Daily, May 24, ’18

Daily, May 24, ’18

Coinbase, GDAX, Paradex, Bitcoin Gold, CFTC, India, Argentina, SWIFT

  • The largest American cryptocurrency company Coinbase announced the rebranding of the GDAX platform, as well as the purchase of a decentralized exchange Paradex.
  • The GDAX platform will now be called Coinbase Pro and will focus primarily on individual crypto-investors.
  • The Bitcoin Gold network underwent a double effective cyber attack, losing $18.6 million. Edward Iskra, Director of Communications, acknowledged the fact of the attack and explained that the miner conducted the attack.
  • The US Department of Justice together with the Commodity Futures Trading Commission (CFTC) initiated an investigation to determine the possibility of manipulating the exchange rate by cryptocurrency investors. It is designed to identify illegal practices that can be used to manipulate courses of cryptocurrency.
  • India introduces an 18% tax on operations with the cryptocurrency. At the moment, this initiative is being considered by the Central Council for Indirect Taxes and Customs.
  • Jose Dakak, the main shareholder of the Argentinean bank Banco Masventas, said that the bank could leave from the global financial network SWIFT to begin using the blockchain of bitcoin to settle international payments.

BTC

3,674 USD
0.93%

ETH

123.19 USD
0.34%

XRP

0.3303 USD
0.18%

BTG

11.85 USD
-1.90%

Related news

What Death Spiral? Bitcoin’s Hashrate is Still Climbing

Following a period of sustained bearish sentiment in the Bitcoin mining market accompanied by three notable hashrate reductions in the final third of 2018, the flagship cryptocurrency’s network appears to be back on its way to optimum health. Bitcoin Reverses Hashrate Decline In December, CCN reported that the flagship Bitcoin blockchain’s hashrate dropped by 7 The post What Death Spiral? Bitcoin’s Hashrate is Still Climbing appeared first on CCN
CCN

Poloniex and Deribit Disable Trading, What’s Happening With Cryptocurrency Exchanges?

Two popular cryptocurrency exchanges, Poloniex and Deribit announced that they suspended activities for a short period of time. On Twitter, both exchanges informed their customers that they have been experiencing technical issues with their platforms. Poloniex, for example, said that they had some technical difficulties and that trading has been disabled. At the same time, trading has been placed into maintenance mode. We are currently experiencing technical difficulty. Trading has been disabled and the site has been placed into maintenance mode. — Poloniex Exchange (@Poloniex) January 17, 2019 Deribit explained that they experienced locked order books between 19.31 and 20.01 UTC. Due to this reason, trading had been halted. However, the situation is now under control and trading books are open once again. The platform informed that they are investigating these issues. We experienced locked order books between 19.41-20.01 UTC, where all trading had been halted. Trading has resumed, all books are open, and we are investigating. All books are open for trading again. — Deribit (@DeribitExchange) January 17, 2019 This is something that has been worrying users around the world. A few days ago, we have written how the New Zealand-based cryptocurrency exchange Cryptopia was hacked losing millions of dollars in digital assets. Seems exchanges are being hit hard recently. @Cryptopia_NZ hack and now @DeribitExchange and @Poloniex down in same hour. h/t @IamNomad pic.twitter.com/vVvpokEh1B — Luke Martin (@VentureCoinist) January 17, 2019 During the last few years, exchanges in the cryptocurrency market have been hacked, exposing users’ funds to criminals and losing millions of dollars. As the crypto community has very present the hack that Cryptopia experienced, users are worried that other platforms could be targeted and attacked by hackers. Additionally, both exchanges, Poloniex and Deribit have been affected during the same hour, which has also raised concerns among crypto users. It is always important to store digital assets using hardware wallets rather than exchanges. Centralized platforms that handle digital assets on behalf of their clients are usually targeted by attackers. Hardware wallets are currently the safest way to store virtual currencies.
Bitcoin Exchange Guide

Mercury FX Makes Its Largest Payment Via RippleNet, Illustrates How Ripple’s XRP Saves time and Money for Businesses

Mercury FX is trying to change the way people and businesses make international transactions. Their mission is to beat banks by providing customers with lower “exchange rates and lower transaction fees on all international transactions.” They aim to replace current systems with blockchain to improve and replace the way businesses interact with each other. “Whether it’s receiving or sending currency internationally, we will always provide a better service, with better exchange rates and at a lower cost than the banks,” Mercury FX claims. In a series of tweets, @mercury_fx_ltd shared how easily and efficiently one of their clients, Mustard Foods, was able to send funds internationally. “We’ve made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. UK-based Mustard Foods saved £79.17 and 31 hours on the transaction. “As a food production company supplying 500+ restaurants in the UK & Europe, we pay suppliers around the world to get quality ingredients for our customers. Faster, cheaper payments allow us to fulfill orders quickly and grow our business.’ James Durrant, Commercial Director.” Endorsements from thriving businesses is pretty much the best way to spread the use of blockchain technology. It’s important for not just the people of the cryptocurrency space to see, but also the skeptics of the financial world to witness the capabilities of cryptocurrency. Transactions like the one made by the UK-based, international company Mustard Foods highlight the ability that blockchain and cryptocurrency have to change the way people do business. As previously stated by Mercury FX, the aim is not just to disrupt, but replace the old guard. And the strategic cooperation with Ripple could make it possible. “We believe that the more established blockchains will eventually replace the SWIFT network alongside other frankly clunky payments networks. Cryptos will be used as a conduit to replace fiat eventually.” When companies realize they could save money and simultaneously speed up their processes, it will be a no-brainer for them to integrate blockchain transactions into their businesses models. The post Mercury FX Makes Its Largest Payment Via RippleNet, Illustrates How Ripple’s XRP Saves time and Money for Businesses appeared first on ZyCrypto.
ZyCrypto

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