Bitcoin [BTC] Gonna Crash Below $2k before it Reaches $90k (Min): Crypto Analyst

Bitcoin is currently trading at $3,618 with 24-hours loss of 0.16 percent. Meanwhile, the flagship cryptocurrency is managing the daily trading volume of $6 billion. In the past 7 days, the Bitcoin price has been trading between the range of $3,690 and $3,610.

Bitcoin price 7-days chart, Source: Coinmarketcap
In the short-term, some Bitcoin analysts and traders have been expecting an upward trend while the long-term view remains unchanged though the numbers to peak vary.
According to Crypt analyst Willy Woo, Bitcoin can see the bottom at below $2k which many experts are expecting to occur in the first quarter of this year. Woo shared a series of charts covering various Bitcoin valuation metrics.

With Bitcoin hitting its bottom at some point below $2k, it could be the time for people to start investing in and accumulate Bitcoin as Woo further notes,
“RV says it’s an exciting time for long term investors looking to enter… on average investors are underwater, and we can see BTC is not underwater very often. Note RV is inaccurate in the early years due to missing pre-Gox price data, this will be fixed in the next update.”
Though the dark days are ahead in the short term, Willy Woo also shared about the next top which he says at a minimum could be $90k but not before he cautions that it’s “very experimental.”

The history might not repeat but it rhymes and with Bitcoin halving coming in 2020 experts are nothing but sure that another all-time high is coming, but not sooner than 2022. Recently, market analyst, Josh Rager had also shared,
“This “could be” the last time the general population can afford to buy an entire BTC. After 2021 – Bitcoin could move to a market price where most will only buy fractions. Global income per household is debatable, regardless, BTC speculative value could be out of reach for most.”
The post Bitcoin [BTC] Gonna Crash Below $2k before it Reaches $90k (Min): Crypto Analyst appeared first on Coingape.
Source: CoinGape

Ripple Scores Another Partner, Kuwaiti Bank for “Speedy Cross-border Payments”

Over 200 long list of Ripple partners is slowly adding more banks. The newest addition came into the form of Al Ahli Bank of Kuwait (ABK) that announced its partnership with Ripple to enable instant cross-border payments for its customers in and out of Kuwait.
As part of the agreement, ABK said it will be one of the few financial institutions in Kuwait that will be integrating Ripple’s technology into its existing services to reduce transactions time from days to seconds and further offer its customers’ immediate confirmations.
ABK will be joining RippleNet, decentralized global network of banks and payment providers. Somnath Menon, the chief operating officer (COO) at ABK had this to share about this partnership,
“This partnership with Ripple is aligned with our unwavering philosophy of reimagining a simpler bank. We have significant interests in cross border remittances and plan to harness the power of Blockchain technology for making global payments faster and more convenient for our customers. As smart technologies continue to rapidly transform the financial sector, we remain committed to enhancing our offerings to our customers, and staying ahead of the innovation curve.”
Al Ahli Bank of Kuwait (ABK) has been operating for over 50 years in the Gulf that offers a wide range of financial products and banking services to retail and commercial customers in Kuwait, Egypt and the United Arab Emirates.
Confirming about this partnership, Navin Gupta, managing director at South Asia and MENA at Ripple shared,
“We look forward to supporting ABK’s ongoing efforts to enhance its digital banking services, by providing our innovative blockchain solutions for speedy cross-border payments.”
Recently, Mohsen Al Zahrani, the Head of Innovation at Saudi Arabian Monetary Authority (SAMA) spoke about how the central bank of Saudi Arabia is encouraging the commercial banks of the country to use Ripple technology and revealed that two banks will be leveraging xCurrent and will roll out their services by Q1 of this year.
In its official statement, Dilip Rao, the global head of infrastructure innovation at Ripple said, “Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.”
“SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution,” added Rao.
 
