Crypto Markets See Hint of Green, Top Cryptos Keep Trading Sideways

Crypto markets see a hint of green today, with most gains under one percent.

Thursday, Nov. 1: crypto markets have seen a hint of green, with many of the top 20 cryptocurrencies seeing slight growth. The slight growth in markets follows a recent sell off on Monday, when the price of Bitcoin (BTC) dropped from $6,480 to as low as $6,344. While 19 out of the top 20 cryptocurrencies by market capitalization have seen some growth today, almost all of them are still firmly in the red over the past 7 days.

Market visualization from Coin360

The major cryptocurrency Bitcoin is up almost 0.9 percent over the past 24 hours, and is trading at $6,360 as of press time. Bitcoin has seen some volatility in the middle of the day; with an intraday high of $6,547 and a low of $6,311.

Bitcoin price 24-hour chart. Source: CoinMarketCap Bitcoin Price Index

Ethereum (ETH), the second cryptocurrency by market cap, is seeing similar growth, up around 0.7 percent over the 24 hour period. Ethereum is trading $198.70 at press time.

Ethereum price 24-hour chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP) has seen more growth today, up 1.23 percent over the past 24 hours and trading at $0.453 at press time. Following the overall trend on the market, the third top cryptocurrency by market cap saw some growth earlier in the day, increasing as high as $0.456.

Ripple price 24-hour chart. Source: CoinMarketCap Ripple Price Index

After reaching as high as $210 billion earlier today, total market capitalization has been steadily fluctuating around $205 billion at press time. Daily trade volume has slightly decreased over the day, down to $10 billion from $11 billion as of press time.

Total market capitalization 24-hours chart. Source: CoinMarketCap

Yesterday, major U.S. multinational investment bank and financial services company Morgan Stanley released a report claiming that Bitcoin and other cryptocurrencies have been a “new institutional investment class” since 2017. According to the report, institutional investors are still considering crypto despite the persisting bear market this year.

In contrast, JPMorgan CEO Jamie Dimon recently expressed his ambivalence toward Bitcoin on the eve of its 10th anniversary, claiming that while he “didn’t want to be the spokesman against Bitcoin,” he does not “really give a sh*t.”

On Oct. 31, CEO of major crypto derivatives platform BitMEX Arthur Hayes said he believes that “crypto winter” could last for as long as 18 months, “based on previous experience” of low volatility and trading volumes. Amidst Bitcoin’s record low volatility, Fundstrat’s head of research Tom Lee recently stated that he was “pleasantly surprised” by the recent stability of BTC.

Hong Kong Plans to Regulate Crypto with New Sandbox

Reports suggest that Hong Kong’s securities watchdog has come up with new plans to regulate cryptocurrency funds and exchanges.

While it is known for being crypto-friendly, Hong Kong is still not satisfied with the amount of protection that its crypto users currently enjoy.

As a result of this, the Securities and Futures Commission (SFC) announced plans to regulate the space via its “sandbox”, reports the Financial Times. This means that they will adapt existing regulations to newly-uncovered risks in regards to the crypto world. This is important due to the fact that current rules state that crypto trading is not regulated unless they include assets that are considered futures contracts or securities.

According to the Ashley Alder, CEO of the SFC, the new measures will regulate the distribution and management of digital assets, so that the investors and their funds are protected.

Crypto Market is Evolving, and Regulations Need to Follow

The new dedication to regulating cryptocurrencies and businesses related to them came after the price surge of late 2017. At that point, the entire world took notice of crypto, and the rush to regulate the space has been on-going ever since.

Some countries, such as Japan and South Korea, have been more crypto-friendly than others in this regard, and they had more success as a result. While they have yet to perfect their regulations and continue to keep them relevant as the crypto space evolves, new moves such as this one have been quite often throughout 2018.

Now, Hong Kong is doing the same by examining different options, one of which is the inclusion of exchanges in the existing regulatory sandbox. The SFC also mentioned that the proposed rules will only allow professional investors to make investments into digital asset portfolios.

However, there is still one issue, which is the possibility of using exchanges for money laundering. This is why adhering to current anti-money laundering standards is important, especially since cryptocurrencies are already suspected of being used for this, and similar illegal activities.

Taiwan and South Korea Make Plans to Regulate ICOs

In addition, countries such as Taiwan and South Korea are looking to regulate initial coin offerings (ICOs), and become ICO-friendly once again. The recent reports from Taiwan claim that this country’s FSC is preparing a set of national standards that will once again enable ICOs. As a result, investing in tokens is expected to become as easy and as liquid as investing in regular stocks.

Similar reports came from South Korea, claiming that the country’s National Policy Committee’s chairman, Min Byung-Doo, encouraged the government to legalize ICO completely. According to him, regulation is necessary, since using them is the only way to legitimize the crypto market and allow investors to develop trust in the market again.

Min also explained the importance of embracing new technology, but also acknowledging new trends. ICOs cannot be dismissed, and instead, companies need to be allowed to conduct them, as they are a new trend in the global market.

According to him, the government has the responsibility to embrace new technologies, especially since they are proving to be much more successful when it comes to fundraising than other methods.

Featured image from Shutterstock.

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Bitcoin Investment Trust Creator Has Raised Record $330 Million This Year

Ten months into a bear market that has seen cryptocurrency prices decline approximately 75 percent from their all-time highs, analysts differ on whether the bitcoin price has found a bottom or could continue to decline over a time horizon as long as 18 more months. However, Grayscale Investments, the crypto investment firm that created the

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‘I Don’t Want to Be President’: John McAffee to Exclusively Promote Crypto in 2020 Race

Bitcoin evangelist John McAfee admitted his intention to use his presidential campaign to promote crypto.

Programmer and crypto enthusiast John McAfee revealed his intention to use his 2020 bid for U.S. presidency as a platform to promote permissionless cryptocurrencies in an interview with Cointelegraph Nov. 1.

Speaking with Cointelegraph at the Malta Blockchain Summit today, the founder of McAfee Antivirus Software said he plans to run “around a libertarian platform,” and use his access to the national stage solely to discuss cryptocurrencies, while expressing сonfidence that “no one will elect [him] as president.”

McAfee commented that his pro-crypto stance is mainly based on the concept of “personal freedom,” stating that in his coming bid for presidency he wants “to talk about personal freedom and how cryptocurrency can help us achieve that.”

McAfee elaborated that his intention to run to presidency was not to win, but rather to gain a large public platform for promoting decentralized cryptocurrencies, stating:

“That’s [crypto] all I’m going to talk about. See, I don’t want to be president. I couldn’t be...no one’s going to elect me president, please God. However, I’ve got the right to run.”

McAfee first announced his intention to run for U.S. president in 2020 in order to support the crypto community and promote crypto in early June, 2018.

