Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push

Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push

Altcoins News dominating the current cycle is all about bitcoin core (BTC) skipping above the psychological $7,000 price point. However, quietly, determinedly, the altcoin Dash has been besting all comers. It is up double digits in recent days, thanks in part to its proponents’ dogged hustle and commitment to emerging economies such as Venezuela. Also read: EXCLUSIVE: 3D Gun Proponent Cody Wilson Defiant, Offers Firearm Blueprints for Sale Venezuela Dash Adoption Helps Price Surge Dash CEO Ryan Taylor explained, “Our partnership with Kripto will put all the components needed to use Dash preloaded into the phones of 10,000 new Venezuelan consumers every month.” So called ‘KRIP phones’ contain “a Dash wallet to store Dash, services to obtain Dash, and the Bitrefill app to enable spending on various services. This complements the over 1,000 merchants already accepting Dash in Venezuela, and really addresses the chicken and egg problem of attracting both consumers and merchants to our growing ecosystem,” he detailed to Business Insider. It’s working. Mr. Taylor expects the Scottsdale, Arizona company to gain monthly users in the region by 10,000 after its official teaming with Kripto Mobile Corporation (KRIP). KRIP is a smartphone specifically designed to handle cryptocurrency, and is well known in South America.   Dash appears to be leading a cross-market rally among cryptos, a turn of events enthusiasts are hoping remains. For the first time in weeks, BTC has leaped beyond the $7,000 price threshold, Dash is up more than 20% in seven days, TRX 24%, NEO 17%, and IOTA 44%. The Coin That Could In the heady days of late 2017, Dash hit a high of over $1,400 and was routinely in the top ten cryptos by market cap before following the broader market down – way down. In the last week, however, it has become the little coin that could (if a $1.6 billion market cap and number 13 ranking can be considered ‘little’), rising over 30% to settle at slightly under $200 per Dash as of this writing. It  is doubtful anyone would wish more misery on Venezuelans, but the inverse relationship seems to have been good for Dash, and for Venezuelans who seek a way out of its bolivar. Though the government has tried to offer its own…

Tron Now Owns a Stake In BitTorrent Founder’s New Crypto Project

Tron Now Owns a Stake In BitTorrent Founder’s New Crypto Project

When BitTorrent sold to the founder of controversial crypto startup Tron, it wasn’t just one of web 2.0’s earliest and most prestigious startups that changed hands. It turns out, the peer-to-peer sharing company now owned by Tron founder Justin Sun also took a small stake in Chia Network, a soon-to-be-launched cryptocurrency protocol helmed by BitTorrent co-founder Bram Cohen, a fact that was not been previously disclosed by either firm. According to documents obtained by CoinDesk, Sun submitted his winning acquisition offer to the BitTorrent Board on February 14. The next day, the board unanimously approved an agreement with Cohen granting a “full release” of some of its intellectual property (IP) in exchange for the right to make a $50,000 investment in the company under a Simple Agreement for Future Equity (SAFE). As for what IP might have changed hands, and that might be helping to power the Chia network, both companies are now staying silent on the matter. A spokesperson for Chia Network told CoinDesk: “There has been no license or assignment of rights from BitTorrent to Bram [Cohen] or Chia. All software and related intellectual property rights used internally or distributed by Chia was either developed by Chia employees or contractors, licensed from third parties or was available in the public domain. Chia has committed to open source.” Sources with knowledge of the deal said the two companies further entered into an agreement of “mutual releases and non-disparagement,” so that neither party would bring suit against the other due to events that happened prior to the investment. All in all, it’s the latest information on Sun’s surprise acquisition of BitTorrent, first reported by Variety in June, and which subsequently prompted no shortage of dialogue and confusion in the industry. In July, BitTorrent announced it would operate from Tron’s San Francisco offices. Cohen’s role While Cohen remained on BitTorrent’s board, he left to start Chia in late 2017. According to the merger documents, Cohen still owned 31 percent of BitTorrent’s common stock at the time of the acquisition. Common stock holders received $29,343,986 of the $119 million sale. Each share of common stock was worth a base price per share (with various conditions) of roughly $0.81. By the time of the sale, Cohen’s attention was primarily directed…