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Source: CoinGape

JPMorgan’s JPM Coin is a “Huge Slap in the Face for Ripple” Delphi Digital’s Principal

One of the major bank JPMorgan Chase has now come up with its own so-called stablecoin JPM Coin that it plans to use for its clients in cross-border payments.
Well, this put JPM Coin as a direct threat to Ripple, according to Tom Shaughnessy, principal at Delphi Digital, a crypto research firm.
“This is a huge slap in the face for Ripple. Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat,” said Shaughnessy.
Ripple has claimed to have partnerships with over 200 banks including the likes of Standard Chartered and Mitsubishi UFJ Financial Group Inc. and is working on replacing Swift, a popular traditional network used by banks. But now the financial giant JPMorgan has entered the picture that moves over $5 trillion in wholesale payments each day.
Travis Kling, the Los Angeles-based founder of crypto hedge fund Ikigai Asset Management told to Bloomberg:
“JPM’s project is much more evolutionary than revolutionary — it is utilizing a private, permissioned blockchain technology called Quorum, which is much closer to a Google Sheet than a Bitcoin. The project is clearly competing directly with Ripple Labs and their centralized cryptocurrency XRP,” 
Meanwhile, Ripple CEO Brad Garlinghouse took to Twitter to share,


Crypto industry experts say it is not a cryptocurrency

Anthony Pompliano said, “The most popular token for money laundering this year will be JPM Coin.”

 
However, the fact that JPM Coin is pegged to a dollar while XRP like other digital assets is susceptible to volatility, according to Shaughnessy works in JPM Coin’s favour.
“The JPM Coin is a stable coin whereas XRP is anything but stable. That’s going to be a very contentious point for banks who don’t want the currency in which they make payments to be volatile.”
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Source: CoinGape

Binance still Running a Profitable Business Despite Bear Market, Crypto Exchange CFO

The largest cryptocurrency exchange by trading volume, Binance is running a profitable business “even in this bear market,” stated CFO Wei Zhou.
Profitable Even in This bear Market
Crypto market has lost over $700 billion since its peak as the majority of the cryptocurrencies are down 80 to 90 percent from their all-time highs. However, despite the prolonged bear market, the largest cryptocurrency exchange of the world by trading volume, Binance is still profitable, according to its chief financial officer.
In an interview with CNBC, Binance CFO Wei Zhou stated,
“To date, even in this bear market, we still run a profitable business.”
In July last year, Binance CEO, Changpeng Zhao told Bloomberg that the exchange was targeting a net profit of between the rage of $500 million and $1 billion in 2018.
The company doesn’t disclose its financials publicly, told Wei Zhou. However, recently, on the basis of amount spend by Binance on buying back its own BNB tokens using 20 percent of its net profits, The Block estimated the profits to be around $446 million last year.
Established in July 2017, Binance raised $15 million in its initial coin offering (ICO). It has been just about one year and a half since the exchange came into existence. But in this short amount of period, it has become the largest cryptocurrency exchange with the daily trading volume of $476 million, as per the data provided by Coinmarketcap.
Always on the Lookout for High-Quality Products
Though in 2019 the trading volume has dropped down significantly since late 2017’s rally, it is still managing its first position in the crypto space.
Wei Zhao further shared that Binance has “no plans” in the short term to seek a stock market listing. The firm had hired Zhou in September 2018, to handle its finances who previously had been serving in CFO roles at Chinese jobs site and TV ad company.
Binance is currently working on its expansion as it is soon going to launch its Binance Chain, a decentralized exchange for public testing and recently launched Binance.je for its European clients. Just last year, the company had bought crypto wallet maker Trust Wallet for an undisclosed amount and invested $2.5 million in TravelBit an Australian start-up that lets users book flights with cryptocurrency.
“We’re always on the lookout for high-quality products,” he said on the subject of potential mergers and acquisitions.
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Source: CoinGape

Crypto Community Mocks Ripple over “JPM Coin” for Payments, XRP Supporters Fight Back

