Category: Cryptocurrency

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Libra

The Libra testnet has logged over 51,000 transactions since it was reset in September, with 34 projects having been developed on the network according to an update released by The Libra Association last week.

In a blog post titled “Five months and growing strong: the Libra project,” the project’s lead developer, Michael Engle, said, “It’s been just five months since we announced the Libra project on June 18, 2019, and nearly a month since the Association charter was signed by its members in Geneva. We’ve been working diligently to build the global community of developers and the technical infrastructure needed to support it.”

Of the 34 projects developed in the seven weeks since launch, 10 of those are wallets and a further 11 are blockchain explorers. Libra has emphasized the importance of involving the extended community, which supports the planned digital currency and recently held a Core Summit with Association technical team members. Topics covered at that summit included an overview of Libra core and its roadmap as well as how to run a node and build a wallet. From November 26, the project will launch a new streamlined process for submitting code and documentation.

The technical milestone is welcome news for proponents of the project, which has received substantial scrutiny and regulatory pushback from governments and regulators around the world, casting doubt as to whether the digital coin will ever actually come to fruition. The Libra Association, the nonprofit body overseeing the project, was launched last month after 21 members signed the association’s charter.

>> Tether to Launch Gold-Backed Stablecoin: What to Expect

The launch came despite several high profile defections from the project, with Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA) all jumping ship just a week before Facebook (NASDAQ:FB) CEO Mark Zuckerberg was due to defend his plans for Libra before a congressional committee hearing. Zuckerberg said that Libra will not hit the market without US approval, with the launch of the stablecoin delayed until mid-2020 at the earliest.

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Tether

Over the course of the past few years, stablecoins have become one of the most important constituents of the crypto ecosystem, and Tether is certainly the most well-known. The stablecoin is backed by several fiat currencies, and over the years, it has worked as an excellent substitute for fiat currencies for crypto traders.

Key Points to Watch

In a new development, it has now emerged that Tether is all set to launch a new cryptocurrency that is going to be backed by gold. The cryptocurrency in question is “Tether Gold,” and according to reports, it could be launched by the time Christmas comes around this year.

In this regard, it should be noted that the timing of the launch is quite interesting. It is now a well-established pattern that cryptocurrencies often enjoy a rally of sorts during the festive season, and hence, the launch around Christmas could be a strategic move. That being said, any rally in the gold-backed stablecoin can only come about if the project is interesting.

The Chief Technology Officer of Tether, Paulo Ardoino, spoke about the new project: “Current macro-finance uncertainty brings the need for traditional instruments to hedge the risk of our customers, especially in the crypto industry.” He went on to state that gold has been used as a hedge against market risks for a long time.

>> Binance Gets Banned on Weibo as China Continues Crypto Crackdown

That being said, it should also be pointed out that Tether’s new cryptocurrency might not be an entirely novel product. There have been reports that there are other crypto-based platforms that are also working on similar products. For instance, it has been reported that Coin Shares, a company that is involved with stablecoins, has been exploring the possibility of launching a gold-backed cryptocurrency. While it is true that Bitcoin is often referred to as ‘digital gold,’ it could be ‘Tether Gold’ that could prove to be a literal pioneer in that particular field.

What do you think?

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Binance

Binance has had its official account on Weibo, the Chinese version of Twitter, banned due to unknown violations as the Chinese government tightens regulations on cryptocurrency.

Binance and Tron Blocked on Weibo

Weibo is claiming “violation of law and regulation” as the reason for the ban, but “China’s Twitter” failed to give any additional information on the recent account suspension. Tron, along with Binance, has also been blocked, but Huobi and OKEx, which are two Chinese-based exchanges, remain active on the website. Chinese President Xi Jinping banned Bitcoin back in 2017 but has recently begun embracing blockchain technology.

Bitcoin made gains in recent weeks after President Xi announced that China was to reverse its crypto ban. According to Chinese state media, Xi said that China has a strong foundation and should look to take a leading position in the sector, urging the country to “seize the opportunity,” which could benefit a number of sectors. That makes today’s news of Binance’s blocking on Weibo all the more mysterious, and perhaps points in the direction that China is initiating protectionist policies on Chinese crypto activities by blocking foreign-based exchanges.

Binance Begins Accepting Fiat

Zhu Hongbing, chairman of Singapore Blockchain Technology Foundation, told The China Times that the decision to remove Binance from Weibo is related to the exchange’s recent decision to begin accepting fiat currencies via Chinese payment services such as Alipay and WeChat. Binance founder and CEO Changpeng Zhao, who is originally from Jiangsu in China but established the exchange while in Canada, confirmed last month that it would begin accepting fiat currencies via Alipay, but Alipay retaliated by banning all transactions connected to crypto.