In the interview today, McAfee also reiterated his prediction from last-year that top cryptocurrency Bitcoin (BTC) will hit $1 million by the year of the U.S. president elections. However, McAfee clarified that that amount of U.S. dollars will not be the same $1 million that we have today, since fiat currencies will logically flee to crypto markets, adding confidently:

“In five years time fiat will be on its last legs.”

The upcoming U.S. presidential run will be not the first one for McAfee ,who sought the Libertarian Party nomination in 2016. McAfee has since claimed that if he “been more connected with the community in 2016,” he would even have better promoted the idea of “currency independence.”

As he said in the interview today, back in his 2016 run, he focused on “lapses in cyber security.”

In June 2018, McAfee announced on Twitter that he would stop  promoting Initial Coin Offerings (ICOs) due to “threats” from the U.S. Securities and Exchange Commission (SEC). Previously, the businessman had admitted to charging over $100,000 per tweet to promote cryptocurrency projects and products.

Ledger Wallet Plans to Pause Bitcoin Cash Services on November 15

Ledger, the popular hardware wallet manufacturer based out of France, has recently revealed the company’s contingency plans for the upcoming Bitcoin Cash (BCH) hard fork scheduled for Nov. 15. On Tuesday, Oct. 30, Ledger explained to its customer base that the organization will be pausing bitcoin cash services on Nov. 15 and the company plans to wait until a dominant chain appears to reinstate BCH services.

Also read: A Look at Bitcoin Replay Attacks and Self-Managed UTXO Protection 

Ledger to Suspend BCH Transactions During the November Fork

Ledger Wallet Plans to Pause Bitcoin Cash Services on November 15In fifteen days the Bitcoin Cash network will possibly face a hard fork with consensus changes. The problem right now, however, is there are two different visions for the upgrade, with two development teams proposing new BCH rule sets that are poles apart. This means there could be a potential for a chain split due to the disagreeing development teams Bitcoin ABC and Bitcoin SV. Now, two weeks before the fork, Ledger has announced its wallet services will be pausing bitcoin cash transactions because the conflicting proposals have not reached consensus and both implementations do not have replay protection.  

“Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically — The reason for closing the service during this time is to prevent unwanted transactions (resulting from “replay attacks”), causing possible loss of funds and other potential issues interacting with Bitcoin Cash during this period of time,” explained the company’s recent blog post.

Ledger continues:  

Depending on the outcome of the fork, we will communicate about our next move when we have a clearer vision of its result — Be advised that during this service disruption, your Bitcoin Cash private keys will remain secured.

BCH Proponents Expect to Hear More Contingency Plans

The hardware wallet service detailed in its blog post that it plans to watch the fork unfold and proceed with a plan after evaluating the integrity of both chains. The wallet’s users will be able to see when the Bitcoin Cash network has been reinstated on Ledger’s status page, the company emphasized. The announcement from Ledger also follows the two exchanges who published contingency plans for November’s BCH fork during the first week of September.

The trading platforms Bitasiaex and Coinex were the first two companies to inform their customers on how they intend to deal with the fork. Coinex plans to do a snapshot of all BCH assets and customers will get a 1:1 split if a bifurcation occurs during the fork. Bitasiaex explains they will also provide a 1:1 and will be watching the fork in order to give the chain “with the most proof-of-work the BCH ticker.”

Ledger Wallet Plans to Pause Bitcoin Cash Services on November 15
Bitcoin ABC and Bitcoin SV do not agree right now on the Nov. 15 consensus changes.

As of right now, two weeks before the fork, both development teams have not added replay protection and many BCH supporters believe it’s very likely the two clients will proceed without adding the protocol. The outcome may lead to a ‘hash war’ and because bitcoin cash uses a concept called Unspent Transaction Outputs (UTXO), when a split occurs without replay protection, both chains are an exact reflection of each other and it’s possible (when sending a transaction after a split) UTXOs can be replayed on both networks. Replay attacks can lead to financial losses if there are mistakes and network confusion or a malicious attacker reuses transaction data on both chains.

Ledger Wallet Plans to Pause Bitcoin Cash Services on November 15
In a ‘hash war,’ the longest chain with the most proof-of-work will essentially be Bitcoin Cash, and many believe the minority branch will die.

Over the next two weeks, it’s likely that more exchanges and wallet providers will be outlining their plans for the Nov. 15 BCH hard fork. It’s safe to assume that because the clients Bitcoin SV and Bitcoin ABC do not have replay protection for the upcoming fork, other infrastructure services will pause BCH transactions until the dust settles. Ledger wallet does offer the ability to use the Ledger wallet system with an Electron Cash supporting wallet and customers can make transactions at their own risk, Ledger concluded on Tuesday.

What do you think about Ledger wallet’s recent announcement concerning the Bitcoin Cash network hard fork on Nov. 15? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Ledger Wallet, Bitcoin ABC, Bitcoin SV, and Pixabay. 


News.Bitcoin.com opinions and editorials are vital reading. Experience more of them here. Further, at Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page?    

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NulleX (NLX) Monthly Development Update for October

nullex nlx

NulleX is a privacy centric cryptocurrency powered by the Null Protocol. The North American project was first launched in 2016 under the name GPUCoin, later rebranding to NulleX in April of 2018. Currently, the Null Network features NAV (Null Array Verification) Masternodes, which let you stake your NLX. The below is an update on what the team behind NulleX has been working on in the month of October.

Linda Project My staking Wallet

In October we saw NulleX and Linda entering into a partnership, the NulleX cryptocurrency will therefore be available on Linda’s Android and iOS wallets. NulleX NAVs Masternodes will also be available also via Linda’s platform.

GINCoin Masternodes

NulleX gained Masternodes listing on GINCoin platform

Satoshis Solutions Masternodes

NulleX gained Masternodes listing on Satoshis Solutions platform.

NullTX – NulleX Partnership

NullTX and NulleX cryptocurrency announced a partnership. NullTX’s founder Marat Arguinbaev, will also be joining the NulleX team as a media advisor, officially supporting the project. Beginning November of 2018 NullTX will also start accepting NLX as payment for various ad packages. As an incentive, advertisers will receive a discount for paying with NLX.

Dynamic Masternodes Rewards System (DMRS)

NulleX is proud to be the first cryptocurrency to implement the DMRS program which will run each quarter. The reward system will be based on the previous quarter’s average trading price performance. The rewards will range between 15% and 50% ROI annually.

Here is an example of the price/rewards scheme. At the end of each quarter the NulleX Core Team will discuss among NAVs holders the upcoming quarterly program:

Up to $0.03 rewards will be at 50% annual ROI

From $0.03 to $0.06 rewards will be at 40% annual ROI

From $0.06 to $0.12 rewards will be at 30% annual ROI

From $0.12 to $0.25 rewards will be at 25% annual ROI

From $0.25 to $0.50 rewards will be at 20% annual ROI

From $0.50 and above rewards will be at 15% annual ROI

The DMRS program will start officially from block #186000

Social Media

The NulleX YouTube channel added the video guide “How to go from your bank to NulleX”:

Upcoming/Outstanding tasks

Tech Developments:

In Q4 we will see NulleX testing Zerocoin on the testnet, in order to develop the privacy features that are so relevant to the NulleX project. In-wallet budget/proposals requests to be enabled.

