What Is OmiseGo OMG?

What Is OmiseGo (OMG)?

                             

OmiseGo (OMG) is a decentralized cryptocurrency network that focuses on enabling financial inclusion and interoperability

between different platforms. As a scaling solution being developed on the Ethereum blockchain, the OmiseGo platform aims to facilitate transparent, peer-to-peer (P2P) transactions in “real-time.”

Facilitating “Self-Sovereign” Financial Services

According to its official website, the OMG network will facilitate globally accessible, “self-sovereign” financial services. The OMG platform may support several financial asset classes and software applications. OmiseGo’s developers have created a full-featured software development kit (SDK) that may be used to enable fiat and cryptocurrency transfers between different wallets. Users may also earn game credits and loyalty points – which may be managed with OmiseGo’s applications. OMG network users can securely access, manage, and conduct cryptoasset transactions with other users on the platform. Additionally, the OMG platform will provide a decentralized exchange “mechanism” to enable multi-asset, cross-chain interoperability. According to its developers, the proof-of-stake (PoS)-based OmiseGo network will be scalable and aims to achieve a high throughput (TPS) rate. 

OMG Network’s Clearinghouse Enables Secure and Fast Transaction Clearing

OmiseGo’s creators have developed a clearinghouse on the digital asset platform by using protocol consensus and writing Ethereum-based smart contracts that enable secure and fast transaction clearing. As noted on its website, crypto wallet providers may access the public OmiseGo platform via an open-source “white-label” SDK, in order to build functionality for trading crypto and fiat currencies on the OMG network.

“Bonding” with Ethereum Blockchain to Maximize Security

According to OmiseGo’s technical team, “bonding” to the Ethereum blockchain significantly improves the security of the OMG network. It also enables secure transaction validation and token custody. Notably, the OmiseGo team claims they can achieve “unlimited” scalability – as the OMG network could potentially process millions or even billions of transactions per second (TPS). In order to improve network throughput, the OmiseGo platform uses the Plasma architecture (a framework proposed by Vitalik Buterin and Joseph Poon for faster processing of blockchain-based smart contracts). As explained, the developers of the OMG network aim to create an interoperable platform for trading cryptoassets from different blockchains – including the Bitcoin (BTC) network. 

OMG Network Is Completely Decentralized

As a completely decentralized platform, the OMG network is not controlled by a central authority. In order to participate on the OmiseGo platform, users may acquire and stake OMG tokens. Staking allows token holders to validate transactions on the OMG network and receive compensation in the form of transaction fees. According to OmiseGo’s creators, the value of the OMG token will increase as the value and usage of the OMG network increases.

Decentralized Exchange Built Into OMG Network’s “Core Consensus Layer”

As mentioned on OmiseGo’s website, the OMG network will leverage the Plasma architecture, a well-researched Ethereum-based layer 2 scalability solution, to enable “low-cost” security and settlement for financial applications. Transactions on the OmiseGo platform are conducted through a decentralized exchange that is built into the network’s “core consensus layer.” Currently, the OmiseGo team is developing a DEX and a wallet software development kit (SDK) – which will serve as a key part of the OMG network’s financial ecosystem. According to its developers, the “live” OmiseGo platform will be a “performant” and highly secure PoS-based network that enables Plasma-based, low-cost transactions.  

OmiseGo Developers Are Founding Members of Ethereum Community Fund 

In February 2018, the Ethereum Community Fund (ECF) was established in order to fund the development of Ethereum-related infrastructure. As noted on EFC’s website, its founding members include the developers of OmiseGo, blockchain interoperability platform Cosmos, Golem, among others. EFC project’s advisors include Ethereum Co-Founder Vitalik Buterin and Vansa Chatikavanij, the CEO at Omise, the organization behind OMG network’s development. 

Backed By Investments from Japan’s Largest Bank

In mid-2017, Thailand-based Omise managed to raise $25 million through an initial coin offering (ICO). The OmiseGo project has also received investments from Thailand’s Bank of Ayudhya, which is part of the Mitsubishi UFJ Financial Group (MUFG), a $19 billion Japanese financial services firm.

