Binance’s Mainnet Swap to Execute on April 23 via Binance Chain’s Native Token

Binance’s long-awaited Binance chain has finally hit the headline today on April 18, 2019. Following Mainnet launch, its Swap is planned to execute on April 23.
Earlier this month, Changpeng Zhao or popularly known CZ, CEO of Binance cryptocurrency exchange has said in a Deconomy conference that the platform is launching its DEX later this month. However, today’s mainnet launch is what CZ had proposed during the conference.
The exchange said that the Mainnet Swap is proposed to happen on April 23, 2019, which might change depending on ‘how things progress’.
Binance has shared a couple of actions that has planned to be performed including the BNB creation in the genesis block. The explorer and web wallet of Binance chain will be available only for selected members which will undergo for testing mode – prior the public access on April 23, 2019. Accordingly, the migration of BNB from ETH network to Binance Chain will occur within April 19-April 23. As such, old BNB address (based on ETH address ) will be destroyed and consequently new BNB tokens will be built on top of Binance Chain network.

Moreover, the exchange has said BEP2, a Binance Chain BNB tokens will be used on April 23 when Binance users will be able to use Binance Chain address to process BNB withdrawal request. Means that old ERC-20 BNB tokens will then be migrated to BEP2 BNB tokens. It reads it as follows;
Binance.com 3 will assist with the BNB mainnet swap on April 23rd, 2019 at the earliest. If everything works as intended, then users will be able to provide a Binance Chain address for BNB withdrawal requests. The withdrawal will then act as a mechanism to convert ERC20 BNB tokens into BEP2 BNB tokens native to Binance Chain.
Moreover, who wish to still keep BNB on its ERC20 based BNB address (for any reason during the conversion period) then such users are expected to withdraw their BNB from Binance.com account before 2 AM (UTC) on April 23rd and moved into Ethereum Wallet, the exchange said.

However, this announcement is followed by exciting hints and secrets by Binance official and CZ’s Twitter timeline. As coingape reported, the exchange and CZ, early in the morning shared tweets about the upcoming launch which certainly excited the whole Binance community.
Image source- Twitter 
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Source: CoinGape

Binance’s Trust Wallet Adds Elon Musk’s Favorite Cryptocurrency

Binance’s official blockchain wallet ‘Trust Wallet’ has recently listed Dogecoin (DOGE) cryptocurrency. DOGE is presently the 26th largest cryptocurrency on Coinmarketcap.
Trust Wallet Adds DogeCoin
Announced on April 17, 2019, via Trust wallet’s official blog, DOGE cryptocurrency is now available with other leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin, and more. Trust Wallet’s founder Viktor Radchenko sees DOGEcoin as the ‘decentralized, peer-to-peer digital currency’. Concerning DOGE’s support, Radchenko says that;
“Adding Dogecoin boiled down to these 3 major points: Very Science. Many Community. So Amaze !!”
Source: Coinmarketcap
 
Since past few days, DOGE was on breaking headlines with the famous public figure ‘Elon Musk’ CEO of Tesla’. As coingape reported, Elon Musk, for a short span, appeared to be DOGE Coin’s CEO which soon after pushed the price of DOGE to an increasing graph. However, Trust Wallet’s latest DOGE listing is the result of an earlier poll which showed DOGEcoin as the second highest ranked coin with an increasing demand among trust wallet users.
Per the Twitter handles of TrustWallet on April 10, 2019, DOGEcoin bagged the second rank with 28% – wherein Cardano ranked first with 35%, NEO with 19% and EOS with 17% respectively.
Source: Coinmarketcap
The blog further reads that they have reached out Elon Musk to discuss this matter but left out without any response – as he said, ‘he left the company’.
DOGE at press time sits at 26th spot with an average trading volume $336,268,650. The coin is declining with 0.19 % over the past 24 hours which affects its trading value against USD. Consequently, the coin is presently trading at a value of $0.002823.
Nevertheless to note that Huobi exchange also made an announcement of listing DOGEcoin on April 03, 2019. Huobi’s announcement indeed comes in a wake of Musk’s comment towards DOGE as favorite crypto. In addition, Frank Fu, the CEO of Huobi Global also embraced DOGE and calls it as ‘darling of the cryptocurrency community’. He said;
“Dogecoin has become the darling of the cryptocurrency community with an impressive market cap that currently exceeds USD 350 million,”
So readers, what do you think about Binance’s Trust wallet listing Dogecoin? Share your thoughts with us.
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Source: CoinGape

Blockchain Smartphone Company Sirin Labs Struggling to Survive, But Why?

