Decred Price Surges Over 27 Percent After Binance Listing Announcement

Binance, the world’s largest crypto exchange by trading volume, announced the listing of Decred (DCR). After the news was released that trading for DCR/BNB and DRC/BTC pairs will be available starting Oct. 24, the token’s price surged by 27 percent.

According to historical data from CoinMarketCap, the market cap of DCR which was hovering around $330 million in the whole of October saw a $90 million jump to $420 million within few hours of listing on Binance.

According to the announcement, Binance will open trading for DCR/BNB, and DCR/BTC trading pairs at Oct. 24, 2018, 04:00 AM (UTC), but have enabled users to deposit DCR in preparation for trading effective immediately.

Following their Oct. 8 decision to make new cryptocurrency listing fees transparent and donate 100 percent of those fees to charity, Binance did not charge a listing fee for Decred.

Jonathan Zeppettini, International Operations Lead, Decred told BitcoinLinux:

“The Decred community is honored to be listed with Binance. We see it as validation of Decred’s core principles, it’s Politeia system of governance, and it’s approach to get listed on the best exchanges without raising funds from investors or outsourcing risk.”

A Positive Reaction from the Market

Decred is the second altcoin to be added to Binance in October 2018, following the Oct. 12 listing of Ravencoin. Following its Binance listing, RVN pumped around 32 percent within 24 hours of the announcement on Oct. 11.

Mirroring Ravencoin’s growth, DCR surged nearly 27 percent in less than two hours after the announcement and is currently trading at $46.58, its highest level since early August. Compared to other major altcoins such as Cardano which has collapsed nearly 94 percent since January 2018, Decred seems to be leading the altcoin game.

The Decred Project expressed their gratitude on Twitter:

Decred is self-described as an “open and progressive cryptocurrency with a system of community-based governance integrated into its blockchain,”  and separates itself from Bitcoin and other digital currencies thanks to its governance.

Powered by a hybrid consensus model of PoW and PoS, the company recently launched a new system called “Politeia.” The censorship-resistant blockchain-anchored public proposal platform enables DCR stakeholders to decide which proposals get funded by the project treasury.

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HTC’s New Blockchain Smartphone Can Be Bought With Bitcoin

HTC’s New Blockchain Smartphone Can Be Bought With Bitcoin

HTC, the struggling Taiwanese phone-maker, has launched a smartphone that can be bought only with BTC or ETH. Called the Exodus 1, the smartphone is blockchain-integrated and features a cryptocurrency wallet built into a secure enclave of the device.

Also Read: Spain Approves Bill Requiring Disclosure of Cryptocurrency Assets

 HTC Sells Its New Cryptocurrency Wallet-Enabled Phone for 0.15 BTC

Initially announced in May, the Exodus 1 phone was unveiled in Berlin, Germany on Oct. 22. The handset will retail for 0.15 BTC or 4.78 ETH in early access deals, which is equivalent to $960. First shipments are expected in December, the company said.

HTC's New Blockchain Smartphone Can Be Bought With Bitcoin

“Exodus 1 is a foundational element of the crypto internet,” Phil Chen, HTC’s ‘decentralized chief officer’, said in a statement on the company’s website. “For digital assets and decentralized apps to reach their potential, we believe mobile will need to be the main point of distribution.”

Built into the Exodus 1 is a cryptocurrency wallet called Zion, which was developed by HTC to serve as a hardware virtual currency wallet. Chen said the wallet runs from a secure enclave on the phone’s chip, separate from the Android operating system, to safeguard digital coins. He underscored the importance of keeping this area of the phone separated from Android because Google’s operating system was “fundamentally insecure with a centralized system,” exposing users’ funds to theft by attackers.

“Think of [the enclave] as a micro OS that runs in parallel with Android,” CNBC quoted Chen as saying. “It basically is a wallet, but the wallet, what it does is hold your private keys.” Chen added: “The reason why you do a blockchain phone is … for everybody just to own their own keys. Everything starts there. When you start owning your own keys, then you can start owning your own digital identity, then you can start to own data.”

