Coinbase expands to India, South Korea, New Zealand and 8 other countries by launching crypto-to-crypto trading services

Coinbase, a leading cryptocurrency exchange platform, announced that it has expanded its crypto-to-crypto trading service in 11 more countries, on its official blog. With the addition of these new countries, the reach of Coinbase has expanded to a total of 53 countries.
According to the blog post, Coinbase has opened its trading door for cryptocurrency enthusiasts in India, Mexico, New Zealand, South Korea, Indonesia, Hong Kong, Phillippines, Chile, Columbia, Peru, and Argentina. Users will be able to avail crypto-to-crypto trading services such as buying and selling crypto on Coinbase Pro and Coinbase.com. In addition, customers can also buy and sell cryptocurrencies via the Coinbase app available on iOS and Android.
The official announcement read,
“Direct trading between cryptos is increasingly the new norm and in the last year has overtaken traditional fiat to crypto trading across the globe. Millions of Coinbase customers can now securely and quickly trade between different cryptos and send crypto off-platform at their convenience.”
More so, the blog stated that this was a part of the exchange’s mission of “creating an open financial system for the world”. It also stated that the cryptocurrency space is shifting from the “investment phase” to the “utility phase”, which would pave the path for new use cases. It further stated,
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”
This news is extremely important for India’s crypto-community. This is mainly because of the ban placed by the Reserve Bank of India, the Central bank. Last year, the bank released a circular barring all the banks regulated by the central bank from associating with individuals and businesses involved with virtual currencies.
Due to the ban, some major local exchanges such as Zebpay had to shut down its operations. Even though Coinbase is providing only crypto-to-crypto trading, this does act as one of the most significant moments for the Indian crypto-community.
Along with this, the exchange also announced that its customers will be able to trade Augur [REP], one of the leading cryptocurrencies in the space, beginning today. Notably, this trading service will not be available immediately for customers in New York. The trade will be live on Coinbase.com and Coinbase app on iOS and Android.
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Source: AMB Crypto

Ernst and Young Blockchain Analyzer supports private Ethereum, Quorum and Hyperledger blockchains

Ernst and Young [EY], one of the big four accounting firms alongside Deloitte, KPMG, and PricewaterhouseCoopers, announced the launch of the second generation blockchain analytics tools, EY Blockchain Analyzer. Along with this, the firm also announced the launch of the second generation EY Ops chain and EY Smart Contract Analyzer.
Importantly, the second generation provides support to Ethereum, the leading smart contract platform, Quorum and Hyperledger private blockchain’s.
The announcement read,
“The latest version of EY Blockchain Analyzer being showcased at the EY Global Blockchain Summit supports analysis of zero-knowledge proof (ZKP) private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains.”
According to the post, this blockchain analytics tool has been constantly undergoing upgrades over the past two years. Due to this, the platform supports several new virtual currencies and also introduces new functionalities concerning private and public blockchain.
Notably, the first generation of the analytics tools could only be used by the audit teams in the organization. Now, the tool can be accessed by non-audit clients as a business application. This application can be accessed by the clients at any given point of time and for the EY teams and clients under the Advisory, Tax and Transaction Advisory, it enables financial reporting, tax calculation, transaction monitoring.
Source: EY
The blog post stated,
“In addition to transaction analysis, the new version of EY Blockchain Analyzer will support tax calculation for crypto-assets […] the newest version of this technology can automatically calculate capital gains and losses on transactions in compliance with US tax law.”
It further stated,
“[it] is expected to be available for use by EY client-serving teams in 2019 across a selection of more than 100 EY Assurance clients that hold or trade cryptocurrencies or operate in the blockchain ecosystem.”
Source: Reddit
ChamberofSarcasm, a Redditor said,
“Good for ETH, bad for Waltonchain and VeChain, I think. They were focused on tracking inventory in companies, and this might do just that.”
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Source: AMB Crypto

Bitcoin [BTC] scalability solution cannot be solved entirely, says Andreas Antonopoulos

