Ripple/XRP: R3 and ING get into a partnership for large scale Corda Enterprise adoption

R3 has finalized a partnership with ING bank which will open ING to an unlimited number of licenses for R3’s commercial blockchain platform, Corda Enterprise.
The partnership deal between R3 and ING is for a span of five years which encourages adoption of CorDapps across a wide range of business functions.
Annerie Vreugdenhil, Head of Innovation for wholesale banking at ING, said:
“Our longstanding joint journey with R3 has proven that this is the most mature enterprise DLT solution to serve the needs of the financial service industry… We are one step closer to deploying live DLT solutions for our clients with the supported infrastructure in place.”
The CEO of R3, David E. Rutter said that ING bank has been a valuable and long-term partner of R3’s and that they have been an enthusiastic adopter of the blockchain. He said:
“As ING takes full advantage of access to Corda Enterprise, we look forward to seeing how the diverse CorDapp ecosystem can deliver gains in productivity, efficiency and profitability across the bank’s diverse business areas.”
R3 is an enterprise blockchain software firm with over 300 partnerships in both private and public sectors which are spread all across the world in multiple sectors like the finance, identity, insurance, and capital markets.
Moreover, R3 recently launched the “Corda Network” on January 16, 2019, which would be managed by a not-for-profit foundation, “Corda Network Foundation”. The foundation will operate independently of R3 and its decision making will be transparent and available to all networks.
Corda Network allows settlement of funds and transfer of data between communities of nodes which could be a collection of business networks and/or private networks which can be done via the CorDapps.
Furthermore, Corda Settler can settle payment obligations arising on Corda with XRP, which is integrated with the Corda settler. Moreover, Corda Enterprise offers additional features targeted at the needs of large and complex organizations, such as the world’s only Blockchain Application Firewall, 24/7 support, dedicated product management and support for industry-standard enterprise databases.
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Source: AMB Crypto

Bitcoin Cash [BCH] integrated on peer-to-peer trading platform BitQuick

BitQuick, the over-the-counter cryptocurrency marketplace has increased its coverage by adding the fourth largest cryptocurrency in the market, Bitcoin Cash [BCH] to its platform. This inclusion will allow peer-to-peer purchase and trading of BCH in less than three hours, BitQuick claims.
The marketplace is owned and operated by Athena Bitcoin, which operates Bitcoin and other cryptocurrency ATMs in the US, Columbia and Argentina. Athena Bitcoin also operates Mercado Athena, another BTC marketplace.
Additionally, BitQuick is also used by traders to convert digital currencies to fiat or vice versa in the following countries: US, Canada, Europe, Russia, and Australia.
BitQuick is pegged as a “relatively decentralized” platform as it offers Localbitcoins’ like multi-signature escrow system which allows it to operate relatively freely in the US’ regulatory atmosphere while adhering to the Know Your Customer [KYC] requirements and transactions limits.
At the moment, BitQuick operates in 49 states in the US, with New York being the only exception. Back in 2015, the peer-to-peer Bitcoin market place ended their New York operations as they could not comply with the state’s BitLicense that required every local Bitcoin seller to apply for a license.
The marketplace also accounts for privacy as they do not store their client’s private keys, relying on escrow settlement to generate them. Customers will be allowed to trade up to $250,000 using P2SH [Pay to Script Hash] multi-signature addresses.
In order to gauge the market demand and accordingly expand their cryptocurrency coverage, BitQuick will send out a survey to traders before adding on to their Bitcoin and Bitcoin Cash markets.
The BitQuick announcement comes right when Bitcoin Cash has been enjoying a bullish market, as it saw a price increase of more than 7 percent in the past 24 hours. The overall market has increased by over $2 billion as major coins are awash in green, with BCH leading the charge as the highest gainer in the top-10.
In recent news, Bitcoin Cash proponent and CEO of Bitcoin.com, Roger Ver sparked controversy by comparing Bitcoin [BTC], in its original form, going by its 2009 whitepaper, to Bitcoin Cash in its current form as the only true, “peer to peer electronic cash system for online payments.”
The Bitcoin community on Reddit accused Ver of “borderline scamming” new and uninformed investors who want to invest in Bitcoin and not in its hardfork Bitcoin Cash.
The online community has also credited Ver’s website Bitcoin.com as one of the main mouthpieces of the pro-Bitcoin Cash narrative. Last week, one outspoken critic John Carvalho, known in the community as Bitcoin Error Log, challenged Ver to a “fight” with the rights of Bitcoin.com hanging in the balance.
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Source: AMB Crypto

