TrueUSD Stablecoin Holders Can Get ‘Up to 8%’ Interest Via CredEarn

TrueUSD Stablecoin Holders Can Get ‘Up to 8%’ Interest Via CredEarn

Holders of the dollar-pegged stablecoin TrueUSD can now leverage their funds to generate returns under a new partnership between the token’s developer TrustToken and crypto lender Cred. The deal will enable TUSD holders take part in the CredEarn program, which pays back interest for loans of digital assets to Cred’s platform. Within the U.S., TUSD holders in 29 states can participate in the program. David Steinrueck, marketing and communications manager with TrustToken, told CoinDesk that individuals who send their funds to Cred can earn “up to 8 percent” in annualized returns. Under the terms of the partnership, TrueUSD holders must transfer their tokens to a CredEarn wallet for a minimum six-month commitment. They will earn interest quarterly, and can renew their accounts for three months after their initial term expires. “The reason that we say ‘up to’ is that at the current time … legally, we can’t say guaranteed … because it is an investment,” Steinrueck explained. “If you lock your funds in here, you’ll get an 8 percent return, you’re locked into that rate and after a 6-month rate or quarterly [you get your return].” CredEarn will, in turn, lend the assets to miners, investment funds, retail investors and other digital asset companies “on a guaranteed and collateralized basis,” though it will not lend to short-sellers. Returns from these entities will be passed on to holders. Steinrueck likened the feature to a bank account or a certificate of deposit (CD) investment, saying: “I would say that … there’s definitely risks and you’re taking out some risks because it’s an investment, but there’s not a scenario here where they’ll say ‘oh we’re only giving you 7 percent or 5 percent,’ you’re locked in. So the risk the consumer is evaluating is ‘do the people who stand behind these assets [have] insurance … do we trust those people to generate those returns and evaluate their consumers and load process accurately?’” As such, he added, any risks from a consumer standpoint would be evaluating the companies participating in providing the accounts. Uphold, BitGo, Bittrex and Ledger are acting as custody providers for the funds sent to CredEarn, according to a press release. BitGo will provide insurance on customer assets up to $100 million through its separate partnership with Lloyd’s of London.…

Louis Vuitton Owner LVMH Is Launching a Blockchain to Track Luxury Goods

Louis Vuitton Owner LVMH Is Launching a Blockchain to Track Luxury Goods

Luxury brand conglomerate LVMH, owner of the iconic Louis Vuitton label, is preparing to launch a blockchain for proving the authenticity of high-priced goods, CoinDesk has learned. Code-named AURA, the cryptographic provenance platform is expected to go live in May or June with Louis Vuitton and another LVMH brand, Parfums Christian Dior. It will then be extended to LVMH ‘s other 60-plus luxury brands, and eventually those of its competitors.   LVMH has enlisted a full-time blockchain team who have been in stealth mode for over a year, working closely with ethereum design studio ConsenSys and Microsoft Azure, according to two people familiar with the project. AURA has been built using a permissioned version of the ethereum blockchain called Quorum, which is focused on data privacy and was developed by JPMorgan. Neither LVMH nor its partners ConsenSys and Microsoft would comment ahead of the project’s official launch. But a source involved in the build told CoinDesk: “To begin with AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.” White label Stepping back, LVMH controls over 60 luxury brands including many well-known names like Dior, Dom Pérignon and Hublot. The group reported revenues of $53 billion in 2018. But it’s not the first to propose an authenticity-tracking blockchain; there have been other luxury provenance platforms and mini consortia, such as Arianee or Vechain. According to the source involved in the project, LVMH questioned why it would allow third parties to position themselves between its brands and their partners – especially since blockchain is supposed to be a technology for eliminating intermediaries. The source added: “This should be done in the form of an industry consortium rather than a third party actor coming into the marketplace.” As such, LVMH intends to offer the service in a white-label form to other brands including the group’s competitors. So rather than creating an app of some kind, AURA will run behind the brands using it. “So if you are a customer of a luxury brand, you are not going to…