Social Media:

More YouTube video guides to be uploaded, such as ‘How to run your NAVs on Linda Platform’. Also monthly updates, will be available via our YouTube channel.

More Masternode Listings:

We are working towards gaining listing on masternodes.online in order to gain more exposure.

Crypto Asset Manager:

The development of the ‘Crypto Asset Manager’ is progressing successfully and we should be able to see some functions in beta testing towards of the year. More updates to follow…

Use Case/Partnerships:

NulleX is currently in talks with an organization that would make use of NulleX’s technology, for data protection and financial administration. Further updates on this will be released closer to Q1 2019. There is currently an NDA agreement between both parties.

The post NulleX (NLX) Monthly Development Update for October appeared first on NullTX.

Why the decline of Facebook and rise of privacy apps is bullish for bitcoin

Facebook, Google, and other major hubs of personal data have come under increased scrutiny over the past year due to high-profile data breaches, lack of privacy, and revelations around the ways in which Internet companies handle user data. Although it often seems as if no one cared about the security of their personal data in the past, 2018 has seen an awakening in terms of just how much some of these Internet giants know about their users.

As the old meme goes, this is good for bitcoin.

Internet Users Want More Privacy

Before getting into how this change in the consciousness of the average internet user affects bitcoin, it’s important to look at the data to better understand this shift.

According to a recent report from the Pew Research Center, 44 percent of Americans between the ages of 18 and 29 deleted the Facebook app from their phones in the past year. In terms of all age groups, more than a quarter of Americans deleted the app.

This study came in the aftermath of the scandal involving Cambridge Analytica and the improper sharing of user data by Facebook and parties with access to that data.

It should be noted that Facebook’s overall userbase is still growing, as growth from older generations still more than makeup for the declines seen in teenage user growth.

Of course, the decision to delete one’s Facebook account or simply delete the app does not necessarily mean someone is thinking deeply about their privacy. A study from earlier this year indicated teens were simply moving to Instagram and Snapchat, the former of which is owned by Facebook.

Having said that, the Facebook numbers become much more interesting when contrasted with the growth of privacy-focused tools for using the web. For example, DuckDuckGo, which is a search engine that specifically talks about their focus on online privacy on their website, recently reached 30 million unique searches in a single day for the first time.

While DuckDuckGo’s numbers are still barely a drop in the bucket compared to Google’s more than 3 billion searches per day, the privacy-focused search engine has experienced 50 percent growth over the past year.

ProtonMail, which is an end-to-end encrypted alternative to Google’s Gmail, has also seen major growth over the past few years, as the company recently revealed their userbase has grown to more than 5 million just this past month.

Many have touted the use of Ethereum as a base for decentralized social networking platforms, and while those applications have basically no user activity as of today, Mastodon is a quasi-decentralized social network that has been able to garner 1.5 million users as an alternative to Twitter, according to the software’s creator.

There is even growth on the hardware side of things in the form of Purism, which intends to be a sort of privacy-respecting and open-source alternative to Apple. The hardware manufacturer currently offers two different laptops and plans to release their first smartphone in 2019.

While there was plenty of online outrage in the aftermath of the Snowden revelations some years ago, Internet giants like Google still experienced tremendous growth in everywhere from revenue to user growth. Having said that, ProtonMail, Purism, and Mastodon also didn’t exist back then. With these new tools and platforms available, it’s possible that interest in privacy-conscious web platforms can become more than a passing fad, especially in light of all of the recent negative press received by many of the Internet’s largest corporations.

Cryptocurrencies are the Only Option for Online Financial Privacy

So what does the rise of DuckDuckGo, Mastodon, Purism, and ProtonMail mean for bitcoin?

If there are more people in the world who care about their online privacy and the protection of their personal data, then this should be bullish for the growth of the overall bitcoin userbase because bitcoin and other cryptocurrencies are the only options when it comes to private and censorship-resistant payments and value storage in the online world.

Bitcoin is essentially money as free software. If some Internet users do not want to share their personal data with large internet companies, why would they want to share their online financial data with the likes of Visa, Mastercard, or their bank?

If money is viewed as data, then banks look extremely similar to the Googles and Facebooks of the world. Much like users of platforms created by centralized internet companies can be locked out of their data, the same can happen with one’s money — those who have had their PayPal accounts frozen or been a victim of civil asset forfeiture are likely to understand this point better than others.

Online transactions made via a credit or debit card are also traceable, which sounds similar to Google reading their users’ emails. While bitcoin transactions are far from private today, the eventual goal is to add more opaqueness to payments through protocol enhancements such as Confidential Transactions, Schnorr Signatures, and the Lightning Network.

Today, most of the transactions on the Bitcoin network are easily tracked by a number of different blockchain analytics companies because every transaction is available for everyone to see on the public blockchain. Although, there are some useful tools, such as JoinMarket, available to Bitcoin users who wish to gain better privacy.

Privacy-focused cryptocurrencies like Monero and Zcash also already exist in the wild. Notably, the aforementioned Purism has plans to integrate Monero into their mobile software. A 2017 report from Europol found that Monero had seen a rise in popularity among those involved in the criminal underworld — who have an obvious need for enhanced privacy — due to the privacy and security features offered by the bitcoin alternative.

Obviously, bitcoin and other cryptocurrencies still have issues with price volatility and general usability, but those who wish to use the free software-equivalent of a digital money don’t have any other options at their disposal. This use of bitcoin as “digital gold” is what provides its underlying value proposition.

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Bitcoin Price Intraday Analysis: BTC/USD Recovers amid Downside Vulnerability

Bitcoin on Thursday is trending inside a narrow trading channel, sustaining the 1 percent gain it made the previous day. The BTC/USD instrument is rebounding from the highs made during the Wednesday trading session, now 0.67 percent down at 6307-fiat. The high ticks in bitcoin’s volume index somewhat explain how new money has entered the

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Are Banks REALLY Using Blockchain?

blockchain bank

Despite some of the bad press that cryptocurrency, and bitcoin in particular gets, we’ve seen tremendous interest from many traditional financial institutions and investors. The driving force behind this interest isn’t so much the cryptocurrencies themselves, as it is the technology that the industry is built on – Blockchain technology.

If asked the question “are banks actually considering blockchain technology?” The answer is yes, they are.

Although most of those banks who have shown interest in the technology are still at an early stage of the adoption process, with around three quarters claiming to be involved in a proof-of-concept, drawing up a blockchain strategy, or just at the stage of looking into the technology, there is signs of concrete interest from the industry.

Nine out of ten executives who were surveyed on behalf of management consultancy company Accenture went on record as saying that their bank is evaluating the idea of using blockchain for payment processes.

