The Daily: Mycrypto Raises $4 million, Islamic Crypto Exchange Sets Foot in Malta
Wallet solution Mycrypto has raised $4 million to build a platform allowing users to create new wallets, the full details of which are in this edition of The Daily. Also, the wallet advertised by software guru John McAfee, Bitfi, is removing the ‘unhackable’ claim from its branding, an Islamic crypto exchange applies for a license in Malta, and Eminem’s new album features bitcoin.
Mycrypto Raises $4 Million to Create New Wallets
Popular ethereum interface Mycrypto has raised $4 million in a funding round led by Polychain Capital. The money will be used to build a platform that allows users to create new wallets as well as buy, sell and trade cryptocurrencies.
The news comes after the team recently launched a desktop app with which clients can manage or use their cryptocurrency without online resources or protocols and secure their funds outside an exchange. The platform is non-custodial, does not hold customers’ funds or personal data, and users are in control of their private keys.
“We’re dedicated to designing an experience that can further simplify how people can access and store cryptocurrency and are thrilled to see the overwhelming support we’ve received from our partners, investors, and community,” Mycrypto CEO Taylor Monahan commented.
Bitfi Withdraws ‘Unhackable’ Claim for McAfee’s Wallet
The team behind crypto wallet Bitfi, which has been advertised by cyber security ‘expert’ and entrepreneur John McAfee, has announced it will no longer describe its product as “unhackable”. The statement follows the release of evidence by a group of researchers showing the wallet has been compromised, BBC reported. Earlier this month, security experts claimed they had successfully sent signed transactions with the wallet and someone had even managed to establish root control over the device.
Bitfi had previously offered a bug bounty of $250,000 to anyone who managed to hack the wallet. One of the conditions was that the cryptocurrency be removed from the wallet. The group claimed to have hacked it once before but Bitfi and McAfee refused to accept the presented evidence as the digital assets had not been withdrawn.
Important announcement from Bitfi: pic.twitter.com/SD4ZCJxvLn
— Bitfi (@Bitfi6) August 30, 2018
In a post on Twitter, Bitfi explain they’ve hired an experienced security manager who is confirming vulnerabilities identified by the researchers. A comprehensive public announcement acknowledging and addressing these issues is expected next week. “Effective immediately, we are closing the current bounty programs which have caused understandable anger and frustration among researchers,” the statement reads.
The company also declares that “we will be removing the ‘Unhackable’ claim from our branding which has caused a significant amount of controversy,” acknowledging that “while our attention has always been to unite the community and accelerate the adoption of digital assets worldwide, we realize that some of our actions have been counterproductive to that goal.”
Islamic Crypto Exchange Applies for License in Malta
A new cryptocurrency trading platform, aiming to attract listings from sharia-compliant fintech startups, has applied for a digital exchange license in Malta, the crypto-friendly island which is an EU member state. The company, named Huulk, is also planning to establish partnerships with several European exchanges, Reuters reported, quoting its CEO, Ibrahim Mohammed.
The move will allow Huulk, which is part of the Onegram Group, to host trades of digital assets as well as stocks and commodities according to its chief executive officer. Malta-based Bianchi Holdings Ltd. is expected to become an equity partner in the business, Mohammed noted.
The exchange intends to list around 20 Islamic fintech firms, some of which operate in Muslim-majority countries like Turkey and Malaysia. Onegram, which has sold approximately $400 million worth of gold-backed digital tokens so far, also plans to list on the exchange its own sharia-compliant cryptocurrency.
Bitcoin Featured in Eminem’s ‘Kamikaze’ Album
Cryptocurrency is surely moving closer to mainstream acceptance and its more frequent occurrence in different contexts and spheres of human interaction attests to that. The latest example comes from Eminem’s new album, “Kamikaze”.
“Remember everybody used to bite Nickel, now everybody doing bitcoin,” goes the lyrics of the ninth track on the album, “Not Alike”, which features rapper and songwriter Royce Da 5’9′ who is singing the line. “Kamikaze” comes out just months after the release of Eminem’s previous project, “Revival”.
Undoubtedly, last year’s skyrocketing prices put cryptocurrencies in the spotlight of media and public attention. The crypto-craze led to a number of mentions of bitcoin not only in songs, but also in movies and television series.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
Images courtesy of Shutterstock.
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