Andreas Antonopoulos, who has been a popular face in the cryptocurrency ecosystem, recently addressed the scalability conundrum plaguing the Bitcoin [BTC] blockchain. As he continued to discuss important topics, Antonopoulos, in a recent Bitcoin Q/A session on his official YouTube channel, said that the long-winded scalability problem will always exist.
According to the Bitcoin patron, scalability cannot be solved permanently. He was of the opinion that there is no such “final solution” for the scalability issue on the BTC blockchain. Even as SegWit improves scaling difficulty, “it is not enough for future mass adoption”, according to Antonopoulos.
Citing a more mainstream example of the Internet, Antonopoulos said that the scalability issues with email-related problems would require a different set of solutions than problems associated with the scalability of emails with attachments.
He added that solving the scaling difficulty issue at each level would be different and while scaling one problem, a whole new avenue for applications open up, and this, in turn, would bring about another set of scaling issues. He stated,
“..and you can’t, in the beginning, solves the problem for the end there is no end and also if you prematurely optimize if you try to solve scale problems for a scale that doesn’t yet exist you shift the problem somewhere else in the case of cryptocurrencies”
In the case of virtual assets, this process of what he calls as “premature optimization” ends up damaging decentralization to solve a problem that does not exist yet.
One of the earliest supporters of the crypto-assets, Antonopoulos, also admitted that solving the scalability issue was possible and added that SegWit was just the first step of many optimizations.
Painting a potential scenario, the Bitcoin maximalist predicted that Schnorr Signatures were likely to be the next step for optimization. With subsequent optimizations, scalability issues would be sold at every step. This digital signature introduces a 25% to 35% improvement in terms of capacity by optimizing signatures.
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Source: AMB Crypto

Tron DApp Weekly Report: Developers shift focus to DApp gameplay, strategy as gaming, gambling apps soar

The Tron Foundation and CEO Justin Sun have been working on developing a world-class DApps network and if their weekly reports are to be believed, they might be inching closer to that goal. Tron Foundation released its DApps Weekly report on April 12 and informed the Tron community about the progress in the DApps ecosystem, ahead of the SUN Network launch in May 2019.
The report expanded on two major developments that happened over the past week. The first update was with respect to the dominance of gaming and gambling apps.
With 81 gambling apps and 57 games on the network attracting over 15,000 active users, developers have now shifted focus onto the gameplay and strategy of DApps. A significant amount of work has been funneled into this as developers scavenge for a breakthrough in the sphere. The report read,
“Many more complex DApp games have been put on the developmental agenda. At present, the growth of DApps is still driven by gambling games. But the cool-off of gambling games has caused a dip in the DAUs [Daily Active Users] of DApps.”
The second update was RatingDapp listing DApps on Tron’s public network. RatingDapp is a website which tracks the performance of DApps and presents the on-chain transaction record graphically.
Source: Tron Foundation’s DApp Weekly Report
Their report suggested that Tron’s weekly DApps had grown extensively over the past few weeks, in terms of transaction activeness and user acquisition.
The report also highlighted three DApps which were making strides in the ecosystem. The first was a game called BLOCKLORDS. The game won the grand prize at the Tron Accelerator competition.
The second app was MyWish, which allowed users to build and deploy their own smart contracts on Tron. What makes it unique is its ease of use and the fact that knowledge of coding is not a requisite for using the app. The app was first launched on the Ethereum blockchain in 2017, the report said.
The third app was Math Wallet, which received an update last week. It released an extension wallet while simultaneously offering support to Tron’s DApp ecosystem and Mainnet.
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Source: AMB Crypto

Tron’s Justin Sun confirms mainnet will not undergo upgrade following implementation of SUN Network

Tron Foundation’s SUN Network project has been in the works for quite some time now and the collective Tron ecosystem is preparing for its launch in May 2019. This move is expected to boost the Foundation’s DApps project, which has seen considerable success as more and more players join the network. It was reported that Gaming and Gambling apps on the Tron Network saw a substantial increase over the past few weeks, pushing its mainstream adoption to new heights.
In a recent tweet, Justin Sun, Tron Foundation’s CEO, clarified that the Tron mainnet would not require an upgrade following the launch of the SUN Network. He further elucidated that DApps would also not be affected if they did not switch to the DAppChain. His tweet read,
“MainNet doesn’t need to be upgraded after the launch of #SUNNetwork(DAppChain). #DApps won’t be affected if they don’t switch to DAppChain. For good user-experience, DApps will only need to integrate with sidechain SDK with simple configs to move from MainNet to DAppChain. #TRON.”
The SUN Network is expected to increase Tron blockchain’s productivity as it supports sidechain-based smart contracts via a new DAppChain. This sidechain is expected to boost the effectiveness of the Tron DApps ecosystem as it will facilitate DApps functioning using very minimal energy. This DAppChain also boasts the efficiency and security of the Tron mainnet.
The SUN Network, according to previous reports, will be launched in three phases and will, in effect, expand the overall capacity of the Tron network.
The testnet phase will see the initiation of off-chain confirmations on its sidechain smart contracts. This is the first phase and will go live on May 31, 2019. The mainnet will be launched on August 10 and will include DApps sidechains, cross-chain infrastructure, and other expansion products. The last and final segment of the implementation of SUN Network will be the optimization phase. Here, the performance of the sidechains would be analyzed thoroughly, following which the sidechains would be deployed.
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Source: AMB Crypto

