Crypto Billionaire Di Iorio Seeks New Start for Jaxx as All-in-One Wallet

Crypto Billionaire Di Iorio Seeks New Start for Jaxx as All-in-One Wallet

One mobile app to rule them all. That’s how Anthony Di Iorio sees the new Jaxx Liberty crypto wallet. As one of the cryptocurrency industry’s wealthiest entrepreneurs, Decentral CEO Di Iorio said he aims to attract up to 100 corporate integrations to his new wallet to make it the most versatile app in the ecosystem. Revealed exclusively to CoinDesk, Decentral is launching Jaxx Liberty today, after several months of beta testing. “It’s almost like an app store,” Di Iorio told CoinDesk, speaking to how consolidation could make transactions faster and simpler. “Our whole model is we provide a single interface so that users don’t have to send money outside of a single system.” Di Iorio said he believes the whole ecosystem flourishes when products monetize cohesively rather than competitively dividing users across platforms. Stepping back, Decentral garnered over 1 million Jaxx downloads since January 2017 and still processes more than 3,000 support requests a month. Active users total 750,000 to 1 million a month, depending on market conditions, Di Iorio said, including 118,000 Chrome extension users. While the original Jaxx was predominately a software wallet capable of in-app currency conversions thanks to exchange partner ShapeShift, processing roughly $2 billion worth of crypto through that integration since 2016, Jaxx Liberty now includes everything from in-app block explorers for multiple currencies to news feeds from sites like CoinDesk. (The new app is available for Android mobile devices and as a Google Chrome browser extension, with iOS and desktop versions on the way.) “These are the things that, every day, people are looking at the pricing,” Di Iorio said, adding that the new features were inspired by user feedback about their financial habits. “We’ve put it all in one place.” Decentral will charge up to $250,000 to add support for new assets to Jaxx Liberty and it takes a cut of the fees for integrating financial services from other startups, such as exchanges. Meanwhile, the Decentral team plans to launch a tokenized reward program in 2019, called Unity, as yet another revenue stream from Jaxx Liberty. “The more the user is using services that we’re monetizing, the more they are earning of unity token,” Di Iorio said. “They’re going to be able to get discounts from our services.” However, aspirations…

Huobi Eyes Japan Expansion With Acquisition of Licensed Crypto Exchange

Huobi Eyes Japan Expansion With Acquisition of Licensed Crypto Exchange

Huobi Group is to expand its trading services to Japan via an imminent deal to purchase local licensed cryptocurrency exchange BitTrade. In an announcement on Wednesday, Huobi said its wholly owned subsidiary Huobi Japan Holding Ltd has inked an agreement with Eric Cheng, the sole owner of BitTrade, to acquire a majority stake in the firm. BitTrade is currently one of 16 licensed exchanges in Japan and also a member of the Japanese Virtual Currency Exchange Association. Huobi declined to disclose the dollar amount of the acquisition and its exact ownership stake in BitTrade when asked by CoinDesk. A previous announcement indicated that, as recently as June, Cheng had bought 100 percent of a licensed forex trading firm, FX Trade Financial, of which BitTrade is an affiliate, for $50 million. Huobi’s chief financial officer, Chris Lee, commented on the acquisition: “Leveraging on BitTrade’s leadership team and its Japanese government-approved license, this is just the beginning as we look to grow BitTrade into the most dominant player in the Japanese cryptocurrency market.” The deal comes after, in 2017, Japanese financial giant SBI Holdings scrapped a partnership with Huobi that would have allowed the latter to take a stake in SBI’s recently launched VCTRADE crypto exchange. The banking giant said at the time it preferred to use in-house resources to build a security system following the Coincheck hack in January. The acquisition of a licensed exchange also follows Huobi’s recent effort to buy over 60 percent of a public company listed in Hong Kong with $70 million in a move that paves the way for a possible back-door listing for the crypto exchange. Japan walk signal 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.