Sirin Labs, a company behind Finney blockchain smartphone has recently announced to lay off its 15 out of 60 employees. Less than a month ago, Sirin Labs had teamed up with MyEtherWallet, Ethereum wallet generating service for an integration benefiting both the firm. Following the latest lay-off announcement, one specific reason that has revealed is ‘poor sales’.
Sirin Labs Lay-Off 15 out of 60 Employees
‘Sales are not what we expected’ – a very short yet precise reason behind Sirin Lab’s lay off announcement. Per the reports, the firm is not satisfied with the outcome than what they outlined it supposed to be. Ultimately, it says that the customers are disappointed with the recently launched blockchain phones – henceforth the poor sales.
The reports were confirmed by the Sirin Labs’s lead after the rumors spread the web – in fact, CEO Moshe Hogeg comes forth to response the rumors and said that they have already laid off 15 staff. The firm had reportedly completed the development of Finney phone equipped with digital wallets and other applications required to utilize digital currencies within. Moreover, the phone’s launch finally hit the market in November 2018 and was reportedly available at a price of $999. Nevertheless, Lionel Messi, Argentinian soccer star was also on the limelight as Finney phone’s brand ambassador. Speaking to the media report, Moshe Hogeg says that;
The global market is not in the best state
No, Not Due to Bear Market
Although lay off rumors were not just rumors but turned out to reality after CEO’s response but the firm disproved to other statements that say – Sirin Labs failed to pay staff payments. Responding to this context, CEO said that the firm had already paid the wages of March on April 15 and will be paid off for the month of April the next day (supposed to be on April 16).
Addressing the sales performance of Finney phone, Sirin Labs said;
Sales are not what we expected, said Sirin Labs by adding, the company gives some of its work to outsourcing and plans to focus on development and distribution of the software,
While it comes to lay-off in crypto space, the industry has already recorded such incidents among many big names – including Bitmain, Huobi, Shapeshift and very recently Ledger Wallet. In fact, such announcement comes during the downtrend in crypto prices – but the Sirin Labs is citing the report of poor sale and not declining crypto market prices.
Nevertheless, Sirin Labs isn’t the only firm developing blockchain phone – crypto and blockchain enthusiasts can turn their ways to EXODUS 1 (from HTC) and Galaxy S10 (from Samsung) which offers blockchain features including dApp.
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Source: CoinGape

Bitcoin Cash [BCH] Hits Higher, Trades at $320 Amidst its Fork Dipping the Bottom

Amidst the rising debate of delisting of Bitcoin Cash’s fork BSV cryptocurrency from the various trading platforms, Bitcoin Cash (BCH) becomes the hottest coin that blinks with the positive figure of $320 against US Dollar.
Although Bitcoin and other major cryptocurrencies hit Monday market with budding figures, it is slightly turning their ways back. While Bitcoin is declined with 1.41 percent over the past 24 hours, other cryptocurrencies including Ethereum, XRP, EOS, Litecoin Coin, Binance Coin, Tether, Stellar and Cardano also trading slightly below.
Source: Coinmarketcap
Bitcoin Cash becomes Hottest Coin
Nevertheless, despite today’s red figures across the leading cryptocurrencies on the graph of Coinmarketcap, Bitcoin Cash is the only potential cryptocurrency which has gained over 6 percent growth within the past 24 hours.
However, it is interesting to note that ‘BCH’s own fork BSV is already sided down from 12th position to 14th position after delisting decision by Binance and Shapeshift exchange. Since the controversy around BSV and its creator Craig Wright begun, this infamous cryptocurrency suffered significant loss – in fact, the currency which was trading at approximately $83 against US dollar is plummeted down to $56 at press time.
Source: Coinmarketcap
Eventually, BSV has lost its major value of 21.36 percent since the last 24 hours and trading at the value $56 against US Dollar. As such, its demur becomes the potential opportunity for Monero and Dash which is presently sitting at 12th and 13th spot respectively.
Bitcoin Cash itself is the fork of Bitcoin which occurred on August 01, 2017 at 12.20pm and later in the year 2018, BCH network update has resulted in two networks; BCH ABC and BCH SV. Nevertheless, BCH ABC or Bitcoin ABC is called as Adjustable Blocksize Cap wherein BCH SV or Bitcoin SV is known as Bitcoin Satoshi Vision. While Bitcoin ABC is led by Roger Ver, on the other hand, Bitcoin SV is led by Craig Wright who is at the center of ongoing Satoshi Nakamoto’s identity controversy.
So readers, what’s your take on BCH’s rise and BSV’s decline? Let us know in the comment below.
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Source: CoinGape