We just reported that JP Morgan Chase has launched its very own cryptocurrency that is based on the same structure as a stablecoin. The bank confirmed in its official announcement that,
“JPM Coin is a digital coin designed to make instantaneous payments using blockchain technology. Exchanging value, such as money, between different parties over a blockchain requires a digital currency, so we created the JPM Coin.”
“The JPM Coin isn’t money per se,” said Umar Farooq, head of Digital Treasury Services and Blockchain. “It is a digital coin representing United States Dollars held in designated accounts at JPMorgan Chase N.A. In short, a JPM Coin always has a value equivalent to one U.S. dollar.”
Now, as the largest bank in the US rolls out its own cryptocurrency for payments, the crypto community has started mocking Ripple and its digital asset XRP.
Crypto OG, Whale Panda stated, “If you listen very carefully you will hear all Ripple holders now scream in agony. Congrats jpmorgan on creating a useless shitcoin.”

CNBC crypto trader host, Ran Neu Ner quipped, “I wonder why they don’t just use XRP!”
“Because the use case is different. Internal settlement isnt cross border / multi-entity settlement. Being pegged to the USD is another name for stablecoin. Bank issued DAs carry counter party risk. This has nothing to do with XRP but is bullish for XRP and the market as a whole,” replied ecent, an XRP enthusiast.
He further replied, “When JP Morgan is happy to issue what it calls a crypto, its good for everyone. For a moment try to put the tribalism aside.”

Crypto trader, Alex Kruger further stated, “this JPM Coin is the first big public step taken by one of the major banks against Ripple’s ambitions.”
In response, an XRP enthusiast replied, “No, it’s not. Again, it’s an IOU. It’s not that hard to understand.” He further added, “As a smaller bank you don’t want to deal in IOUs issued by JP Morgan.”
XRP supporters further shared Ripple CEO Brad Garlinghouse’s LinkedIn article titled, “The Case Against BankCoin” from back in 2016 when UBS, Deutsche Bank, Santander, and BNY Mellon announced their “utility settlement coin” for blockchain settlement.
Also Read: JPMorgan Launches JPM Coin, World’s First Bank to Launch Cryptocurrency
Talking about the bank-issued digital asset that can only “really efficiently settle between bank who issued it,” Garlinghouse presented two scenarios that could play out.
“Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance.
Scenario two (the more likely scenario): banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”
With this he said, would sprout many problems involving creating a market of unique digital assets among other issues which would be a mess.
The post Crypto Community Mocks Ripple over “JPM Coin” for Payments, XRP Supporters Fight Back appeared first on Coingape.
Source: CoinGape

Ripple Releases the Latest XRP Ledger Version 1.2.0

Ripple has now announced the release of XRP ledger’s latest version that is 1.2.0. This new version, according to the official announcement, introduces the MultisignReserve Amendment that will reduce the reserve requirement associated with signer lists for Multisign.
MultiSignReserve Amendment “reduces the owner reserve counted against your XRP Ledger account when it owns a multi-signing SignerList. Without this amendment, the owner reserve for a SignerList ranges from 15 to 50 XRP, depending on the number of signers in the list. With this amendment enabled, the owner reserve for a new SignerList is 5 XRP, regardless of the number of signers.”
Furthermore, the version 1.2.0 also includes incremental improvements to the “code that handles offers in the decentralized exchange,” that is fixTakerDryOfferRemoval and fix1578 Amendments.
In the former amendment, a bug in auto-bridging that can leave a dry offer in the XRP Ledger is fixed. A dry offer is an offer that, if crossed, cannot yield any funds.
Upgrade the Latest Version by Feb 27
Further talking about the benefit of censorship resistance in decentralized blockchain technologies, it shares, “Already highly resistant to censorship attempts, with the release of version 1.2.0 of the XRP Ledger, servers now have the ability to automatically detect transaction censorship attempts and issue warnings of increasing severity for transactions that a server believes should have been included in a closed ledger after several rounds of consensus.”
With the release of the “XRP Ledger (rippled) version 1.2.0,” if you operate an XRP Ledger server, according to the announcement, you should upgrade your version by February 27 in order to ensure service continuity.
On the failure to upgrade to the latest version means your servicer cannot determine the validity of a ledger, submit or process transactions, participate in the consensus process, and vote on future amendments. It also faces the risk of relying on potentially invalid data.
In another event, Ripple’s ecosystem initiative to support blockchain companies, Xspring has invested in XRP Tip Bot developer Wietse Wind’s XRPL labs. The decision was taken due to “His creative approach, leadership, and ability to engage developers were key differentiators in our decision to invest.”
On the price front, the 3rd largest cryptocurrency has been trading at $0.304 with 24-hours loss of 1.51 percent, at press time.
The post Ripple Releases the Latest XRP Ledger Version 1.2.0 appeared first on Coingape.
Source: CoinGape