The Daily: Nobel Laureates to Advise Industry, DoD Facility to Become Mining Farm

The Daily: Nobel Laureates to Advise Industry, DoD Facility to Become Mining Farm

The Daily In today’s edition of The Daily we cover stories about two Nobel winners to advise the crypto industry, another leading sports team launching a fan token, Malta Stock Exchange and Binance creating a new trading venue, and a Chinese company that will transform a US Defense Department facility into a mining farm. Also Read: New York Regulator Approves Two New Stablecoins, Gemini Dollar and Paxos Standard Two Nobel Laureates to Advise Crypto Industry Cryptic Labs, a commercial research firm, has announced the addition of Dr. Eric S. Maskin and Sir Christopher Pissarides to its Economics Advisory Board, both winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Dr. Maskin of Harvard University will focus on game theory and mechanism design, with an emphasis on how blockchain companies can guide user incentives at a company level, while Dr. Pissarides of the London School of Economics will provide expertise on macroeconomic trends. Pissarides said: “Blockchain is the most exciting development in financial markets in recent years, but we still don’t know enough about it to recommend a wholesale transition of all our transaction records to blockchain. I look forward to working with the team at Cryptic Labs to leverage my expertise in macroeconomics to help companies improve the use of blockchain, make it more secure and more widely accessible, and examine the implications that it has for trade, financial markets and economic performance.” Maskin commented: “I think that blockchain technology is potentially important for a modern economy. Most discussions of blockchain technology focus on technical issues. I am more interested in the economic value such technology can bring. I believe that my background in economics and mechanism design should be useful for that purpose.” Paris Saint-Germain Launches Fan Token Paris Saint-Germain Football Club is the latest sports team to create a fan token. The French club signed a multi-year strategic partnership with Socios and will be the first team to join the platform. As “Official Branded Cryptocurrency Partner”, Socios will benefit from a wide range of marketing rights including in-stadium, TV and digital exposure. As part of the partnership, Socios will develop a “Fan Token Offering (FTO)” for the club. The token will be listed on the platform and will…

Not ‘Viable’? Berkeley Professor Takes Dim View of Stablecoins in New Critique

Not ‘Viable’? Berkeley Professor Takes Dim View of Stablecoins in New Critique

A University of Berkeley professor has claimed stablecoins are a “myth” in a new critique published Tuesday, September 11. Taking the emerging market sector, which includes well-known assets such as Tether (USDT), to task, Professor of Economics Barry Eichengreen argues that stablecoins are not automatically “viable” just because they are pegged to reserves of, for example, fiat currency. Eichengreen writes that “conventional cryptocurrencies, such as Bitcoin, trade at wildly fluctuating prices, which means that their purchasing power – their command over goods and services – is highly unstable,” adding: “Stable coins purport to solve these problems. Because their value is stable in terms of dollars or their equivalent, they are attractive as units of account and stores of value. They are not mere vehicles for financial speculation. But this doesn’t mean that they are viable.” The cryptocurrency industry continues to see more and more stablecoins hit the market, some of which come directly from or via traditional finance insitutitions. As Cointelegraph has reported, this week saw regulators green light both the Winklevoss twins’ first stablecoin asset, the Gemini dollar, along with a similar offering from Paxos. Prior to that, a Liechtenstein bank announced its intention to issue a Swiss franc-backed stablecoin in August. For Eichengreen, however, such assets fall into three categories according to the completeness of tokens’ collateral — full, partial, and uncollateralized — and each has its weak points. For Tether as an example, the “disputed” claim its tokens are fully collateralized combines with the “expense” of its issuance and circulation to raise questions about scalability. Eichengreen concludes: “In other words, it is not obvious that the model will scale, or that governments will let it.”

