Day: March 14, 2018

Crypto exchange Coinbase, now the first crypto exchange to open a UK bank account, will add support for UK’s Faster Payments Scheme #NEWS

Florida senator Bill Nelson has denounced Venezuela’s petro token and asked how the U.S. Treasury plans to enforce sanctions.

Bringing an additional trust factor to commerce will be a big challenge. The Monetha team is planning to do exactly that, as they want to focus on both buyers and sellers in this regard. Establishing a global trust ecosystem for commerce will certainly open up a lot of opportunities, although the number of challenges should not be underestimated either.

What is Monetha About?

There are many ways in which blockchain technology can be used in a positive manner. In the case of Monetha, they want to establish a global trusted reputation ecosystem for commerce. This is beneficial for both buyers and sellers, as it removes the need for uncertainty when purchasing and allows people to rate their previous experiences in a transparent manner.

How Does it Work Exactly?

No one will deny that merchants all over the world face a lot of critical issues these days. Right now, the main problem comes in the form of trust and reputation. Building trust is difficult, and it seems to apply only to centrally controlled marketplaces. In the case of Monetha, the centralized aspect will be removed completely, and a reputation system will be enabled across all platforms that come to mind.

Moreover, Monetha aims to address expensive and long payment processes. With over a dozen steps required to settle transactions as well as fees to take into account, it is evident this entire process can be simplified quite a bit. There is no simple solution in place for merchants, especially when it comes to mobile payments. Monetha wants to change that as well.

Monetha’s decentralized trust and reputation solution can process mobile payments using Ethereum’s smart contract technology. As such, these payments can be accepted in a cheaper and faster manner. Combine that with a way to reach the growing global Ethereum community, and it is evident Monetha is a project well worth keeping an eye on.

The MTH Token Explained

With Monetha issuing its own native MTH token, the big question is what this currency can be used for exactly. Investing in the overall ecosystem is one of the primary use cases, of course, but that is not all there is to MTH. Instead, it is a way of rewarding token holders for making payments via Monetha. Merchants will pay a 1.5% transaction fee, of which 0.5% will go to a voucher reward smart contract for all Monetha token holders. Additionally, there will be a loyalty program rewarding users with 0.2% of the transaction value in the form of MTH tokens.

The Road Ahead for Monetha

If all goes according to plan, we will see the first version of the Monetha product launched by the end of this month. On top of that, the team will focus on hiring more developers to improve their product, boost overall brand awareness, and build the organization in target markets. All of these developments will require a lot of work and effort, but they should all come to fruition in the next few weeks.

Banks are slowly changing their opinion on cryptocurrencies. A few institutions still prefer to restrict access to this new form of money altogether. Barclays, on the other hand, has entered a partnership with Coinbase. As such, the popular cryptocurrency exchange now has a UK bank account which opens up a lot of new opportunities.

Barclays and Coinbase Team Up

People who have kept an eye on the cryptocurrency may have noticed there’s a lack of GBP support. Most non-UK exchanges seemingly prefer not to deal with GBP as we speak. It seems Coinbase is taking the completely opposite approach in this regard. By partnering with Barclays, the company becomes the first major partner for a UK bank.

The goal of this partnership is straightforward. Coinbase wants to make Bitcoin more accessible to British customers. With British lenders distancing themselves from Bitcoin in the past, this is a major milestone for the cryptocurrency industry. There is another benefit to this new partnership as well, though. Coinbase now also has an e-money license in the United Kingdom. As such, they can now benefit from the Faster Payments Scheme.

Making it easier and faster to deposit and withdraw money to and from Coinbase is always a positive change. Until now, UK users had to rely on an Estonian bank for these transactions. It is far from an ideal solution. With Barclays now on board, all of those problems have become a thing of the past. For now, the Faster Payments Scheme support will only roll out to a select group of users. Eventually, this feature will become accessible to all users across the UK.

The Purpose of the e-Money License

The biggest part of this new deal is how Coinbase now has an eMoney license. Coinbase can effectively issue e-money and offer payment services within the United Kingdom. Moreover, customer funds deposited to the exchange are separate from the company’s operational funds. This is a big step forward for the company and its users as a whole.