>> Coinbase Card Includes 5 More Cryptos and Launches in 10 Countries

Binance has been attempting to make headwinds in the Chinese media in recent months. In September, the company made an undisclosed investment in Chinese crypto news outlet Mars Finance. Changpeng Zhao said of the investment, “We have large respect for data, news and research firms which support the positive growth of the blockchain industry. We will continue to pursue strategic investment opportunities in our mission to bring crypto further mainstream, increase adoption and accessibility, and help the industry grow sustainably.”

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Coinbase

The crypto space has grown at a breakneck pace over the course of the past few years and a fair share of the credit for that should go to mega crypto exchanges like Coinbase. Over the years, the company has introduced a wide range of products that have managed to further expand the crypto ecosystem, and on Thursday, it made another major announcement.

The company announced that it is going to add support to five new cryptocurrencies for the VISA debit card that it issues. In addition to that, it added that the card will now be available in 10 more countries in Europe.


Key Expansion

The five cryptocurrencies that have been added to the Coinbase Card include Stellar (XLM), XRP, Augur (REP), Basic Attention Token (BAT), and Ox (TRAX). The card already provides support for Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) at this point in time. So, holders of this card will now be able to spend with as many as nine different cryptocurrencies. The company also announced the 10 new European countries in which the card will now be supported.

The card will now be supported in Sweden, Liechtenstein, Bulgaria, Croatia, Iceland, Romania, Hungary, Norway, Croatia, and Denmark. The double announcement of support for five more cryptocurrencies and expansion into 10 European nations is a hugely significant development. The CEO of the UK arm of Coinbase, Zeeshan Feroz, spoke about the developments:

>> Kik “Void for Vagueness” Plea Against SEC Dismissed by Judge

“By more than doubling the number of assets our customers can spend on Coinbase Card, as well as introducing the card to 10 new countries, Coinbase continues to help drive crypto’s role as a utility, and not just an investment.”

The card issued by the company has gained traction over the past months, and one can expect it to now grow at a faster rate due to these alterations.

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Kik

Kik, the former messaging app now shifting its focus to cryptocurrency, has been involved in a court case with the SEC, which alleges that a 2017 ICO breached the commission’s regulations due to the fact that its coin, Kin, is actually a security.

Kik Legal Team Struggle for Plausible Explanation

The legal team for Kik has argued in the court of the Southern District of New York that the case against it is null and void based on the premise that the legal definition of an “investment contract” is unclear. However, the presiding judge has dismissed this argument and also threw out a subsequent motion to reconsider. Judge Alvin K. Hellerstein said:


“Defendant does not mention any new matter of fact or law, or any binding precedent that I failed to consider. That is enough to deny the motion. Furthermore, as I originally held, the deliberations within an agency sheds no light on the application of the statute or regulation in issue. If the law is vague, or confusing, or arbitrary, as [kik] argues, that can be argued objectively. Proper discovery should be focused on what [kik] did, and not why the agency decided to bring the case.”

The allegations against Kik stem from its Kin ICO in 2017, which raised over $100 million USD. While the SEC alleges that the token is actually a security and therefore should be registered with the commission, it also argues that management at the company was aware that it would run out of cash by the end of 2017, and that the offering was merely a poorly veiled attempt at keeping the company afloat.

>> Canaan Targets $100 Million Through US IPO: Key Points to Watch

Messaging App Acquisition

Kik’s failure to mount a plausible defense to the accusations leveled at the Toronto-based firm add increased doubt as to whether its planned digital coin will ever actually come to fruition. The company announced in September that it would be shutting down its messaging service and laying off over 100 staff in order to shift the entirety of its focus to cryptocurrency and its ongoing wrangle with the SEC.

The Kik messaging app was saved last month following an acquisition by MediaLab.

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Canaan

One of the most significant developments of the past few months in the crypto sphere has been the potential initial public offering of Bitcoin miner maker Canaan. The company is the second-biggest company in the category, and its IPO is all set to be one of the biggest events in the crypto space this year.

In a new development, the company stated that it wishes to raise as much as $100 million from its IPO in the United States. The statement is a bullish one and goes to show that the company is highly optimistic about Bitcoin mining in the years to come.


About Canaan

The company, which is based out of Hangzhou in China, submitted its application for its IPO with the United States Securities and Exchange Commission on Wednesday. Canaan has revealed that it is going to offer a total of 10 million American depository shares, or ADS, in its IPO. The shares are going to be priced in the $9 to $11 range. If the company manages to attract sufficient interest from the market, then it could raise as much as $100 million.

It goes without saying that if Canaan manages to raise this amount, it would be a significant achievement for the company, and it will also prove the market’s optimism with regards to the Bitcoin mining space.