HTC Launches Blockchain Smartphone Sold Only in Bitcoin

 Cryptocurrency-Only Pricing to Bring Device to Its Core Audience

HTC’s new phone will run decentralized applications (dapps). It also features a Social Key Recovery function that helps users “regain access to their funds if they lose their private key via a select number of trusted contacts.”

“Selling [the phone] in crypto only and being the first to do so means we are bringing this directly to the core audience and those who will want this device – the blockchain community,” Chen told the South China Morning Post. He added:

It reflects our belief in cryptocurrencies – in fact we had to recreate and overcome many processes internally, as well as find new distributors, so that we can achieve the goal of only accepting cryptocurrencies as the form of payment.

Exodus 1 will be available in 34 countries including Hong Kong, Singapore, the United States, the United Kingdom and other European countries. However, the phone will not be available in China, which has taken a strict approach to bitcoin and cryptocurrencies.

More Companies Looking to Enter Blockchain Smartphone Market

HTC, which at one time was among the top manufacturers of smartphones in the world, is not the only company to try and offer a blockchain-focused phone.

HTC's New Blockchain Smartphone Can Be Bought With BitcoinSwitzerland-based start-up Sirin Labs is currently accepting orders for its $999 smartphone, whose shipping has been delayed from October. Chinese information communication technologies firms such as Lenovo Group and Sichuan Changhong Electric have previously announced plans for a blockchain phone, but provided no details.

Earlier this month, Indonesia-based startup Pundi X unveiled its blockchain-powered handset called Xphone which, unlike HTC and Sirin Labs’ devices, can operate on its own blockchain-based transmission protocol, independently of mobile carriers.

Aside from running dapps, Exodus 1 also comes with numerous features found on regular flagship smartphones such as dual rear cameras and a six-inch Quad HD+ display.

What do you think about HTC’s new smartphone? Let us know in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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SEC Publishes Memorandum From Recent Bitcoin ETF Meeting With VanEck and SolidX

SEC Publishes Memorandum From Recent Bitcoin ETF Meeting With VanEck and SolidX

The US Securities and Exchange Commission (SEC) has published a memorandum from a recent meeting with VanEck and SolidX surrounding the group’s proposed Bitcoin exchange-traded-fund (ETF). The meeting took place on October 9th and provides further details into what many expect to be the most qualified Bitcoin ETF proposal introduced to the SEC.

SolidX first filed for a Bitcoin ETF to be listed on the New York Stock Exchange in March 2016. However, this application was rejected the following year. In June 2018, SolidX formed a partnership with VanEck to launch a physically backed Bitcoin ETF to be listed on Cboe BZX exchange. VanEck is an established issuer and manager of over 70 funds with approximately $46 billion in assets under management.

The SEC’s memorandum notes numerous changes in product, market structure and overall circumstance since SolidX’s March 2017 disapproval. Since that time, multiple CFTC regulated derivatives markets have emerged for Bitcoin, with a combined $150-$200 million trading volume cleared for Bitcoin futures on CME and Cboe. The SolidX/VanEck trust will use over-the-counter (OTC) Bitcoin trading desk pricing data, which are not subject to manipulation. The SolidX/VanEck Bitcoin Trust will not be available for retail, and its starting share price is set at $200,000.

SolidX and VanEck have focused their proposal around section 6(b)(5) of the Securities Exchange Act, which provides criteria for approval as follows:

 The rules of the exchange are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest; and are not designed to permit unfair discrimination between customers, issuers. brokers. or dealers, or to regulate by virtue of any authority conferred by this chapter matters not related to the purposes of this chapter or the administration of the exchange.”

“SolidX, VanEck and Cboe believe the Trust and the rule change request are indeed consistent with section 6(b)(5),” the memorandum notes.

An Excerpt From the October 9th SEC Memorandum

SolidX and VanEck put added emphasis on the importance of investor protection and support for public interest in their case to the SEC. Without SEC approval, Bitcoin investors face operational risks of theft, loss or destruction of cryptographic keys, without a solution of insurance. SolidX and VanEck, by contrast, have assembled a $125 million insurance capacity from a syndicate of A-rated underwriters and have made arrangements to further scale the fund’s insurance capacity as it grows.