SEC provided very little new information in the framework, says Chief Legal Officer of Blockchain

Marco Santori, the President and Chief Legal Officer of Blockchain, spoke about the recent framework released by the United States Securities and Exchange Commission [SEC] during an interview with Laura Shin for Unchained Podcast.
The interview began with Shin asking Santori about the things that have become clear with the release of the guidelines. Santori stated that the commission filled in some gaps and reconfirmed some of their “thinking that [they’ve] heard in the past”. However, he stated that the regulatory body gave out very little new information in the framework.
He said,
“[…] But, it does not mean that we didn’t learn anything. In fact, I think we did learn quite a bit. In terms of the no-action letter, probably not all that useful for most crypto entrepreneurs.”
This was followed by Santori stating that in terms of guidance, the commission only summarised their previous stance on the Howey Test. He added that it also mentioned a little bit about the Director of Division of Corporation Finance William Hinman’s brief speech on the test, and some of the factors that made a token similar to a security and less likely to be a security. Santori went on to state,
“[…] So, SEC finally put much of that in writing, adding some, removing some of the bits, but they did a little more than that. They also gave fact pattern at the very end; so, look here’s one fact pattern that we know at least for sure that within this sort of circumscribed set of facts, this thing would not be a security in our minds.”
The Chief Legal Officer further stated that the SEC mainly stressed on Director Himan’s speech, where he stated that the status of a token could be shifted from being a security to a non-security. However, the commission failed to explain the circumstances that make a token a non-security. He said,
“They reconfirmed that [shit from security to non-security] here and they gave a few different facts […] in favor of security status and against security status. So those are the little bit of meats on the bones there.”
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Source: AMB Crypto

Ripple-backed InstaReM’s CEO talks about advancing financial inclusion by improving remittance methods

InstaReM’s CEO, Prajit Nanu, spoke to Ripple’s Asheesh Birla about advancing financial inclusion worldwide and how he plans to achieve it.
Ripple-backed InstaReM is a digital cross-border money transfer service provider that entered the European market in 2018. Headquartered in Singapore, InstaReM has customers spread across 35+ countries, and is at the forefront of fintech innovation in Southeast Asia.
Prajit Nanu spoke about the 7-8% fees on remittances worldwide and how it was higher in some Southeast Asian markets where the need for affordable money was the greatest. He added that financial inclusion can be improved by building an “ecosystem of companion products, including insurance, that can be used in tandem with remittances to improve financial stability.”
The Ripple Insight blog by Asheesh Birla said,
“… Prajit is focused on helping InstaReM customers by reducing the cost and enhancing the speed of its remittance services. By improving both, InstaReM is able to deliver greater impact while also expanding its market share.
For InstaReM, Ripple eliminates the need to prefund accounts in a number of countries, enabling real-time transactions at a fraction of the cost compared to the traditional methods.”
Prajit Nanu acknowledged that liquidity was a big factor when it came to remittances, stating that Ripple was helping InstaReM with it. Nanu also added that they had eliminated pre-funding by utilizing Ripple’s corridors in the Philippines and Mexico, allowing InstaReM to send any amount of money instantly without batching or increasing overall transaction volumes.
InstaReM started its journey as a money transfer service provider in Australia in 2015. According to the World Bank, InstaReM has been the most competitive remittance platform in several Asian corridors, such as Australia to India, Malaysia, the Philippines, and Vietnam through three consecutive quarters.
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Source: AMB Crypto