OKEx Denies BSV Delisting While Major Exchanges Already Delisted – Here’s Why

While major exchanges already delisted BSV from their trading platforms, OKEx is one odd out in crypto space. The exchange recently announced that they have no intention to delist BSV because the ‘present controversial currency’ doesn’t meet OKEx’s delisting criteria.
OKEx is One Odd Out
The controversy around ‘Satoshi’s identity as Craig Wright’ led major exchanges to delist BSV from their trading platforms. As such, Binance CEO warns and took initiative to delist BSV, the suit is then followed by other exchanges including Shapeshift, and Kraken is all set to walk on the same footprints. However, the case for OKEx is quite different.
Source: Twitter
The exchange released a new blog post entitling ‘Regarding Bitcoin SV Listing’ and states as follows;
OKEx has conducted a rigorous review on BSV in terms of technology development, liquidity, and compliance reads Blog. According to the OKEx Token Delisting and Hiding Guideline, BSV currently does not meet our delisting criteria. As such, OKEx has no intention to delist BSV for the time being.
Is Upcoming BSV Based Exchange the Reason?
OKEx’s BSV support amidst increasing controversy is closely connected to exchange’s earlier announcement of launching ‘BSV centric exchange’. As Coingape reported, the exchange entered into the partnership with ‘Jack C. Liu’, a crypto-entrepreneur to launch a new exchange dedicated only to BSV cryptocurrency – as such it will be called as ‘Float SV exchange.
Although OKEx doesn’t connect Float SV with its support to BSV currency in its blog– rather, it mentioned the reason behind constant support is ‘token delisting criteria’. Nevertheless, according to OKEX, BSV is doesn’t fall under their delisting guidelines. You can check with OKEX’s token delisting guidelines here
Conclusively, the exchange notes that it respect the efforts of all dedicated team that enlighten technology underlying Bitcoin. Indeed, it meant with BSV team and reads that
As a neutral platform, OKEx respects the efforts of all dedicated teams in advancing the technology of Bitcoin and has no inclination to certain technical directions.
What’s your stake on OKEx’s support to controversial cryptocurrency? Do you think the exchange is bound by its former announcement of Float SV exchange (Based on BSV cryptocurrency)? Let us know in the comment below
Featured Image source – OKEx Twitter 
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Source: CoinGape

Is Bull Continued? Crypto Market Rallies Exciting with BTC above $5100 and Altcoins On Bull Run

The month of April has been showing bullish sentiments for the cryptocurrency market. Bitcoin and most cryptocurrencies are turning their heads up with new volume today, moreover, having a bullish rally continued since the earlier this month.
Is the Bear Market Really Over?
Bitcoin’s move towards $5000 has led many investors, analysts and CEOs to predict the future and bet higher on it. Given that, its forward race also picks other altcoins up with a certain percentage. Consequently, with Bitcoin, other cryptocurrencies such as Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), EOS, Binance Coin ((BNB) Tether (USDT), Stellar Lumens (XLM), Cadano (ADA) and many others see a remarkable surge.
Source: CoinmarketCap
Nevertheless to note that crypto market in last week showed a mixed signal – but the value this week contributes as a potential starter. The new week for Bitcoin starts with budding figures of $5183 against US Dollar, quite closer to $5200. Besides Bitcoin, Ethereum also begins the week with 3.05 percent growth over the past 24 hours and presently trades at near $170 against US Dollar.
Also Read: How To Prove the Real Identity of Satoshi Nakamoto, the Creator of Bitcoin? CZ Suggests
Together with BTC and ETH, an escalating drive can also be seen around other altcoins – nonetheless, BCH with 9.02%, Litecoin with 7.70% and Tezos with 19.00% (over the past 24 hours, respectively) are the top gainers among the 20 largest cryptocurrencies in terms of market capitalization.
However, the specific reasons that influenced the prices of all major cryptocurrencies might not be determined but it is worth to note that the growth in the value of crowning cryptocurrency, Bitcoin will influence the value of other altcoins.
Additionally, while BTC constantly striving to rise, famous figures in the crypto industry are busy talking bearish on Bitcoin in the near future.
As such, Arthur Hayes, CEO of the largest cryptocurrency exchange, BitMEX has recently been interviewed wherein he expresses his opinion of Bitcoin’s value in the next 2-3 years. In a podcast, Mr. Hayes states that in the near future, Bitcoin could reach up to $50000. Moreover, he also cut it down in the form of years and notes that it could have a $10000 figure by the end of the year 2019.
Do you think today’s uptrend graph continues to develop? Let us know in the comment below 
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Source: CoinGape