Litecoin [LTC] Hash Rate on an Uptrend since mid-December amidst a Swift Kick to Adoption

Despite the ongoing market, Litecoin hash rate has been seeing growth for two consecutive months after hitting the lowest in mid-December, 2018. Currently at 5th position, having flipped by EOS, Litecoin has partnered up with Send app that allows to buy, sell and pay with Litecoin through Visa cards.
Litecoin Fundamental Showing Strength
Since January, Litecoin has been seeing a lot of development and growth as it works on becoming the new payment of choice globally while exploring fungibility and confidential transactions.
When it comes to fundamentals, Litecoin has been seeing another uptrend as it surpassed 200TH/s (terahash) hash rate despite the ongoing market condition. After hitting the peak in May 2018, it has been on a constant slide but in mid-December, the hash rate been on growth for two consecutive months.
While the Litecoin price is down 88 percent from its peak at $360, the network security has only fallen by about 30 percent, as per the Bitinfocharts data.

Back in April 2017 was the last time, the hash rate was this high when the price was about $128. In May 2018, the hash rate topped at 342TH/s at around $120 value. After hitting the bottom in December last year at 146TH/s along with the price at $28, now, it got the chance to catch up as it has been growing ever since.
Buy, Sell, & Pay with LTC via Visa card
Litecoin has been yet again flipped by EOS as the prices turned red. With the 24-hours loss of over 5 percent, it is currently trading at $41.55 while registering about 5 percent loss in the BTC market.

LTC price 1-month chart, Source: Coinmarketcap
While at the adoption front, Litecoin has been gaining traction as now Spend has announced that its users can make transactions with Litecoin through their Visa Card. Spend app allows users to have access to a multi-currency digital wallet that they can link to a bank account meaning they get to buy, sell, and make payments in LTC via Spend Visa Card.

Litecoin is now available on the #SpendApp. You can buy, sell and #PayWithLitecoin with your linked bank account. Spend #LTC at 40+ million locations with the Spend Wallet by instantly converting to fiat with the #Spend Visa® Card!@SatoshiLite @LTCFoundation @LiteCoinNews pic.twitter.com/LC3gC54xUP
— Spend.com (@SpendCard) February 11, 2019

After having problems with Litepay and TenX, Litecoin is finally able to provide the ease of paying with Visa cards which will make it available in 40 million stores worldwide.
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Source: CoinGape

Bitcoin Private [BTCP] Shoots Up As It Approaches CoinBurn in 3 days

Bitcoin Private (BTCP) price suddenly registered a spike of about 34 percent as it awaits the coinburn on February 16 at block height 480,000.
BTCP Up over 34%
At the time of writing, Bitcoin Private (BTCP) has been trading at $1.55. In the past 24-hours, while major cryptocurrencies are divided between red and greens, Bitcoin Private has shoot up by a whopping 34.22 percent and is today’s bigger gainer. In the BTC market as well, it is up by 34.44 percent.

BTCP 1-day price chart, Source: Coinmarketcap
As for the reason behind this price surge is its upcoming coinburn on February 16 that will lower the existing supply of Bitcoin Private coins in the market.
On February 28, 2018, there was a 1:1 snapshot at block height 272,991 for Zclassic (ZCL) and block height 511,346 for Bitcoin (BTC), where people who owned Bitcoin and ZClassic were given Bitcoin Private (BTCP).