Bitcoin Probes Key Price Support Below $3.9K After Range Breakdown

Bitcoin Probes Key Price Support Below $3.9K After Range Breakdown

View Bitcoin fell below $3,920 yesterday, as expected, confirming a short-term bullish-to-bearish trend change. As a result, the crucial support of the 30-day moving average, currently at $3,883, could be breached in the next day or two. A break below the 30-day MA, if confirmed, would strengthen the case for a deeper drop toward the key support levels lined up at $3,775 and $3,658. A strong bounce from the 30-day MA would weaken the bearish case. That said, a UTC close above $4,055 is needed to revive the bullish view. Bitcoin (BTC) is on the defensive after briefly falling below $3,900 at around 07:00 UTC this morning. The cryptocurrency fell to a 10-day low of $3,850 on Monday, confirming a downside break of the recent trading range of $3,920–$4,055. Further, BTC closed (UTC) yesterday below $3,920, reinforcing the bearish outside reversal candle created on March 21. The repeated failure to scale $4,000 in a convincing manner followed by the drop below $3,920 validates the bearish view put forward by the historically strong resistance of the downward sloping 21-week moving average (MA). As a result, the cryptocurrency risks falling below the 30-day MA, currently flatlined at $3,883, in the short-term. Notably, that average has put brakes on the sell-off at least three times in the last three weeks. Hence, a break below $3,883 could further strengthen the bear grip around the cryptocurrency. The bearish case, however, would weaken if the price bounces up strongly from the 30-day line. As of writing, BTC is trading at $3,906 on Bitstamp, representing a 1.73 percent drop on a 24-hour basis. 4-hour and daily charts As seen on the 4-hour chart, BTC has found acceptance below the 100-candle MA support, having dived out of the sideways channel yesterday. While the 200-candle MA has held ground in the last 12 hours, its repeated defense has failed to produce a stronger bounce – a sign that bullish sentiment has waned. Validating that argument is the fact that the major averages (50, 100 and 200) have shed bullish bias (are flatlined). On the daily chart, BTC has breached the ascending trendline and the 5- and 10-candle MAs have produced a bearish crossover, validating yesterday’s bearish close below $3,920. Hence, both the 200-candle MA on…

The RadicalxChange Movement’s Crypto-Cypherpunk Appeal

The RadicalxChange Movement’s Crypto-Cypherpunk Appeal

Vitalik Buterin, Zooko Wilcox, Simon de la Rouviere, Santiago Siri – all are prominent leaders in the blockchain technology sector who regularly attend and speak at conferences around the world. In this way, the RadicalxChange Conference in Detroit this weekend might not have seemed different than the many crypto conferences globally, but if its lineup bore similarities, the conversations did not. In place of discussions of crypto theory were serious talks on the social change needed to bring about and maximize the technology and its possible benefits. It should be noted, however, that RadicalxChange was also not a “crypto conference.” Put on by the RadicalxChange Foundation, this weekend’s event was rather the first gathering of individuals inspired by Glen Weyl and Eric Posner’s 2018 book “Radical Markets,” published by Princeton University Press. “It struck a chord and found resonance with many people,” noted Jeff Lee-Yaw, executive director of the RadicalxChange Foundation in the event’s opening address. “[The book showed us that] we can reinvent institutions to fix problems like inequality, that we can find a way to build a more prosperous world.” It’s this message that has seemed to resonate with those building new economies on cryptocurrencies and blockchains, as noted by Buterin in his keynote address. There, the creator of ethereum explained his belief that movements to reinvent social order for the betterment of society at large are not unlike what certain communities in the blockchain and crypto space have been trying to do since the advent of bitcoin in 2009. Buterin spoke at length about the similarities and differences between the cypherpunk movement and RadicalxChange movement, telling the audience: “In general, there’s an interest in making the world better, a kind of idealism, an excitement about new ideas, and a commitment to not just thinking and talking but actively doing and experimenting and really many other commonalities.” Slide from Vitalik Buterin’s keynote address. To this, newly appointed co-leader of the RadicalxChange Foundation and former advisor to cryptocurrency investment firm Amentum, Matt Prewitt, couldn’t agree more. “The connection is obvious in my mind,” said Prewitt to CoinDesk. “I got interested in ethereum and cryptocurrency because they are new tools for collaboration and collective action. It’s that kind of vision of more distributed power centers that…