OMG Network Still Undergoing Research and Development

In June 2019, Kasima Tharnpipitchai, the Director of Engineering at OmiseGo, confirmed that OmiseGo platform had not gone into production as it was still in its development and research stage. Tharnpipitchai clarified that businesses were not yet involved with the OmiseGo project and that only Omise’s partners, who are creating “value-added services”, were using the OMG network. He added that the current focus for the OmiseGo project involves working closely with strategic partners to ensure that the initiative is able to “delivery real value.”

OMG Network Not Ready for Staking Funds

Tharnpipitchai, a former senior software engineer at Github, revealed that with the present state of research related to the Plasma architecture and proof of stake systems, development has not reached the point where it’s useful to stake funds on such networks. Moreover, he explained that staking without “transaction value” is not beneficial to anyone. In the coming months, the OmiseGo team is reportedly preparing to implement the OMG network’s settlement protocol. During this phase, Tharnpipitchai claims the platform’s developers will have a better understanding of the “performance characteristics” of the OMG network.

Regulations Play A Key Role in the Global Financial System

In response to a question during an AMA session regarding regulations, Tharnpipitchai said that blockchain-based decentralized networks may benefit from certain guidelines. This, as he believes that regulations play “an important role” in the global financial system. He further noted that blockchain industry participants must help regulators better understand how crypto-related technology works – so that we can build safe and compliant digital asset networks.

Article Produced By
Omar Faridi

https://www.cryptocompare.com/coins/guides/what-is-omisego-omg/

Thomas ClaimCo.in

What Is Waves?

What Is Waves?

                                  

The Waves (WAVES) platform is an open-source, blockchain-based network for building and deploying decentralized applications (dApps).

According to its creators, the Waves platform allows developers to build software solutions that are compatible with the evolving Web 3.0 standard. As noted on its official website, the developers of Waves believe blockchain technology has the potential to significantly improve the efficiency of a wide range of routine business procedures. These may include processes involving supply chain management, developing tokenized economies, and building secure data transfer platforms.

Addressing the Blockchain Scalability Problem

By leveraging the transparent and immutable nature of blockchain technology, Waves’ development team intends to build a fast, secure, energy-efficient, and “versatile” financial ecosystem. The Waves platform uses the Waves-NG protocol to achieve fast transaction speeds and consistently high network throughput. As noted in its technical documentation, Waves-NG aims to solve the scalability problem by reducing transaction confirmation times to seconds – instead of minutes (like on the Bitcoin and Ethereum networks)

Waves Platform Supports 13 Different Types of Transactions

In order to provide greater flexibility and allow developers to build advanced dApps, the Waves platform supports 13 different types of transactions. These include alias, burn, and data transactions (among others). An alias transaction is a short and easy-to-remember name for a Waves address that cannot be deleted. As its name implies, a burn transaction is used to burn (or destroy) crypto tokens on the Waves platform. Meanwhile, a data transaction records data to Waves’ account data storage system.

Using the Energy Efficient Proof of Stake Consensus Algorithm

As mentioned on its website, the Waves platform uses a proof-of-stake (PoS)-based consensus protocol – as it requires a relatively small amount of computing power and electricity when compared to the energy-intensive proof-of-work (PoW) mechanism. The Waves network is able to maintain low transaction costs as it does not require “gas” to function and users are only required to pay a small transfer fee with the WAVES token. 

dApps Created Using “Purpose-Designed” Programming Language

As an open-source blockchain, the Waves platform allows developers to build scalable, enterprise-grade applications. According to its developers, the Waves blockchain uses “persistent” scripts (which execute in an automatic and trustless manner) to maintain the security of the network. dApps may be developed on the Waves platform by using a “purpose-designed” programming language, called RID

Fast Debugging Process, dApps Don’t Require “Variable” Gas to Run

As explained, dApps built on the Waves network do not require “variable” gas to run. The Waves platform also supports atomic execution, meaning that the output from dApps is only registered on the blockchain if all its associated scripts are able to run properly. Debugging or checking for errors in software programs is fast and “code ambiguity” does not affect the execution process. This, as Waves’ RIDE is a “strongly-typed” programming language.