“An ETF provides a straightforward solution for investors seeking price exposure without facing counterparty risk, as the ETF would be cleared through DTCC,” read the memorandum. “Furthermore, in creations and redemptions, the Trust always requires APs and trading counterparties to settle their leg of the trade before the Trust will do so.”

The memorandum concludes with a restatement of the issues in SolidX’s previous application that have since been resolved:

  • “There now exists a significant regulated derivatives market for bitcoin
  • Relevant markets – Cboe, bitcoin futures, OTC desks – are regulated
  • Concerns around price manipulation have been mitigated, consistent with approval of prior commodity-based ETPs
  • Cboe’s rules are designed to surveil for potential manipulation of Trust shares
  • The proposed ETF promotes investor protection”

“To the extent necessary, we stand ready to make additional changes to the product structure consistent with Section 6(b )(5) of the Exchange Act to address any concerns of Commission or Staff,” said the applicants.

The post SEC Publishes Memorandum From Recent Bitcoin ETF Meeting With VanEck and SolidX appeared first on BitcoinLinux.

Developers Launch Bitcoin Cash Social Media App ‘Hivr’

Developers Launch Bitcoin Cash Social Media App ‘Hivr’

On Monday, Oct. 22, a new Bitcoin Cash-powered social media application called Hivr launched in beta form. The platform, available for Android devices, features a wallet, native tipping, posting to a social news feed, instant messaging and more.

Also Read: Samsung Begins 7nm Chip Production

Hivr: A Bitcoin Cash Social Media Wallet

Developers Launch Bitcoin Cash Social Media App 'Hivr'Over the past few months, numerous developers have been building forums and social media platforms on top of the Bitcoin Cash (BCH) blockchain. Now a new project is attempting to test the social media waters with a splash of BCH on the side. Hivr is a social media application for Android devices that allows users to post, tip and chat with one another using a native instant messaging system.

The Hivr creators explained during the launch announcement that they understand there’s already a variety of platforms that allow media uploads on top of the BCH chain. However, most of them, like Memo.cash and Blockpress, support only a few features simultaneously like posting and tipping, and don’t offer services such as instant messaging. Additionally, most of the other media platforms also require a small fraction of BCH to create a post, but the Hivr model allows free posting.   

“Basically, we created Hivr because we wanted to combine all these amazing ideas within the Bitcoin Cash community into one well integrated, easy to use application,” explain the Hivr creators. “With Hivr, you can post any content you want for free, tip the posts you like, create group chats, and send each other tips right within the chat, all within one application.”

Developers Launch Bitcoin Cash Social Media App 'Hivr'

Creating a Profile and Testing a Few Posts

News.Bitcoin.com decided to test the beta platform after reading about Hivr on the blogging platform Yours.org. Hivr can be found on the Google Play store for Android devices and the developers have detailed an iOS version will be built when the Android release comes out of beta. So far, according to statistics, around 50 people have downloaded the Hivr application, which is 53MB in size.

When you open the Hivr platform, you’re greeted with a login screen where you can use existing login credentials or register a new name and password. Following the registration, the application asks you to pick a few tags of subjects that you’re interested in like bitcoin cash, news, and other topics. After that, the account is given a BCH wallet with a twelve-word mnemonic phrase so the user can backup the native Hivr wallet.

Developers Launch Bitcoin Cash Social Media App 'Hivr'
Registering only requires a username and password. Following the registration, users choose what types of interests they are into and are given a non-custodial bitcoin cash wallet.

The application is pretty easy to navigate and I quickly created a profile called ‘Posternut’ which took roughly two minutes. Much like the other BCH-based social media apps, Hivr does not have a ton of people posting yet but some people are definitely testing the application’s features. At the bottom of the screen, there is a small pencil icon that allows users to post content to their profiles and to the public feed similarly to Facebook.