Chinese Report Finds 9 in 10 Altcoins to Have Stolen 80% of Their Code

Chinese Report Finds 9 in 10 Altcoins to Have Stolen 80% of Their Code

Altcoins A report published by Chinese media has alleged that more than 80% of alternative cryptocurrencies are comprised of “plagiarizing code.” The report analyzed 488 different cryptocurrencies, finding that the code underpinning more than 90% of the projects shared a similarity score of at least 80%. Also Read: IMF Pressures Marshall Islands to Drop National Crypto 4 in 5 Altcoins Accused of Stealing 90% of Their Code A report conducted by researchers from Xi’an Jiaotong University in northwest China’s Shaanxi Province and representative of Netta Lab, and published by Securities Daily – a state-operated Chinese media outlet, has found more than 90% of the code underpinning at least 4 in 5 altcoins to have been plagiarized. The report purports to have examined 488 virtual currencies that use open source code. After comparing the code underpinning the analyzed cryptocurrencies in pairs, the researchers found that the code underpinning 405 cryptocurrencies (83%) yielded a similarity score of between 90% and 100%. Further, 324 of the virtual currencies (66.6%) had a similarity score of between 95% to 100%. Only 38 cryptocurrencies (8%) were found to have a similarity score of less than 80%. 45 virtual currencies (9%) were found to have a similarity score of between 80% and 90%. Altcoin Bubble Driven by Marketing, Not Development The founder of Netta Lab, Xie Shaoyun, emphasized that the report’s findings highlight that the vast majority of altcoins allocate their resources to marketing rather than development, stating: ”So many blockchain projects shift their focus from technology development to marketing[, …] lead[ing] to the increasing number of copying and plagiarisms in this field.” Xie Shaoyun also criticized what she described as a lack of technological innovation emerging from the distributed ledger technology industries, stating: “At present, the industry still lacks the real breakthrough in innovation and solves the problem, and puts the implementation of the application in the first place. The people are holding the mentality of experimenting and luck.” “We should return to the essence, truly solve practical problems, do tools that can be used by users and bring convenience, build real value and usability, come up with actual products, and promote the development of the industry from the actual recognized value,” she concluded. Are you surprised by the scale of code…

Cryptocurrency Markets Slump Midweek as Ethereum Hits New 2018 Lows

Cryptocurrency Markets Slump Midweek as Ethereum Hits New 2018 Lows

Cryptocurrency markets are feeling the pressure from an extended downturn on Wednesday, September 12, with Bitcoin (BTC) losing 2.5 percent and Ethereum (ETH) hitting its lowest levels since May 2017. Data from Cointelegraph’s price tracker and Coin360 confirms the lackluster picture across cryptoassets continuing another day, with all of the top twenty coins — with the exception of Dogecoin (DOGE) — in the red. Market visualization from Coin360 Bitcoin had climbed to almost $7,400 last week before turmoil hit markets again, prices tumbling over claims Goldman Sachs had shelved its crypto trading plans, something officials have since dismissed as “fake news.” Regulatory pressure also continues, with U.S. authorities ordering a ten-day halt of two exchange-traded notes (ETNs) over the weekend. The combined effect has meant BTC/USD was tending towards $6,200 at press time, support nonetheless holding at around $6,251 to prevent a deeper slide below the $6,000 barrier. Bitcoin’s 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index For Ethereum, the outlook appears bleaker. Recent comments by co-founder Vitalik Buterin about the lack of growth perspectives in blockchain appeared to exacerbate ETH’s descent to 2018 lows. Buterin has since denied claims he is a “pessimist” about the outlook for cryptocurrency, arguing media publications had “spun” his words. Nonetheless, ETH has faced a bearish tide for several months, with industry research from Tetras Capital in July warning the asset faced a prolonged cooling-off period after the intense growth it saw from the 2017 Initial Coin Offering (ICO) phenomenon. At press time, ETH/USD traded around $172, down almost 11 percent on the day. Ethereum last saw this price point in July of 2017. Ethereum price chart. Source: Cointelegraph’s Ethereum Price Index For other major altcoins, losses came as a result of Bitcoin’s downturn, Dash (DASH) and Litecoin (LTC), and Bitcoin Cash (BCH) all almost matching ETH’s minus 11 percent performance. Altcoin Cardano (ADA) went further, dropping around 14 percent. The suppression of altcoin prices had meant Bitcoin’s overall market dominance has reached multi-month highs nearing 58 percent, according to data from CoinMarketCap. Bitcoin last achieved that market share in December, when prices hit all-time highs around $20,000.