Even if the exchange were to halt its operations, customer funds will still remain accessible. This is not the same a shaving customer funds protected by a regulator, but it is a big step in the right direction. This new feature will certainly attract a lot of positive attention in the UK and even Europe. With the exchange meeting strict rules enforced by the FCA, the exchange is now legitimized even more.

How all of this will affect the company, remains to be seen. More specifically, the exchange has seen major growth prior to this announcement. With UK Bitcoin enthusiasts soon able to benefit from an optimal service, interesting things are bound to happen. Considering how Coinbase is the first exchange to incorporate the Faster Payments Scheme, they have a competitive edge over other UK-based exchanges.

The post Coinbase Obtains a UK eMoney License and Partners with Barclays appeared first on NewsBTC.

MinexSystems, the developers responsible for crypto payments system and stability-centred cryptocurrency Minexcoin (MNX), has released its long anticipated mobile application for iOS, with its verified addition to Apple Inc.’s App Store.

Disclosure: This is a Sponsored Article

Dubbed MinexBank, the new iOS app has successfully passed stringent verification processes imposed by Apple, now available for free download and install on major Apple devices including the iPhone and iPad.

This latest development follows on its recent success with testing of atomic swaps with the Bitcoin blockchain, further affirming its status as a cross-platform solution serving the wide majority of mobile users.

That is has successfully attained verified status speaks volumes of its credibility as a major financial tech and blockchain start up, given that the App Store verification process has a focus that is less on the technical and more on the legal aspects of each app’s project.

MinexSystems CEO Boris Shylyaev remarked that this latest achievement had come after much work behind the scenes for two months, negotiating with the relevant departments and providing evidence of competencies in a transparent and compliant manner:

“What’s more, we have proved our cross-platform status and once again have shown the team works hard and solves even time-consuming issues”.

Stay secure on the go

Although designed for mobile devices, the MinexBank app for both iOS and Android contains the functionalities of MinexSystem products in a mobile environment, allowing for access on the go. With a comprehensive dashboard page featuring all the statistics in one single page, everything users need to know is available in one place.

All apps are fully synchronized with their desktop versions, allowing users:

• – single-touch parking of MNX
• – reparking of coins at varying durations
• – real-time monitoring of bank transactions and earnings
• – early alerts for changing interests

Furthermore, the MinexBank app will never collect or store users’ personal data, with utmost priority given to respect user privacy. Users are identified only by their MNX wallet address, which is used to log into their accounts. MinexBank features the latest in app security as well, with fingerprint authentication access enabled.

All existing MinexBank account holders can simply download the app on to their mobile devices and sign in immediately with their existing address and password.

Any queries or assistance can also be accessed direct through the app, with support staff ready to answer user questions once they are logged into the app. Every user with a personal MinexBank account can just download the app and sign in with the wallet address and password.

The Minexcoin mission

MNX envisions a new era of payments centred around itself as a cryptocurrency with low volatility and, therefore, suitable as a means of payment. Rewarding its own holders as a form of sustainability, MNX is also scalable, with fees starting from a low amount of only 0.00000192 MX.

To learn more about MNX, visit the website and read its technical whitepaper. To receive the latest updates, follow them on Twitter or Facebook. Keen to join discussions? Check out their BitcoinTalk thread or connect with them on Telegram.

The company promises the platform could be used by every kind of business in need of creative content or even every online activity-as-a-service #SPONSORED

Ripple Labs Inc, a San Francisco-based blockchain developer famous for the XRP token, lost a home-court battle with rival R3 Holdco over ownership of its cryptocurrency, XRP. With San Francisco’s state appeals court denying Ripple’s request, it means that a New York court should decide the fate of the dispute against the NY-based R3.

Ripple Loses Battle Over XRP Ownership on Home Turf

Once together in partnership, it all fell down with Ripple accusing R3 of misleading representation. In turn, R3 claims that Ripple illegally declined to hand over 5 billion of its cryptocurrency XRP as originally agreed. 5 billion XRP is currently worth approximately $3.75 billion.

In September 2017, the R3 consortium filed a lawsuit in Delaware and New York against Ripple. The option contract dividing the two companies represents nearly 10% of the approximately 55 billion XRP (out of a total supply of 100 billion) currently controlled by Ripple. It would allow R3 to buy up to 5 billion XRP at a price of $0.0085 each before the end of 2019. The Delaware suit was thrown out in October.

