BitMEX registers $11 billion worth of orders per week; yields 10x performance improvement

With cryptocurrency slowly seeping into the fabric of our day-to-day lives, crypto-exchanges stand at the forefront of the crypto-revolution. BitMEX, the leading crypto-trading platform, released a report sharing its insights into the company’s scaling initiatives and the complications around handling the recent spike in trading volumes.
The report shared by BitMEX on Twitter read,
“BitMEX Technology Scaling. Take a read how our engineering team is working to handle the immense trading volumes going through BitMEX and the challenges that we face ahead as we continue to scale.”
The company revealed that the “BitMEX trading engine is fundamentally different from most engines in crypto and in traditional finance” and offers exceptionally accurate trading. The post also highlighted the rising trading volumes in 2019, where the exchange witnessed a record-breaking $11 billion worth of trade on 11 May 2019.
Source: BitMEX
Further, BitMEX explained that the exchange yielded 10x performance improvement after the company focused efforts to “optimize order cancellation, amend, and placement actions in the trading engine, reworking internal data-structures, algorithms and audit checks to tune specifically for the kind of speed kdb+ can offer”.
The report also described “System Overload” as a purposeful feature that avoids queue delays and execution times by minutes. The company also focused on building the trading engine in such a way that,
“Not a single satoshi goes missing, or the system shuts down! Additionally, our engineers have identified several key areas where optimisations can safely be made and are working tirelessly to deliver a new, robust architecture to dramatically increase the capacity of the platform.”
The company’s endnote hinted at further incremental changes as part of the ongoing longer-term re-architecture of the trading platform, as well as tactical in-place capacity improvements to the engine.
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Source: AMB Crypto

Bitcoin [BTC]: Higher BTC price brings more BTC scams?

As the cryptoverse regains its lost shine with the recent bull run and welcomes a new breed of enthusiasts, the bad players in the market have amped up their efforts into conning the naive crowd. One of the upcoming scams in this light is the “digital wallets,” that are being identified and blocked on a daily basis. Pioneering this wave of stopping fraud is @LukasStefanko, who recently highlighted two apps on Google Play. The tweet read,
“Phishing “Trezor Mobile Wallet” app found on Google Play and pops as a second search result. This fake app was phishing for credentials, but still it couldn’t affect Trezor user funds, however it could be used for email phishing.”
The tweet consisted of screenshots that warned the crypto users to download the correct “TREZOR Manager” app, instead of the [fake] “Trezor Mobile Wallet” app.
Source: @LukasStefanko
@LukasStefanko further informed Twitter that the fake app was “connected” to “Coin Wallet” service which was another cryptocurrency wallet on Google Play with over 1,000 installs using the same source code and server.” He further informed the readers that  “Trezor Mobile Wallet & Coin Wallet were bought as wallet template for $40” and added a screenshot of the source code as a proof of his findings.
Source: @LukasStefanko
While the apps are still available for download, the recent finding ought to urge users to make use of legitimate sources for indulging in cryptoverse. Currently, Crypto Twitter is spreading the information in the hopes of reducing such scams that surface with BTC hype.
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Source: AMB Crypto

Cryptopia: New Zealand Court grants 10 extra working days to present its first liquidators report

Cryptopia, the defunct New Zealand cryptocurrency exchange, announced that there was an update with regard to the first liquidation report. The exchange stated that the New Zealand Court grated the platform ten extra days to present the report, with the date now scheduled to 4th June 2019.
The exchange stated on its official Twitter handle,

“The New Zealand Court has granted a 10 working day extension on the initial Cryptopia Ltd Liquidators report. It is now due on 4 June and will be available on the New Zealand Companies website when it is submitted”