Crypto Exchange Offering Revenue Sharing and Copy Trading to Launch in Arabic and English

Crypto Exchange Offering Revenue Sharing and Copy Trading to Launch in Arabic and English

A crypto exchange says it aims to offer “an exceptional user experience for all traders on its platform, regardless of their experience level,” delivering support for multiple languages and sharing revenue among users. Pukkamex argues that many of the services dominating the industry right now are clunky, slow and vulnerable to crashing during crucial trades, something that can be disastrous for seasoned traders when prices are volatile. The company claims that its infrastructure eliminates unscheduled outages, meaning trades “will always be processed instantly, even during times of peak demand.” The exchange says that its support for multiple languages is one of its main points of difference — and at launch, Pukkamex will be available in both Arabic and English. In explaining why it believes this support will open up its platform to a wider market, the company’s white paper states “The Arabic language is used by a substantial proportion of the global population, and is becoming increasingly important in the online world.” Compatibility in other languages — including Mandarin, Korean and Russian — is set to follow within the first year of its launch. Pukkamex is initially going to focus on delivering Bitcoin/USD and Ethereum/USD pairings, but plans to diversify by adding BTC pairings for ETH, XRP, Litecoin, Monero, EOS and Bitcoin Cash soon after launch. The exchange also has its own utility token, PUX, which is going to be available for trading on decentralized exchanges that support ERC-20 tokens. Those who hold PUX tokens will be eligible to participate in Pukkamex’s revenue-sharing initiative, the team says. Pukkamex is available here Intuitive copy trading Several other crypto exchanges currently deploy copy trading to some extent, but according to Pukkamex, its platform is going to offer this feature at a scale that has never been seen before. The exchange plans to offer a leaderboard of traders that crypto users can emulate if they so wish, and all of those who are featured in these rankings will have been verified by Pukkamex in advance — or will have amassed at least three months experience on the platform with a minimum trade volume of 25 BTC. Users who choose to copy a trader’s transactions are able to allocate a set amount of their balance, and can stop copying whenever they please.…

Singapore-Based Crypto Exchange DragonEx Has Been Hacked

Singapore-Based Crypto Exchange DragonEx Has Been Hacked

Singapore-based exchange DragonEx says it has been hacked for an undisclosed amount in a number of cryptocurrencies. DragonEx announced the news on its official Telegram channel on Monday, stating that, on Sunday, March 24, it had suffered a cyberattack that saw cryptocurrency funds owned by users and the exchange “transferred and stolen.” No information has yet been provided on the value of the losses. On Sunday, apparently as the breach was first being discovered, DragonEx first took its platform offline saying it was upgrading its systems. Later the same day, it announced that it was “still working on system maintenance,” before finally disclosing that it had been hacked yesterday. “Part of the assets were retrieved back, and we will do our best to retrieve back the rest of stolen assets,” DragonEx said in Monday’s Telegram announcement. The exchange further said that it has informed several judicial administrations, including Estonia, Thailand, Singapore and Hong Kong about the attack, adding: “We’re assisting policemen to do investigation. All platform services will be closed and the accurate assets loss recovery situation will be announced in a week. For the loss caused to our users, DragonEx will take the responsibility no matter what.” In updates on the hack today, DragonEx’s Telegram admin provided wallet addresses for 20 cryptocurrencies to which the stolen funds had apparently been transferred. The list included the top five cryptos by market capitalization: bitcoin (BTC), ether (ETH), XRP, litecoin (LTC) and EOS, as well as the tether stablecoin (USDT) for which six destination addresses were provided. “We earnestly request help from all our fellow exchanges and other industry strength, please help us to investigate and traced the assets, freeze them and stop the assets flows,” the exchange said. The admin added that stolen crypto assets transferred by the hackers to the Huobi and gate.io exchanges have already been blocked. DragonEx image via Shutterstock