Managing Private Keys with Waves Keeper

In order to support secure cryptocurrency transactions, the Waves team has created a browser extension, called the “Waves Keeper.” Users can install the extension in order to manage their private keys and conduct secure transactions on dApps and other Waves-based web services. Waves’ suite of products also includes a user-friendly and secure multi-currency wallet. In addition to supporting transactions in major cryptoassets including bitcoin (BTC), ether (ETH), and litecoin (LTC), the Waves wallet allows fiat currency (USD, Euros) transfers.

Waves Lab Focused on Developing Web 3.0 Compatible Technologies

The developers of Waves have launched a project incubator organization, known as Waves Lab, which aims to support application developers and blockchain startups. The management at Waves Lab intends to work with development teams that are focused on building decentralized technologies for the Web 3.0 standard. In order to accelerate the growth and adoption of crypto-related technology, the Waves Lab offers “financial, technical, and marketing support” to fintech startups. The Waves team also helps developers learn how to create dApps that are written in the RIDE smart contract language.

Vostok, a Blockchain Platform for Large Enterprises

Waves’ developers have created a separate platform, called Vostok, which allows large enterprises and public organizations to build blockchain-powered software. As noted on Vostok’s official website, the initiative was launched in order to develop “modern information infrastructure” for the rapidly evolving digital economy. In addition to leveraging blockchain technology, the Vostok project uses artificial intelligence, big data, neural networks, and internet-of-things (IoT)-based applications to collect and validate information. The Vostok platform has also been designed to help organizations perform predictive analysis and pattern detection and access distributed storage services.

Waves’ Developers Propose New “Decentralized Token Rating System”

In late April 2019, Waves’ development team proposed a new protocol for “decentralized asset verification.” According to Waves’ management, the platform’s community members and data providers such as BetterTokens will offer information regarding which crypto tokens are “safe and reliable. The Waves community will provide a “collective” rating score for token projects, in order to help investors make more informed decisions. 

Waves’ Developers to Focus on Creating Improve Trading Tools

On May 30th, 2019, Waves’ developers revealed that they would be prioritizing the development of new trading features on the platform’s DEX Client App. Instead of developing the Waves DEX as a “universal application”, the Waves team has decided to mainly focus on improving the trading process on the peer-to-peer (P2P) exchange. However, Waves’ management clarified that the platform’s flagship products such as its multi-currency wallet and token leasing option will remain “an integral part” of the DEX App.

Article Produced By
Omar Faridi

https://www.cryptocompare.com/coins/guides/what-is-waves/

Thomas ClaimCo.in

Ripple Avoids Securities Question in Motion to Dismiss XRP Lawsuit

Ripple Avoids Securities Question in Motion to Dismiss XRP Lawsuit

                             

 

Ripple has filed a motion to dismiss a lawsuit claiming it violated U.S. securities laws

by selling XRP. In a new filing posted early Friday, attorneys for Ripple pushed back on allegations made by XRP purchasers suing the company, its subsidiaries and executives. Notably, the motion to dismiss specifically claims that the plaintiff, Bradley Sostack, does not have standing to file a complaint, rather than address claims that XRP is a security.

In the motion to dismiss, Ripple states that the plaintiff failed to bring a case within three years of the initial offering (which would have been 2013), meaning the statute of repose expired; that the plaintiff did not “plausibly allege” that he purchased XRP during the initial offering; and that the plaintiff did not “plausibly allege” that any of the defendants actually sold the XRP that he bought. Notably absent from the motion to dismiss is a full-fledged argument over why XRP is not a security. Indeed, the filing only addresses the question in a footnote (footnote 19), which states that XRP is not a security “because it is not an ‘investment contract.'”

The filing goes on to say:

“Purchasing XRP is not an ‘investment’ in Ripple; there is no common enterprise between Ripple and XRP purchasers; there was no promise that Ripple would help generate profits for XRP holders; and the XRP Ledger is decentralized.”

The footnote also adds that “because XRP is a currency,” it cannot also be a security under law. The filing states that the court itself does not need to determine “whether XRP is a security or currency for purposes of this motion, which assumes Plaintiff’s allegation that XRP is a security.” The filing also states that “the federal Departments of Treasury and Justice publicly concluded that XRP is a ‘convertible virtual currency,'” in its “factual background” section. “This is consistent with the CFTC’s position that virtual currency is a commodity,” the filing states. “Nonetheless, Plaintiff alleges that XRP is a ‘security’ under federal and state law, … and that Defendants have offered and sold XRP despite its non-registration with securities authorities.”