Elon Musk Quickly Reacts on ‘You are Not Satoshi’ Challenge – Here’s His Response

While the ongoing drama of whether Craig Wright is real Satoshi Nakamoto or not took a new turn, crypto community strongly urged Elon Musk that ‘he is not Satoshi’ and sarcastically asked him to sue for the challenge. As a response, Tesla CEO quickly adds a note, stating ‘cryptocurrency is my safe word’.
Source: Twitter
It’s pretty cool that Elon Musk earlier had shared his bullish view on cryptocurrency even though he himself owned only 0.025 BTC. Rewinding the history, Elon Musk had recently involved in ‘Dogecoin’s upcoming CEO poll’ and apparently lead over the other individual mentioned in the poll – which lets him update his Twitter bio.
Consequently, the moment Elon Musk became CEO and then former CEO of Dogecoin within a couple of hours, it had created a huge buzz in the market – moreover, few believe that it had influenced the value of DOGE during that particular period of time.
But this time, Musk responded to a question that was basically connected to Bitcoin SV’s head ‘Craig Wright’ who is claiming himself as ‘Bitcoin creator Satoshi Nakamoto’. Wright further urges people to accept his claim and also said that he is filing suit against those who don’t agree and uses hashtag #CraigWritghtIsAFraud. This hashtag along with #DelistBSV has eventfully gone viral on Twitter. More specifically, he threatens Twitter user anonymous account @Hodlonaut, which is deleted from Twitter at the time of writing.
Coming back to Elon Musk, a Twitter account tagged Elon Musk in his tweet that states he didn’t get sued, even he deny Wright’s Satoshi identity– very quickly, he addressed Elon Musk and tweeted yet another post that comes as an open challenge to Elon Musk. Nevertheless, it mentioned that ‘you are not satoshi haha sue me, bitch. Within less than 30 minutes, Elon Musk responded a short note;
Cryptocurrency is my safe word
What do you think readers? Who is the real Satoshi? Let us know your thoughts.
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Source: CoinGape

Dark Web – Romanian Cybercriminals Caught Committing Fraud to Mine Cryptocurrency

The U.S Section of Justice announced that Romanian duo who were cybercriminals have been caught guilty of infecting more than 400,000 computers with malware to mine crypto and to steal millions of dollars.
Department of Justice published a report on April 11, entitling ‘Two Romanian Cybercriminals Convicted of All 21 Counts’. Per the reports, these cybercriminals Bogdan Nicolescu ( Age – 36 ), and Radu Miclaus (Age – 37 ), were using malware to steal user’s data such as credit card and other information – intends to sell on the dark market websites later. There were almost 400,000 computers these Romanian hijacked and reportedly these computers are associated with US residents.
Moreover, they used to mine cryptocurrency and usually engage online auction fraud. Nonetheless, the reports were confirmed by Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division and U.S. Attorney Justin E. Herdman of the Northern District of Ohio. Official reports mentioned that sentencing has been finalized for Aug 14 this year.
The duo was convicted after a 12-day trial of conspiracy to commit wire fraud, conspiracy to traffic in counterfeit service marks, aggravated identity theft, conspiracy to commit money laundering and 12 counts each of wire fraud.
These Romanian began operation in 2007 with sending malicious email messages claiming as it belongs to institutions such as Traditional western Union, Norton AntiVirus and the INTERNAL REVENUE SERVICE. Emails would be sent with file attachment and those who receive and click on a connected file, malware would then download email messages which meantime block sensitive information such as account password and credit card information.
Moreover, this activity is also used to mine cryptocurrencies – as such majority of these accounts belong to US residents, reports added.
However, this is not the first of its kind, while researchers and developers busy building in secure blockchain platform and custodian solutions, scammers or hackers are stepping up with new ideas to fraud people and mine crypto. In fact, the year 2017 recorded many such cases when Bitcoin was touching its peak price nearing $20k.
What do you think about the dark web and cryptocurrency? What’s the best way to combat such activities? Share your thoughts with us.
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Source: CoinGape

World Bank and IMF Together Launches ‘Learning Coin’ Cryptocurrency, But What’s the Deal?