Understanding the RadicalxChange Movement And Its Cypherpunk Appeal

Understanding the RadicalxChange Movement And Its Cypherpunk Appeal

Vitalik Buterin, Zooko Wilcox, Simon de la Rouviere, Santiago Siri – all are prominent leaders in the blockchain technology sector who regularly attend and speak at conferences around the world. In this way, the RadicalxChange Conference in Detroit this weekend might not have seemed different than the many crypto conferences globally, but if its lineup bore similarities, the conversations did not. In place of discussions of crypto theory were serious talks on the social change needed to bring about and maximize the technology and its possible benefits. It should be noted, however, that RadicalxChange was also not a “crypto conference.” Put on by the RadicalxChange Foundation, this weekend’s event was rather the first gathering of individuals inspired by Glen Weyl and Eric Posner’s 2018 book “Radical Markets,” published by Princeton University Press. “It struck a chord and found resonance with many people,” noted Jeff Lee-Yaw, executive director of the RadicalxChange Foundation in the event’s opening address. “[The book showed us that] we can reinvent institutions to fix problems like inequality, that we can find a way to build a more prosperous world.” It’s this message that has seemed to resonate with those building new economies on cryptocurrencies and blockchains, as noted by Buterin in his keynote address. There, the creator of ethereum explained his belief that movements to reinvent social order for the betterment of society at large are not unlike what certain communities in the blockchain and crypto space have been trying to do since the advent of bitcoin in 2009. Buterin spoke at length about the similarities and differences between the cypherpunk movement and RadicalxChange movement, telling the audience: “In general, there’s an interest in making the world better, a kind of idealism, an excitement about new ideas, and a commitment to not just thinking and talking but actively doing and experimenting and really many other commonalities.” Slide from Vitalik Buterin’s keynote address. To this, newly appointed co-leader of the RadicalxChange Foundation and former advisor to cryptocurrency investment firm Amentum, Matt Prewitt, couldn’t agree more. “The connection is obvious in my mind,” said Prewitt to CoinDesk. “I got interested in ethereum and cryptocurrency because they are new tools for collaboration and collective action. It’s that kind of vision of more distributed power centers that…

Bitmain Says Now-Lapsed IPO Made Firm More Transparent, Reveals Appointment of New CEO

Bitmain Says Now-Lapsed IPO Made Firm More Transparent, Reveals Appointment of New CEO

Chinese crypto mining titan Bitmain’s filing to list an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEx) has officially expired, according to an updated list of now-lapsed applications on the HKEx website on March 26. In a blog post published the same day, the company acknowledged that its IPO application was now inactive, and simultaneously revealed the appointment of a new CEO, Mr. Haichao Wang. As reported yesterday, Bitmain’s IPO filing — published in English and Chinese on Sept. 26, 2018 — was set to imminently reach the end of a six-month validity window, pursuant to HKEx listing rules. These rules provide a window for a given application to proceed to a closed-door hearing before the exchange’s Listing Committee, which is tasked with giving the final approval or disapproval of the offering. Should this fail to happen within this time frame, the listing formally lapses. In its statement, Bitmain confirmed the expiration, emphasizing that it remains committed to realizing the “huge potential of the cryptocurrency and blockchain industry,” which it noted “remains a relatively young industry which is proving its value.” The statement added: “We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart the listing application work at an appropriate time in the future.” At the same time, Bitmain claimed that undergoing the HKEx listing route has “made the company more transparent and standardized,” adding that the “process of rationalization and optimization” has heightened the company’s focus on the core elements of its mission. The company outlines the range of measures it has taken to streamline and rationalize its operations, revealing the appointment of Mr. Wang as CEO, who is reportedly a veteran of the chip manufacturing industry and has already successfully headed several units within Bitmain. As reported, this January Jihan Wu and Micree Zhan Ketuan had stepped aside as co-CEOs: today’s post confirms they will remain on as directors of the firm. The post also alludes to the numerous contractions Bitmain has this year made to its global business — along with cuts to its workforce — noting that “it was a difficult but necessary decision as we continue to build a long-term, sustainable and scalable business.” As part…