Sean Crypto Phillips, a Twitter user stated,
“I hope that the liquidators understand that the coins are funds held in trust, not general assets of Cryptopia, so should be returned in full and without conversion. Also, I will be interested in any news of recovery from amounts sent to Huobi, although my balance was intact.”
Currently, the exchange’s website continues to be under maintenance, with the site displaying the press release pertaining to the liquidation process. According to that announcement, the liquidation process is handled by David Ruscoe and Russell Moore, representatives of Grant Thornton.
The exchange had decided to take this path because of the security breach that occurred earlier this year in January. Notably, the exchange fell victim to two attacks with the hacker gaining control over all of its Ethereum funds. At present, “the liquidators are focusing on securing the assets for the benefit of all stakeholders.” The investigation conducted by Grant Thornton was reported to take months instead of weeks, with the first report set to be released in the coming month.
Aside from this, the exchange also made headlines when the attacker had started to move the stolen Ethereum funds to different wallets and exchanges, which includes Huobi and EtherDelta. Huobi, a leading centralized exchange, released a statement concerning this incident on its official social media handle. The platform stated that the stolen funds were automatically detected by its system, following which it was immediately frozen.
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Source: AMB Crypto

Bitcoin [BTC]: People’s fears about crypto are based on misunderstanding of underlying technology, claims Andreas Antonopoulos

Prominent Bitcoin advocates such as Andreas Antonopoulos often conduct online Q&A sessions to debunk some of the misconceptions floating around about the cryptocurrency market. In a recent video on YouTube, Antonopoulos shared his views on the factors affecting crypto-adoption.
While answering one of the questions, Antonopoulos mentioned that the reason why people are scared to invest in cryptocurrency is “based on the misunderstanding of the underlying technology.” He informed the viewer that he is preparing a talk to help such people understand the technology better, and to help them make sound investments. He added,
“We are used to operating a system of soft promises. (This is the reason) A bank can reverse a transaction if you want, or dont want!”
He further explained how Bitcoin does not promise an irreversible transaction, but rather “guarantees that the contract within the transaction will be executed irreversibly.” As a result, he hinted that the contract can be changed to add a refund policy to resolve disputes in the future.
“(This way) you can reintroduce consumer refunds, but the only owner gets to choose who the third-party is. This is not an irreversible payment, but an irreversible guarantee.”
He also clarified that although current engineering limitations are making it hard to implement, it will require just few more rounds of incremental innovation to offer “more robust, predictable guarantees for consumer protection than any existing system of soft promises.”
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Source: AMB Crypto

ABN AMRO backs out of crypto-race; ditches Bitcoin wallet project

Cryptocurrencies have gained tremendous traction and adoption in mainstream culture, with non-financial companies joining the digital race recently. While companies such as Nike and Microsoft have amped up their crypto-investments, some other major financial institutions are moving away from the underlying technology. In fact, an executive of the Bank of America recently stated that BoA did not see any immediate use-cases for the technology.
In a similar development, ABN AMRO, a multinational banking institution based in The Netherlands, has canceled its plans to launch its own crypto wallet. The information was brought to light by a Twitter user, @CoinNessCom. The tweet read,
“Dutch Bank ABN AMRO Ditches Its Bitcoin Wallet”
While ABN AMRO was previously reported to be testing a cryptocurrency wallet named  ‘Wallie,’ the latest news suggested that the bank was still apprehensive about offering its customers access to virtual currencies. This was confirmed by Jarco de Swart, ABN AMRO’s Senior Press Officer, in an email that stated that the bank had “decided not to follow up on the Wallie inquiry”.
Although several experts speculate that the bank might reintroduce cryptocurrency in the near future, ABN AMRO’s official website clearly mentioned that “at ABN AMRO you cannot invest in bitcoins or other cryptocurrencies” and “ABN AMRO does not support or approve cryptocurrencies”.
The post ABN AMRO backs out of crypto-race; ditches Bitcoin wallet project appeared first on AMBCrypto.
Source: AMB Crypto

Ripple CTO dismisses Coin Metrics report saying it was a ‘timeline issue’, Tron [TRX] futures to soon start trading on OKEx platform and more

Crypto News – 18 May – Ripple CTO dismisses Coin Metrics report saying it was a ‘timeline issue’, Tron [TRX] futures to soon start trading on OKEx platform and more
Don’t forget to follow us for our daily videos#ripple #tron #OKEx #TRON #RIPPLEARMY pic.twitter.com/qmWcp9X2nG
— AMBCrypto (@CryptoAmb) 18 May 2019