According to the official announcement,
“Coinburn was suggested in the whitepaper as a possible solution in the event BTCP suffers from an extremely low network hash rate due to the low amount of mineable coins remaining after the fork. As originally conceived, approximately 0.14% of all unmoved coins from the fork would be removed daily over the course of two years, thereby decreasing the circulating supply and freeing up a significant portion of the coins for miners.”
It further talks about the illegitimate coins, CoinMetrics discovered in December last year amounting about 1.7 million that were stored in a shielded pool with only 20,000 being legitimate which the active contributors of BTCP found to be true.
In order to remove these coins, a hard fork at block height 455,500 was done on January 5. Now, on January 16th, a coinburn involving all unmoved coins will be performed at block height 480,000.
The blog cautions, “if you haven’t made a transaction since gaining your BTCP from the 1:1 snapshot that occurred on Feb. 28, 2018, please do it ASAP and certainly before block 480,000.” If you don’t do it by then, your BTCP will become unspendable as they will be burned away.
Meanwhile, the dev team is currently working at rebasing, according to the Medium blog, changing to Equihash 192,7 that will allow the network to be more ASIC-Resistant, and a GPU-friendly ecosystem is currently in the works as well along with adjusting the block reward values.
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Source: CoinGape

WikiLeaks Blasts Craig Wright: Serial Fabricator who Claims to be the Inventor of Bitcoin

WikiLeaks took to Twitter to blast the self-proclaimed Satoshi Nakamoto, the anonymous founder of Bitcoin (BTC) and Chief Scientist at nChain, Craig Wright. Initiated in 2006, WikiLeaks is an international non-profit organization that publishes classified media and secret information provided by anonymous sources.
“Serial fabricator who claims to be inventor of Bitcoin, Craig S. Wright, now claims that Bitcoin was always pro-state and that he always worked for the prosecution, as he tries to raise money for business project and escape court action.”
Back in 2017, WikiLeaks founder Julian Assange claimed that his organization made 50,000 percent return on Bitcoin after investing in the leading cryptocurrency in 2010. It has been all thanks to the US government as Assange said the government forced the payment companies like MasterCard and Visa to carry out “an illegal banking blockade” against the organization.  
Bitcoin was Like a Child to Me: Bitcoin SV’s Craig Wright
This time, Wikileaks hit back on Craig Wright after he wrote a new blog on Medium where he stated that he is the one who created Bitcoin and it “was like a child to me.”
In his blog post, he stated his negative stance on WikiLeaks,
“I do not like Wikileaks, and I have never been a fan of Assange’s methods. More importantly, I am strongly opposed to criminal markets and bucket shops. Ross Ulbricht and others like him are criminals. They are not freedom fighters, they are not libertarians. They simply are predators, and they are all that Bitcoin was designed to make far more difficult.”
Twitter Feud Escalates
In response, WikiLeaks hit back with,
“Craig S. Wright is a proven serial forger of documents claiming that he is the inventor of Bitcoin. He has been repeatedly caught. This has been independently verified by WikiLeaks at the time of his first claim and subsequently.”

Well, it didn’t go down well with Craig Wright who took to Twitter to say this,
“Fake and fabricated news site that I wanted not to have anything to do with Bitcoin makes up more lies. Sorry, this is again, more fake news from Wiki – the lie factory that lies on how it promotes truth.”

And this one, “Do you know what good has come from Wiki leaks…Nothing. They are a fake news cesspool.”
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Source: CoinGape

Cryptopia gets Green Light to start Running Again But Will it Open?

According to NZHerald, police has given the green line to the Cryptopia exchange and says it can “open again whenever they like.” However, the Christchurch-based company’s website is still showing the same “maintenance” mode message. The social media accounts of the company still remain dormant as they have been since late January.