Bitcoin Price Charts Hint at Recovery Rally Above $6.4K

Bitcoin Price Charts Hint at Recovery Rally Above $6.4K

Bitcoin (BTC) could witness a minor corrective if the persistent defense of key support leads to a break above the resistance at $6,400, technical charts indicate. The leading cryptocurrency suffered a downside break of the symmetrical triangle in the early US session yesterday, signaling a revival of the sell-off from the recent highs above $7,400. Further, the bearish pattern bolstered the already negative setup, as represented by the rising wedge breakdown and the pennant breakdown on the line chart. As a result, BTC was expected to test $6,000 (February low) before the UTC close yesterday. Instead, it bounced off from $6,170 — support of the trendline connecting the June low and Aug. 11 low — and closed largely unchanged on the day at $6,290. At press time, it is changing hands at $6,250 on Bitfinex and the trendline support is seen slightly higher at $6,180. Daily chart As seen in the above chart, the lower end of the pennant pattern or the trendline sloping upwards from the June low is proving a tough nut to crack. This could be considered a sign of bearish exhaustion, given the crucial support is holding ground after a 16 percent drop. The argument has merit as the cryptocurrency created a spinning bottom candle yesterday, signaling indecision in the marketplace. A UTC close today above $6,400 (previous day’s high) would validate the spinning bottom candle, opening doors to a stronger corrective rally $6,830 (10-week moving average). On the other hand, acceptance below the pennant support will likely accentuate the rout. View BTC’s repeated defense of the key price support has neutralized the immediate bearish outlook. A convincing break above the yesterday’s high of $6,400 would confirm a spinning bottom bullish reversal and could yield a test of supply around the resistance at $6,800 (multiple daily highs). A UTC close below $6,180 (pennant support) would add credence to rising wedge breakdown witnessed earlier this month and would open up downside towards the June low of $5,755. Disclosure: The author holds no cryptocurrency assets at the time of writing. Bitcoins image via Shutterstock; Charts by Trading View Join 10,000+ traders who come to us to be their eyes on the charts and sign up for Markets Daily, sent Monday-Friday. By signing up, you agree to our terms…

Is Bitcoin Building a 2015-Style Price Bottom?

Is Bitcoin Building a 2015-Style Price Bottom?

Bitcoin’s price action this year may be dismal, but it might not be without precedent. Having hit a record high near $20,000 in December, the world’s largest cryptocurrency began 2018 backed a wave of optimism. Since then, however, it hasn’t translated this into gains for investors. Rather, the price appears to be following a pattern last seen ahead of a bullish reversal from September 2015. Why is that important for traders now? When the bull market ended last time around, we saw a violent drop in price whereby bulls were unable to produce any significant highs over the course of the year. Comparing 2018 to 2015, there are other subtle similarities to draw on for analysts. In both 2015 and 2018, the price experienced peaks up 36 percent from their respective troughs in July, a development only to be followed through by a poor August performance. The difference, however, is that while 2015’s trend was finally broken by a higher high on July 6, bitcoin’s current bearish trend has not been breached in 2018. As such, breaking that trend at $8,500 (the previous significant high) could be key should history repeat. September, then, could be the make or break for the comparison, as the current uptrend that began August 24, has been slow and steady resulting in a more convincing move as it edges closer to the previous monthly high. Outlook Over on the daily chart, we can see BTC has produced a series of lower highs in the first seven months of 2018. Bears who have been in full control since the start of the year have defied each attempt to move higher, slapping bulls down with added sell pressure. However, the subtle differences between each drop have lessened in intensity. More importantly, despite the lower highs, the bears have repeatedly failed to secure a weekly close below the February low of $6,000. Further, BTC’s rally from the August low of $5,859 has created a first higher low of the year. So, it seems safe to say that the stage is set for BTC to print the first higher price high of the year by moving above the July high of $8,500. View The bearish conditions that have gripped the greater markets appear to be weakening with…