After pressing the pencil, the user can post text, URLs, GIFs, videos, music or photos on the Hivr public feed. While testing out a text and URL-style post, it took a few minutes as the linked post started making the application glitchy, enough to force quit the application. The second URL post attempt was successful and, just like Twitter and Facebook, the article’s title and the cover photo is shown with the link.

Developers Launch Bitcoin Cash Social Media App 'Hivr'
Creating a profile for ‘Posternut’ and posting a text and URL-linked post on the Hivr application.

An All-in-One Social Media App – but Like All New Platforms Hivr Needs Users

Similar to other social media applications that offer instant messaging, the Hivr app has a messenger feature that allows you to connect with other Hivr users and also to create a group chat. Under each user’s post, there’s a small gift box that allows people to tip content and it also gives quick BCH tipping options in increments of $0.25, $0.50, $1.00, and $5.00. Hivr users can also ‘like’ posts, repost (similar to retweet), and comment each thread posted.

The application definitely could use some more participants because compared to Memo.cash and Blockpress, which has lesser action, Hivr is a ghost town. However, people should take into consideration that the platform is still in beta and it’s only been out for a day. The two aforementioned BCH apps also had issues with gathering participants earlier on. As far as traditional social media platform features, Hivr has managed to pack types of services into one application and not having to spend BCH for every post may entice people who are new to the cryptocurrency ecosystem.

What do you think about the Hivr social media wallet available for Android devices? Let us know what you think about this project in the comments section below.


Images via Hivr, and Jamie Redman. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

 

The post Developers Launch Bitcoin Cash Social Media App ‘Hivr’ appeared first on BitcoinLinux.

Coinbase Custody Receives License from NYDFS, Coinbase Exchange Lists USDC Stablecoin

Coinbase Custody Receives License from NYDFS, Coinbase Exchange Lists USDC Stablecoin

Coinbase Custody has acquired a license under New York State Banking Law to operate as an independent Qualified Custodian. “Coinbase Custody will operate as a Limited Purpose Trust Company chartered by the New York Department of Financial Services (NYDFS),” reads Coinbase’s latest blog post.

Coinbase Custody is a “standalone, independently-capitalized business” to Coinbase Inc. that offers top-grade large-scale cryptocurrency storage aimed at institutional investors. Coinbase Custody’s newly acquired license plays a key role in the company’s mission to add major Wall Street investment firms to its clientele.

“For our customers, operating under a New York State Trust Company is more than just a new license — it’s an important piece of regulatory clarity that will allow us to compliantly store more assets and add new features like staking,” reads today’s announcement.

The post continues:

“[Coinbase Custody] will be held to the same compliance, security and capital requirements as traditional fiduciary custodial businesses like the DTC. This means customers can trust that the company has met the rigorous banking standards of NYDFS regarding capitalization, anti-money laundering procedures, confidentiality, security and storage. The trust charter also designates Coinbase Custody as a fiduciary under New York State Banking Law.”

It’s worth mentioning that last week, major Wall Street investment bank Goldman Sachs announced that it had executed a $15 million joint investment with former Goldman partner Mike Novogratz into BitGo Holdings Inc.’s developing cryptocurrency custodian platform. BitGo has now raised approximately $70 million in fundraising rounds. It is suspected that Goldman intends to support BitGo’s development as a trusted custodial agent in an effort to further its own deepening involvement in the digital money space.

Suggested Reading : Learn why Coinbase is one of our favorite exchanges for 2018.

Coinbase Announces Support of USDC Stablecoin

Meanwhile, leading cryptocurrency exchange Coinbase has announced that it will now be listing the USDC stablecoin. USDC is pegged at a 1:1 value with the US dollar, and is one of the many new stablecoins gaining popularity in recent weeks.

“This is the first time Coinbase has supported a stablecoin, which is fundamentally different from other cryptocurrencies,” Coinbase writes in its blog. “The advantage of a blockchain-based digital dollar like USDC is easier [sic] to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That’s why we think of it as an important step towards a more open financial system.”