Coinbase: 42% of World’s Best Universities Offer Crypto Courses

Coinbase: 42% of World’s Best Universities Offer Crypto Courses

News The ecosystem’s largest bank and quasi-exchange, Coinbase, commissioned a survey about higher education (students and faculty) attitudes toward crypto and blockchain. They found over 40% of leading universities around the world offer at least one course in blockchain or crypto, and 25% of all students, regardless of major, said they would consider taking classes in either subject. Also read: EXCLUSIVE: 3D Gun Proponent Cody Wilson Defiant, Offers Firearm Blueprints for Sale Coinbase and Qriously Team to Survey University Attitudes Toward Crypto US crypto bank and exchange Coinbase has an interest in taking temperatures regarding cryptocurrency, especially in an extended bear market. That in mind, the bank teamed with Qriously to take the pulse of the top 50 universities in the world, as determined by US News & World Report rankings. They also asked students about their interest in subjects such as crypto and blockchain. Takeaways of the study include finding nearly half, 42%, of the globe’s best universities offer at least one course on either the subject of blockchain or crypto. And, as Coinbase explains, “Students from a range of majors are interested in crypto and blockchain courses — and universities are adding courses across a variety of departments.” Researchers at Qriously sampled 675 students, 50 international universities, along with interviewing students and professors personally. One business school professor in the United States noted, in a matter of just four years, the amount of students enrolling for his offering on blockchain boomed from an initial 35 to 230, a 6X increase. Qriously, the company, hit its stride last year by reliably predicting the rise of certain political parties thought long dead in British politics. The London-based ad-tech company helps develop advertisements for mobile applications, using pointed questions to users while cataloguing their answers. Those answers are then repackaged as curated ads. The company has been around in one form or another since 2010. Crypto Job Market Demanding Skilled Workers New York University’s Stern School of Business finance department chair noted, “A process is well underway that will lead to the migration of most financial data to blockchain-based organizations. Students will benefit greatly by studying this area.” He believes the rise in student interest has been pushed along not only by interest in a new technology but also…

Three Crypto Firms Ordered to Show Cause by Colorado State Securities Commissioner

Three Crypto Firms Ordered to Show Cause by Colorado State Securities Commissioner

Colorado Securities Commissioner Gerald Rome has ordered three crypto firms alleged of promoting unregistered Initial Coin Offerings (ICOs) to show cause, according to a press release August 28. An order to show cause is a court order that compels a party or individual in a case to justify, prove, or explain something in court. The orders come as part of a state investigation into “what has become a trend of allegedly fraudulent companies looking to make quick money,” according to the press release. The investigations are being conducted under the purview of the of the Division of Securities, which is part of the Department of Regulatory Agencies (DORA). Bionic Coin, Sybrelabs Ltd., and Global Pay Net (also known as GLPN Coin and GPN Token) received orders. DORA has previously submitted orders to EstateX, Bitconnect Ltd., Magma Foundation, and Bitcoin Investments Ltd. According to the press release, the firms made hyperbolic and misleading statements to investors regarding their products. Bionic claimed that “Bionic will grow your money without any effort.” The firm also listed Forbes as a media partner, but investigators could not find any reference to the company on the sites supposedly promoting it. The site also claimed that individuals who promote the project on social media and blogs will receive up to ten thousand tokens per post. Sybrelabs promoted an unregistered security to Colorado residents via a type of investment pool which reportedly allowed for trading on crypto exchanges through what was advertised as a “cryptoarbitrage robot.” Global Pay Net sells GLPN Coins, which reportedly provide an international financial platform based on blockchain technology. The press release quotes a description of GPLN coins as “full-value assets that represent one’s share in the business” and that “investors receive 80 percent of the company’s profits.” The site also lists multiple crypto professionals, two of whom have denied involvement in the project. In May, DORA announced its investigation into two companies for promoting unlawful ICOs to Colorado residents. The Colorado Securities Commissioner said that California-based Linda Healthcare Corp. and Washington-based Broad Investments LLC could possibly be violating securities laws by promoting unregistered ICOs. Within the course of DORA’s investigation, officials found that Linda Healthcare was not in operation, while Broad Investments’ “math-oriented value system” on their website…