Moving to dismiss

Ripple’s actual arguments focus on when the most recent case has been filed, with the first hinging around the fact that XRP entered the market in 2013.

The filing states:

“… under Plaintiff’s own allegations, Defendants offered XRP to the public throughout 2013 through 2015. Accordingly, the three-year statute of repose expired as of 2016 (three years after the sales cited in the May 2015 settlement) and in no case later than May 2018 (three years after the May 2015 settlement agreement in which ‘Defendants acknowledged that they had sold XRP to the general public,’ Complaint ¶ 25). The Securities Act claims in the Complaint, filed August 5, 2019, are therefore untimely and barred by the statute of repose.”

The filing adds that the plaintiff does not claim he bought XRP directly from Ripple or another defendant, but rather, “he was part of the ‘general public’ who purchased XRP through transactions in a two-week period in January 2018.” “The necessary inference is that he bought and sold XRP through a secondary trading exchange,” the filing says. The response also states that plaintiff’s consumer protection claims under California state law (rather than federal securities law) should be dismissed because the statutes require a securities claim. As a result, the response says, the complaint should be dismissed with prejudice

(meaning plaintiffs would not be able to re-file the suit).

“Leave to amend should be denied because amendment would be futile.”

Year-long case

Ripple’s filing comes a month and a half after the plaintiffs filed an amended complaint, alleging the company, affiliated entities and individuals violated both state and federal securities laws. The new complaint, filed by law firms Susman Godfrey and Tayler-Copeland Law, alleges that Ripple, its subsidiary XRP II, Ripple CEO Brad Garlinghouse and others violated securities law by selling XRP. In a first, the complaint borrowed from the U.S. Securities and Exchange Commission’s digital assets framework, drawing parallels between the SEC’s analysis for what constitutes a security and Ripple’s alleged actions. The case itself stretches back to early 2018, when XRP purchasers first began filing lawsuits against Ripple. The complaints alleged that Ripple sold XRP, using the proceeds to fund its operations. The cases were consolidated into the current form.

While the class has not been certified yet, Thursday’s filing is still the first time Ripple has had to respond to the substance of the complaints against it. At the heart of the matter is the question of whether XRP is a security. Some of Ripple’s detractors claim it is, one that is issued and managed by Ripple. The startup disagrees, saying XRP is a token created by Jed McCaleb (now at Interstellar), Arthur Britto and David Schwartz. It remains to be seen whether the case proceeds to a jury trial, or if settlement talks occur first. However, the filing notes that there is a hearing scheduled for early next year, and the attorneys say they are willing to argue the motion then.

Legal team shake up

Friday’s filing comes just days after Ripple brought Damien Marshall and Kathleen Hartnett, two lawyers with Boies Schiller Flexner LLP, on board to work on the case (a judge approved their appearance for the case on Sept. 17). They join Skadden Arps attorneys Peter Morrison, John Neukom and Virgina Milstead, who have been listed on the docket but whose names did not appear on the filing Friday morning. On Thursday night, former SEC Division of Enforcement director Andrew Ceresney also applied to join the case as a lawyer for Ripple. Ceresney is currently an attorney with Debevoise & Plimpton, an international law firm based in New York, and his name appeared on Friday’s filing. He previously represented Ripple against one of the previous class action lawsuits, filed by plaintiff Ryan Coffey, alongside former SEC Chair Mary Jo White. That case was voluntarily dismissed, and White’s work for Ripple appears to have ended around that time.

Article Produced By
Nikhilesh De

Nik is a business reporter at CoinDesk with a focus on regulators, lawmakers and institutions. He was previously a news, science, technology and community reporter and editor with The Daily Targum. His work has been featured in The Nation and referenced by The Washington Post, ZDNet, Gizmodo, NJ Advance Media and The Philadelphia Inquirer. He owns less than $20 in BTC and has no other crypto holdings.

https://www.coindesk.com/ripple-avoids-securities-question-in-motion-to-dismiss-xrp-lawsuit

Thomas ClaimCo.in

Wells Fargo’s Stablecoin Faster Cheaper’ Than SWIFT Says Exec

Wells Fargo’s Stablecoin ‘Faster, Cheaper’ Than SWIFT, Says Exec

                               

Banking giant Wells Fargo says its blockchain for internal cross-border money transfers is faster

and more efficient than SWIFT, the global messaging system used by over 11,000 financial institutions.