Stablecoins like USDC make for easy transfers between accounts, help protect investors against market volatility and help maintain a consistent cash value to investor’s crypto portfolios. As an ERC-20 token, USDC has the added advantage of being usable in the Ethereum dApp ecosystem and functions as a programmable dollar for developers on the Ethereum blockchain.

The USDC token was created by crypto finance company Circle, who has now formed an official partnership with Coinbase called CENTRE Consortium:

“Today’s launch is made possible by the collaboration between Coinbase and Circle, as co-founders of the new CENTRE Consortium. Both Coinbase and Circle operate with a compliance-first approach and a track record of security. That’s why we believe CENTRE is uniquely positioned to offer USDC to people who want to take advantage of the benefits of stablecoins.”

Coinbase reports that USDC will be available on Coinbase Pro within the next month. The token is already supported on the Coinbase Wallet.

The post Coinbase Custody Receives License from NYDFS, Coinbase Exchange Lists USDC Stablecoin appeared first on BitcoinLinux.

CoinMarketCap Reveals Bitfinex Exchange’s Tether Stablecoin Trading Data (USDT/USD)

Bitfinex Is Accused Of Publishing Data For A Tether Market That Does Not Exist

A recent development involving the popular but controversial stablecoin Tether has caught our attention today. A post from Coindesk accuses Bitfinex, which has the same CEO of Tether and is the main link of the company in the crypto market, of publishing information that does not exist.

The case is, indeed, very curious, as well as troublesome, as Tether is not enjoying a big popularity recently after some other popular stablecoins like Circle’s USD Coin (USDC) and Gemini Dollar (GUSD) have been launched and Tether have lost its parity with the USD, one of the most important aspects for a stablecoin.

What Are The Accusations Against Bitfinex?

Basically, the whole case is based on the fact that Bifinex’s page on CoinMarketCap lists the USDT/USD trading pair. This is the trading pair with the second highest volume in the exchange over the past 24 hours (nearly $48 million USD).

However, the main problem draws from the fact that Bitfinex does not actually exchange the USDT/USD trading pair meaning that the pair, which is the second in the exchange’s information, simply does not exist.

The question originally asked by the Coindesk author is “If there is no live trading of USD/USDT, why is it listed”? That is a fair question, surely. You simply cannot deny that there is something very fishy about the fact that the second largest market of an exchange… does not exist.

As Bitfinex shares common owners with Tether Ltd., the issue gets even more troublesome than it would normally be because of the company’s links. The data comes directly from the API of Bitfinex, meaning that it appears there but the option is not listed on the site of the company for its customers.

A spokesperson from Coinmarketcap, Carylyne Chan, has talked to Coindesk and affirmed that the company is actually confused about the information. According to her, Bitfinex did not answer until the time of the report, even with CMC trying to get some information about why the API has sent information that does not appear to be the truth.

The most unclear point, it is affirmed, is that it is not understandable where does this volume come from. A representative of Bitfinex’s marketing department, Kasper Rasmussen, affirms that the information has to be linked to deposits and withdrawals as the company does not have the trading pair.

He also affirmed that Tether is “only used” as a transport layer on the company and that it can be withdrawn more quickly than fiat currency. Further information has not been provided, though.

Is This Affecting The Tether Price?

Only a few exchanges directly change Tether and USD. Kraken, for instance, does it, and it was flooded last week when the prices went down abruptly. Bittrex also does it but did not see the same influx.

The author of the post at Coindesk affirms that it is “fair to ask if the data from Bitfinex would have a distorting effect on the composite price” of Tether which is displayed at CMC. Even since the peg broke, the price has been consistently $1,00 USD while it went to as low as $0.85 USD on Kraken during the downfall last week.

At the moment, neither company has responded to the question and there are many doubts on what will actually happen, however, Luke Wagman, from CoinMarketCap, has affirmed that the “trading volume” at Bitfinex is irrelevant because it is only about 2% of the official volume.

We will probably discover soon why has this happened, but it looks like we will have to sit and wait for the company to answer right now.