Among the benefits that most of those executives expect to see from the implementation of blockchain technology are lower costs, fewer errors, faster settlements, and fresh revenue opportunities.

According to CEBNet, we’ve already seen 12 of the 26 publicly listed banks in China adopt blockchain technology for some use cases within their systems.

Among those banks include a variety of both state-owned, such as the Bank of China, to private enterprises such as China Merchants Bank.

While China is at the forefront of the blockchain adoption revolution and could thus be expected to welcome blockchain technology to their banking sector they are not alone in adopting the technology.

Financial institutions from other parts of the world are also getting in on the act, including the likes of ALFA Bank from Russia, LatiPay from New Zealand, both of who have been working with a US-based blockchain company, while EQIBank has become the world’s first licensed and regulated bank providing crypto exchange, storage, and custody.

The Federal Bank of India & Lulu Exchange have struck up a partnership with a Bengaluru-based fintech company, and Standard Charter bank have been forging connections with a blockchain network.

Despite the many benefits on offer, however, there are still some obstacles to overcome, with specific issues causing resistance to adoption.

Among them, unsurprisingly, is regulatory and compliance issues.

The unregulated nature of cryptocurrency is well known, and there has been no shortage of horror stories in the media, talking about exchanges who have faced cyber attacks and lost their clients money and ICOs which have proven to be nothing more than scams.

The traditional financial industry is, for the most part, extremely well regulated, and to tempt those who work within that industry to cross over into the cryptosphere, there has to be a willingness from cryptocurrency platforms to step up to the regulatory plate.

Security issues have seen the loss of anywhere from 2.78 million to 3.79 million bitcoins, all of which are gone for good, and these issues also play a part in the reluctance of some to engage in the adoption of the technology.

As one executive correctly said, “the technology will only work if everyone adopts it. It has to be all or nothing,” and while it may be easier said than done, the truth is that there will have to be a level of collaboration between financial institutions if they are to collectively reap the benefits that this new technology has to offer.

As Chief Administrative Officer of RBS, Simon McNamara said:

“We are going to see blockchain solutions, peer-to-peer solutions emerging in our industry and we want to be close to that development.”

The technology is there, and the time for it to be integrated into mainstream banking is closer than ever.

The post Are Banks REALLY Using Blockchain? appeared first on NullTX.

Cryptocurrency ‘Code Of Conduct’ Comes From Circle, Coinbase and Others

Circle, Coinbase and ConsenSys are among the group of “founding members” choosing to leverage crypto nonprofit Global Digital Finance to create new ethics standards.


Businesses Will ‘Demonstrate Professional Standards’

In an October 1st press release, the recently-formed Global Digital Finance (GDF) announced it was releasing its Code of Conduct (also known as the GDF Code) and Taxonomy for Cryptographic Assets after a two-month ratification period from its community over a “series of mini summits.”

The Code, the release explains, is the departure point for what should become a “shared rulebook” government reputable businesses in the cryptocurrency arena.

These will then “demonstrate to their customers, markets and regulators, that they abide by ethical and professional standards in their conduct with clients, money handling, risk management, and market practice,” GDF claims.

“Customers want to know the firms they are doing business with are ethical and not breaking (international) laws,” co-founder Simon Taylor commented.

“This extends from cryptocurrencies like bitcoin, wallet providers and exchanges, to firms offering investment products in tokens, securities, and funds.”

The Push For Recognition

The diverse regulatory landscape worldwide and dubious reputation of many even better-known cryptocurrency entities have traditionally made for troublesome coordination.

Self-regulatory efforts continue to take off, however, such as in Japan where authorities granted permission for an autonomous body governing the exchange sector to legally police it last month.

Going forward, an industry group working with regulators to shape the future landscape is essential for the GDF, a lawyer associated with the project says.

“It has been incredibly positive to see the industry come together with regulators and policy makers to achieve something significant in a relatively short space of time,” Hogan Lovells Blockchain Practice head John Salmon continued.

Other community initiatives focus on open standards for security and knowledge certification such as the CryptoCurrency Security Standard (CCSS), which has drawn expertise and input from figures such as Andreas Antonopoulos.

What do you think about the GDF code of conduct? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, Twitter (@GlobalDigitalFi).

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BlackRock to Wait Until Crypto Market is Legitimate Before Offering ETF

BlackRock, the world’s largest asset management firm, will not be offering a cryptocurrency exchange traded fund (ETF) until the markets are further legitimized. Despite the asset management firm’s CEO, Larry Fink, being bullish on blockchain technology, he still has reservations regarding cryptocurrency.

Fink’s comments regarding the cryptocurrency markets came about during the New York Times Dealbook Conference in Manhattan on Thursday, reports CNBC, where he was asked about his company’s openness towards entering the cryptocurrency markets.

Fink importantly noted that BlackRock isn’t closing the door on cryptocurrency-related investment products, but rather that they aren’t ready at this time. When asked about if they would ever release a cryptocurrency ETF, Fink said, “I wouldn’t say never, when it’s legitimate, yes.”

Cryptocurrency Market Legitimacy Could Be Brought by ETF Approval

Over the past several months, investors have been incredibly curious as to whether or not the U.S. Securities and Exchange Commission (SEC) will approve any of the Bitcoin ETF applications that are currently awaiting their decision.

Although they have already denied several applications, one specific application, issued by VanEck and SolidX, is seen as being the most likely to be approved.

The SEC has postponed their decision on this application, and it is unclear when the regulatory agency will release a formal decision on the application.

In a recent interview with Fox Business, Gabor Gurbacs, the director of digital asset strategies at VanEck, expressed that he is cautiously optimistic regarding the approval of their ETF, saying:

“We are the closest that we can be. It is very clear to me that America wants a Bitcoin ETF and we are here to build it.”

The SEC’s approval of the VanEck Bitcoin ETF could be the legitimizing event that companies like BlackRock are waiting for before entering the markets.

Fink, however, seems to believe that the anonymity features will remain an issue for cryptocurrencies, and that governments won’t give their blessing to Bitcoin until there is further regulation in the industry.

“It will ultimately have to be backed by a government. I don’t sense that any government will allow that unless they have a sense of where that money’s going for tax evasion and all of these other issues,” Fink explained.

Despite this being perceived as an issue by Fink, and subsequently by BlackRock, he still expressed some hopefulness towards the future of digital currency, saying that one day cryptocurrencies could be widely seen as a store of wealth.

“I do see one day where we could have electronic trading for a currency that could be a store of wealth. But right now the world doesn’t need a store of wealth unless you need that store of wealth for things you should not be doing,” he said.

BlackRock Bullish on Blockchain Technology

Despite being somewhat neutral regarding cryptocurrencies themselves, Fink further explained that he is bullish on the blockchain technology underpinning digital currencies, expressing that it could revolutionize every industry that is currently paper-based.