Unveiled this week, Wells Fargo Digital Cash uses R3’s Corda Enterprise software to handle internal book transfers, when funds move from a payer’s account to a payee’s account at the same bank. “When we move money across the world and we need to exchange currencies, we have to go through third parties such as SWIFT and other banks,” said Lisa Frazier, head of the Innovation Group at Wells Fargo. “That’s a long process and every time there’s a connection with external parties, it takes time and energy and effort.” Using the digital cash would allow the bank to move funds 20 hours a day, up from only six to nine hours, five days a week when it relies on wire transfers and systems like SWIFT, Frazier said.

She told CoinDesk:

“It’s faster than SWIFT, cheaper and definitely more efficient.”

Today, for internal book transfers between branches in different countries, the bank needs to use SWIFT. This is not the case for domestic internal book transfers. The blockchain project, which will go into a pilot phase next year after a successful proof-of-concept, “will allow those locations to exchange digital cash among themselves,” Frazier said. As with rival megabank JPMorgan’s JPM Coin, Wells Fargo’s digital cash will be backed 1-for-1 with the analog kind. “We will hold the fiat currency, so it’s a stablecoin, and we will issue digital cash tokens. These tokens are placed into digital wallets and then those tokens are able to be exchanged,” Frazier said.

Parallel paths

Frazier said Wells Fargo has been avidly participating since 2016 in blockchain tests that she described as “external,” meaning other banks and financial institutions were involved. However, the bank has also been busy pursuing internal use cases for distributed ledger technology (DLT), she said. “I think the surprise is, we have found a really solid internal application for DLT on our book transfers. By doing this we are streamlining the book transfer process and are reducing the use of intermediaries that can cause a delay in settlement. Therefore we are widening the operating window for clearing of FX wires cross-border,” she said.

The stablecoin project also happens to be the first project the bank has built using the paid-for version of R3’s DLT, which Wells Fargo has now licensed — with more to follow on the platform, the bank added. SWIFT declined to comment, but the messaging system itself is collaborating with R3 on a number of projects, such as a proof of concept to connect the former’s gpi to the latter’s Corda to enable “off-ledger” payment settlement. The results of this PoC will be revealed at Sibos 2019. Corda Settler, the Corda Network’s open-source payments engine, has also been tested with the cryptocurrency XRP.

However, Wells Fargo scotched any suggestion the bank would be connecting its digital coins to anything outside its own internal payments systems. “R3’s Corda Enterprise was selected as the platform for our first enterprise DLT network, not CordaSettler,” said a spokesman for the bank. “Wells Fargo Digital Cash is an internal settlement service which will not be associated or connected to any other potential digital cash solutions emerging in the financial services markets today.”

Alex Lipton, a former bank executive, trader and quant, said Wells Fargo’s coin is potentially very useful for simplifying the “bank’s byzantine internal processes,” but not something that will see much usage outside the bank and a handful of close partners. “Large banks are so bad that they have to use SWIFT like everyone else, so in effect, they don’t differentiate between inside and outside of banks. So, a coin can help. But it is a sign of desperation,” said Lipton, now co-founder and chief technical officer at fintech firm Sila.

Another JPM Coin?

At first blush, Well Fargo’s digital cash may appear to be another JPM Coin, the much-vaunted technology built using Quorum, the privacy-centric version of ethereum developed by JPMorgan. Although initially intended for payments between clients, the coin will eventually be used to digitally fund enterprise blockchain projects such as on-chain debt issuances, JPMorgan executives have said.

JPM also boasts 344 banks on its Interbank Information Network (IIN), which uses Quorum to eradicate pain points in the way information circulates within foreign correspondent banking. Frazier played down any similarities between JPM Coin and Wells Fargo Digital Cash. “I think they are very different,” she said. Wells Fargo is not a member of IIN, but Frazier hinted at a long-term plan for interoperability.

