 0.395 and USD 0.400 resistance levels to start a fresh upward move. The next major resistance is near the USD 0.411 level. On the downside, the main support is at USD 0.380, below which the price might test USD 0.365.
Other altcoins market today
In the past three sessions, a few small cap altcoins gained more than 6%, including EGT, XZC, WAX, GXC, HEDG, LTC, ADA and KCS. Out of these, EGT is up around 25% and XZC gained nearly 18%.
Overall, bitcoin price is trading in a range below the USD 8,000 resistance area. A successful close above USD 8,000 might start a decent upward move. If not, there is a risk of another slide below USD 7,800 in the coming sessions.
Total market capitalization:
Circle To Stop Its Payment App Operation From This September
The Boston based crypto company Circle has declared that they will shut down their mobile app Circle Pay. The news has saddened many of the platform users. The company has affirmed through a blog post on Thursday that the service will be stopped from 30th September. It is speculated that the firm is shifting its attention to some other business.
It is also announced that people who still have funds in the app can take out the fund, but from 8th July onwards the app will stop depositing any amount. All the funds that will remain in the app after 31st July will be sent back to the customers’ bank account. Circle Pay allows the user to send and accept funds like standard payment app Square’s Cash and Venmo.
The critics are saying the app was struggling to get significant traction from the market and is the probable reason behind its shutdown. But the spokesperson of the company Josh Hawkins has said it was a popular app and has got a significant growth and cannot call it a failure. Although as per the statistics of the downloaded apps, Circle Pay is holding the position 121 whereas Venmo and Square’s Cash are in the second position.
As per the spokesperson, the company is focusing its attention towards the wallet services and is paying its attention to develop stablecoin. He also opined that the company is also looking to start free global payment operation to deliver its clients according to their needs. So, for the new transition, the company has to take steps cautiously.
Other than Circle Pay the company operates in different areas of cryptocurrency it has a cryptocurrency exchange Poloniex, it has an OTC Desk and a token security platform. It has recently taken possession of SeedInvest, a standardized trading system. Some rumors are also saying that the company is also looking for a license in the banking sector.
The firm has lately laid-off 30 staff citing the regulatory reasons of the US. Previously the firm planned to takes a halt of a few days before investing into new ventures.
The company came to existence in 2013 with a vision to make crypto payment easier for its enthusiasts.
The Boston based crypto company Circle has declared that they will shut down their mobile app Circle Pay. The news has saddened many of the platform users. The company has affirmed through a blog post on Thursday that the service will be stopped from 30th September. It is speculated that the firm is shifting its attention to some other business.
It is also announced that people who still have funds in the app can take out the fund, but from 8th July onwards the app will stop depositing any amount. All the funds that will remain in the app after 31st July will be sent back to the customers’ bank account. Circle Pay allows the user to send and accept funds like standard payment app Square’s Cash and Venmo.
The critics are saying the app was struggling to get significant traction from the market and is the probable reason behind its shutdown. But the spokesperson of the company Josh Hawkins has said it was a popular app and has got a significant growth and cannot call it a failure. Although as per the statistics of the downloaded apps, Circle Pay is holding the position 121 whereas Venmo and Square’s Cash are in the second position.
As per the spokesperson, the company is focusing its attention towards the wallet services and is paying its attention to develop stablecoin. He also opined that the company is also looking to start free global payment operation to deliver its clients according to their needs. So, for the new transition, the company has to take steps cautiously.
Other than Circle Pay the company operates in different areas of cryptocurrency it has a cryptocurrency exchange Poloniex, it has an OTC Desk and a token security platform. It has recently taken possession of SeedInvest, a standardized trading system. Some rumors are also saying that the company is also looking for a license in the banking sector.
The firm has lately laid-off 30 staff citing the regulatory reasons of the US. Previously the firm planned to takes a halt of a few days before investing into new ventures.
The company came to existence in 2013 with a vision to make crypto payment easier for its enthusiasts.
Coinbase Expands Its Cryptocurrency Debit Card Service To Six European Nations
Coinbase rolled out its cryptocurrency debit card powered by Visa in the month of April this year in the UK. The cryptocurrency exchange received a tremendous response for this service, and now it has expanded its operational area by offering the same service in six more European countries. The newly included countries consist of France, Germany, Ireland, Italy, Netherland, and Spain. Users in these countries can now avail the convenience of cryptocurrency debit card. Just so you know, the cryptocurrency debit card offered by the Coinbase allows the users to use their cryptocurrencies in order to make payments. The card is linked with a mobile application that converts the cryptocurrency into fiat currency and for this; Coinbase charges a fixed amount of fee from users. The mobile application powering conversion is available for both Android and Apple users. The functionality, for now, supports three types of cryptocurrencies – Bitcoin, Litecoin, and Ethereum, and this convenience can be availed for both online purchase and physical store shopping by users.