“We are a huge believer in blockchain. The biggest use for blockchain will be in mortgages, mortgage applications, mortgage ownership, anything that’s labored with paper,” he optimistically added.

Featured image from Shutterstock.

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Bitcoin ATM Operator Coinsource Gets New York Regulator’s Green Light With ‘Bitlicense’

Bitcoin ATM operator Coinsource has been granted a virtual currency license from the New York State Department of Financial Services (NYDFS).

Bitcoin ATM operator Coinsource has been granted a virtual currency license, or ‘Bitlicense,’ from the New York State Department of Financial Services (NYDFS), according to a press release published Nov. 1.

The regulator has thus given its formal seal of approval for New Yorkers to use cash to buy or sell Bitcoin (BTC) using Coinsource’s “Bitcoin Teller Machines (BTMs).” The Texas-based operator already deploys 40 such machines across the state – in New York City, Westchester and Nassau County – and is the first BTM operator to receive a NY virtual currency license.

BTMs are touchscreen kiosks that enable customers to deposit cash and either buy Bitcoin – with the purchase synching automatically to their mobile wallet – or to scan their mobile wallet at the kiosk, sell their crypto, and withdraw cash.

NYDFS has clarified that its decision followed upon a comprehensive and scrupulous review of Coinsource’s application and subjects the firm to significant regulatory conditions.

These include implementing robust anti-money-laundering (AML), and counter-terrorism-financing (CFT) measures, as well as “risk-based controls” to prevent or respond to any “potential or actual wrongful use of Bitcoin.” The latter is defined (but not limited to) its use for illegal activity or market manipulation, the press release notes.

Coinsource CEO Sheffield Clark has said the new license represents an opportunity for “all New Yorkers – from [the] unbanked to [those] who own the banks – [to] use our kiosks in [...] neighborhood retail locations to buy bitcoin instantly in a convenient and familiar way.”

In her statement, Financial Services Superintendent Maria T. Vullo placed a strong emphasis on “implementing strong regulatory safeguards” while fostering the “responsible growth of financial innovation.”

As the press release outlines, NYDFS has proactively responded to bringing technology-based financial innovation under its regulatory purview, and has to date approved twelve charters or licenses for firms in the virtual currency sector.

NYDFS has been a key player in the launch of a suite of new stablecoins this fall, including the U.S. dollar-backed stablecoin from blockchain trust company Paxos, and that of the Winklevoss Twins’, dubbed Gemini dollar, which both launched September 10.

Hong Kong Regulator Announces New Plans for Cryptocurrency Industry

The Securities and Futures Commission of Hong Kong has announced new plans to regulate the cryptocurrency industry. The regulator issued two circulars on Thursday outlining new rules for crypto exchanges as well as crypto asset portfolio managers, intermediaries, and fund distributors.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Regulatory Approach

Hong Kong Regulator Announces New Plans for Cryptocurrency IndustryThe Hong Kong Securities and Futures Commission (SFC) issued two circulars on Thursday concerning cryptocurrency regulations. The first outlines “a new approach which aims to bring virtual asset portfolio managers and distributors of virtual asset funds under its regulatory net,” the commission wrote. It also “sets out a conceptual framework for the potential regulation of virtual asset trading platforms.” The second document addresses intermediaries that distribute crypto funds.

Hong Kong Regulator Announces New Plans for Cryptocurrency IndustryThe SFC defines a virtual asset as “a digital representation of value, which is also known as ‘cryptocurrency’, ‘crypto-asset’ or ‘digital token’.”

Citing “significant risks virtual assets pose to investors,” the commission announced that it will “adopt new measures within its regulatory remit,” elaborating:

The SFC will impose licensing conditions on firms which manage or intend to manage portfolios investing in virtual assets.

In addition, the regulator noted that it will explore whether crypto exchanges “are suitable for regulation in the SFC regulatory sandbox.”

Risks Under Existing Law

Hong Kong Regulator Announces New Plans for Cryptocurrency IndustryIn the first document, the securities watchdog expressed concern over “the growing investor interest in gaining exposure to virtual assets via funds and unlicensed trading platform operators in Hong Kong.” The SFC explained that investors are not protected since the Securities and Futures Ordinance (SFO) currently does not apply to unregulated exchanges or portfolio managers, adding:

Under existing regulatory remits in Hong Kong, markets for virtual assets may not be subject to the oversight of the SFC if the virtual assets involved fall outside the legal definition of ‘securities’ or ‘futures contracts’ (or equivalent financial instruments).

The regulator proceeded to outline the “significant risks” associated with investing in crypto assets which it has identified such as volatility, liquidity, cybersecurity, safe custody of assets, market integrity, money laundering, terrorist financing, conflict of interest and fraud.

Licenses and Regulatory Sandbox

Under the new rules, crypto asset portfolio managers will be subject to the SFC’s supervision “irrespective of whether the crypto assets meet the definition of securities or futures contracts.”

Noting that firms which distribute funds that invest in crypto assets in Hong Kong will need to be licensed, the commission detailed:

Licence applicants and licensed corporations are required to inform the SFC if they are presently managing or planning to manage one or more portfolios that invest in virtual assets.

Hong Kong Regulator Announces New Plans for Cryptocurrency IndustryThe SFC will then evaluate whether the firm is capable of meeting the expected regulatory standards. If the firm does not comply with the proposed terms and conditions, its licensing application will be rejected. Licensed corporations failing to comply will be required to unwind their crypto portfolios within a reasonable period of time.

“If the SFC grants a licence to a qualified platform operator, it will impose appropriate licensing conditions and the operator will proceed to the next stage of the sandbox,” the regulator described. “This would typically mean more frequent reporting, monitoring and reviews,” the commission added, stating:

After a minimum 12-month period, the virtual asset trading platform operator may apply to the SFC for removal or variation of some licensing conditions and exit the sandbox. Licensing conditions (and terms and conditions) imposed in this stage would be made public in the usual way.

Crypto Asset Funds

Hong Kong Regulator Announces New Plans for Cryptocurrency IndustryThe second circular addresses both authorized and unauthorized intermediaries that distribute crypto funds. They are required to comply with the SFC’s Code of Conduct. “Specifically, intermediaries should ensure that the recommendation or solicitation made is suitable for clients in all circumstances,” the regulator emphasized.

Intermediaries should also provide their clients with all the necessary information to make informed investment decisions “in a clear and easily comprehensible manner.” Furthermore, the SFC explained that they must conduct due diligence on the fund manager, the fund itself, and the fund’s counterparties, noting:

Intermediaries are reminded to implement adequate systems and controls … before they engage in the distribution of virtual asset funds. Failure to do so may affect their fitness and properness to remain licensed or registered and may result in disciplinary action by the SFC.

What do you think of the SFC’s new rules to regulate the crypto industry in Hong Kong? Let us know in the comments section below.


Images courtesy of Shutterstock and Hong Kong SFC.