Daily Crypto News – May 18
1) XRP-backed stablecoin: Kava Labs is developing a stablecoin, USDX, backed by XRP on a Cosmos Zone, which dynamically maintains stability to USD with decentralized mechanisms.
Read more at https://bit.ly/2HE7xAv
2) BitMEX insurance funds: While some panicked when Bitcoin crashed suddenly, others remained calm and assessed the situation. It was noticed that there was a huge sell order on Bitstamp, which pushed the price of Bitcoin by ~20% in a few minutes.
Read more at https://bit.ly/2VNgUaK
3) USDC do not exceed balance of US dollars: News revolving around the USD Coin [USDC] had taken a negative connotation when Coinbase CEO Brian Armstrong was called out for shilling the cryptocurrency. As a way to put any fears or speculations to bed, Grant Thornton LLP, an independent accounting firm released the latest attestation report on US dollar reserves backing USDC.
Read more at https://bit.ly/2Ej5dxM
4) SatoshiPay launches Solar Wallet: SatoshiPay has been working closely and designing micro-payment apps for the Stellar Network. Earlier this year, the micro-payment solution company launched ‘Solar wallet’, a stellar network-based and user-friendly desktop wallet. The Solar Wallet has proved to be user-friendly and easy-to-use and can securely manage funds.
Read more at https://bit.ly/2HrJ6HH
5) Blockstream CSO on Bitcoin: Samson Mow, Blockstream’s Chief Strategy Officer appeared in the latest Keiser Report discussion featuring Max Keiser. Talking about the satellite, Mow said that the purpose of Blockstream satellite was to provide redundancy for the Bitcoin [BTC] network.
Read more at https://bit.ly/2VvuQkY
6) HitBTC is insolvent, claim customers: According to a series of tweets by CryptoMedication, from Zerononcense, cryptocurrency analytics and research firm, the exchange is “insolvent”. The Twitter handler exclaimed his surprise that the exchange was “still in operation” as they had only 350,000 BTCs after their liquidation.
Read more at https://bit.ly/2JtlOTK
7) Weiss Ratings on Bitcoin’s price movement: Weiss Ratings, the crypto-specific rankings company, which, at times has rubbed the cryptocurrency industry the wrong way on predictions, suggested an absence of “manipulation” and termed the fiasco as a “normal market correction”.
Read more at https://bit.ly/2JrYtlE
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Source: AMB Crypto

Facebook registers ‘Libra Networks’ in Geneva for developing blockchain technology

Facebook, on May 2, registered Libra Networks, a firm specializing in developing blockchain technology, in Geneva. This is their first foray into developing in-house blockchain technology and could have adverse effects on the crypto-market, if speculations are to be believed.
Recently, the United States Senate sent out an open letter to Mark Zuckerberg, asking details about their cryptocurrency project named “Libra”. This came out after they read about it in an article by the Wall Street Journal.
The project is likely to be released in the second quarter of 2019 and the development team was already set up last year. It is looking at introducing a coin which users can spend on its website or any other. According to the report by Wall Street, Facebook is also looking at backing its crypto-coin with the dollar reserve. This is done to make it less volatile from Bitcoin and other cryptocurrencies.
Libra will be looking at investing, payments, financing, blockchain and other technologies to work on via their newly established firm. The social media giant is in talks with all major payment networks like Visa, Master Card and more and is looking to raise around $1 billion for the crypto-project. The crypto research team is expected to be headed by David Marcus, the ex-PayPal president.
However, the crypto-ecosystem is skeptical of Facebook entering the crypto-verse. One of the reasons for this is their past controversies surrounding the sale of user data to third parties. Following the issue, people now allegedly maintain a notion that Facebook could repeat history and sell their private data to any third party and this could spell disaster for crypto-users.
India is one of the biggest markets for Facebook as India has the highest number of WhatsApp users across all markets. While looking at the crypto-market in India, Facebook may have to make large changes in its policies owing to the possibility of a blanket ban on cryptocurrencies in India.
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Source: AMB Crypto

Bitcoin [BTC] network splits can be prevented by Blockstream Satellite, says Chief Strategy Officer