CoinMarketCap Will Alter Listing Metrics After Latest Fake Volume Research

CoinMarketCap Will Alter Listing Metrics After Latest Fake Volume Research

Cryptocurrency market data resource CoinMarketCap (CMC) has promised to rearrange how it ranks member exchanges after research found overwhelming evidence of fake volume. The company confirmed the upcoming changes on social media on March 25. CMC is arguably the industry’s best-known tracking service for the market cap of Bitcoin (BTC) and altcoins, as well as for the activity on exchanges trading them. However, last week, research from cryptocurrency index fund provider Bitwise claimed that CMC hosts almost entirely fake volume statistics. This in turn deceives investors and inflates the profile of affected coins, Bitwise explained in the report. Now, CMC has appeared to heed the warnings represented in the research, which Bitwise sent to United States regulators for consideration as part of its application to launch a Bitcoin exchange-traded fund (ETF). “We are listening to all our users’ feedback, and we are working hard to add a suite of new metrics so users can get a fuller picture of exchanges and crypto on the site,” executives wrote on Twitter. Speaking to Bloomberg meanwhile, CMC’s global head of marketing, Carylyne Chan, offered a glimpse of how the site’s rankings would change in future. “For instance, if an exchange with low traffic has $300M volume and just 5 BTC in its wallet, users will be able to draw their own conclusions without the need for us to make arbitrary judgment calls on what is ’good’ or ’bad,’” she explained. CMC had previously caught the attention of crypto figures after previous research from trading platform The Tie likewise cast the spotlight on exchanges’ reported volumes. Specifically, Changpeng Zhao, CEO of Binance, argued a coin climbing the site’s rankings alienated experienced investors, who would automatically assume its size was suspect. As well, last week two exchanges with suspect trading volumes both briefly overtook Binance on CMC’s adjusted volumes rankings, a section of the site which attempts to filter out artificial volume and wash trading. Chan did not offer a timeframe for implementing the new changes.

Amazon-Owned Twitch Removes Crypto Payments for Subscriptions

Amazon-Owned Twitch Removes Crypto Payments for Subscriptions

Amazon-owned live streaming video platform Twitch.tv has reportedly removed its cryptocurrency payment option for subscriptions. A Reddit user posted the news on Saturday, saying that, while Twitch had allowed users to pay in bitcoin (BTC) and bitcoin cash (BCH) through blockchain payments processor Bitpay, the option has been removed in the last couple of weeks “for all countries.” A tweet from Twitch dating from last January does indicate that bitcoin at least was one of the accepted payment options, among other methods including Amazon Pay and Apple Pay: Its terms and conditions currently state that the firm accepts “major credit cards, certain debit cards, PayPal, various payment methods through Xsolla and/or such other payment methods we may make available to you from time-to-time through our site, as forms of payment.” Another Redditor said they had sometimes used BCH as a payment option for subscriptions, but with Twitch removing the option, they have canceled all subscriptions and notified the firm. While cryptocurrencies have been widely touted as having a strong potential role in online payments, issues such as price volatility have sometimes frustrated the best intentions of merchants attempting to offer the option. Microsoft, for example, suspended bitcoin payments on its store last January, citing “instability.” They were later reinstated, however. Online gaming platform Steam also dropped its bitcoin payments feature in late 2017, citing chronic problems with the cryptocurrency’s high transaction fees and volatile price. It’s worth noting that the average fee for a bitcoin transaction has dropped significantly since the highs seen in 2017-2018. CoinDesk has reached out to Twitch and will update this article accordingly if a reply is received. Twitch image via Shutterstock