Inside Bitewei: The New Bitcoin Miner Being Hailed as a Serious Bitmain Rival

Inside Bitewei: The New Bitcoin Miner Being Hailed as a Serious Bitmain Rival

Things haven’t been easy of late for Bitmain. After CoinDesk revealed the China-based crypto mining giant was planning an initial public offering (IPO) for September, the company has faced a wave of perhaps unprecedented scrutiny. On social media, allegations emerged Bitmain was everything from insolvent to presenting a rosy outlook for its financials, all the while investors linked to the funding effort backed away from the deal. Now it appears Bitmain is facing a new and well-capitalized competitor. Revealed exclusively to CoinDesk, Bitewei, a Shenzhen-based mining chip manufacturer led by Yang Zuoxing, the former director of design at Bitmain, has raised 140 million yuan (around $20 million) to bring to market mining chips that long-time mining industry insiders believe could lead it to rival at least one area of Bitmain’s business. Tyler Xiong, COO of the bitcoin mining pool operator Bixin, which joined Bitewei’s initial investment, told CoinDesk that it believes the company’s Whatsminer line of mining chips to be “a game changer.” Founded in Shenzhen in July 2016, Bitewei is now considered by some to be the most efficient hardware manufacturer on the market. According to test results published by Bitewei, the upcoming WhatsMiner M10 is roughly 30 percent more efficient, in terms of electricity consumption than Bitmain’s most recent flagship product the AntMiner S9 Hydro. Yang told CoinDesk Bitewei has so far received pre-orders of over 1,000 units of Whatsminer M10, a product scheduled to officially launch on September 19, but that started its pre-sale in mid August. With an average price around $1,600 depending on the shipping batch, the new product could already be generating a revenue beyond $1.6 million. That said, Bitewei admittedly has a long way to go, as IPO materials suggest Bitmain controls 85 percent of the global cryptocurrency mining hardware market. Further, it has a well-developed software-based business, with its BTC.com and Antpool mining pools providing mining tools to 30 percent of the network’s miners. This large market share is viewed with skepticism by cryptocurrency developers, who believe it conflicts with efforts to open access to cryptocurrency protocols and the digital monetary rewards they create. As such, the fact that hardware distributors are already selling Whatsminer products has created excitement among those who believe the rise of additional, competitive mining chip providers could benefit the…

Billion Dollar ICO Industry Governed by Securities Law, Judge Rules

Billion Dollar ICO Industry Governed by Securities Law, Judge Rules

Regulation U.S. V. Zaslavskiy, 17-cr-0647, U.S. District Court for the Eastern District of New York (Brooklyn), just might go down as a definitive case for cryptocurrency enthusiasts. Many, many billions of dollars generated through initial coin offerings (ICOs) are now, according to a federal judge, considered under the jurisdiction of securities laws. Also read: Philippines Okays PDAX Crypto Exchange Federal Judge Rules ICOs are Securities “Per the indictment, no diamonds or real estate, or any coins, tokens, or currency of any imaginable sort, ever existed – despite promises made to investors to the contrary,” Federal District Judge Raymond J. Dearie ruled. “Simply labeling an investment opportunity as a ‘virtual currency’ or ‘cryptocurrency’ does not transform an investment contract – a security – into a currency.” Maksim Zaslavskiy Prosecutors in the case are touting it as a first. Maksim Zaslavskiy, a Brooklyn businessman, conspired and committed two counts of securities fraud during two ICOs, they allege. In his defense, Mr. Zaslavskiy suggested the law as written was too vague, and claimed the ICOs in question were currencies, and not, in fact, securities. ICOs, of course, are a relatively novel and new way for startups to raise capital. Taken from the legacy practice of bringing a traditional company to market through an initial public offering (IPO), ICOs skip over much of the friction IPOs have gathered as more laws and regulations are heaped upon them. Should the same standards apply to ICOs, very few, if any, would survive. ICOs are usually characterized by their lack of officialdom, their appeal to every-day investors without regard to designations such as being accredited. This has made for a wealth transfer revolution, but it has also brought upon investors many scams. Precedence The ruling set the stage for a jury to make the ultimate determination about whether indeed an ICO, as put forward by Mr. Zaslavskiy, is indeed a security. The judge did make it clear he believed the case fit well within securities law as presently constructed. The ruling, if upheld, could set precedence for future ICO-related suits brought about by both alleged victims and regulators. Raymond J. Dearie The defense was hoping to stop the case in its tracks after their client was charged with pushing cryptocurrencies, promising they…