Moscow’s Government to Use Ethereum to Promote Transparency In Commerce

Moscow’s Government to Use Ethereum to Promote Transparency In Commerce

Moscow’s government is planning to use ethereum as part of a system for allotting trading spots during weekend farmers markets. The system will record applications submitted by farmers, who compete for a limited number of commercial plots. Some 15,000 trading spots are up for grabs, with the market season stretching between April 20 and November 25 and farmers coming in from Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. As might be expected, there’s a push to get a spot, with some 20,000 applicants submitting their bids each year. The idea is to use ethereum as a way to create an immutable record of applications, with updates made for those who are either approved or denied access, according to Andrey Borodyonkov, who serves as the blockchain product manager for Moscow City Hall. “Blockchain is an additional guarantee that the incoming applications remain immutable as well as makes the audit of the application history possible,” he explained to CoinDesk. Moscow’s government detailed in a statement: “The entire dataset is publicly viewable, transparent and available for download. In that case, submission time can be confirmed, while the application cannot be deleted or altered by someone once it is submitted.” Part of the problem is that many of the farmers are unhappy with the current system for reviewing applications. Andrey Belozerov, the strategy and innovations advisor to Moscow City Hall’s CIO, expressed hope that the new system will help alleviate some of the concerns by making that information more publicly accessible. “We believe that farmers should have a transparent system to see why their application is declined or approved,” he said in the press release. “Blockchain is to make sure that the process is fully transparent and no one can alter an application. We hope that blockchain will provide full transparency for everyone.” The Moscow City Hall started hiring developers capable of working with blockchain back in 2016, Andrei Borodyonkov told CoinDesk, and in 2018 that staff officially formed a new division named “Product Blockchain.” Moscow image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Hong Kong to Expedite Immigration for Blockchain Job Seekers

Hong Kong to Expedite Immigration for Blockchain Job Seekers

Hong Kong is seeking to attract worldwide talents with specialties in innovative technologies including blockchain via a special immigration policy. The Hong Kong government released a talent list on Tuesday that covers a range of 11 professions that are now eligible to receive bonus marks when experts in these areas apply for the city’s Quality Migrant Admission Scheme (QMAS). One of the areas is dedicated to “innovation and technology experts in, but not limited to, … artificial intelligence, robotics, distributed ledger technologies, biometric technologies and industrial/chemical engineering, etc.” Launched in 2006, the QMAS allows successful applicants to enter and settle in the Chinese special administrative region without having to first secure a job offer from a local employer. “The Scheme is a quota-based entrant scheme. It seeks to attract highly skilled or talented persons to settle in Hong Kong in order to enhance Hong Kong’s economic competitiveness,” according to the program’s description. The scheme’s selection process requires applicants to meet several prerequisites before being awarded points under one of the two points-based tests: General Points Test and Achievement-based Points Test. The points are further used for competing with other applicants each year. “For applicants who meet the specifications of the respective profession under the Talent List, bonus marks will be given under the General Points Test of the QMAS,” the government said in the announcement. To be qualified in the innovation and technology area, blockchain professionals need to hold a bachelor or above degree with experience in notable firms in the filed and knowledge of how to apply blockchain in financial services. The effort comes at a time when the Hong Kong government is taking the lead in adopting blockchain to boost the city’s competitiveness in financial technology. As CoinDesk previously reported, the Hong Kong Monetary Authority, the city’s de facto central bank, is set to roll out a distributed ledger network among several banks in the region to facilitate transactions in trade finance. Hong Kong image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Researchers Find Discrepancies With Top Exchange Volumes