“We have finished the main part of the work required by the High Tech Crime Group at Cryptopia’s business premises, although HTCG staff remain there finishing up aspects of their work,” detective inspector Greg Murton has been quoted as saying.
Though the detective inspector declined to comment on the amount of cryptocurrency that has been taken in the online heist and  if or when changes might be laid on the exchange. However, he did say, they are free to open the business.
“Police does not let us” Excuse Not Valid Anymore
“Cryptopia management have full access to their facilities and business premises and the Police investigation is not preventing their business from getting up and running again.”
Another New Zealand-based publication quoted a source as saying that they could get up running again, “Judging by overseas experiences when exchanges have been hacked and taken losses, they’ve been able to get going again.” the source said.
“Cryptopia’s big attraction was their alternative coin trading, and that could be their savior because no one else was trading with their depth and breadth of coins. Also, they never lost any Bitcoin so that might help,” the source added. However, the founders of the company Bob Dawson and Adam Clark cannot be contacted.
According to the police, Cryptopia Staff is cooperating and its management was the one that alerted the police to the hack. Moreover, the earlier reports that the police “stormed” the company’s building in Christchurch was “entirely incorrect.”
Even before the hack, Cryptopia was apparently facing many challenges in the form of a class action lawsuit by a Christchurch lawyer Clive Cousins. Cousins has said last year that “he had been approached by multiple Cryptopia customers who faced delays or were unable to get funds out of the crypto exchange,” reported the New Zealand publication.
Last year, Cryptopia has said it had 1.4 million users worldwide and about 80 staff members. Recently, a report on the Crypto hack by Elementus claimed
“the hackers have liquidated $3.2m in tokens, with the bulk of that going to Etherdelta.”
The post Cryptopia gets Green Light to start Running Again But Will it Open? appeared first on Coingape.
Source: CoinGape

BitMEX Research On Next Global Crisis: Retail Banking & Payment System Unlikely to be Under Threat

In its latest report, BitMEX research tries to answer the question of “When is the next global financial crisis going to happen?” In this report, BitMEX argues that the epicenter of financial risk has shifted from banks to asset management industry; and a “repeat of 2008” that is retail banking deposits and payment systems being under threat is unlikely. The fragility is rather most significant in corporate debt investment funds and unconventional debt investment vehicles.
It attempts to address the issue of Bitcoin and crypto enthusiasts and investors asking about the next crisis that is driven with the assumption that it will occur every decade or so, will have a positive impact on Bitcoin price and will result in questioning the integrity of banking and electronic payment systems. For Bitcoin price, it argues, if Bitcoin “does respond well in the next crisis (when liquidity is constrained), that will be a huge positive for Bitcoin and the store of the value investment thesis.”
Bank Balance Sheets in Developed Markets are Relatively Healthy
Over the last decade, bank management and regulators have operated in the shadows of 2008 and as a result, bank balance sheets and capital ratios have significantly strengthened. It further points out that main western banks have not expanded their balance sheets at all since the global financial crisis.
Growth in Leverage in the Asset Management Industry
The data show that, unlike the banking sector, the asset management industry has expanded considerably since 2008 and at the same time, leverage also appears to have increased.

New Corporate Debt Market Vehicles
The replacement of the role of the banks in the corporate debt markets has resulted in the rapid growth of interrelated, non-mutually exclusive investment structures. The non-bank mechanisms for providing corporates with financing viz. Collateralized Loan Obligations (CLOs), Leveraged Loans, Private debt deals, and Bond fund ETFs and mutual funds have grown considerably since the last global financial crisis.
Corporate Debt Markets Conditions
Corporate debt levels have increased considerably since 2008, with gross debt of Russell 3000 companies now totaling US$11 trillion, compared to just over US$8 trillion at the time of the last crisis. Corporations have taken advantage of the new investment products and low-interest rates to borrow money at record levels.