Two of the largest international organizations, World Bank and IMF (International Monetary Fund) has reportedly rolled out private blockchain and a quasi-cryptocurrency called ‘Learning Coin’.
Hub for Knowledge and Not Backed By Monetary Value
So-called ‘Learning Coin’ initiative by IMF and World Bank is first reported by ft media and notes that the organizations have already launched this coin to ‘better understand the emerging technology.
It says that the coin doesn’t hold any monetary value and will not basically work as Bitcoin. Learning Coin will rather work as ‘hub for knowledge’ for the staff of IMF and World Bank to let them understand various aspects revolves around cryptocurrencies – such as smart contract, distributed ledger, challenges across crypto-ecosystem and more. Nevertheless, this learning coin is unavailable outside of the IMF and World Bank.
Addressing the purpose of learning Coin, IMF said in a statement that this fills gap and form ‘strong knowledge base of the technology’ among the staff of both organizations – World Bank and IMF. The statement further notes that;
The development of crypto-assets and distributed ledger technology is evolving rapidly, as is the amount of information (both neutral and vested) surrounding it. This is forcing central banks, regulators and financial institutions to recognize a growing knowledge gap between the legislators, policymakers, economists and the technology.
Also Read: Is this the beginning of the end? Billionaire Bitcoin Investor Expects a 30% Dip
Bullishness of IMF
Worth to note that IMF, since past few days appears with bullish sentiments around cryptocurrency and its use cases in near future. Consequently, Coingape reported how ‘IMF rolled a Twitter poll and seeks user’s opinion towards alternative payment system – to be applied for lunch in the next five years’. Apparently, the poll ended and the result shows ‘cryptocurrency’ scored higher than rest three alternatives. Below is the result of the poll conducted by IMF recently;
Source: Twitter
Coming back to Learning Coin, it works as a hub for Knowledge and will share informative content in the form of videos, blogs, research, and presentations. The coin will be given to the IMF and World Bank staff only upon completion of learning a certain set of educational material/ set milestones. Although the coin doesn’t carry any monetary value at present – developers are researching and testing ways to let staff redeem the coin.
What do you think about ‘learning coin’ launched by the IMF and World Bank? Share your thoughts with us. 
The post World Bank and IMF Together Launches ‘Learning Coin’ Cryptocurrency, But What’s the Deal? appeared first on Coingape.
Source: CoinGape

Binance Coin [BNB] Becomes Hottest Crypto With Over 6% Spike

Binance Coin (BN), the native token of the largest cryptocurrency exchange Binance is surging with over 6 percent growth within the last 24 hours. With such new figures, BNB stood as the hottest cryptocurrency among top 10 coins on the graph of Coinmarketcap.
Binance Coin (BN) Surging Again
Unlike the favorable market figures, this week in crypto offered mixed signals – in fact, today’s crypto index showed few cryptocurrencies gaining back the figures they lost earlier this week. At press time, Bitcoin (BTC), Bitcoin Cash (BCH), EOS, Binance Coin (BNB), Tether (USDT), and Cardano (ADA) are the well-performing coins wherein BNB sets itself apart as the hottest cryptocurrency.
Source: Coinmarketcap
According to the data provided by Coinmarketcap, Binance Coin (BNB) is stick to its 7th position and trading at the value $18.47 against US dollar. Consequently, the market cap is up with 6.78% over the past 24 hours and counts its trading volume as $2,607,445,276.
Source: Coinmarketcap
Following the spike, its highest trading volume can be seen on Binance exchange having BNB pairing with USDT. Moreover, other exchanges that have contributed massive volume are P2PB2B, LBank, Coinsbit, EXX, Bit-Z, Bit-Z, and BitMax. Beside USDT, other coins that BNB is paired among these exchanges are BTC, USD, and BTC.