Bitcoin [BTC] could soon see an imminent breakout due to recurring bear pennant pattern

The price of Bitcoin is currently in a consolidation phase after formation of a recurring pattern twice within the span of a month. The current price of Bitcoin, at the time of writing, was $3,580, with the market cap hovering at $63 billion.
1-hour
Source: TradingView
Bitcoin’s price action, as seen in the chart above, is the best example of history repeating itself. The overall trend of Bitcoin is a downtrend as it has consistently been forming lower lows as seen in the hourly charts.
Pennant
There is a clear formation of a pennant in the price action chart, which breaks out to the top and then moves in a sideways fashion before dropping to retrace the same pattern all over again. However, it will be in a slightly lesser proportion compared to the one before.
Pennants usually show how the price gets caught up between forming lower lows as they head towards the peak of the pennant, where they have no more room, thus causing a breakout.
The first pattern started its formation on December 27, 2018, and it proceeded to ricochet between the trend lines consistently. The price broke out of the pennant pattern caused a massive spike of 6.56% as the prices rose from $3,838 to $4,090, The spike was followed by a sideways movement, which caused a sudden collapse in prices.
Fibonacci Retracement
The sudden collapse in the prices took place in two distinct steps, which occurred at the 0.618 Fibonacci level. The 0.618 level or the 61.8% level is deemed as the most important level by most traders. The price drop happened from $4,026 to $3,618, making a pit stop at $3,812, which, in total, was a drop of 10.13%. By observation, it can also be noted that the second collapse was almost half of the first one.
The second pattern that formed, followed the footsteps of the previous pattern and the price broke out of the pennant at $3,625 and reached $3,728, which was a total percentage increase of approximately 3%, which is half of the previous breakout. This followed by yet another sideways/downtrend movement, which collapsed again at the same Fibonacci level as the previous pattern. The collapse took place from $3,689 to $3,514 with a stop at $3,587 at the 0.618 or 61.8% Fibonacci level. The total decline was 4.74%, which is approximately half of the previous collapse.
Moreover, before the formation of the second pennant, the sideways movement of the prices found support at 0.886 or 88.6% Fibonacci level of the first pattern which was eventually broken as the prices fell lower.
At the moment, the prices are being supported at the 0.86 or 88.6% Fibonacci level of the second pattern, which is at $3,514, a perfect correlation. If the prices ever decide to break below this support, there is going to be a collapse.
1-day
Source: TradingView
The one-day chart also shows a consistent downtrend with prices forming lower lows, indicating a strong bear trend for Bitcoin. Bitcoin’s fall into the abyss is currently being supported by two supports, the first and the imminent support is at $3,477, which was tested multiple times. The second support is the lowest that Bitcoin reached in 2018, which is at $3,139.
Volume 
The volume indicator shows a very important indication of decreasing volume that has been in play since mid-November, which confirms that the price will undergo a massive and sudden change in the future.
The change, as per the technicals, indicates that the price should move downwards, however, the prices could go either way.
The Relative Strength Index also shows a declining trend, indicating that the selling momentum for Bitcoin is increasing.
Conclusion
The one-hour chart shows a recurring pattern in which the prices are being supported at the 0.86 Fibonacci level. If the price ever decides to drop to below the current support it would face the next immediate support at $3,136. In a worst-case scenario, the price would go into a free fall until $1,900 and the price was last seen at this point on July 14, 2017.
If the breakout happens to the upside then the price would have no resistance until $4,422 to $5,000, where the prices will be tested before it moves up. However, the one-day chart shows a declining volume trend, which indicates a strong movement in price that might happen in a few days.
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Source: AMB Crypto