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Unilever, Scania and Campari enter augmented reality and help ARROUND hit its Soft Cap!

arround

ARROUND represents a dynamic new breed of ICO projects. The tokensale is still underway, but the project team has already launched a mobile app, hit its Soft Cap and kicked off advertising campaigns with some of the world’s biggest brands including Scania, Carmex, Unilever, Campari and Horseforce.

Augmented reality has long been one of the hottest technology trends, and now it’s making headway into the business and consumer markets. Companies are rapidly adopting AR as a way to drive sales and foster user engagement. ARROUND is building the ever first mass-market solution to unite consumers, advertisers and developers into a single augmented reality world.

How does it work? When the user launches the mobile application (already available for download for iOS and Android), the phone camera shows not only the real world but also the hidden world in augmented reality – a stunning array of AR effects including animated 3D avatars, digital holograms and messages. Content on the network can be personalized for each user based on their interests, location, age and a wide variety of other factors. The app offers the opportunity for companies and organizations to quickly and inexpensively take advantage of this new landscape. The unique experience that AR provides has already shown to be a valuable tool for developing customer loyalty, and it also allows companies to run imaginative advertising campaigns. Allied with big data and advanced targeting, this game changing technology puts user engagement at the heart of the advertising message, delivering improved customer loyalty and offering a much higher return on investment than traditional mobile marketing channels.

One of the first companies to launch an AR campaign with ARROUND is Sweden’s Scania. The commercial vehicle manufacturer has placed its brand new Scania 730 premium truck in some of the world’s busiest cities. The trucks are currently wowing passers by in augmented reality in Hong Kong’s Avenue of Stars, London’s Horse Guards Parade, Beijing’s Summer Palace and among the skyscrapers in Moscow City, as well as in prime locations in Prague, Washington, Ottawa, Berlin and a host of other capitals. All this became possible thanks to ARROUND.

The latest indicators show that augmented reality applications are gaining increasing popularity among smartphone users. Both the general public and content developers are starting to see the enormous potential that augmented reality technologies can have on their everyday lives. Given this wave of interest, it’s no wonder that other large international companies, besides Scania, such as Unilever, Carmex, Magnat, TRESemme and Campari have got involved with the project.

The support of these large companies demonstrates the demand for the solutions provided by ARROUND, which is currently selling ARR tokens on from its fundraising website.

These tokens are the internal currency of the platform, and every commercial partner placing inexpensive and effective advertising in augmented reality will need to purchase these coins to run their campaign, providing for the support and growth of the token’s exchange rate. The price of one coin is currently 0.035 USD, and they are available from https://arround.io. A maximum of 3,000,000,000 ARR tokens will be issued.

The promising ICO has already received the support of Asian-Investments, a crypto fund operating in the Asia-Pacific region, which has invested more than $2,000,000 into the project. To date, during the tokensale, which started on September 15, the project has raised more than $5,000,000 in funds.


This is a sponsored article and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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Bitcoin Price Watch: Will the Currency Repeat Its Previous Behavior?

At press time, the father of crypto has shot back up to $6,300 after falling to its lowest point in weeks. Recently, bitcoin was traversing the $6,200 range after sitting at $6,400 for some time. No one expected the currency to move all that much considering volatility has been at an all-time low, but move it did, and the price repeated its early October behavior.

While this reporter is not a financial analyst, there are probably two likely outcomes that could stem from this scenario. The first is that bitcoin moves right back up to $6,400 and the drop will be a thing of the past. However, there’s a second possibility that bitcoin will potentially meander through $6,300 for some time.

BTCUSD: Bitcoin's Breakout is Lifeless — Here's The Breakdown (BTC)

If we can all remember for a few moments, bitcoin was traversing $6,500 throughout the latter half of September. The price drops it incurred later brought it down to 6,200, though it didn’t stay here very long. The currency quickly recuperated and moved up to $6,400, though its recovery stopped there. It didn’t fix itself 100 percent; it stopped shy of $100, leaving many wondering what was going to happen in the future.

This time around, should bitcoin repeat this sort of pattern, we may see it remain in the $6,300 range where it is now. After all, it fell back down to $6,200 and has already recovered somewhat, though last time, it did so short of $100, and if bitcoin does the same thing again, we may see it trade in the $6,300 range for a while. It’s unfortunate, as this reporter is sure everyone would like to see higher numbers, though we must remain conscious that virtually anything can (and sometimes will) happen with bitcoin, and we need to be prepared for the worst, along with the best.

So, what can we expect from bitcoin next now that we’ve started the month of November? Well, as one analyst is claiming, bitcoin – often referred to as “digital gold” – was completely outperformed last month by “real” gold, which ended October by trading at roughly $1,220 an ounce. This is over $30 higher than where it began the month (approximately $1,189 an ounce). Gold is trading higher, while bitcoin is down in the dumps.

In its defense, however, bitcoin is seemingly tied to the stock market, which suffered greatly during the month of October. The Dow Jones fell approximately 800 points and bitcoin followed suit. In addition, a $30 rise during a single month for gold isn’t something to be terribly proud of, so one can’t exactly say that bitcoin is over and done for.

Bitcoin Charts by TradingView

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PR: Optherium Launches a Global Finance Blockchain Infrastructure

Optherium Launches a Global Finance Blockchain Infrastructure

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Traditional fiat institutions and cryptocurrency exchanges alike have been troubled by theft, slow transaction speeds and data security. For crypto holders, a lack of asset usability with existing solutions has caused widespread annoyance and kept potential adopters away.

Enter Optherium, a global fintech company and member of the Linux Foundation, Hyperledger, and the Crypto Valley association. Optherium’s MultiDecentralized Private Blockchain Network allows both fiat and crypto users fast asset conversions and secure storage. The mission of the Ecosystem is to bridge the traditional and digital economies by providing the most secure, fastest and most accessible B2B and B2C service.

The Optherium Ecosystem aspires to become a global financial blockchain infrastructure, with mass adoption by Fortune 500 enterprises. It’s modular Ecosystem allows for adapting by any company on the globe. Clients can use the ecosystem as a ready made platform, or they can purchase services under a white labelled agreement that allows features to be tailored, adapted and scaled to specific user needs.

Financial institutions also have the option of relocating company data into the Optherium ecosystem to increase the security, speed and efficiency of operations. User data and information is protected through the private blockchain’s ability to encrypt and decrypt on a distributed ledger in seconds. By complying with anti-money laundering protocols and verifying investors through KYC procedures, Optherium also ensures and prioritizes user identity and legitimacy.

Optherium:

● Holds eWallet and Exchange licenses;
● Has a working, downloadable ewallet VivusPay: available on Android and iOS. The application is capable of holding assets and processing crypto-fiat, fiat-crypto, and crypto-crypto transactions at speeds of 100,000+ transactions per second;
● Is in the process of receiving an electronic money institution license and foreign exchange licence;
● Plans to issue a physical debit card to all users that will allow them to convert crypto to fiat and withdraw funds from any ATM in the world.