>> Telegram Denies All SEC Allegations and Requests Dismissal of Trial

In addition to that, the mere fact of actually getting listed in the United States will be an achievement for the company and the industry at large. If its application is approved, then Canaan will become the first Bitcoin miner to have been listed in the formal capital markets.

It should also be noted that back in October, Canaan stated that it was seeking a valuation of $400 million from the market. However, it should be noted that the final valuation could yet be altered if and when the IPO comes along.

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Telegram

Telegram has refuted allegations by the US Securities and Exchanges Commission in court, which claim that the planned Gram token from the messaging app is a security and, therefore, subject to regulations from the commission and has requested that the trial be dismissed because of this.

Last month, the SEC successfully sought an injunction preventing Telegram from launching TON due to the fact that the ICO used to raise funds to develop the network was illegal. As a result of the injunction, investors in two separate ICOs were offered the chance to receive 77% of their initial investment back, but have instead decided to back Telegram’s blockchain plans and have accepted an extension on the launch of TON until April 30, 2020.

“[The SEC’s] claims are without merit as Telegram’s private placement to highly sophisticated, accredited investors was conducted pursuant to valid exemptions to registration under the federal securities laws and Grams will not be securities when they are created at the time of launch of the TON Blockchain,” said Telegram in the latest filing. However, the SEC has responded by warning Telegram and other issuers that they cannot escape federal securities laws by simply labeling their product as a cryptocurrency or digital token.

The messaging app did concede that it had not filed an official registration statement with the commission due to the fact that “none was, is or will be required under the federal securities laws,” and went on to accuse the federal body of engaging in “improper regulation by enforcement.” As a result, Telegram has requested that the Southern District Court of New York dismiss the claims made against it.

>> Vechain (VET) Soars 100% in Few Weeks: Here are the Key Drivers

No resolution on the matter will be reached until next year at the earliest, with the next hearing scheduled for February 18 and 19. That hearing was due to take place last month but had been pushed back in order to allow both parties adequate time for discovery.

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Vancouver, British Columbia–(Newsfile Corp. – November 13, 2019) – NetCents Technology Inc. (CSE:NC)(OTCQB:NTTCF) (Frankfurt: 26N(“NetCents” or the “Company”) . NetCents is pleased to announce the signing of its 50th Partnership Agreement with Agape Global Services Inc., (“Agapay”).

Agapay provides premium credit card processing services providing growing businesses credit card processing, e-commerce, and other electronic processing solutions for continuity of revenue and payment flows.

Over the last 24 months, the Company’s focus has been twofold. Firstly, it was to design, develop and build out the required technical infrastructure necessary to allow crypto-based payments to become mainstream. This resulted in the release of over 12 different significant upgrades and improvements to the NetCents Platform. Instant settlements, multiple terminal, Point of Sale (“POS”) & eCommerce integrations, Asset Management Platform, deployment of the Software as a Service (“SaaS”) based platform, crypto-banking stack and zero confirmation to name but a few. The stable of products the Company now offers is varied and includes; file management, authorization services; and settlement services for multiple crypto-currency formats.

Secondly, the Company looked to imbed itself into the traditional payment space by making the processing technology easier and more cost effective for merchants to implement and use while simultaneously making it simpler for consumers to use. NetCents went out and signed major manufacturers of the industry leading POS devices (PAX, Clover, Ingenico, ExaDigm, Poynt, AMP, Verifone) so as to imbed the NetCents software into their devices. This has provided NetCents with the potential to reach over 40 million active terminals worldwide.

Clayton Moore, CEO of NetCents Technology, said,

“The 50th agreement means that our partners who are a combination of Independent Sales Organizations or ISO’s (a third-party payment processing company that handles merchant accounts), Processors (handle merchant transactions for merchant acquiring banks) and Gateways (facilitates payment transaction between payment portal and processor) combine to give NetCents a reach to an estimated 7 million merchants and who collectively process well over a billion dollars annually in the traditional processing space. That is an accomplishment.”

He further went on to say,

“The onboarding of merchants was initially slower than anticipated but as the Company has publicly said, the uptake in both merchant onboarding and processing volume has been increasing steadily over the last number of months. The Company feels very strongly that by continuing to follow this path, the Company will continue to become the underlying technology for crypto-currency payments akin to the Automated Clearing House (“ACH”), an electronic funds-transfer system that facilitates bank to bank payments, credit and debit transactions in North America. Last year the ACH Network processed USD 23 billion in payments. The value of ACH payments last year was USD 51.2 trillion.”

About NetCents

NetCents Technology Inc. (CSE:NC)(OTCQB:NTTCF)(Frankfurt: 26N) is a next-generation online payment processing platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry-free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online.