Bitcoin [BTC] and other cryptocurrency exchanges are not money transmitters under MTA, says State of Pennsylvania

The State of Pennsylvania has released a statement on Bitcoin and other cryptocurrencies on their official portal. This guidance is in relation to the Money Transmitter Act [MTA] aka Money Transmission Business Licensing Law applicable to virtual currency exchanges.
The official statement also reveals that the Department of Banking and Securities [DoBS] of Pennsylvania has received multiple inquiries from businesses engaged in providing services related to buying, selling and trading cryptocurrencies. This was followed by the DoBS stating that the guidance is being published as they will not be addressing all the requests on a case-by-case basis.
According to MTA, money is defined as currency or legal tender that is recognized as a medium of exchange. To add on, the law of Pennsylvania stated that currency issued by the US government is only recognized as money in Pennsylvania. Due to this, Bitcoin and other cryptocurrencies are not classified as money according to the act. The statement also points that in the US, there has been not a single jurisdiction that has declared digital currency as a legal tender.
“…Thus, in order to “transmit” money under the MTA, fiat currency must be transferred with or on behalf of an individual to a 3rd party, and the money transmitter must charge a fee for the transmission”
They stated that a majority of the requests related to guidance on the applicability of the MTA were from cryptocurrency exchanges that were web-based. This was further followed by the DoBS deeming that these platforms are “not money transmitters” under the Money Transmitter Act.
“The Platforms, while never directly handling fiat currency, transact virtual currency settlements for the users and facilitate the change in ownership of virtual currencies for the users. There is no transferring money from a user to another user or 3rd party, and the Platform is not engaged in the business of providing payment services or money transfer services.”
The DoBS also gave an official statement on Kiosks and ATMs. They said:
“In both the one-way and two-way Kiosk systems, there is no transfer of money to any third party. The user of the Kiosk merely exchanges fiat currency for virtual currency and vice versa, and there is no money transmission. Thus, the entities operating the Kiosks would not be money transmitters under the MTA.”
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Source: AMB Crypto

Bitcoin and other cryptocurrencies must migrate from PoW, says Bank for International Settlement in a research paper

Bitcoin’s search volume for the global market as a whole piqued in Q4 of 2017 when it’s price hit an all-time high of ~$20,000.
This search volume for Bitcoin far exceeded that of Gold, Silver, US Dollar. Much of the appeal/attraction for Bitcoin or other cryptocurrencies comes from the fact that there is no central controlling authority and the fact that one can be their own bank.
As exciting and promising Bitcoin sounds, a paper published by Bank for International Settlements says otherwise. The paper titled “Beyond the doomsday economics of “proof-of-work” in cryptocurrencies” mentions how Bitcoin’s Proof-of-Work [PoW] consensus mechanism has two flaws. The paper also touches on the economics of Bitcoin and PoW, whilst imploring what the future might hold for Bitcoin and other cryptocurrencies that are based on similar consensus algorithms.
The first limitation that the paper stated was that Proof-of-Work axiomatically requires high transaction costs to ensure payment finality.
As per Satoshi Nakamoto, double-spending is an attack by a large miner controlling a significant fraction of the network’s computational power. The paper stated:
“Nakamoto’s definition of payment finality (although not explicitly spelled out as such) is thus operational: the deeper a payment is buried in the ledger, the less likely an adversary with given computational resources will succeed in a double-spending attack.”
Double-spending on such a network of nodes would actually be more profitable than mining, hence, the blockchain for Bitcoin includes “economic payment finality” –  the instant that payment to another party is completed, at which point the receiving institution has irrevocable access to the money.
This can be avoided by incentivizing miners with a very high required ratio of income as compared to the transaction volume [the amount that can be double-spent].
Moreover, the paper provided a rough example that the mining income must amount to 8.3% of the transaction volume, which is a multiple of the transactions fees in today’s mainstream payment services.
The second limitation that the paper stated was that the system cannot generate transaction fees in line with the goal of guaranteeing payment security and that the system either works below capacity and users’ incentives to set transaction fees are very low or the system gets congested and suffers scalability issues.
Furthermore, the paper noted:
“Underlying this is a key externality: the proof-of-work and hence the level of security is determined at the level of the block one’s transaction is included in, with protection also being provided by the proofs-of-work for subsequent blocks… While each user would benefit from high transaction fee income for the miner, the incentives to contribute with one’s own fee are low.”
The paper concluded that PoW can only achieve payment security if mining income is high, but the transaction market for Bitcoin will not be able to generate an adequate level of income. As a result, the liquidity is set to deteriorate substantially in the future.
The paper stated:
“A simple model suggests that ultimately, it could take nearly a year, or 50,000 blocks, before a payment could be considered “final”.”
Moreover, the research indicated that the second-layer solutions for Bitcoin and other PoW-based assets like the Lightning Network or Sidechains can improve the economics of payment security but they in themselves still face scaling issues.
Due to the above-mentioned facts, the liquidity of Bitcoin and other digital assets that have forked from Bitcoin and PoW based cryptocurrencies will eventually need to migrate from PoW consensus algorithm to a more fitting and evolving consensus algorithm.
The post Bitcoin and other cryptocurrencies must migrate from PoW, says Bank for International Settlement in a research paper appeared first on AMBCrypto.
Source: AMB Crypto