A Portfolio with a “Lesser Extent” of Bitcoin
Banks are more crucial to the financial system and society than asset managers, mentions the report and if asset managers come under pressure, retail and corporate deposits should be safe. This means the coming crisis could be less intense than in 2008. However, the “potential for government intervention to mitigate the impacts of the crisis may be more limited than in 2008.”
The data do not seem to suggest that we are necessarily right on the precipice of a major crisis, states BitMEX Research, “it could be several years away.” It concludes with the advice to adjust a portfolio with long-dated corporate bond ETF, hedge funds specializing in volatility, VIX calls, gold, and “maybe to a lesser extent, even Bitcoin.”
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Source: CoinGape

Tron Founder Justin Sun Marks the Latest Recipient of Lightning Torch

Today, Tron founder and BitTorrent CEO Justin Sun tweeted that he is the latest participant of the Lightning Torch network. From Twitter founder, Jack Dorsey to big names in the crypto industry, the torch has been relayed globally.

Recently, it found its way to the Binance CEO, Changpeng Zhao who advocated Tesla CEO, Elon Musk to be the next participant. For now, Musk is silent on this proposition who has been tagged by many Lightning Network supporters.

The relay transaction that has been circulating since January was also bounced to Twitter CEO Jack Dorsey. Dorsey appreciated the “cool example” of Bitcoin Twitter experimenting on Lightning Network.  

Just recently Dorsey had an interview with podcaster Stephen Livera and shared his plans to integrate Bitcoin with Square’s mobile app.
“It’s not an ‘if,’ it’s more of a ‘when,’ and how do we make sure that we’re getting the speed that we need and the efficiency.” He further added, “We don’t think it stops at buying and selling [bitcoin]. We do want to help make happen the currency aspect.”
Other notable torch-bearers have been Bitcoin advocate, Andreas Antonopoulos, and Blockstream Chief Strategy Officer, Samson Mow.
In Lightning Torch’s journey around the world, a few transactions have also been “stolen” as someone who received the torch, instead of passing it onto someone else, keep it with them.
Lightning Torch was first initiated by Hodlonaut that involves a Bitcoin transaction sent between nodes on the Lightning Network. Here each one adds 10,000 satoshis and the pass it on to the next.
Over the past few months, Lightning Network has grown tremendously as currently, it has over 6,100 nodes with a network capacity of 661 BTC, according to the data provided by 1ML.
The post Tron Founder Justin Sun Marks the Latest Recipient of Lightning Torch appeared first on Coingape.
Source: CoinGape

Binance DEX “Binance Chain” is Ready for Public Testing on February 20 :CZ

Binance’s decentralized exchange Binance DEX is targeted to release for public testing on February 20. 
Binance DEX Coming on February 20
The decentralized exchange of Binance, Binance Chain is all set to make it to the testnet in the coming week. Binance CEO, Changpeng Zhao took to Twitter, to share it with the crypto community that the target is set for February 20th for public testing.

Recently, in the “ask me anything” session, Zhao revealed new details about the decentralized exchange that is currently under development by the largest cryptocurrency exchange, Binance. Initially, the number of network consensus validators on the Binance Chain will be small, starting with 11 validator nodes. Once the exchange goes live, they will be looking for “guys who can run very fast validators.”
“So, in the Binance Chain, there’s no smart contract. We just have an interface for you to issue tokens, and then you can trade it. Binance Chain is a very simple chain in terms of application, but it can handle very large loads. It is our opinion that the load is more important than the features.”
Binance Chain to Charge $100,000 to List Coins
In the beginning, Binance will have a lot of influence over the network as shared by Zhao meaning compared to other networks, it would be more centralized. This is in line with his “there is no absolute decentralization” remarks last year as “decentralization is not safer by default,” he had said.
At that time, Zhao had said, “Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence. We stand here today because we believe that Blockchain technology will change the world.”
During the AMA, it has also been revealed that Binance Chain will be charging close to $100,000 for listing new coins. This is a deliberate move on Binance part as Zhao has explained, the higher fee is to “reduce the number of spam or scam projects.” Though the fee estimate is $100k, it will be adjustable over time.
The post Binance DEX “Binance Chain” is Ready for Public Testing on February 20 :CZ appeared first on Coingape.
Source: CoinGape

Ripple News: Finablr’s UAE Exchange & Unimoni to Partner with Ripple for Cross-Border Remittances to Thailand