Bill Proposes Tax Holiday for Cryptocurrency Businesses in Ukraine

Bill Proposes Tax Holiday for Cryptocurrency Businesses in Ukraine

A draft bill introducing tax breaks for entrepreneurs and companies dealing with cryptocurrencies has been filed in Ukraine’s parliament, the Verkhovna Rada. The authors of the bill have called for tax exemptions for entities working in the sector until the end of 2029.

Also read: Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

New Legal Terms

Ukrainian lawmaker Yuri Derevyanko, one of the leaders of the Movement of New Forces party, put forward the new proposal to relieve cryptocurrency businesses from taxation for at least a decade. Bill 9083-1 has advanced through a number of important parliamentary committees this month, including those responsible for budgetary matters, financial policies, customs regulations and European integration.

Bill Proposes Tax Holiday for Cryptocurrency Businesses in UkraineIf adopted, the proposed legislation would result in amendments to the Ukrainian tax code. It would provide tax breaks on income earned from all cryptocurrency transactions. Both corporate entities and private individuals dealing in cryptocurrencies would be able to benefit from the tax moratorium until Dec. 31, 2029. The import and sale of equipment designed solely for mining would also be exempted from VAT.

In addition, the bill introduces a number of new legal terms pertaining to virtual assets and blockchain technologies. Cryptocurrencies have been defined as intangible digital assets, the right to possession of which is recorded in distributed ledgers. The draft law describes cryptocurrency mining as data processing related to the maintenance of distributed ledgers, which is then rewarded with digital assets.

Derevyanko believes that the 0 percent tax rate will stimulate the development of the cryptocurrency market in Ukraine and open the door for new investments. He said this will create conditions for the cryptocurrency industry to become a critical element of the country’s economy. “I think that it is necessary to introduce a 10-year tax moratorium in the crypto space. We must streamline and legalize this huge sector, which will be the engine of the new economy,” he said, as quoted by Ukrainian and Russian media.

Many Proposals, No Decisions

The bill was announced as an alternative to another draft presented by Derevyanko’s colleague, Alexei Mushak, a member of President Petro Poroshenko’s “Solidarity” party. Bill 9083, which was introduced in September, is also aimed at amending the Ukrainian tax code to provide tax breaks for the crypto industry. According to that proposal, profits from transactions related to cryptocurrencies and other digital assets would be subject to a preferential tax rate of 5 percent until the end of 2023. Starting from Jan. 1, 2024, individuals and businesses would be required to pay an 18 percent tax rate on their income from such deals.

Bill Proposes Tax Holiday for Cryptocurrency Businesses in UkraineDespite multiple legislative proposals, as well as calls from government officials and representatives of the industry, Ukraine’s cryptocurrency market remains largely unregulated. Three bills dealing with key regulatory challenges have been filed in parliament since last October, but no real progress has been made toward their adoption, at least that has been reported thus far. In August 2018, the Verkhovna Rada said that legislation recognizing cryptocurrencies as financial assets would be adopted at some point this year, or by 2019 at the latest. In the absence of clear guidelines regarding taxation, a deputy finance minister recently advised Ukrainians to pay 19.5 percent income tax on profits from crypto transactions.

In July, Ukraine’s Financial Stability Council approved a new regulatory concept for the cryptocurrency sector. The members of the council — including representatives of the National Bank, the Ministry of Finance, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, and the National Financial Services Market Commission — reaffirmed their willingness to work with lawmakers in the Rada to adopt a comprehensive legal framework that will ensure transparent relations between crypto investors, other stakeholders and the government in Kiev.

Do you think the proposed tax breaks can help the cryptocurrency industry become a major part of the Ukrainian economy? Share your thoughts on the subject in the comments section below. 


Images courtesy of Shutterstock.


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Circle’s USDC Stablecoin Added to Coinbase

Circle’s USDC Stablecoin Added to Coinbase

The global cryptocurrency exchange based out of San Francisco, Coinbase, has announced the firm will now support Circle’s USDC stablecoin on its exchange and brokerage service platforms. Coinbase believes that blockchain-based digital dollars like USDC provide many benefits to the cryptocurrency market ecosystem.