Coinbase wants to claim commerce, says CEO Brian Armstrong

Brian Armstrong, the Co-founder of Coinbase and one of the leading cryptocurrency exchanges in the United States, spoke about the use cases of Bitcoin and retail resurgence, during his recent Ask-Me-Anything [AMA] session.
Mike Dudas, the Founder of The Block, asked whether he expected a retail resurgence in 2019 or 2020. To this, Armstrong stated that he tries “not to play the game” of predicting “what’s gonna happen.” He further stated that it was “okay” if the retail resurgence took place in 2019 or 2020, adding that he wanted the industry to focus “less and less” on the trading aspects of cryptocurrency. He said,
“[…] generally, I want the industry to […] focus less and less on, you didn’t even say trading in your question but I’m assuming maybe incorrectly assuming that that’s what you’re referring to. I don’t want people to focus so much on trading in the price.”
Armstrong added that he wanted the space to focus on building “more use case for crypto,” where more applications will be introduced in more countries, making cryptocurrencies commonman-friendly.
Further, the Co-founder also stated that Coinbase was expanding to other countries and was “always getting” more fiat payment integrations, when asked whether Coinbase was trying to get more fiat on-ramps.
When asked what he would use Bitcoin for, Armstrong stated that he used to give Bitcoin worth $5 or $10 to anyone who was interested in the cryptocurrency, adding that this practice has been going on for around seven years now. Armstrong then spoke about the general use-case of Bitcoin, stating that the “last area” to be disrupted by cryptocurrencies was going to be normal payments, where people use it to buy a cup of coffee at Starbucks.
“digital currency is actually going to be used more on the fringes first, and slowly move mainstream so the fringes are […] power users of money […] need to send a million dollars to someone [or] invest in something in ten minutes […] a developer who’s trying to […] automate you distributions of payment to thousands of people”
He further stated,
“[…] then on the other side you have people who are unbanked, […] emerging markets, Venezuela, this is kind of where give crypto is playing and so crypto is sort of playing most strongly today at the edges […] and I think it’s slowly gonna work its way into the middle […]”
Armstrong added that Coinbase was working towards achieving this and building the “crypto economy,” not only in terms of onboarding people to buy and hold, but also to connect these people. This, in turn, would create more opportunities for people to participate in more things related to crypto like voting, staking, and lending and borrowing. He added,
“[what] we want to actually claim is commerce. We want to start to try to integrate that into our consumer app to like surface what are the things that people can buy. Let’s put it there right in front of them in the app and let them know about places they can spend crypto so that’s how we want to build the crypto economy at Coinbase […]”
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Source: AMB Crypto

Bitcoin developer proposes ways to solve BTC’s price dip; Twitterverse calls it an April Fools’ Day joke

Bitcoin developer Luke Dash Jr has proposed a way to fix Bitcoin’s price decline by setting a global minimum price for Bitcoins. In a recent tweet by the developer, Dash proposed a Bitcoin soft fork for a minimum price of $50k USD/BTC via Bitcoin Improvement Proposal or BIP that can be deployed in the Bitcoin Core v0.18. Dash posted,

The low #Bitcoin prices have gone on too long.
“Softfork proposal for minimum price of $50k USD/BTC”https://t.co/Si48prViUK
— Luke Dashjr (@LukeDashjr) April 1, 2019

According to Dash, Bitcoin’s price failed to surpass $20k and fell below $15k because a certain section of the Bitcoin community was selling the digital coin for a very low price, which he termed “unreasonable”.
The first BIP suggests a method to explicitly specify and sign the USD/BTC price for transactions.
The developer cited that a new field was added to BTC transactions, which represent “the honest and true” USD/BTC rate. The sender legally validates the valuation of Bitcoins used for the transaction after signing it off. Additionally, “any reasonable exchange rate” can be deployed to come up with the USD valuation for a transaction that is valued in other fiat currencies, apart from the US Dollar.
The second BIP begins with the block height 622370, which is expected on 1st April 2020. According to the developer, a block is dismissed as invalid unless all transactions in it are defined in USD/BTC and specify a value that is at a minimum $50k USD/BTC.
The Bitcoin community on social media did not appear excited about the two proposals. Many users on his original thread called it an April Fools’ Day joke. A Twitter user named hate_hubris posted,
“Over our dead bodies,We are the resistance, UASF for the price at the time Satoshi mined or we’re using the nuclear option.”
This is not the first time Dash Jr has been criticized by the Twitter crowd. Earlier this year, he was engulfed in the block size debate, where he first pitched the idea of reducing the block size via soft fork.
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Source: AMB Crypto