5 Sectors Disrupted by Blockchain that Are Not Cryptocurrency

CoinSpeaker

5 Sectors Disrupted by Blockchain that Are Not Cryptocurrency

Discover what cryptocurrency is, how the blockchain affects industries and learn a few things about cryptocurrency trading in this guest post by Chris Brett, crypto enthusiast and experienced web developer.

5 Sectors Disrupted by Blockchain that Are Not Cryptocurrency

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Source: CoinSpeaker

Pavel Durov Set to Launch His Gram Token and TON Blockchain Platform in March Already

CoinSpeaker

Pavel Durov Set to Launch His Gram Token and TON Blockchain Platform in March Already

According to the developers, TON will be released to investors in January. The mainnet launch of Gram is set to commence as early as March this year, with its debut in Japan. 

Pavel Durov Set to Launch His Gram Token and TON Blockchain Platform in March Already

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Source: CoinSpeaker

The Much-Anticipated Bakkt Platform Announces High-Ranking Vacancies

CoinSpeaker

The Much-Anticipated Bakkt Platform Announces High-Ranking Vacancies

The Bakkt platform is not letting multiple delays cringe their business strategies. They have announced vacant positions targeting to hire experienced and top-ranking executives.

The Much-Anticipated Bakkt Platform Announces High-Ranking Vacancies

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Source: CoinSpeaker

London Stock Exchange Hooks Into Crypto Industry Powering Hong Kong-based Exchange AAX

CoinSpeaker

London Stock Exchange Hooks Into Crypto Industry Powering Hong Kong-based Exchange AAX

The London Stock Exchange is selling its trade-matching technology to a new cryptocurrency exchange AAX that is based in Hong Kong.

London Stock Exchange Hooks Into Crypto Industry Powering Hong Kong-based Exchange AAX

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Source: CoinSpeaker

Mastercard fined $640M for cross-border-payment violation; cryptocurrency proponents pushback