She concluded:

“Eventually in the future, there will be interoperable networks. As these emerging technologies come out of a nascent stage all kinds of things can happen.”

Article Produced By
Ian Allison

Ian is a reporter at CoinDesk. Prior to that he covered fintech at International Business Times and Newsweek. He is the State Street Data and Innovation Journalist of the Year 2017. Ian purchased a very small amount of DAO tokens but did not reclaim them. He does not currently hold value in any digital currencies or projects.

https://www.coindesk.com/wells-fargos-stablecoin-faster-cheaper-than-swift-says-exec

Thomas ClaimCo.in

Japanese HR and Tech Giant Recruit Holdings Invests in Blockstack

Japanese HR and Tech Giant Recruit Holdings Invests in Blockstack

                     

Blockchain startup Blockstack PBC has received strategic investment from Japanese human resources giant Recruit Holdings.

U.S. startups look for Japanese partnerships

The Block reported the startup’s new funding on Aug. 22. As part of the investment deal, Recruit, which is currently valued at $50 billion, is purchasing Blockstack’s STACK tokens. Blockstack CEO and co-founder Muneeb Ali reportedly said that United States-based startups typically partner with businesses in Japan. Ali further discussed the advantages of conducting crypto business in Japan.

He said:

“Japan is a very interesting market for crypto because it has clarity around regulations. It is legal to own and trade crypto assets, but only those whitelisted by the regulators.”

According to the report, Recruit’s investment paves the way for Blockstack to expand into the Japanese market. 

Blockstack’s venture into Asia

Blockstack recently received its first funding round from Asian investors, according to the report. In Ali’s announcement, he made similar comments — expressing his view of Asia as a central crypto player and Blockstack’s desire to expand its base in the continent,

writing:

“Asia is an important market for Blockstack, as Asian countries have arguably the most significant penetration for both crypto users and developers. […] The Asian strategic round led by Hashkey and SNZ marks a new chapter, and we’re excited to expand our developer outreach and grow the Blockstack community and usage in Asia.”

Blockstack partners with Lambda School

As reported by Cointelegraph, Blockstack announced a partnership with the Lambda School earlier this month. The school offers courses focused on practical skills, while Blockstack will provide educational services on how to code its apps. Additionally, Blockstack will offer an earning option through its App Mining Program. At the time, Ali reportedly said: “This is the sort of program I wish was available to me when I was a student.”

Article Produced By
Max Boddy

Max Boddy is a reporter with a background in philosophy. When he’s not covering crypto news, Max can often be found experimenting in the kitchen or writing about League of Legends.

https://cointelegraph.com/news/japanese-hr-and-tech-giant-recruit-holdings-invests-in-blockstack

Thomas ClaimCo.in

Israeli Startup That Allows Offline Crypto Transactions Secures 4M

Israeli Startup That Allows Offline Crypto Transactions Secures $4M

                                

Israeli cybersecurity startup GK8 has reportedly developed the world’s first offline system

for transacting cryptocurrencies. The new system uses GK8’s proprietary cryptographic techniques that enable instant blockchain transactions of digital assets without any need for an internet connection, Israeli business news publication Globes reported on Sept. 18.

The company raised $4 million in a funding round led by Discount Capital, a venture arm of one of Israel’s three largest banks, Discount Bank, and Marius Nacht, a co-founder of cybersecurity giant Checkpoint. Other investors reportedly included EdenBlock, iAngels, IDEAL-HLS, StratX and the Israel Innovation Authority. As reported by Globes, GK8’s new cryptographic techniques allowed the company to develop a cold wallet with “hot wallet functionalities,” securing user funds from hackers and cyberattacks.

Unidirectional connection 

In a recent interview with Fortune, GK8 CEO Lior Lamesh described GK8's technology as "ledger agnostic," hinting that it can be used for Bitcoin (BTC) and other cryptocurrencies. According to Lamesh, G8K is capable of recording transactions on a blockchain in offline mode thanks to "unidirectional connection."  GK8’s technology is up and running, and is already being used by digital asset trading platform eToro. 