Ripple’s counterclaim presented before court in California says:

“Rather, R3 had misrepresented its resources and current ability to perform solely to induce Ripple into executing the Agreements. For example, although R3 represented to Ripple that it would have access to its large consortium of leading banks, R3 knew and had reason to know that several key banks that would be instrumental to Ripple’s success would soon be departing from its consortium.”

Additionally, Ripple’s claim includes an email from David Rutter, Chief Executive Officer of R3, to Ripple’s CEO Brad Garlinghouse, that was used as evidence to allege R3 was not invested in the partnership:

“Brad I really like you guys and I have been clear about that. Love to see you win the payments space and even better I would love to be involved in that journey. BUT I am personally being crushed by a ridiculously complicated funding round.”

Ripple has previously said it will face “irreparable injury” if it has to battle R3 on its home turf in New York. Now, a court dispute in the “Big Apple” is the most probable outcome according to Bloomberg. Ripple’s (XRP) is down by -4.19% to $0.75 at the time of writing. It is still unclear what all of this means to the future of Ripple, the company, and Ripple, the token.

The post Ripple Loses Battle Over XRP Dispute in California appeared first on NewsBTC.

A state employee at Florida’s Department of Citrus has been arrested for allegedly using official computers to mine bitcoin and litecoin.

It seems the BitGrail debacle has not calmed down in the slightest. Even though one had assumed this exchange would be out of commission for the foreseeable future, things have a way of turning out differently than expected. It now seems BitGrail may relaunch in the near future and even launch a new native token known as BGS. It’s a very worrisome development that will irk a ton of people.

The BitGrail Story Continues

Most people who have kept an eye on the BitGrail issue will have wondered how things will proceed from here on out. The answer to that question is far less obvious than people may assume, as it seems there are plenty of conflicting opinions right now. Some people claim the exchange is done for good, whereas some recently-leaked information from the BitGrail Victims Telegram group seems to hint at a very different outlook.

More specifically, it appears there is a plan on the table to relaunch the BitGrail exchange very soon. That in itself is very controversial, especially considering that the trading platform lost over US$100 million worth of Nano cryptocurrency not all that long ago. Even so, it seems the platform’s owner will not take any responsibility for this theft, although it remains to be seen whether or not any customers will be reimbursed for their losses.

For the time being, there is no confirmed date on which the exchange will become accessible once again. However, it seems the platform will not refund affected clients. That will certainly cause a lot of aggravation among users, mainly because so much money has been stolen.

At the same time, it seems there is an alternative plan to create a fund in which money will be pooled to reimburse customers over time. To do so, the platform will need to introduce a new token, known as BGS or BitGrail Shares. It seems this token will be issued to the people who lost their Nano balances due to the exchange hack. This new token cannot be deposited or withdrawn, only traded on the platform.

At the end of every month, the BitGrail exchange will use 50% of its profits to buy back BGS from users at a fixed rate of US$10.50 per BGS. This is quite a steep rate, although it seems it is a value the BitGrail owner is comfortable with. One also has to wonder how much money this platform will generate in the future, as trust in this operation is probably at an all-time low.

Perhaps the most intriguing development is that users of the reopened platform will have to waive all rights to take legal action. Users will need to download a document, sign it, and send it back to the company as soon as possible. Non-EU customers will also receive BGS if their accounts were affected by the hack, but they will not be allowed to trade until international compliance can be guaranteed.

New investment app from Circle enters majority of US markets. #NEWS

A number of startups are developing payments platforms and cryptocurrencies solely for the sharing economy. Claiming there is a need of a fair and efficient path to compensation, they believe the sharing economy might serve as an experiment for adapting digital tokens as a chief form of payment.

The Challenges and Solutions Cryptocurrencies Present to ‘Gig’ Workers

That audacious idea faces a few challenges. In the short term, gig workers would need to trust their livelihood to the volatile world of cryptocurrencies. Additionally, the whole process of converting their digital assets into cash would leave them exposed to unpredictable transaction fees and capital gains tax each time they use their cryptocurrency, and eventually pay income tax.

Selva Ozelli, CPA and lawyer, commented:

“A taxpayer who receives cryptocurrency as payment for goods or services must, in computing gross income, include the fair market value of the cryptocurrency, measured in U.S. dollars, as of the date that the cryptocurrency was received.”