Mastercard has been slapped with a €570 million [$650 million] fine by the European Commission for violating a European Union [EU] cross-border payments law. The violation stems from the financial company charging artificial fees on their merchants, as indicated by an EC press release dated 22 January 2019.
This landmark antitrust ruling was announced after a series of investigations by the EU, which concluded that Mastercard charged varied interchange fees depending on the location of the retailer, a breach of the EU’s Single Market rules.
Margrethe Vestager, the commissioner overseeing the competition policy in the EU said that Mastercard violated the EU’s Single Market rules by increasing the cost of card payments through the varied interchange fees charged.
In the EC statement, she said:
“European consumers use payment cards every day, when they buy food or clothes or make purchases online. By preventing merchants from shopping around for better conditions offered by banks in other Member States, Mastercard’s rules artificially raised the costs of card payments, harming consumers and retailers in the EU.”
The investigation into this fee-manipulation began in 2013 when the EC opened a “formal antitrust investigation” against the company to find any violation of cross-border-payments’ laws. It should be noted that Mastercard complied with these investigations, which resulted in a 10 percent decrease in the fine to be paid.
Findings of the investigation revealed that Mastercard’s cross-border acquiring rules resulted in retailers paying more for bank services in order to receive card payments, a cost that would be shared with eventual customers.
Cross-border payment facilitation is a cornerstone of virtual currencies and cryptocurrency proponents are advocating the same in light of the Mastercard fine.
Anthony Pompliano, the founder and partner at Morgan Creek Digital stated, tweeted:
“The legacy financial players can only win if you lose — what a horrendous business model. Long Bitcoin, Short the Bankers!”
Calvin Ayre, the founder of Ayre group and Bitcoin SV [BSV] proponent tweeted:
“use Bitcoin BSV to handle payments online and skip the credit card company monopolies.”
Despite the controversy, Mastercard’s stocks did not take a massive tumble as they warned stakeholders, while the investigation was underway, regarding the EC fine in 2017 and also included the same in a 2018 quarter report.
The post Mastercard fined $640M for cross-border-payment violation; cryptocurrency proponents pushback appeared first on AMBCrypto.
Source: AMB Crypto

Cardano [ADA] Technical Analysis: Token dwelling in the bearish zone despite a slight rise

The top-ten cryptocurrencies on the CoinMarketCap has witnessed a modest leap in its valuation in the last 24 hours along with the eleventh-largest digital currency Cardano [ADA]. After a momentary decline in its price in the evening of 23 January, ADA has managed to gear up steadily, exhibiting a bullish second half later that day.
At the time of writing, ADA held a market cap of $1.12 billion, priced at $0.043. The trading volume recorded for the coin was $22.03 million with a slim gain of 1.92%.
1-hour
Source: Trading View
During the one-hour time frame, Cardano [ADA] registered a low-key uptrend from of $0.042 to $0.044, the corresponding downtrend recorded was from $0.046 to $0.044. Immediate resistance was marked at $0.044 and that of immediate support at $0.043.
The Bollinger Bands predicts a rise in price volatility for the ADA coin during the mid of 23, January. This indicates a potential price fluctuation in the already unstable crypto market.
The Klinger Oscillator also marks the coin following a bearish pattern with the signal line treading above the reading line.
Further, the Awesome Indicator graph also depicts a bearish trend with the lines in red.
1-day
Source: Trading View
Cardano [ADA] experienced a significant uptrend of $0.043 from $0.030. However, the coin fell through massively and sustained a downtrend from $0.081 to $0.051. The coin held an initial resistance at $0.046 and the support at $0.041.
With dotted lines aligned right above the candles, Parabolic SAR depicts the coin in the bearish sphere despite early morning gains.
The MACD indicator pictures a bearish spiral for the coin with the MACD line positioned below the Signal line.
The Chaikin Money Flow, predicts a bearish market for ADA with the graph hovering a little below the zero-line, indicating a flush out of money from the market.
Conclusion:
Although the CMF indicator indicates the coin heading towards a bullish zone in the near future, with the graph very close to the zero-line, all the other indicators for the two time periods showed a strong pull towards the bear’s territory.
The post Cardano [ADA] Technical Analysis: Token dwelling in the bearish zone despite a slight rise appeared first on AMBCrypto.
Source: AMB Crypto

London Stock Exchange enters the cryptocurrency market; Partners with Hong Kong-based exchange