Although observers are yet to identify what spikes BNB’s value today, Binance exchange is bullishly moving towards improving crypto-ecosystem. As such, Coingape reported Binance Labs decision of granting $15000 each to three startups working on open-source blockchain technologies.
Nevertheless, the exchange had announced its ‘fourth’ token sale on Binance launchpad on behalf of layer 2 scaling solution MATIC. After the successful completion of BitTorrent, Fetch.AI, Celer Network launchpad sale, Binance is rolling out MATIC launchpad sale on April 24, 2019, wherein the base token that every participant have to follow is BNB only.
All-in-all BNB today pops-up with remarkable growth accompanied by a couple of other cryptocurrencies. What do you think has influenced the value of Binance token (BNB)? Share your thoughts with us.
The post Binance Coin [BNB] Becomes Hottest Crypto With Over 6% Spike appeared first on Coingape.
Source: CoinGape

Is Goldman Sachs Really Building Crypto Trading Desk? CEO Response

No, Wall Street’s biggest firm is not setting up a trading desk. Earlier, reports revealed that Goldman Sachs were building their crypto trading desk but on Wednesday CEO David ‘DJ” Solomon denies the claim and states that the reports were incorrect.
Rewinding History
When Bitcoin was mounting in Dec 2017, Bloomberg media had published an article stating that ‘Goldman is setting up a cryptocurrency trading desk’, however, Bloomberg mentioned that the reports were confirmed by ‘people with knowledge of the strategy’ and claims that business may begin by the end of June 2018.
However, later, in mid-2018, BusinesInsider media published a new report stating that the firm had pulled off its plan to launch a trading desk. The media also highlights ‘the plan is downgraded due to regulatory uncertainty towards Bitcoin and crypto industry’. Before these reports fueled on the web, Goldman’s former CEO Llyod Blankfein had shared mixed statements around ‘Cryptocurrency and Goldman’. He tweeted as;

Nevertheless, on April 10, 2019, Goldman Sachs’s present CEO ‘David ‘DJ” Solomon’ addressed a U.S. House of Representatives panel and put an end to this propaganda. He adds that the company had no such plans yet and says that the original Bloomberg article contains ‘inaccurate information’. In Solomon’s words;
“First, that Bloomberg article was not correct. Like others, we are watching and doing work to try and understand the cryptocurrency market as it develops.
Solomon addressed the community and said,
“We have some clients that have certain functionality that we’ve engaged with on clearing physically settled futures, but other than that we never had plans to open a cryptocurrency desk.”
On top of all, concerning the regulatory uncertainty, Solomon adds that;
“We might at some point [explore a desk] in time, but no question when dealing with cryptocurrency it’s a new area, there are a lot of issues…unclear from regulatory perspective and it’s not clear in the long-run if those currencies will be viable.”
Also Read: Binance CEO Issues Warning to Delist Bitcoin SV, Joins the #WeAreAllHodlonaut Movement On Twitter
Headquartered in New York City, Golmand Sach Group Inc., is an American Multinational Investment bank and financial service company, falling in competition with J.P. Morgan Chase & Co., which has recently announced the launch of its own cryptocurrency – JPM Coin.
The post Is Goldman Sachs Really Building Crypto Trading Desk? CEO Response appeared first on Coingape.
Source: CoinGape