The Optherium Ecosystem is based on the MultiDecentralized Private Blockchains Network™. Information, whether it be personal data, biometric information or passwords, is segmented, individually encrypted and put on separate private blockchains. A hacker looking to steal a user’s data would have to break into all blockchains and decrypt each piece of data to get the whole picture, which is nigh on impossible.

The MultiDecentralized Private Blockchains Network is also the driving force behind Optherium’s speed. The network combines nodes into channels and then layers those channels together to produce transactions that occur at starting speeds of 100,000 transactions per second (TPS). This is the fastest speed to date for any financial institution, and more than 66 times faster than Optherium’s nearest blockchain competitor, Ripple.

Unlike financial institutions that decrease in speed due to an increased number of users, an increase in Optherium users means a greater quantity of nodes and thus quicker transactions. Every new user heightens efficiency, speed and security within the Ecosystem.
Most importantly, the Optherium platform is already available for public use.

Optherium’s Key Recovery Service (KRS) takes security to the next level. KRS is a data recovery service stored within the Ecosystem. Data recovery is possible due to a spare key contained in cold storage. For imaginative purposes, think of a vault in the Swiss Alps, guarded by the military; user data is subject to the highest degree of protection. KRS is capable of recovering assets such as Fiat and crypto funds, or digital data: video, photos, and texts. As a result, round the clock impenetrability is assured.

Optherium was developed by Serge Beck, an entrepreneur with a programming background who worked on Wall Street for over 10 years, for big names such as HSBC, Merrill Lynch and Bear Stearns. While developing and implementing products for these institutions, he witnessed first-hand the absence of efficient services that could meet the full scope of customers needs while still prioritizing user security. Unfortunately traditional banks are still centralized repositories of information. Despite their levels of security and encryption, our digital age increases the likelihood that a centralized database can in fact be hacked. Consumers may unintentionally add to risks of identity and asset hacks by accessing risky third party websites, losing their cards or by falling prey to theft. Serge became committed to the idea of speedy global transfers, short signature wait times, geographic location, or high transaction fees.

To remedy these concerns, Serge Beck teamed up with Roman Kaganov, a blockchain expert and crypto trading platform creator who has worked with Russia’s two biggest banks, Sberbank and Gazprombank. Together they created the Optherium Ecosystem. Exchanging or sending fiat and cryptocurrencies is all done within the Optherium Ecosystem, eliminating the need for third parties. Through it’s BitCrox exchange that uses the in-house OPEX token as an intermediary, Optherium can facilitate a conversion of any size. Verification and conversion is instant, while fees are much lower than traditional providers of such services. As an example, a wire transfer (excluding currency conversion fees) costs an average of $45 in the US.

While the MultiDecentralized Private Blockchains Network is the first step towards next generation security, Dynamic Biometrics™ is the second. Optherium’s patented technology requires users to go through multi-factor authorisation to access any information within the Ecosystem. Banks claim they are tackling the growing risk of fraud with regular biometrics, but already we can see its flaws. Earlier in the year Samsung’s supposedly “secure” iris scanner was fooled by a high resolution 3D printer. Optherium’s use of Dynamic Biometrics raises the bar. Users have the option of uploading a biometric template that includes dynamic facial movement. The technology not only captures a person’s facial features, but encrypts the idiosyncrasies of their minute movements, which can’t be copied. With Dynamic Biometrics, you don’t have to worry about forgetting your password, your face is the key to all sensitive information.

Dynamic Biometrics is the gateway to another feature that puts Optherium ahead of its competitors: Key Recovery Service. KRS allows any user of the Ecosystem to retrieve their private key and subsequently their digital assets, no matter where they are on the globe. Optherium keeps a copy of your private key in cold storage, on multiple air gapped computers. Air gapping is so secure, it is used by governments and militaries around the world. If a key is lost, forgotten, or stolen, secure multi-factor authorisation, including biometric identification, allows Opherium to retrieve this key from cold storage and make a copy. Any user who requests the KRS can get back into their account almost instantly.

With a product that has every chance of changing global finance for the better, what is Optherium doing to communicate with a global audience? In the last year the team has invested $3 million to create VivusPay, a MVP (Minimum Viable Product) which is currently on the market. VivusPay is capable of holding, transferring and exchanging fiat and cryptocurrencies globally. VivusPay gives you the chance to look at KRS and other features of the Optherium Ecosystem first hand. Furthermore, Optherium’s Whitelist sale has been open to the public since the start of October: investors can pick up discounted OPEX tokens or explore node licensure.

Optherium’s professional team enthusiastically manages new developments to advance the Ecosystem and its products. Growing in all areas of the business, Optherium Labs has continued to expand and showcase efficiency. The company’s global outreach can be seen through numerous presentations, conference presence and strong national investor relations. Notable members include: CIO Vadim Ivanenko, the investor relations expert, and CFO Bunty Agarwal, the finance and commodities specialist.

Optherium has also:

● Signed a contract with CoinBene, the top crypto exchange market in Asia with over 1 million users, who will promote the VivusPay application and list Optherium’s OPEX token on their exchange;
● Received certification for Facebook and Google advertising. As these platforms typically ban all ICO/ Blockchain related adverts, this is a huge achievement and shows Facebook and Google trust in the legitimacy of Optherium’s product;
● Become a member of Linux, Hyperledger and the Crypto Valley Association, alongside Google, IBM, J.P. Morgan, Deutsche Bank, Cardano and Deloitte.

Optherium’s next step is to increase scale with its own business incubator that can carefully provide selected startups with an API to the Optherium Ecosystem. Startups will be able to create new, useful and reliable products based on the functionality of the entire Optherium network. Each new technology or product created within the Ecosystem will complement and strengthen the entire blockchain network.

In an increasingly global world, Optherium’s modular Ecosystem is ready to provide services for all individuals and corporations. With increased exposure, the project is picking up pace and gaining the recognition it deserves. Serge Beck, the CEO of Optherium, believes that the Ecosystem is five years ahead of its competitors. With the pending release of the trading platform, OTC Desk, consolidation of the traditional and digital finance spheres seems closer than ever before. Optherium invites you to play a vital role in their journey by directly participating in the Whitelist Sale today. To stay on top of all of the newest developments, visit Optherium’s Telegram channel. Welcome to the new blockchain standard.

Contact Email Address
sb@optherium.com

Supporting Link
https://tde.optherium.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Popular Ethereum DApp Browser MetaMask to Launch Mobile App Version

Ethereum’s most popular browser extension MetaMask reveals mobile app version at Devcon4 conference in Prague.

The mobile app version of the currently most-downloaded Ethereum Chrome browser extension MetaMask was revealed during Ethereum’s annual Devcon conference Oct. 31, according a tweet from the CEO of ConsenSys Joseph Lubin.