Blockstream Satellite received overwhelming attention from the crypto-community for its unique feature which enabled users to execute Bitcoin [BTC] transactions without an Internet connection.
Samson Mow, Blockstream’s Chief Strategy Officer appeared in the latest Keiser Report discussion featuring Max Keiser. Talking about the satellite, Mow said that the purpose of Blockstream satellite was to provide redundancy for the Bitcoin [BTC] network.
The financial system built on Bitcoin needed to have redundancy and that is where Blockstream satellite came into the picture. The officer cited that the satellites are in geosynchronous orbit [orbital period the same as the Earth’s rotation period] broadcasting the Bitcoin blockchain. Explaining the satellite’s functionality of redundancy in a satellite level, Mow said,
“.. what that does is it prevents Network splits for Bitcoin so if a cable is cut in, say a country, Malaysia, or something, then potentially they could fall out of sync with the rest of the network but as long as one person in Malaysia is running a Blockstream satellite node and has a dish they’ll keep the whole country in sync”
Blockstream Satellite was recently in news for its plans to integrate with a Brooklyn-based firm GoTenna which allowed users to send messages to its users without the need for an Internet connection. GoTenna leverages its own “mesh network” for the purpose and users should be within a mile to complete the transaction.
Blockstream Satellite, the Bitcoin transmission service is a network of satellites deployed by BTC tech firm Blockstream enabling people across the planet to download a BTC full node through a secure channel without the need for an Internet connection. The users, however, must install a satellite receiver with Blockstream Satellite’s specific software.
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Source: AMB Crypto

Bitcoin [BTC]: Select Scotland cycle-rickshaws now accept cryptocurrency as payment via Lightning Network

Bitcoin, the world’s largest cryptocurrency, has been having a field day lately as the king coin crossed multiple resistances in just two weeks to inch closer to the $6,000 mark. On May 7, the coin was trading at around $5,900, and the bull run seems to have positively impacted global adoption of the cryptocurrency.
According to reports, cycle-rickshaws in Glasgow, Scotland have started accepting Bitcoin as payment, making use of Bitcoin’s highly-praised Lightning Network. The cryptocurrency-based payment system was enabled by local cycle rickshaw businesses via a partnership with FastBitcoins.com, a UK-based company facilitating the sale of Bitcoins.
According to the press release, the first fleet of Bitcoin-enabled cycle rickshaws was launched as part of a trial run by the company. According to FastBitcoins, the rickshaws will demonstrate to the pubic how easy and effortless it is to use Bitcoin, in an attempt to further adoption.
Users can call a cycle rickshaw as they normally do, with the only exception being the Bitcoin-based payment offered. Apart from Bitcoin, users can also opt to pay via cash. Further, there will also be a terminal in the rickshaw which will offer Bitcoin vouchers. These vouchers will be easy to purchase and the nifty point-of-sale terminal will be operated by the rider.
Managing director of FastBitcoins, Danny Brewster, said,
“It is a fun concept, and with it we are trying to show the general public how Bitcoin can be made readily available and easy to use. Once consumers understand how easy it is to obtain and use, coupled with the added benefits of simply holding Bitcoin itself, more and more people will build infrastructure to help Bitcoin fulfill its potential on a global scale.”
The last week of April saw quite a few developments in the global crypto-adoption sphere, with the Russian Federation reportedly planning to open up four of its regions to test innovations that do not fall under the purview of its current legislation, including cryptocurrencies.
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Source: AMB Crypto

CoinMarketCap’s Luke Wagman dismisses steps to remove or delist exchanges with fake trading volumes

CoinMarketCap has been a go-to website for many in the cryptocurrency space. However, it has drawn a lot of criticism over alleged fake trading volumes. According to a report published by Bitwise, around 95% of the trading volume was fake on most cryptocurrency exchanges. One crypto proponent on Twitter had even compared CoinMarketCap’s information to be as reliable as a McDonald’s ice cream machine, while others in the space called out the website for ‘lying’.
In a recent interview, Luke Wagman, the Chief Evangelist at CoinMarketCap, shed some light on his stance regarding the Bitwise report and the allegations against the website. Wagman stated,
“This is not a CoinMarketCap specific issue, this is an industry-wide problem and there is no easy solution to it.”
According to Wagman, the website sought to “over-provide” information so that users could draw their own conclusions. Wagman said that letting users evaluate the exchanges by giving them “more control” was a fair step, rather than “actively policing” exchanges, which he cited would have been met with a lot of criticism.
He further said that removing or delisting exchanges with fake trade volumes “is not the solution”. From a business point of view, removing exchanges when none of CMC’s competitors are doing the same would make the website an inferior information aggregator, he explained.
Wagman also added that despite everything, information is always relevant and users would still want to use it to “look at it and experience it”. He further said,
” .. you can’t just nuke it from the website.”
The Chief Evangelist previously clarified that solving the problem of identifying exchanges with fake and real trading volumes was not easy. In an effort to mollify the damage caused by the allegations, CoinMarketCap had announced an initiative with Data Accountability & Transparency Alliance [DATA] to address the fake trade volume issue.
As part of the collaboration, all exchanges listed on CMC were given a 45-day deadline to send live trading and live order book data to determine liquidity, order book depth, and spreads.
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Source: AMB Crypto