Also read: Bitpay Announces Stablecoin Support for Merchant Settlement

Coinbase and the USDC Stablecoin

Circle USDC Stablecoin Added to CoinbaseCoinbase announcing the launch of stablecoin support on its trading platform is part of a growing trend within the crypto-economy. On Oct. 23, the Californian exchange revealed that customers in supported jurisdictions can buy, sell, send and receive USDC. In the future, the company says customers in more geographical locations will have the ability to use USDC on the Coinbase platform. The San Francisco firm, noting this is the first time it has supported a stablecoin, says the digital asset is “fundamentally different from other cryptocurrencies.” Moreover, Coinbase says that the USDC token was a collaborative effort between them and the Boston-based Circle Financial.   

“Each USDC is 100% collateralized by a corresponding USD held in accounts subject to regular public reporting of reserves,” Coinbase explains in its blog post. “The underlying technology behind the USDC was developed collaboratively between Coinbase and Circle, in our capacity as partners and co-founders of the new Centre Consortium.”

Circle USDC Stablecoin Added to Coinbase
Coinbase details the team helped Circle develop the USDC token.

Coinbase describes USDC’s benefits throughout the announcement and emphasizes that the blockchain-based digital dollar is far more efficient to send and receive. Additionally, with USDC being an ERC20 standard token, it has the ability to be integrated with applications like Cryptokitties and other Ethereum projects. Lastly, Coinbase considers USDC to be a ‘programmable dollar’ in a sense that makes it easier for developers to add specific functionality.

“For example, given the private keys for USDC, a program can easily send and receive them back and forth using the public Ethereum blockchain,” Coinbase details.

2018 Has Seen a Flurry of Stablecoin Announcements

At the moment, the USDC token is only available on the brokerage side of Coinbase, but the coin will be added to the exchange shortly, the company adds. Coinbase says that the company will be fully compliant alongside Circle Financial by maintaining a “track record of security.” The firm also explains that the two companies’ reputations and compliance-first approach gives them a “unique position” in the growing stablecoin economy.

Circle USDC Stablecoin Added to Coinbase

The Coinbase news follows the Bitpay announcement on Oct. 15, when the payment processor revealed it would support the gemini dollar (GUSD) and the centre coin (USDC) for merchant settlement. Over the last six months, stablecoins have been added to many exchanges and cryptocurrency infrastructure systems. Most of the recent stablecoin announcements have seen exchanges adding other types of stable tokens besides the popular tether (USDT) coin issued by Tether Limited and the Omni Layer.

So far, most of the exchanges and payment processors that boast significant cryptocurrency volume have been adding stablecoins like USDC, GUSD, PAX, and TUSD. Coinbase concluded its announcement by stating that the company has also added USDC to the user-controlled Coinbase ERC20-centric wallet. The addition follows the recent 0x (ZRX) listing Coinbase added to the firm’s lineup of tradable coins.

What do you think about Coinbase adding a stablecoin to the mix? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Coinbase, Circle Financial, and Pixabay. 


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trade.io Announces Hard Fork After $8 Million Worth of Crypto Stolen From Bank-Secured Cold Storage

trade.io Announces Hard Fork After $8 Million Worth of Crypto Stolen From Bank-Secured Cold Storage

Swiss crypto exchange trade.io reported on October 20th that $8 million dollars worth of cryptocurrency was stolen from its cold storage devices by hackers. It is at this point unclear how the funds were withdrawn. The cold storage devices were kept locked in bank safety deposit boxes. Following the attack, trade.io management has decided to fork the exchange’s TIO token into Trade Token X (TIOx). The fork is scheduled to take place on October 24th, with TIOx trading beginning on October 31st exclusively on the trade.io exchange.