Customers’ Response
Coinbase is yet to disclose the number of users who have availed the cryptocurrency debit card; however, in a conversation with CNBC, the chief executive officer of exchange’s operation in the UK, Zeeshan Feroz said that users lapped up the initial 1000 cards that the company gave free to the customers. This signifies that there is considerable demand to avail of this new service in the market, and experts predict that with the passage of time, the service is going to expand its scope further. For issuing the card, Coinbase has collaborated with the PaySafe, a well-known name in the UK payment processing industry, and this partnership has brought forth this one-of-its-kind service to users.
Critical Assessment
A critical analysis of this convenience reveals that these kinds of functionalities can very well prove to be a game changer for cryptocurrency adoption around the world. While availing the service, users are not bothered about the technicalities involved in the conversion of currencies, and this can be easily considered one of the unique selling proposition (USPs) of this particular service. Despite the fact that Coinbase is charging for this convenience, customers seem to be more than happy to pay for it as long as they can enjoy a seamless transition between cryptocurrency and the fiat currency. Being operational in the domain of cryptocurrency trading, Coinbase is also uniquely positioned to leverage its expertise to provide such a service to users. This is because providing this kind of service may not be possible for other cryptocurrency organizations, and hence, cryptocurrency debit card has the potential to provide a sustainable competitive edge to the Coinbase. That said, the exchange has to remain careful about the safety aspect of the mobile application as scammers are constantly searching for the opportunity to rob the users of their investment. A constant vigil and high level of safety measures are needed to ensure that customers and their investment remain safe and secure in the long run. In sum, the initiative is good and welcomes by all the relevant stakeholders across the crypto circles.
Coinbase rolled out its cryptocurrency debit card powered by Visa in the month of April this year in the UK. The cryptocurrency exchange received a tremendous response for this service, and now it has expanded its operational area by offering the same service in six more European countries. The newly included countries consist of France, Germany, Ireland, Italy, Netherland, and Spain. Users in these countries can now avail the convenience of cryptocurrency debit card. Just so you know, the cryptocurrency debit card offered by the Coinbase allows the users to use their cryptocurrencies in order to make payments. The card is linked with a mobile application that converts the cryptocurrency into fiat currency and for this; Coinbase charges a fixed amount of fee from users. The mobile application powering conversion is available for both Android and Apple users. The functionality, for now, supports three types of cryptocurrencies – Bitcoin, Litecoin, and Ethereum, and this convenience can be availed for both online purchase and physical store shopping by users.
Customers’ Response
Coinbase is yet to disclose the number of users who have availed the cryptocurrency debit card; however, in a conversation with CNBC, the chief executive officer of exchange’s operation in the UK, Zeeshan Feroz said that users lapped up the initial 1000 cards that the company gave free to the customers. This signifies that there is considerable demand to avail of this new service in the market, and experts predict that with the passage of time, the service is going to expand its scope further. For issuing the card, Coinbase has collaborated with the PaySafe, a well-known name in the UK payment processing industry, and this partnership has brought forth this one-of-its-kind service to users.
Critical Assessment
A critical analysis of this convenience reveals that these kinds of functionalities can very well prove to be a game changer for cryptocurrency adoption around the world. While availing the service, users are not bothered about the technicalities involved in the conversion of currencies, and this can be easily considered one of the unique selling proposition (USPs) of this particular service. Despite the fact that Coinbase is charging for this convenience, customers seem to be more than happy to pay for it as long as they can enjoy a seamless transition between cryptocurrency and the fiat currency. Being operational in the domain of cryptocurrency trading, Coinbase is also uniquely positioned to leverage its expertise to provide such a service to users. This is because providing this kind of service may not be possible for other cryptocurrency organizations, and hence, cryptocurrency debit card has the potential to provide a sustainable competitive edge to the Coinbase. That said, the exchange has to remain careful about the safety aspect of the mobile application as scammers are constantly searching for the opportunity to rob the users of their investment. A constant vigil and high level of safety measures are needed to ensure that customers and their investment remain safe and secure in the long run. In sum, the initiative is good and welcomes by all the relevant stakeholders across the crypto circles.