Bitcoin’s [BTC] Lightning network is a serialized mempool, says Bitrefill’s John Carvalho

The Chief Communication Officer of the Sweden-based cryptocurrency exchange, Bitrefill, John Carvalho, previously asserted that digital assets would play a more significant role in the global payment infrastructure after leveraging Bitcoin and its second layer scalability solution, Lightning Network.
But the recent usage of the word “Abacus”, by Bitcoin Unlimited’s Peter Rizun, to define the LN’s structure, drew its own share of criticism.
Many in the crypto community called Rizun’s idea of the Lightning network to be “oversimplified and misleading”. In a recent talk session held by “letstalkbitcoin“, Carvalho was asked if he liked Rizun’s metaphor.
In response, the BTC proponent admitted that it’s appealing at first, but said that there was a need to understand the concept of how liquidity and Lightning work. Comparing it to the ledger, Carvalho said that “Abacus” was limited. He stated,
“In abacus, things move from the one end to other, you know it’s just one bar. But the problem is that it actually an array of abaci. And its abaci of abaci. So everybody is keeping track of who controls what.”
The CCO further asserted that he would rather call the Bitcoin scalability layer 2 solution as a “serialized mempool” and added that it is almost like an “organized mempool”.
According to Carvalho, it is extremely “redundant” for Bitcoin to be “cheap and free” when it is so secure and added that solutions like layers and side chains will eventually play a more significant role in the future.
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Source: AMB Crypto

Litecoin [LTC] partners with military-grade wallet; another; silver crypto on an adoption spree

Litecoin [LTC] witnessed a three-fold increase in its valuation from a low of $32 to scaling beyond $90 in April 2019. This was, however, followed by the altcoin falling below $80 couple of weeks later. Litecoin’s subsequent market recovery and prior market pumps can be attributed to its adoption spree across various institutional space.
In a recent development, Litecoin Foundation announced a collaboration with Cobo Vault, the military-grade hardware wallet. Co-branded by Litecoin, the Cobo Tablet is designed for seamless assembly and provides convenient storage of recovery phrases on Cobo Tablet for its users.
Announcing this latest partnership Litecoin foundation tweeted,

Check out our collaboration w/ @CoboVault for our Litecoin-branded Cobo Tablet! Get yours for only $49.00 https://t.co/SJCDLoi6yP …
Secure your crypto on your own terms
Don’t rely on paper storage for your seed/recovery phrases
Support the Litecoin Foundation! pic.twitter.com/8DIOirSw6r
— Litecoin Foundation (@LTCFoundation) May 3, 2019

Many institutional players have moved to leverage Litecoin on their platforms which can be attributed to the low transaction fees as opposed to that of Bitcoin.
Litecoin has been successful in providing the merchants with low fees, security and near instantaneous on-chain transactions. It was reported that more than 4,500 players have adopted LTC’s Lightning Network in a bid to bolster the silver altcoin’s adoption.
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Source: AMB Crypto

Coinbase CTO Balaji Srinivasan leaves company after one year, Bitfinex launches whitepaper for imminent IEO and more

Crypto News – 04 May – Coinbase CTO Balaji Srinivasan leaves company after one year, Bitfinex launches whitepaper for imminent IEO and more
Don’t forget to follow us for our daily videos@bitfinex @BankXRP @coinbase #XRP #cryptocurrency #cryptonews pic.twitter.com/n6v89P1GpI
— AMBCrypto (@CryptoAmb) 4 May 2019