What A Bitcoin-Friendly Cornell Prof Thinks Will Propel Crypto Past $1 Trillion

According to one Cornell professor proficient in computer science and an advocate for Bitcoin, Emin Gun Sirer, crypto will be unable to surmount a $1 trillion collective valuation until certain requirements are met. He believes that with industry developments, “crypto winter will end” — eventually.
Crypto Needs Scaling, Real Use-Cases, Decentralized Solutions
Sirer recently wrote on Twitter that the cryptocurrency market surpassed $700 billion with “inherently unscalable technologies,” referring to 2017’s seemingly hype-based rally. While some were sure that $1 trillion was in crypto’s sights then, the market obviously pulled back drastically.

Crypto winter will end.
We reached $700B with inherently unscalable technologies.
We will surpass $1T when we figure out how to scale, how to build non-custodial solutions, how to layer apps that people want to use and that bring net positive outcomes to society.
— Emin Gün Sirer (@el33th4xor) March 28, 2019
However, Sirer is under the belief that with scaling solutions, potentially like the Lightning Network or Ethereum’s Proof of Stake; a surge in non-custodial solutions, thereby mitigating the risk of hacks (just look at DragonEx & Bithumb); viable use cases that bring “net positive outcomes to society,” this market could finally begin to rally again.
Related Reading: EOS Scaling Issues and Their Impact on the Blockchain
Bitcoin To Surpass $1 Trillion With Halving Alone
While Sirer is making a case that the cryptocurrency market needs technical development to surpass the $1 trillion milestone, a number of pundits have recently claimed that this may not be the case.

PlanB, an industry researcher, recently claimed that 2020’s block reward reduction could be the sole catalyst that hoists BTC above $50,000 apiece. As reported by NewsBTC previously, the analyst noted that if Bitcoin follows a linear trend that relates the stock-to-flow ratio (SF) to asset valuation, the mentioned auspicious event will allow the aggregate value of all BTC to reach $1 trillion.
While $55,000 for each BTC seems irrational for most, PlanB writes that money from silver, gold, negative interest rate economies, authoritarian and capital control-rife states, billionaires looking for a quantitative easing hedge, and institutional investors will eventually flood into this space. This in and of itself may seem like a pipe dream, but some are sure this is likely, especially with the increase in hyperinflation, fiscal mismanagement, and speculators looking for alternative investment opportunities.
Although many are sure that the halving event will create waves, Messari’s Ryan Selkis recently drew attention to another catalyst that could be responsible for creating a $1 trillion Bitcoin. The chief executive of Messari explained that with millennials inheriting billions from their to-be-deceased parents over the coming decades, much of that money could theoretically find itself in the crypto market, pushing up prices as a result.
Featured Image from Shutterstock
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Source: New feedNewsBTC.com

Coinbase executive who revealed client data sale leaving firm for Fidelity

Coinbase, one of the leading cryptocurrency exchanges in the United States, was under the microscope of the entire cryptocurrency space when reports emerged that its providers were selling its customers’ data. This news resulted in the firm facing a severe backlash from the community, and importantly, it has failed to address this issue. According to recent reports, Christine Sandler, the Director of Institutional Sales, will be leaving the firm.
Interestingly, Sandler was the representative of Coinbase who revealed the information pertaining to customers’ data being sold by its providers. This statement was made in an interview with Cheddar, where she had revealed that this was the “important” reason behind the exchange acquiring Neutrino, a blockchain analytics start-up.
She had stated:
“Our current providers were actually selling our client data to outside sources and it was really compelling for us to kind of get control over that and have proprietary technology that we could leverage on to keep the data safe and to protect our clients.”
Notably, Sandler would be joining Fidelity Investments, one of the largest financial service providers around the world. Coinbase has not yet released an official statement on Sandler leaving, but a spokesperson confirmed the news to The Block. More so, she will be joining Fidelity Digital Assets as the head of marketing and sales.
A source who spoke to Coindesk said:
“It has become clear that Coinbase is focusing on crypto first and crypto-native hedge funds, and the team that Adam [White, a former Coinbase executive] brought on board was very much focused on the institutional world.”
The person further added:
Christine is part of that; she had decades of experience of working with traditional financial institutions. Her skills are much better suited to a company that is taking that approach – like Fidelity.”
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Source: AMB Crypto