The London Stock Exchange today took a major step towards correcting the skewed perception the general public has about the speculative field of cryptocurrencies by agreeing to sell some of its trading technology to a Hong Kong-based digital assets exchange.
The deal, made by the London Stock Exchange Group with the fintech company Atom Group for its digital assets exchange AAX comes at a time when genuine concerns about the safety, legality and regulatory environment over cryptocurrencies remain. Under the deal, the LSEG will be equipping AAX with the latest Millennium technology to help match trades on the Hong Kong-based exchange.
With this technology, AAX will be able to deliver high performances, even at peak-time trading periods, while also simultaneously giving assurances in the face of rising security concerns.
In a statement, Ann Neidenbach, Chief Information Officer, LSEG said,
“We are delighted to have been selected by Atom to provide a best-in-class technology solution to help power its new exchange. It underlines Millennium Exchange’s reputation for performance, scalability, flexibility and reliability and we look forward to working with the AAX team ahead of the launch in the first half.”
This new acquisition of the Millennium technology by the Hong Kong-based digital assets company would come as a confidence booster for an industry that has of late been plagued by a lot of security concerns. Although the technology behind cryptocurrencies, blockchain, remains a uniquely difficult system to penetrate, several people have been able to get away with scams and heists for a while now. This has not only helped sustain the perception associated with cryptocurrencies but, has also kept traditional investors away.
However, that may change as soon as digital assets exchanges such as AAX start using secure technologies such as Millennium. By adopting a technology with a great track record, cryptocurrency exchanges can assure traders and prospective investors about the safety and security of all their digital assets.
The post London Stock Exchange enters the cryptocurrency market; Partners with Hong Kong-based exchange appeared first on AMBCrypto.
Source: AMB Crypto

Binance, Huobi and More Announce Support of the Upcoming BitTorrent Token (BTT) Airdrop

CoinSpeaker

Binance, Huobi and More Announce Support of the Upcoming BitTorrent Token (BTT) Airdrop

The BTT airdrop program is set to start on February 11, 2019, and will continue until 2025, with allocations dispersed yearly. It has already received support from Binance, OKEx, Huobi, and other exchanges.

Binance, Huobi and More Announce Support of the Upcoming BitTorrent Token (BTT) Airdrop

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Source: CoinSpeaker

Bitcoin Cash [BCH] escapes the bear as price shoots up by more than 7%

As the cryptocurrency market enters the last week of January, the behavior of tokens have also seen a change as some coins are in the green while others are still bleeding. The sporadic movement has been ongoing for quite some time now, with cryptocurrencies like Bitcoin [BTC], XRP and Bitcoin Cash [BCH] all suffering the same fate, until today.
On January 23, Bitcoin Cash saw a resurgence with the prices climbing on the charts. At the time of writing, BCH was rising by 7.06%, with a total market cap of $2.295 billion. The cryptocurrency was trading for $129.85 and had a 24-hour market volume of $276.262 million.

The chart showed that over the past 24 hours, Bitcoin Cash had climbed from a bottom of $119.94 to reach a peak of $130.42, before settling at its current price. The Chaikin Money Flow indicator on the chart also points to a significant spike, a sign of the massive amounts of money coming into the market during the price rally.
The total trade volume of BCH was majorly split between three exchanges: LBank, Huobi Global and P2PB2B. LBank had a grasp on $22.821 million worth of BCH trade while Huobi Global and P2PB2B saw BCH transactions worth $35.191 million taking place on the platform.
Bitcoin Cash has been in the news multiple times over the last few weeks, mainly due to updates and comments from its proponents. Roger Ver, the Chief Executive Officer of Bitcoin.com and one of the most vocal supporters, had recently announced that Bitcoin.com’s wallet will receive its update soon. The news had also rallied users of the wallet, one member even listing out the features needed in the update; spend and replace built right into the wallet, strong privacy thanks to Coinshuffle, and improving the transaction creation, signing, and broadcasting speed.
The post Bitcoin Cash [BCH] escapes the bear as price shoots up by more than 7% appeared first on AMBCrypto.
Source: AMB Crypto

Nasdaq CEO: Crypto Could Still Be ‘Global Currency of Future’

CoinSpeaker

Nasdaq CEO: Crypto Could Still Be ‘Global Currency of Future’

Even as global market s become more digitized and automated, humans will remain essential to markets, according to Nasdaq President and Chief Executive Officer Adena Friedman.

Nasdaq CEO: Crypto Could Still Be ‘Global Currency of Future’

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Source: CoinSpeaker