Fortune reports that GK8 was founded in 2018 by two members of an Israeli special defense unit that specializes in guarding the country’s digital assets. According to Silicon Valley-based crypto intelligence firm CipherTrace, cryptocurrency thefts reached $1.2 billion in the first quarter of 2019 — $500,000 less than what was stolen throughout the whole of 2018.

Article Produced By
Helen Partz

Helen is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2017, she joined Cointelegraph as a writer.

https://cointelegraph.com/news/israeli-startup-that-allows-offline-crypto-transactions-secures-4m

Thomas ClaimCo.in

Messaging App LINE’s Crypto Exchange Goes Live for 80 Million Users in Japan

Messaging App LINE’s Crypto Exchange Goes Live for 80 Million Users in Japan

                                 

Messaging app LINE has officially launched a cryptocurrency exchange service

for its 80 million users based in Japan, days after the platform received final regulatory approval. The Shinjuku-based messaging provider, which is 73.36-percent owned by South Korea’s Naver, said in a statement on Tuesday that the new exchange, dubbed Bitmax, is now live with trading of five crypto assets: bitcoin (BTC), ethereum (ETH), ripple (XRP), bitcoin cash (BCH) and litecoin (LTC).

According to the statement, the service was introduced in stages from 3 p.m. Japan time on Tuesday and is available first on Android devices. It can be accessed via the wallet tab on the LINE mobile app and is also integrated with LINE Pay to provide an easier Japanese yen fiat on-ramp process. LINE said in the announcement it currently has 81 million monthly active users in Japan and 164 million globally. It operates the crypto exchange through LVC Corporation, a subsidiary, which was awarded a cryptocurrency exchange license by Japan’s Financial Services Agency on Sept. 6. BITMAX is available to residents of Japan with a LINE account. No fees are charged for trading, though a charge of 108 yen will be applied for deposits and withdrawals.

In terms of security, LINE said it utilizes a wallet developed by Palo Alto-based BitGo to segregate customer assets and store assets in a cold wallet, which is itself managed by a dedicated team. A strict KYC process is in place for new customers. Applicants can register their account with the app using an ID card and photographic capture, with a registered bank account and an ID or by mail. The new service will run separately from the company’s Singapore-based Bitbox, which has been in operation since July 2018 but excludes residents of Japan and the U.S.

Article Produced By
Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.

https://www.icogeeker.com/messaging-app-lines-crypto-exchange-goes-live-for-80-million-users-in-japan/

Thomas ClaimCo.in

Ether XRP Rise to 1-Month Highs While Bitcoin Falls

Ether, XRP Rise to 1-Month Highs While Bitcoin Falls

                                

Demand for alternative cryptocurrencies has seen their performance rise

over the last 24 hours despite bitcoin’s (BTC) failure to take another leg up. It raises the question as to whether the “alt season”, a period where alternative crypto sees considerable growth regardless of BTC’s performance, is finally here. Ether (ETH) and XRP (XRP) rose between six to 10 percent on the day backed by solid demand seen in large 24-hour trading volumes.

The event marks a divergence from recent weeks with BTC’s dominance rating, a share of the total crypto market value, having hit a 30-month high above 70 percent earlier this month. That number has since dropped to 68.3 percent as interest in alternative cryptos begins to pick up once more. As seen above, both XRP and ETH experienced swift rallies in their price between 10 pm on Sept. 17 and 3:00 am Sept. 18, while BTC was down 1 percent over the same period.

Other notable crypto assets such as Stellar (XLM), Binance Coin (BNB) and Litecoin (LTC) are also up between 2.5 and nine percent. The total market capitalization of all crypto, excluding BTC, also rose by more than $5.4 billion over 24 hours, while total trading volume was up $7.2 billion. It could be a sign that investors are growing wary of any further potential gains in BTC’s growth and looking elsewhere, given that its price has remained within a $300 range for nearly 2 weeks.

Article Produced By
Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.

https://www.icogeeker.com/ether-xrp-rise-to-1-month-highs-while-bitcoin-falls/

Thomas ClaimCo.in

Coinbase Pro To Add Support For DASH

Coinbase Pro To Add Support For DASH

The Coinbase Pro exchange announced that today it will be listing Dash (DASH),

the world’s sixteenth-largest cryptocurrency, on its platform.