Monero, Stellar among blockchains benefiting from Bug Bounty programs; over 20 security flaws fixed in 2 weeks

Since its inception, blockchain technology has been hailed as one of the most secure technologies ever, owing to features such as immutability and decentralized consensus. However, more and more security vulnerabilities have come to light in the last decade, through large-scale hacks where the perpetrators exploited seemingly non-existent bugs to gain access to users’ funds.
However, this has also helped security agencies and exchanges understand various security lapses and fix them, before they are exploited by hackers. The Bug Bounty program, where a hacker is rewarded for finding security vulnerabilities, is one of the primary methods by which exchanges and security firms track down and fix vulnerabilities.
According to a report by The Next Web, participants of bug bounty programs continue to help secure the network and rid blockchain projects of crucial bugs, earning a minimum of $7,500. This is especially so on Monero and Stellar.
According to data collated by HackerOne, atleast seven cryptocurrency-related projects rewarded ethical blockchain hackers for finding and fixing over 20 crucial bugs in the last two weeks, from 14 March to 28 March. Some of the major blockchain projects which distributed considerable bounties to ethical hackers were Monero, Stellar, ICON, and Augur. Some non-blockchain services including Robinhood, Omise, and Crypto.com also paid hackers for patching certain security vulnerabilities.
Of all the services and projects analyzed by HackerOne, Omise, the organization behind the OmiseGo cryptocurrency registered the highest number of security vulnerabilities. The service reported eight crucial vulnerability reports over the past two weeks.
Source: HardFork – The Next Web
The second place on the list was shared by betting market, Augur and Digital asset wallet/exchange service, Crypto.com. Both of the services listed three security vulnerabilities each.
Monero, the ‘privacy coin,’ reported a total of two security vulnerabilities. However, it was unclear how much bounty was paid for finding the security loopholes.
Stellar, the cryptocurrency which saw increased adoption over the past week due to the World Wire announcement, registered one bug bounty. Again, the money involved was not disclosed to the public.
Augur distributed a total of $2,850 in bug bounty over the past two weeks. Though two of the vulnerabilities were not that prominent, one was labelled “medium risk,” and the researcher who found the bug was offered $2,500 as a reward, amounting to over 85% of the total bounty distributed.
Though Crypto.com’s security issues were not very sinister, the company distributed almost $2,250 as bounty over the past two weeks.
ICON registered only one issue, but the bounty for fixing it was $1,000. Robinhood registered two bug bounties, but the details of the same were withheld.
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Source: AMB Crypto

Bitmain’s IPO filing officially lapses this week without Listing Committee hearing

Bitmain, one of the world’s largest Bitcoin [BTC] mining firms and Application-Specific Integrated Circuit [ASIC] chip producers, was in the news in 2018 following news surrounding an Initial Public Offering [IPO]. The mining firm is back in the spotlight yet again after Dovey Wan, Founding Partner at Primitive, pointed out that Bitmain’s Hong Kong Stock Exchange initial public offering filing would expire this week on 26 March, 2019. She stated,
“Wow, just randomly checked the calendar and found: Bitmain’s HKex IPO filing will officially expire on coming Monday (was initially submitted on Sep 26th 2018), which will officially mark the failure of its IPO attempt RIP Bitmain HKex IPO”
She further added,
“There is a 6 months window for an IPO filing to be moved into IPO hearing stage, if the hearing does not happen in 6 months it will automatically expire Bitmain’s next attempt can be NASDAQ but it needs to find another underwriter, and fix its financials”
Bitmain however, did not address the issue on its official platform. The official filing for the IPO was made on 16 September, 2018 and so far, there have been no reports pertaining to the Committee hearing. In December 2018, a report by South China Morning Post had stated that the mining firm was seeking to raise over $3 billion through this Initial Public Offering.
It also stated that according to the Hong Kong Stock Exchange’s listing rules, a six-month window [closed-door hearing] for all listing applications was given. In this timeframe, the Listing Committee decides whether to approve or disapprove the listing after their queries are cleared. If this did not happen, the listing would formally lapse. Further, regulators have expressed their concerns over approving fundraising plans for a cryptocurrency-based business “before proper rules are in place.”‘
Additionally, Samson Mow, the CSO of Blockstream, commented on Bitmain’s IPO, stating that “it is incredibly risky” for an investor because of concerns of BCH investment.
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Source: AMB Crypto