Researchers Find Discrepancies With Top Exchange Volumes

News This month the Blockchain Transparency Institute (BTI) published a research report that claims quite a few of the top cryptocurrency exchanges are overstating their trade volumes or participating in wash trades. BTI explains that out of 130 of the top cryptocurrency trading platforms researched, the organization estimates that every 24-hours over $6B worth of digital asset trade volumes are faked. Also Read: Lloyd’s of London Insures Cryptocurrency Custody Service Kingdom Trust Suspect Exchanges Ratio Ranged Wildly Every single day billions of dollars worth of cryptocurrencies are swapped, and today there’s been about $12.9B traded over the last 24-hours. Over the past year or more many exchanges have been scrutinized for false reporting and various data sites have been called into question for over-exaggerated trade volumes. For example, this past March Sylvain Ribes has published a study that revealed some interesting information about trade volumes stemming from exchanges like Okex and Huobi. This month the Blockchain Transparency Institute (BTI) published its research that explains 70 percent of the top 100 exchanges listed on data sites like Coinmarketcap are reporting phony volumes. List of the top twenty exchanges from BTI’s research. The methodology in the study used the trading platform’s order book liquidity and the exchange’s unique daily visitor counts. The research was conducted using web traffic data websites like Google Analytics and Similarweb. The BTI researchers detail that the study also used Sylvain Ribes’ slippage paper which BTI says gave them a more accurate analysis of exchange volumes. “The accurate exchanges outside of the big money exchanges typically have a volume/user to unique visitor ratio of around between 2% and 5% (3.5% average). The suspect exchanges ratio ranged wildly from 10% up to over 655,000%. For example, Lbank and ZB exchanges which both claim to be in the top 10 of all exchanges, are also claiming to have volume/unique visitor numbers over $214,000 and $74,000 per day, respectively. This is outlandish considering known high liquid markets Bitfinex, Binance, and Coinbase fall between $5,000 and $8,500 per visitor per day.        Three Times the Stated Volumes BTI also says there are discrepancies with the exchanges Okex and Huobi as well as the trading platform Bibox. The study details that Binance commands the largest unique visitor per day…

Report: Some Crypto Mining Apps Remain in Google Play Store Despite Recent Ban

Report: Some Crypto Mining Apps Remain in Google Play Store Despite Recent Ban

According to a report by the Next Web published on August 28, several cryptocurrency mining apps remain in the Google Play Store despite the ban. On July 27, Google banned crypto-mining apps from its Play Store. An update to Google’s developer policy read that “we don’t allow apps that mine cryptocurrency on devices.” The company gave mining app developers a 30-day grace period to revise their products in order to comply with the new terms. The deferral period has passed, but some apps that enable on-device mining are still available on the Play Store, according to the Next Web. The site reportedly found eight apps, three of which have been removed. NeoNeonMiner, Crypto Miner PRO, Pickaxe Miner, and Pocket Miner are still live on the store, while Bitcoin Miner reportedly claims its offering complies with the terms introduced by Google. While MinerGate has been removed from the store, its developers told Hard Fork that the app’s latest iteration deleted its on-device mining features in order to comply with Google’s rules. MinerGate told Hard Fork in an email: “Mining on your phone directly was among the core features of the MinerGate app before the last changes in Google Play Development policies. With the last update, we are removing this functionality to meet the updated requirements.” Earlier this month, Google Play Store hosted a reported Ethereum (ETH) scam application. Lukas Stefanko, a malware researcher from Slovakia, reportedly found a fraudulent “Ethereum” app on Google Play that had been offered for purchase at price of €335 or around $388. According to the researcher, the scam intended to dupe uninformed buyers into purchasing the app, who mistook it for the original Ethereum cryptocurrency. In April, Google also announced that it is removing mining extensions from its Chrome Web Store after “90 percent” supposedly failed to comply with its rules. The move reportedly came in response to analysis of malicious “cryptojacking” present in extensions.