NetCents Technology is integrated into the Automated Clearing House (“ACH”) and is registered as a Money Services Business (MSB) with FINTRAC, which ensures our consumer’s security and privacy. NetCents is available for deposits from 194 Countries around the World, providing you with the freedom to choose to Pay. Your Way. ™

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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Vancouver, British Columbia–(Newsfile Corp. – November 13, 2019) – NetCents Technology Inc. (CSE:NC)(OTCQB:NTTCF) (Frankfurt: 26N(“NetCents” or the “Company”) . NetCents is pleased to announce the signing of its 50th Partnership Agreement with Agape Global Services Inc., (“Agapay”).

Agapay provides premium credit card processing services providing growing businesses credit card processing, e-commerce, and other electronic processing solutions for continuity of revenue and payment flows.

Over the last 24 months, the Company’s focus has been twofold. Firstly, it was to design, develop and build out the required technical infrastructure necessary to allow crypto-based payments to become mainstream. This resulted in the release of over 12 different significant upgrades and improvements to the NetCents Platform. Instant settlements, multiple terminal, Point of Sale (“POS”) & eCommerce integrations, Asset Management Platform, deployment of the Software as a Service (“SaaS”) based platform, crypto-banking stack and zero confirmation to name but a few. The stable of products the Company now offers is varied and includes; file management, authorization services; and settlement services for multiple crypto-currency formats.

Secondly, the Company looked to imbed itself into the traditional payment space by making the processing technology easier and more cost effective for merchants to implement and use while simultaneously making it simpler for consumers to use. NetCents went out and signed major manufacturers of the industry leading POS devices (PAX, Clover, Ingenico, ExaDigm, Poynt, AMP, Verifone) so as to imbed the NetCents software into their devices. This has provided NetCents with the potential to reach over 40 million active terminals worldwide.

Clayton Moore, CEO of NetCents Technology, said,

“The 50th agreement means that our partners who are a combination of Independent Sales Organizations or ISO’s (a third-party payment processing company that handles merchant accounts), Processors (handle merchant transactions for merchant acquiring banks) and Gateways (facilitates payment transaction between payment portal and processor) combine to give NetCents a reach to an estimated 7 million merchants and who collectively process well over a billion dollars annually in the traditional processing space. That is an accomplishment.”

He further went on to say,

“The onboarding of merchants was initially slower than anticipated but as the Company has publicly said, the uptake in both merchant onboarding and processing volume has been increasing steadily over the last number of months. The Company feels very strongly that by continuing to follow this path, the Company will continue to become the underlying technology for crypto-currency payments akin to the Automated Clearing House (“ACH”), an electronic funds-transfer system that facilitates bank to bank payments, credit and debit transactions in North America. Last year the ACH Network processed USD 23 billion in payments. The value of ACH payments last year was USD 51.2 trillion.”

About NetCents

NetCents Technology Inc. (CSE:NC)(OTCQB:NTTCF)(Frankfurt: 26N) is a next-generation online payment processing platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry-free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online.

NetCents Technology is integrated into the Automated Clearing House (“ACH”) and is registered as a Money Services Business (MSB) with FINTRAC, which ensures our consumer’s security and privacy. NetCents is available for deposits from 194 Countries around the World, providing you with the freedom to choose to Pay. Your Way. ™

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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Vechain

One thing that has remained a constant over the past few years in the crypto space is the sort of seemingly unexplained volatility that is experienced by certain tokens like Vechain (VET). Vechain is a blockchain-powered platform and is primarily meant for helping users with supply chain management solutions.

VET recently enjoyed a massive rally, despite the fact that the larger crypto market has been largely subdued. One of the most important things to point out about this particular project is the fact that it does have a use case.

Why the Sudden Buying Interest?

That being said, there are plenty of altcoins in the crypto sphere that claim to have use cases. Unless the project in question can rope in clients, then there is not much to talk about. However, Vechain has experienced a remarkable rise in the past few weeks.

VET has gone up by as much as 100% during this period, and it is an understatement to say that crypto traders are now taking notice. However, experts who study the altcoin’s charts have stated that after this sort of rally, VET might be heading for a cooling period.

>> Bakkt to Launch Institutional Bitcoin Custody Services

The altcoin market at large has been showing bullish tendencies to some degree, and hence, the rise of VET is probably not an entirely surprising matter. Analysts who have been watching Vechain’s charts have two estimates of the future with regards to the altcoin. One school of thought believes that there is going to be a slight bearish turn in the coin before it goes on another move.

The other belief is that Vechain might continue to rise over the coming days. It goes without saying that either of those scenarios will be acceptable to traders.

Which argument do you side with?

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