Employers would face troubles as well: “Payments using cryptocurrency made to independent contractors are taxable”, Ozelli continued. “These employers must issue a 1099 to their contractors, but an employer can’t enter 1,000 Bitcoin on IRS Forms 1099.”

Regarding the volatility in the cryptocurrency market, Niam Yaraghi, Assistant Professor at the University of Connecticut’s business school, sees risks many ‘gig’ workers might choose not to take: “If I say this year I’m spending one-tenth of a Bitcoin on office supplies, how much will I be spending next year in Bitcoin? I don’t think there’s anyone in the world who can answer that question. It’s very, very dangerous”, Yaraghi told CNBC.

A 2014 survey conducted by the Freelancer’s Union found that one in every two freelancers had difficulties in getting paid, waiting nearly 100 days to receive compensation or never getting paid at all. In spite of this, the sharing economy keeps growing, with an estimated value of $335 billion by 2025 from $14 billion in 2014, according to the Brookings Institution.

David Chin, Chief Executive Officer of Thor Token, said:

“I have spoken with freelancers in the past that have had a lot of trouble tracking down payments for jobs they had already completed. Leveraging the blockchain seemed like an obvious solution to this problem as it can facilitate secure, instantaneous payments at the completion of a job.”

Chin’s platform aims to offer gig economy workers traditional benefits such as health insurance and retirement accounts.

Sharing economy startup Latium will soon go live enabling people to earn cryptocurrencies by delivering tasks such as walking dogs and delivering food: “It takes the complexity out of how to get and store cryptocurrencies. Anyone with any kind of skill set can go on Latium, do a task, and be rewarded with cryptocurrencies”, said Latium CEO Johnson.

The post Are ‘Gig’ Workers the Guinea Pigs of a Crypto Economy appeared first on NewsBTC.

It seems things continue to go from bad to worse when it comes to the cryptocurrency markets right now. More specifically, we see all top 15 markets in the red, with the exception of Tether and NEM.Perhaps the biggest disappointment so far is the Ethereum price, which just can’t catch any break. Instead, we are now dealing with an Ethereum price which is poised to dip below $650 once again

Ethereum Price Woes Grow Worse

Looking at the bigger picture, the Ethereum price is still in a good place compared to one year ago today. However, it has become pretty evident the Ethereum price struggle is very real and seemingly grows worse every week. Over the past months, we have seen the value dip from $960 all the way down to $657. this is not a positive trend whatsoever, but there is no real relief in sight as of right now.

Even the past 24 hours have shown how brittle the Ethereum price is right now. While it is true all of the other major altcoins are on the decline as well, most people assume Ethereum could buck the Bitcoin correlation eventually. So far, that is not happening, as both currencies note very similar declines over the past month. Ethereum is also losing ground in the ETH/BTC department, which only compounds the problems even further.

With the Ethereum price now heading to below $650, it is evident things are not looking all that great. There is no reason to think that will be the new bottom either, as the bearish pressure across all cryptocurrency markets is only growing worse as we speak. With the total market cap on the verge of dropping below $350bn, it is possible this total will drop below $300bn rather quickly. If that were to happen, the Ethereum price will probably hit $550 or slightly less in the process.

Even though Ethereum still generates $1.462bn in trading volume over the past 24 hours, this is not sufficient to keep the Ethereum price afloat or even allow it to improve. With the bearish market to contend with right now, most altcoin trading volumes have more sellers than buyers. This is no different for Ethereum, as speculators seem content to keep the price down for an extended period of time.

As of right now, Bitfinex is the leading cryptocurrency exchange ranked by Ethereum trading volume. Their lead over OKEx’s BTC and USDT markets is not all that big, though, but it is evident the USD market is still bigger right now. Binance and HUobi complete the top five as of right now. Unfortunately, we only see one fiat currency pair in the entire top five right now, indicating the demand for Ethereum simply is not there.

How all of this will evolve, is a question no one can answer right now. The cryptocurrency industry is going through a major bearish period, just like it does every single year. While some analysts still expect the Bitcoin price to hit $25,000 this year, it seems highly unlikely that trend will materialize before Q3 or Q4 of 2018.  For now, we will have to wait and see how things unfold for the Ethereum price, but this current downtrend is far from over.