Colorado Investigating Three Cryptocurrency Firms

Colorado Investigating Three Cryptocurrency Firms

Regulation The Colorado Department of Regulatory Agencies is investigating three cryptocurrency firms for promoting unregistered initial coin offerings in the state. The investigations are part of a growing trend of fraudulent companies looking to make quick money. All three firms failed to show up at a hearing to present evidence as ordered by the Commissioner. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Three Crypto Firms Being Investigated Colorado Securities Commissioner Gerald Rome. Members of the Division of Securities of the Colorado Department of Regulatory Agencies (DORA), and of the state’s initial coin offering (ICO) task force, have been investigating cryptocurrency firms for promoting unregistered ICOs in the state. The task force was set up in May to identify companies or individuals that might pose a risk to Colorado investors. “As part of an investigation into what has become a trend of allegedly fraudulent companies looking to make quick money,” the agencies announced Monday that “Colorado Securities Commissioner Gerald Rome has signed orders to show cause for three cryptocurrency companies” soliciting to Colorado residents. The announcement details: The companies that received the orders are Bionic Coin, Sybrelabs Ltd. (also known as Cryptoarb), and Global Pay Net (also known as Glpn Coin and Gpn Token). Previous orders were submitted to Bitcoin Investments Ltd. (also doing business as Db Capital), Estatex, Bitconnect Ltd., and Magma Foundation (also doing business as Magma Coin). An order to show cause is a court order requiring recipients to justify, explain, or prove something to the court. A spokesperson for DORA told news.Bitcoin.com that “the hearing to show cause occurred on Friday, August 24th…and none of the companies listed responded,” adding: There likely won’t be another hearing. Given that no respondents showed, the Division presented the case to an administrative law judge, who must determine within 2 weeks whether the case made by the Division represents factual evidence. At that point yes, the Commissioner will then issue cease and desist orders. Bionic Coin Bionic Coin’s website provides information about an ICO for bionic or BNC, an ERC20 token aimed at enabling “instant payments to anyone, anywhere in the world, and to simplify the purchase of electronic devices and software,” the agencies described. However, “there is no physical address or control person identified…

Lloyd’s of London Insures Cryptocurrency Custody Service Kingdom Trust

Lloyd’s of London Insures Cryptocurrency Custody Service Kingdom Trust

Finance According to the institutional cryptocurrency storage platform Kingdom Trust, the company is now insured by the world’s largest insurance marketplace, Lloyd’s of London. The Kentucky-based alternative asset custody service, Kingdom Trust, claims to hold assets worth $12B that consist of 30 digital currencies under its wing. Also Read: Crypto-Backed Lending Platform Blockfi Approved to Operate in California Lloyd’s of London Insures the Institutional Digital Currency Custody Service Kingdom Trust This Tuesday the institutional digital currency custody service, Kingdom Trust, which holds $12B USD worth of assets announced that Lloyd’s of London will insure the firm’s reserves. Kingdom Trust provides institutions and individuals digital currency custody management and alternative asset investment funds. Additionally, the company has registered investment advisors for its clientele and a variety of investment platforms. Last January news.Bitcoin.com reported on the firm almost being acquired by Bitgo, but in May Bitgo later revealed it would be offering its own institutional custody services.  “From the very beginning we saw insurance as a key factor to bring institutional investors into the marketplace,” explains Kingdom Trust’s chief executive officer Matt Jennings. Kingdom Trust Receives a ‘Drastic Discount’ for Utilizing Cold Storage Practices Kingdom Trust says the firm adheres strictly to current SEC regulations and they are qualified to handle multiple investment vehicles. Customers who don’t want to invest directly into cryptocurrencies can still gain exposure by investing in publicly traded or private funds, and hedge funds. For customers that do hold digital currencies, Kingdom Trust says on its website that it uses secure cold storage and has a strong relationship with other cryptocurrency providers. Jennings details on August 28 the firm had received a “drastic discount” from Lloyd’s of London for using cold storage. However, when asked about the insurance deal with Kingdom Trust, the insurance provider Lloyds declined to comment. Being the largest insurance marketplaces, Lloyd’s managed 85 syndicates and 56 managing agencies that wrote £33.6 billion worth of premiums in 2017. What do you think about Lloyds of London insuring the alternative asset custody service Kingdom Trust? Let us know what you think about this story in the comment section below. Images via Shutterstock, Lloyd’s of London, and Kingdom Trust At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system.…