Daily Crypto News – May 3, 2019
1) Stephen Palley on ICO boom: In an interview with Max Keiser of the Keiser report, Stephen Palley, a famous lawyer in the field of cryptocurrencies and a partner at the Washington DC officer of Anderson Kill, talked about the lack of information related to rules in the space. He also spoke about amending the regulations proposed by the SEC.
Read more at https://bit.ly/2Wn9NSQ
2) Litecoin partners with military-grade wallet: In a recent development, Litecoin Foundation announced a collaboration with Cobo Vault, the military-grade hardware wallet. Co-branded by Litecoin, the Cobo Tablet is designed for seamless assembly and provides convenient storage of recovery phrases on Cobo Tablet for its users.
Read more at https://bit.ly/2JfU983
3) Vitalik Buterin on Bitcoin Cash: Vitalik Buterin, the brainchild of the second largest cryptocurrency, Ethereum, spoke at ETH Cape Town on April 2019. Speaking about the forks of Bitcoin, Buterin said that Bitcoin Cash SV was overrated and considered Bitcoin Cash to be underrated.
Read more at https://bit.ly/2Vcal1j
4) Tron Dapp Weekly Report: Tron’s smart contract count reached 877, a growth by 100, compared to last week. The new DApps entering the Tron ecosystem are majorly gambling apps and increased by 39 just within the past week.
Read more at https://bit.ly/2PKXP2O
5) OKEx sounds caution to customers: In a May 3 tweet, the exchange sounded a stark caution to customers that several “frauds” will look to “impersonate OKEx”. The tweet added that these projects would aim to trick unsuspecting users to send their funds to “fake wallet addresses”.
Read more at https://bit.ly/2IXZh1d
6) Roger Ver on Craig Wright: Bitcoin Cash proponent, Roger Ver, posted a video on May 03 as a rebuttal to Craig Wright’s lawsuit against Ver. Roger Ver asked Wright to sue him again.
Read more at https://bit.ly/2DPlvhP
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Source: AMB Crypto

Chancellor of British High Court, Sir Geoffrey Vos urges legal community to clearly define and identify crypto-assets

The Chancellor of the British High Court, Sir Geoffrey Vos, made headlines after he discussed the possibility of recognizing ‘crypto-assets as property,’ within the current stature of the law. The lecture was held in Liverpool and focused on finding ways to improve people’s confidence in smart legal contracts.
Sir Geoffrey began his speech by addressing the absence of “an end-to-end smart legal contract in financial services or in any other sector.” He attributed this problem to the lack of trust among mainstream investors due to the “legal uncertainty that pervades the use of so-called cryptocurrencies and cryptoassets.”
Additionally, Sir Geoffrey read out current definitions of ‘property,’ ‘asset,’ and ‘contract’ to point out the legalities surrounding the terms, according to the English law. Following the argument, he explained,
“First, there needs to be an identification of whether cryptoassets are, or are not, property under English law. If they are not, a quick and simple legislative approach needs to be considered.”
As the lecture concluded, Sir Geoffrey called out lawyers and the legal system to “put forward a persuasive case
that highlights the economic benefits and boost the confidence of the investors.”
Additionally, he addressed the people within English law to urgently establish a foundation as trillions of smart legal contracts are expected annually.
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Source: AMB Crypto

Europe marks new milestone in crypto race; embraces crypto-based debit card

The crypto space is seeing exciting developments, with governments opening doors to new fintech initiatives. Amidst all these latest developments, Europe recently allowed its citizens to publicly use a crypto-based debit card. The announcement went viral after a Reddit post from u/n4bb said,
“A new crypto debit card makes its debut in Europe”
The “crypto-card” was introduced by online crypto exchange, Jubiter. The exchange claims that the card can be used “anywhere in the world.” Presently, Jubiter’s card will support only Bitcoin [BTC] and Litecoin [LTC] transactions.
The company also announced a low maintenance fee of €1.80 (~$2) per month, and a reload fee of €1.00 ($1.12) for its users. In addition to its new debit card offering, Jubiter also allows users to buy Bitcoins via its official website.
The company’s crypto cards are currently available across most European nations and the website echoes Jubiter’s vision to “offer the cards in countries around the world,” in the future. While several EU-based companies have attempted and failed in this venture in the past, Jubiter believes the ability to use the card through any payment gateway will play a crucial role in its survival.
The post Europe marks new milestone in crypto race; embraces crypto-based debit card appeared first on AMBCrypto.
Source: AMB Crypto