Lubin, whose New York-based Ethereum blockchain software firm and incubator ConsenSys has been working on MetaMask since 2016, stated in the tweet:

“Everyone's favorite Ethereum browser extension is coming to your phone. The team is focusing on not being ‘just a wallet,’ but a portal to the world of all things blockchain.”

MetaMask, an extension available for Chrome, Firefox and Brave with more than one million downloads in Google's Chrome Web Store, currently allows users to run Ethereum decentralized applications (DApps) in their browser. The extension also serves as a web-based non-custodial wallet for Ethereum and ERC-20 tokens.

Also at Devcon4, on Oct. 30, the Ethereum developer that co-authored the ERC-20 token standard, Fabian Vogelsteller, introduced a new model for Initial Coin Offerings (ICO), dubbed called ‘reversible ICO,’ that seeks to better protect investors.

The same day as MetaMask’s announcement, Ethereum co-founder Vitalik Buterin made a keynote speech at the event, unveiling the roadmap for Ethereum 2.0, also referred to as Serenity. When asked about the particular date of the release, Buterin answered evasively that it was “really not so far away.”

Coinsource Receives First BitLicense to Operate Bitcoin ATMs in New York

The world’s largest bitcoin ATM company has finally received official approval to operate in New York. They had previously been operating in New York almost since the company’s inception via a provisional license. Last year, they received coverage in the New Yorker and have frequently been in the news with word of new ATMs across

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‘We Can Make Any Device a Crypto ATM’: 170,000 Shops Globally to Sell Bitcoin, Altcoins

A new virtual crypto ATM software which allows people to buy or sell cryptocurrency at any retail location that has a checkout. The only thing required by customers is their email address.

While the number of people who want to use Bitcoin or Ethereum for their daily purchases is growing, one of the most confusing aspects for beginners is still how to actually buy and sell crypto. Online peer-to-peer exchanges may look questionable or too complicated for some users. Purchasing altcoins may be even more complicated - in order to buy many of them, users have to purchase major cryptocurrencies first.

Netcoins Inc. is one of the companies that aims to offer a solution for those who prefer to buy Bitcoin and altcoins from a trusted source, rather than online. The team is creating a new opportunity for altcoins to get into the physical retail marketplace, allowing users to buy crypto instantly for fiat with cash, debit, or credit card.

How it works

Netcoins, a company based in Vancouver, BC, Canada, has a global retail network of 170,000 locations in 53 countries across six continents, where people can easily walk into a store to buy Bitcoin and altcoins with fiat.

The company says, these 170,000 stores open up the purchase of coins to the average person right in their own neighborhood, without the potential headaches of signing on with an exchange.

Most of the stores sell vouchers which can then be redeemed online, on the Netcoins website, for crypto. In some locations, Netcoins operates its own virtual crypto ATM software that allows retailers to sell a wide variety of cryptocurrencies. “We turn any device like a tablet or laptop into a virtual crypto ATM, so that consumers can buy crypto easily in a familiar retail setting,” the company says.

Any retailer that has a checkout can host Netcoins’ virtual crypto ATM software. It can be a supermarket, an electronic or beauty store – virtually anywhere where customers make purchases. The only thing required by the customer is an email address and a small convenience fee, which the retailer shares with Netcoins.

“The customers don’t need to understand anything more about cryptocurrency,” said Mark Binns, Netcoins’ CEO and director. Customers don’t even necessarily need to have a digital wallet. The software can create a blockchain wallet for them automatically. Netcoins’ software engine also provides real-time quoting, exchange options, instant ordering, and automated invoicing. The app can run on a browser from any internet-connected device.

Altcoin potential

Netcoins has been working in the cryptocurrency market for four years. The company believes that its platform can make cryptocurrencies more popular for the 95 percent of the population that is still not familiar with the crypto market.

The team also hopes their solution will help altcoins overcome the issues they currently have. Though the usage of altcoins is growing, Bitcoin and Ethereum are still the dominant cryptocurrencies for transactions.

Besides the problems with mass adoption, it may also be very expensive for altcoins to get listed on many traditional exchanges. Netcoins recently ran a special coin listing contest where users could nominate and vote for their favorite altcoin. 83 coins were nominated and the cryptocurrency Steem took home the top prize. They will get a free listing worth $30,000 on Netcoins’ platform. In just the last few months, Netcoins has increased the number of coins available on its platform from 2 to 17.

The Netcoins team believes in the potential of altcoins. “We allow altcoins to gain exposure in a retail environment and make it available for the average consumer, saving the need for a traditional exchange account” —  the company says. In 2018, Netcoins listed 13 paid altcoins on its LAAS (Listing As A Service) business model for coin listings.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Early-Access Launch of USD-Pegged Cryptocurrency StableUSD Announced by Stably

Stably, a venture capital-backed startup seeking to bring stability to the cryptocurrency market is launching an early-access sale of a price-stable cryptocurrency that is pegged and fully backed 1:1 by the U.S. dollar, the StableUSD (USDS) stablecoin, the company announced in a press release on Oct. 31.

Stably Launches Early-Access StableUSD Sale

The Stably developer team has officially launched its early-access sale of the StableUSD (USDS) token on the Ethereum network, the company announced in a blog post.

Stably, based in Vancouver, Canada, is a venture capital-backed startup seeking to bring stability to the volatile cryptocurrency market through a secure, transparent medium of exchange. The company has already raised around $500,000 in seed funding from various funds and investors to kickstart their StableUSD project.

With each StableUSD token fully backed 1:1 to the U.S. dollar, the tokens are equivalent in value to American fiat currency.

Starting October 31, anyone can apply to be a verified client to buy and redeem StableUSD. According to the company’s press release, a verified client can send cash to the company’s regulated trustee to initiate the transaction. Stably then submits the transaction to the smart contract, which mints new StableUSD tokens and sends them back to the client.

And while the company failed to give any exact dates on when the entirety of its service will be available, Stably said that the ability to create and redeem StableUSD will be accessible in an easy-to-use web portal in the near future. Once the redeeming feature is live, the company will also launch StableUSD pairs on exchanges.

However, the company did note that the process of submitting transactions to the smart contract will also work with any cryptocurrency, including Tether (USDT). The sent cryptocurrency will be converted to U.S. dollars on the open market by a regulated third-party trustee. The corresponding amount of StableUSD will then be minted and sent back to the client through their smart contract.

New Partnerships to Increase Stability and Transparency

In response to the increasing standards on transparency and stability many investors have shown, Stability has also entered a partnership with Prime Trust, a regulated financial institution overseen by the banking commissioner’s office at the Nevada Financial Institutions Division.

According to the company’s press release, Prime Trust has agreed to be the regulated trustee for Stably’s StableUSD fiat reserves, allowing users of Stably’s future platform to view the company’s fiat reserve’s balance in real-time via a live feed from Prime Trust’s API.

The company has also engaged with leading accounting firm Cohen & Co. as an auditor to provide third-party audits of the company’s quarterly financial statements and conduct weekly attestations for Stably’s fiat reserve.

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