Bitcoin Lightning Network will never be production ready, says Bitcoin Cash [BCH] proponent Rick Falkvinge

Rick Falkvinge, a prominent Bitcoin Cash [BCH] proponent, said that the much-anticipated Layer 2 solution or the Lightning Network project is a “dead end for all intents and purposes”. According to Falkvinge, the so-called solution failed to provide solutions for some of the major problems plaguing the Bitcoin network since the past year.
In a recent video, Falkvinge claimed that unlike a normal project, whose completion time decreases over time, the LN project’s completion time has only increased over time.
Backing his claim that the Layer 2 solution would never be project ready, in his presentation, Falkvinge pointed out that in late 2015 or 2016, the Lightning network was just six months away, but in 2017, it was announced that the project was 18 months away. However, no updates were revealed the year after that. The founder of the Pirate Party, who has been a huge critic of the scalability solution project, outlined eight problems with the Lightning Network back in February last year.
He also opined that the concept of Watch Tower was fundamentally wrong. Talking about deploying watchtowers to monitor on-chain transactions on the network, Falkvinge said that it was an unnecessary complexity. One of the problems that he noted was that the users must be online to receive funds.
Falkvinge said that the “so-called” solution that LN presented over the past 12 months is that in place of users, a third-party ecosystem called “watch towers” would be online to detect possible threats and other malicious actors and neutralize it. According to him, this is not a solution as Bitcoin does not require “anybody” to be online for a transaction to settle.
He also spoke about the legal liability associated with Lightning Network nodes. He stated that when a user on the network deposits money into a channel with another user, the individual starts acting like a bank and that bank requires a license to run. This is where the legal liability comes into the picture, he said.
Additionally, calling it a design flaw in the Layer 2 solution, Falkvinge said that there would be no cold storage and the users on the network wouldn’t be able to store funds safely.
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Source: AMB Crypto

Shapeshift is being forced to implement KYC/AML policies, says Erik Voorhees

Erik Voorhees, the CEO of Shapeshift, spoke about whether or not privacy and KYC/AML rules could co-exist, in an interview on WhatBitcoinDid. He also spoke about decentralized exchanges being a solution for participating in the cryptocurrency space, without giving away personal details.
ShapeShift, one of the leading cryptocurrency exchanges across the globe, introduced mandatory Know-Your-Customer and Anti-Money Laundering policies last year, resulting in the exchange facing the community’s backlash. Further, the main reason for the majority of the community speaking up against this move was because users could avail the platform’s services without having an account, which was bought to an end by the policy.
On whether or not privacy and KYC/AML could co-exist, Voorhees said,
“No, I mean this is why it was such a devastating thing for us to do because I personally and as a company respect the right of individuals to have financial privacy forcing KYC on people violates that right? So, I don’t support that the fact that we are doing, it isn’t because we support that, it’s because we are essentially being forced to do that”
This was followed by Voorhees stating that several people failed to understand this, thinking that the exchange changed their principles because it changed the policy.
“We didn’t it is wrong and I believe it is morally wrong to require people to surrender their personal information I believed that years ago, five years ago and I believe it today”
Furthermore, he was asked whether a decentralized exchange was the only way to resist surveillance economics as suggested by Andreas Antonopoulos, the author of Mastering Bitcoin. To this, Voorhees stated that “any path a company goes down is not decentralized by definition.”
He further stated that there were several decentralized exchanges that have been imposing KYC, adding that “it is not as clean-cut, that a decentralized exchange can avoid these issues and a centralized exchange cannot.” Voorhees said,
“There’s a lot of nuance to it and depends a lot on the structure of the entity, on the risk tolerance of the individuals involved on the jurisdictions that are being considered it’s not an easy question”
The post Shapeshift is being forced to implement KYC/AML policies, says Erik Voorhees appeared first on AMBCrypto.
Source: AMB Crypto