Coinbase Pro account owners will be able to store, trade and receive Dash, in addition to Bitcoin, XRP, Ethereum, Bitcoin Cash, 0x, and Litecoin and 16 other cryptocurrencies. Coinbase’s exchange for advanced users will implement Dash support in four stages, the first consisting of allowing users to transfer Dash to Coinbase Pro accounts that are in Coinbase’s supported jurisdictions, excepting New York State and the United Kingdom. Dash is paired against USD and BTC, and users can start trading after 9:00 a.m. PST, if liquidity conditions are appropriate.

The exchange explained the next stages in its announcement:

“In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes. In the final stage, full trading services will be available, including limit, market, and stop orders.” The exchange has stated that Dash is currently unavailable on Coinbase.com or its mobile apps, and at first, it will not support Dash’s special features, such as instant confirmations.

Dash Core CEO Ryan Taylor has maintained his stance that Dash is the most popular cryptocurrency used in the Venezuelan crisis. “The progress we made in Venezuela is real. We see evidence of it growing constantly. We’re managing to sign up larger and larger chains. We just signed up our largest chain: 22 pharmacies in Caracas, and we’re in negotiations with point-of-sale systems at this point. None of that work would be possible without Dash Merchant out there having built up a couple of thousand initial mom-and-pop type merchants. I think that the work in Venezuela is going to continue.”

Article Produced By
Anca F.

Hi, I’m Anca. You might’ve stumbled upon my literary creations while searching for stuff on the internet. I write mostly on topics related to tech, crypto and such (although there was a period in my life when I wrote sarcastic descriptions for bizarre Amazon products). When my ADD kicks in I turn sticky notes into Pikachus or pop bubble wrap.

https://theccpress.com/coinbase-pro-to-add-support-for-dash/

Thomas ClaimCo.in

Bitcoin ATM Network Expansion Gets 15 Million Funding from CoinMe

Bitcoin ATM Network Expansion Gets $1.5 Million Funding from CoinMe

Crypto startup Coinme has secured up to $1.5 million for the expansion

of Bitcoin ATM network. With more people joining the crypto space, the use of crypto ATMs is becoming popular with each passing day. This calls for a larger network of the machines to be installed in various strategic locations. The move by Coinme will expand the infrastructure and enable more people to have access to their digital assets. The startup raised the funds through a recently launched A-1 funding round—a project of the Blockchain Finance Fund and Ripple’s Xpring. Co-founder and CEO of Coinme Neil Bergquist said that they are impressed by the confidence that Ripple and Blockchain Finance Fund exuded in the company.

He said:

“We are bolstered by this vote of confidence by Ripple and Blockchain Finance Fund in our vision and the exciting opportunity to provide access to digital currencies for millions of people around the world. Coinme is building the infrastructure that powers the rapidly growing digital currency economy. We can now bring that infrastructure to a global audience.”

Acquire More Bitcoin ATM Licenses

The CEO explained that they would use the funds generated from this round to process more cryptocurrency ATM licenses for further expansion in the US. The company also intends to survey the international market, targeting regions such as Europe, South America, and Central America. These regions have warmed up to blockchain and cryptocurrency and therefore, Coinme is focusing on conquering them. Importantly, Coinme intends to develop a digital wallet to be used for sending and paying cryptocurrencies. Once launched, the wallet will be in the market alongside others such as XRP wallet, which provides security for cryptocurrency users and their assets.

Coinme Network

Established in 2014, Coinme has the largest and most extensive network of Bitcoin ATMs across the world. Its ATMs are available in more than 2500 locations worldwide. As the company gets more funding, it will add more ATM outlets to its network. In addition to running Bitcoin ATMs, Coinme offers various options to its clients, including high volume transactions, concierge trading, and crypto retirement options.

Article Produced By
Tony P.

Tony is a writer and a crypto enthusiast. A graduate of creative writing, he synthesizes blockchain and cryptocurrency topics in a way he only can.

https://theccpress.com/bitcoin-atm-network-expansion-gets-1-5-million-funding-from-coinme/

Thomas ClaimCo.in

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