Bithumb Shared ‘Loss Figure’ Suffered After Recession and Hack Incident

One of the largest cryptocurrency exchanges from South Korea suffered a massive loss within a year. After experiencing the tough year of Hack, Bithumb reports $175 Million in Losses.
Whenever any crypto exchange experiences loss or hack incident, it puts millions of funds in the riskier zone which creates insecurity among other crypto enthusiasts towards their respective exchanges. As such, the vague scene of Cryptopia, QuadrigaCX, Bithumb, and other such exchanges bring a sense of insecurity among millions of those who believe in the future of cryptocurrency.
Per the Korean media, following last month’s hack, Bithumb exchange conducted the professional external audit of its funds. According to official sources, the company had lost around 205.5 billion won in 2018 which is almost $175 million. These figures were published by BTCKorea.com, the parent organization of Bithumb exchange on April 11, 2019.
It says that the attacker stole 35 billion won and early in 2019, the company had laid off 30 employees from its total staff of 340 people citing the massive decline in the price of Bitcoin since late 2017.
It’s worth to note that the firm earlier in 2017 earned a profit of more than $350 million. Moreover, despite substantial price decline in 2018, the firm’s representative said that ‘the company is performing solid’. In his words;
“even during a phase in which the cryptocurrency market is struggling, Bithumb is sustaining a solid business with unique services and global market dominance. Bithumb will put in all efforts in protecting user funds.”
Nevertheless, the firm says that they are looking for more potential in the near future and thus expanding their offerings. It says that;
“In terms of sales, we saw a 17 percent increase, and we continue to increase overseas investments,”
Although exchange has officially shared the figure the awful story of hack and fake volume metrics reports remains on the web. Bithumb wasn’t the only trading platform which had a tough time in the industry – history had the record of many such exchanges.
What do you think about hack movement and record loss Bithumb has had? Share your thoughts with us.
The post Bithumb Shared ‘Loss Figure’ Suffered After Recession and Hack Incident appeared first on Coingape.
Source: CoinGape

Bittrex Responds New York Regulator’s Claims behind BitLicese Rejection

Upon the Bittrex’s BitLicese rejection reasons, outlined by New York Department of Financial Services (NYDFS), the exchange hit detail press and denies regulator’s allegation and claim towards Bittrex’s AML and compliance practices.
Bittrex Disagree with NYDFS’ Claims
In a recent report, Coingape had explained how and why NYDFS rejected BitLicese applied by Bittrex in 2018. However, the report also mentioned NYDFS’s order 60 days time for the exchange to wind up its operation within New York. While regulators released refusal to report on Wednesday, the April 10, addressing Bittrex CEO Bill Shihara – the exchange responded on Thursday, the April 11 via a press release and addressing its customers on social media.
Source: Twitter
In its response letter, Bittrex expressed its disappointment and argued that the regulator’s decision actually harms than protecting NY customers. Contradictory to regulator’s finding, Bittrex notes that the exchange worked ‘diligently with NYDFS’ and addressed their questions since they first applied for BitLicense.
The blog further reads that;
First, and foremost, we adamantly disagree with NYDFS’ claims and allegations in regard to our anti-money laundering (AML) and compliance practices. Corporate responsibility is in our DNA and our commitment to regulatory and compliance guidelines is second to none. More specifically, today’s letter contains several factual inaccuracies that we feel must be addressed.
Concerning the Bittrex’s capital status addressed by NYDFS, the exchange says that the regulator had imposed ‘capitalization requirements far in excess as compared to other states’. It mentioned that the exchange had provided ‘bond’ to cover the entire capitalizations of all Bittrex’s customers based in New York but ‘still it was rejected’. The exchange also outlined to regulator’s point of Bittrex’s vague account name (In NYDFS’s language – ‘obscene terms and phrases’) – nevertheless, as per the exchange, the mentioned names did not match. It says;
The letter mentions accounts with names that did not match. There were less than a dozen of these names in total and none of these accounts were ever active and none of these accounts ever made a trade. The fact that these accounts were unable to trade demonstrates the effectiveness of our diligence process, rather than a deficiency as NYDFS alleges
Established in the year 2014, Bittrex is currently holding around $63.5 million trading volume and sits at 54th rank on a graph of Coinmarketcap. All in all, the exchange is restricted to operate a business in New York since the regulator rejected BitLicese – nevertheless, it can resubmit the application in future if it intends to do so.
What do you think, will Bittrex reapply for a BitLicese? Let us know.
The post Bittrex Responds New York Regulator’s Claims behind BitLicese Rejection appeared first on Coingape.
Source: CoinGape

IMF Seeks To Predict Future Payment Tool, Bullish on Cryptocurrency among Traditional Payments