UAE-based foreign exchange company, Finablr is planning to capitalize on the blockchain technology as its brands will be now joining the RippleNet network
Joining the Network of RippleNet
The latest company to partner with Ripple is Finablr, a UAE-based payments and foreign exchange company. Its brands Unimoni and UAE Exchange, according to the company will be partnering up with US-based startup Ripple to offer cross-border remittances to Thailand.
Finablr had partnered with one of the largest bank of Thailand, Siam Commercial Bank which is a Ripple partner to provide services on RippleNet. Now, it is planning to expand its services to other countries.
“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience,” said Promoth Manghat, the executive director and chief executive of Finablr.
RippleNet is a network of over 200 banks including Standard Chartered MUFG Bank among other institutional payment providers that Unomoni and UAE Exchange are operating on.
Capitalizing the Blockchain Technology
According to the World Bank, remittances flow to South Asia has grown about 13 percent last year. Asia is one of the major recipients of remittances from the workers in the Middle East, where Finablr is based.
While global remittances that include flows to high-income countries have grown about 10.3 percent to $689 billion, the remittances to developing countries have been estimated to increase by 10.8 percent and reached $528 billion in 2018.
In 2019, the global remittances are expected to grow 3.7 percent to $715 billion. While the future remittances to low and middle income countries are projected to grow a moderate 4 percent to $549 billion this year.
Cross-border transfers are usually made via foreign exchange but with the entry of blockchain technology, now use of apps and websites has become widespread. And Finablr is seeking to capitalize on just that as the company stated,
“Finablr will continue to seek opportunities to leverage the efficiencies of the blockchain platform.”
Finablr also acquired a digital payments firm TimesofMoney in order to capitalize on the e-commerce growth, in November. Last year, Manghat shared the plan to list it on the London Stock Exchange, “when the time is right.”
The post Ripple News: Finablr’s UAE Exchange & Unimoni to Partner with Ripple for Cross-Border Remittances to Thailand appeared first on Coingape.
Source: CoinGape

Ripple News: Finablr’s UAE Exchange & Uninomi to Partner with Ripple for Cross-Border Remittances to Thailand

UAE-based foreign exchange company, Finablr is planning to capitalize on the blockchain technology as its brands will be now joining the RippleNet network
Joining the Network of RippleNet
The latest company to partner with Ripple is Finablr, a UAE-based payments and foreign exchange company. Its brands Uninomi and UAE Exchange, according to the company will be partnering up with US-based startup Ripple to offer cross-border remittances to Thailand.
Finablr had partnered with one of the largest bank of Thailand, Siam Commercial Bank which is a Ripple partner to provide services on RippleNet. Now, it is planning to expand its services to other countries.
“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience,” said Promoth Manghat, the executive director and chief executive of Finablr.
RippleNet is a network of over 200 banks including Standard Chartered MUFG Bank among other institutional payment providers that Unomoni and UAE Exchange are operating on.
Capitalizing the Blockchain Technology
According to the World Bank, remittances flow to South Asia has grown about 13 percent last year. Asia is one of the major recipients of remittances from the workers in the Middle East, where Finablr is based.
While global remittances that include flows to high-income countries have grown about 10.3 percent to $689 billion, the remittances to developing countries have been estimated to increase by 10.8 percent and reached $528 billion in 2018.
In 2019, the global remittances are expected to grow 3.7 percent to $715 billion. While the future remittances to low and middle income countries are projected to grow a moderate 4 percent to $549 billion this year.
Cross-border transfers are usually made via foreign exchange but with the entry of blockchain technology, now use of apps and websites has become widespread. And Finablr is seeking to capitalize on just that as the company stated,
“Finablr will continue to seek opportunities to leverage the efficiencies of the blockchain platform.”
Finablr also acquired a digital payments firm TimesofMoney in order to capitalize on the e-commerce growth, in November. Last year, Manghat shared the plan to list it on the London Stock Exchange, “when the time is right.”
The post Ripple News: Finablr’s UAE Exchange & Uninomi to Partner with Ripple for Cross-Border Remittances to Thailand appeared first on Coingape.
Source: CoinGape