Attack Under Investigation

According to trade.io’s initial Medium post:

“Around 08:40 EST, our security team was alerted to a large transaction from one of our wallets held in cold storage. As they investigated, they started noticing some irregular trading activity in TIO pairs on Bancor & Kucoin. We alerted both Bancor & Kucoin accordingly to disable any deposits & withdrawals, and did the same on trade.io. TIO Deposits & Withdrawals will be disabled on both Kucoin & trade.io until further notice, and TIO will no longer be listed on Bancor. Additionally, TIO trading has been disabled on trade.io exchange until further notice.”

trade.io’s investigation revealed that 50 million TIO tokens were taken from the exchange’s cold storage liquidity pool. Of that 50 million, 1.3 million tokens were transferred to Bancor and Kucoin. The stolen funds are worth approximately $8 million in total. Bancor and Kucoin are partnering with trade.io in the investigation.

“Unfortunately, while this is an extremely strange situation, breaches of cold storage is not unprecedented [sic] even when following security protocol to a ‘T’.”

trade.io reports using industry recommended cold storage hardware kept in safety deposit boxes in banks. The safety deposit boxes are confirmed to have not been compromised.

Suggested Reading Get your very own cold storage hardware wallet.

TIO Forks to TIOx

trade.io announced today that they have decided to fork the TIO token into TIOx, making the traceable 50 million hacked TIO worthless, while maintaining the value of the remaining tokens owned by legitimate holders. Participants in the liquidity pool are promised to not be affected by the attack, and the ability to enter or leave the pool will continue normally.

A total of 223 million TIOx tokens are planned to be airdropped into trade.io exchange accounts and user wallets tomorrow, October 24th. TIO token holders with funds kept on HitBTC or gate.io will not automatically be receiving the airdrop and should contact tioxclaims@trade.io immediately. Once the dust settles after the airdrop, TIOx will open for trading on October 31st.

For their part, trade.io seems confident that the hack and the ensuing fork will not slow them down:

“It’s obvious that trade.io is now a major focal point of competitors and those attempting to destroy the movement that is on the ground floor, and we guarantee you we will not bow down to their actions. We have the strongest community in crypto and we assure you we will wind up stronger as a result of actions like these and any such attacks in the future.”

The post trade.io Announces Hard Fork After $8 Million Worth of Crypto Stolen From Bank-Secured Cold Storage appeared first on BitcoinLinux.

Regulators Approve Coinbase to Offer Custody Services in New York State

Regulators Approve Coinbase to Offer Custody Services in New York State

Coinbase has secured approval from New York state regulators to act “as a limited purpose trust company” in the state, a press release reveals.

According to the release, the New York Department of Financial Services (DFS) has officially signed off on an application for the Coinbase Custody Trust Company, a subsidiary of Coinbase Global, Inc. With the approval, Coinbase is now authorized to provide custody services in the state of New York for bitcoin, ethereum, bitcoin cash, litecoin, ethereum classic and XRP, the last of which is the only cryptocurrency not yet listed on Coinbase’s platforms.

“The New York State Limited Purpose Trust charter, which now enables Coinbase Custody to act as a Qualified Custodian for crypto assets, builds on our unparalleled success as a crypto custodian while holding the company to the same exacting fiduciary standards and oversight of other, mature financial institutions operating in New York. We applaud the leadership Superintendent Vullo has shown to guide the responsible growth of the cryptocurrency ecosystem and look forward to working with their offices in the future,” Asiff Hirji, president and COO of Coinbase, commented in the press release.

Coinbase’s institutional-grade cryptocurrency custody services went live in July 2018. The services were part of a larger push to appeal to accredited investors, which included the now defunct Coinbase Index Fund. In June, the exchange also announced that it was pursuing a broker dealer license from the U.S. Securities and Exchange Commission, something that would allow it to list approved securities tokens if approved.

DFS first approved Coinbase’s Money Transmitter and Virtual Currency licenses in January of 2017. To date, the New York regulator has issued eleven charters and licenses for cryptocurrency companies in the space. Back in April, the DFS sent inquiries to 13 top exchanges to survey their operations and gauge their use among New York investors. A handful of exchanges didn’t responded, including Kraken, whose CEO Jesse Powell took issue with the practice.

A busy week thus far for Coinbase, the exchange announced earlier today that it has integrated USD Coin, a fiat-collateralized stablecoin that it developed with Circle through their joint blockchain consortium CENTRE.

This article originally appeared on BitcoinLinux.