In the chaos of the future of cryptocurrency, International Monetary fund or IMF attempts to find user’s views to predict the better payment solution in next 5 years. Accordingly, IMF began a poll including Cryptocurrency as the option among three more payment systems.
IMF took a twitter poll as an indicator to predict the feasible solution to pay for lunch in 5 years. Consequently, the organizations demand users to select their preferred option among Cash, Cryptocurrency, Mobile Phone, and Bank Card.
Source: Twitter
Although the poll is still running and will be finished within 13 hours – the poll result from 16,616 votes (at press time ) shows that cryptocurrency is moving with the highest ranking. Subsequently, crypto is ranked #1 with 54% followed by Mobile phone with 31%, Bank Card with 8%, and Cash with 7% respectively.
Source: Twitter
Nevertheless to say that despite a little doubt, payments via cryptocurrencies like Bitcoin is on the peak. Indeed, it is transforming the way consumer make purchases and proceed the payment.
Money and Payments in the Digital Age
Following the doubtful tone of whether crypto payments can be the future, the International Monetary Fund has recently organized a meeting in Washington D.C with a center point ‘Money and Payments in the Digital Age’.
During the panel, Christine Lagarde, IMF Managing Director talks about how Cash payment is declining – in fact, she explained Sweden had merely seen 13% of Cash-settled transaction during 2018. Speaking about Cash or no cash, Lagarde says that;
“Banks will have to adapt to survive, or disappear. They will have to decide cash or no cash.”
While IMF still predicting the future of payments, major crypto players such as Coinbase, Binance have already racing towards seamless crypto payment solutions. As such, the Seattle based cryptocurrency exchange, Coinbase has launched VISA debit card, enabled with various cryptocurrencies including BTC, ETH, XRP, EOS and more. It enables Coinbase users to spend their crypto balance for meals and many other purposes across the UK.
What’s your prediction? Do you think crypto is the best alternative and ultimate payment solution in next 5 years? Let us know in the comment below and contribute to IMF’s poll here
The post IMF Seeks To Predict Future Payment Tool, Bullish on Cryptocurrency among Traditional Payments appeared first on Coingape.
Source: CoinGape

New York Regulators Officially Rejects Bittrex’s BitLicences Application – Here’s Why

A quick letter released by the New York Department of Financial Services (NYDFS) reveals that Bittrex’s application to secure BitLicese is rejected, if it would have approved, the exchange could process trading operation in New York.
BitLicense Rejected
A letter addressing to Bittrex CEO Bill Shihara, published by NYDFS on Wednesday, April 10, 2019, reads that NYDFS has apparently rejected BitLicense application which was submitted in July 2018. The application was declined due to a number of factors which was however essential for every trading platforms intends to operate within New York.
The exchange was, however, operating under the terms of a ‘safe harbor’ a law that permits an exchange to operate within jurisdiction while its application to obtain BitLicense remains in pending status.
Daniel Sangeap, deputy superintendent and deputy counsel at NYDFS says that;
“Throughout Bittrex’s application process, the Department worked steadily with Bittrex to address continued deficiencies and to assist Bittrex in developing appropriate controls and compliance programs commensurate with the evolving nature of the sector,”
But Why?
Reports revealed that the regulators continuously reached Bittrex via several deficiency letters. However, the reason for such rejection comes after regulator’s notice of deficiency towards ‘Bittrex’s anti-money laundering procedures, its coin listing process, exchange’s capital, and Foreign Assets Control compliance. Mentioning these details, regulators specifically adds that;
Exchange’s failure to demonstrate that it will conduct its business honestly, fairly, equitably, carefully, and efficiently.
Beside rejection, NY regulators also ordered Bittrex to close its business in New York within 60 days and thus unauthorized to operate within the jurisdiction. Additionally, regulators highlighted Bittrex’s poor performance in conducting customer’s due diligence, the absence of required tax identification numbers or customer names are a few more factors that led Bittrex’s BitLicense failure. Nevertheless, regulators also point at the ‘obscene terms and phrases’ that many Bittrex accounts were containing – such as ‘Elvis Presley, Give me my money, Donal Duck’.
Following the rejection status, Bittrex, unfortunately, has to wind up its operation in New York, given that it is already having 35000 New York-based users. Sangeap further adds that;
“This was due to the fact that partial files were provided to the examiners, and moreover, actual compliance in certain files could not be established. Sangeap continued, Some tokens were listed despite some applicants refusing to complete the necessary paperwork – “and in one case … there was no application on file at all.”
In a nutshell, Bittrex’s BitLicese application is rejected and is expected to close his New York-based operations within a period of two months (probably within June 10) – however, the exchange has only 14 days to confirm to regulators that it has ceased existing business in New York and put an end to any upcoming business plans for NY residents.
So readers, what’s your view on NYDFS’s move towards rejecting Bittrex’s BitLicense? do you think the exchange deserved it? Let us know in the comment below 
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Source: CoinGape