The Binance response to being Hacked and having $40 million of Bitcoin taken
Binance’s centralized exchange was hacked roughly two weeks ago. The source of the hackers access points to a number of account holders who are registered on the BNB exchange. These individuals were either careless with passwords, authenticator codes, and API keys, or were targeted by Phishing attacks and provided their access information to the criminals who perpetrated the hack. The conduct of the executive team and the entire team of Binance is a lesson in excellence of commitment to getting control of a bad situation, transparency in communicating to their community in real-time as events unfolded, and taking action to protect the account holders who suffered from the Hack. My admiration for Binance only grows, and after opening the link below you will better understand why this is so.
Blockchain Goes To Work At Walmart, IBM, Amazon, JPMorgan, Cargill and 45 Other Enterprises
As of this morning, March 16, 2019,
the 50-Day Moving average of the price of LiteCoin has crossed over the 200-Day Moving Average
Couple this with the actual current price of LTC exceeding the 200-Day MVA by $16.59, the highest positive difference in more than a year, and the bullish case for LTC is becoming well established from a technical perspective.
Samsung Pay Will Integrate Cryptocurrencies for 10 Million Users: Report Joseph Young 09/03/2019 Bitcoin Wallets, Crypto, News
IF SAMSUNG PAY IS BEHIND THE CRYPTO INTEGRATION, IT MAY BE CRUCIAL FOR REAL ADOPTION
On January 29, The Korea Herald reported that Samsung is set to integrate a cryptocurrency wallet into the Galaxy S10, well over a month before the formal release of the Samsung Blockchain Wallet on February 21.
Industry sources reportedly told the publication that Samsung Pay, a widely utilized digital payments application with over 10 million active users, is behind the Galaxy S10’s cryptocurrency wallet.
“The arrival of the new Samsung phones could start popularization of the cryptocurrency wallet system in Korea,” an industry executive said.
On March 8, three weeks following the release of the Samsung Blockchain Wallet, Donga, one of the largest mainstream media outlets in South Korea, reported that Samsung Pay considers cryptocurrency integration as a way to expand its user base internationally.
The report entitled “Crypto, Flying Away With Samsung Pay on its Back?,” which was featured in the March edition of Shin Donga, the oldest and most popular magazine in the country, said that cryptocurrency support will strengthen Samsung Pay as a fintech platform.
The report translated by CCN read:
Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.
At this phase of development, if a cryptocurrency wallet is added to Samsung Pay, the application will be strengthened as a complete fintech platform. Currently, the Samsung Blockchain Wallet is said to be supporting Ethereum but more cryptocurrencies are expected to be integrated in the near-term.
Samsung Pay’s consideration of integrating cryptocurrencies goes in line with its past acquisitions and product launches.
Since its inception, Samsung Pay has competed headfirst against other digital payments applications like Apple Pay and KakaoPay in innovation and technological development.
In 2015, Samsung Pay acquired LoopPay for $250 million, an acquisition that had seen mixed reactions from industry analysts.
The acquisition allowed Samsung Pay users to process payments by hovering the phone over point of sale (PoS) terminals, providing the platform an edge over its competitors in user experience.
According to Donga, the user base of Samsung Pay has grown by 58 percent from 2017 to 2018, by a staggering 6.6 million users.
Given the well-documented and successful strategy of Samsung to pursue aggressive acquisitions, product launches, and the integration of newly emerging technologies, many analysts in South Korea expect Samsung Pay to take a lead in the cryptocurrency sector.
WIN-WIN FOR CRYPTO AND FOR SAMSUNG
Similar to the integration of Bitcoin by Square Cash, Samsung Pay could benefit from cryptocurrency integration and appeal to millennial and digital asset users.
Since Square integrated Bitcoin in late 2017, the market valuation of the company has increased by 516 percent, evolving into a payments behemoth.
Bitcoin most likely has not been a core catalyst in the growth of Square but it has played a vital role in establishing an initial user base for Square and enabled the company to snowball in the months ahead.
As of April 2018, Samsung Pay recorded $18 billion in transaction volume and industry experts believe the integration of crypto by Samsung Pay could fuel the mainstream adoption of cryptocurrencies, especially on the side of merchants.
ENJIN enters into partnership with Samsung
Samsung, the smartphone giant have confirmed rumors of a partnership with Enjin, the crypto wallet/gaming platform, as they join forces for the blockchain gaming portion of the phone.
It has been reported that ‘Enjin Coin’ is Cooperating with Samsung for games and services, provided through the Samsung Galaxy Store. Previously Asia Crypto Today exclusively revealed the rumor of a potential partnership, with Enjin being used for the sending and receiving of ERC-20 tokens and ERC-1155 crypto game assets after gaining information from sources and Enjin’s interface appeared on the screen introducing the key money store ‘key store’ in the spot where Samsung Electronics unveiled the Galaxy S10 for the first time last month.
The partnership with Samsung for the gaming feature clearly makes sense. Enjin is one of the industry leaders in terms of blockchain based gaming. The Enjin team created the ERC-1155 asset class on the Ethereum blockchain, a token class used for in-game goods and digital item ownership. The ERC 1155 and ERC 721 have also taken the world by storm last year, introducing the world to non-fungible tokens such as crypto kitties.
Furthermore, the Singaporean based company started the Enjin platform early support program from last August to January this year. It is a program that supports technology and marketing for new blockchain game and service development. More than 1000 projects were supported by this program, and Enjin Coin selected 40 of these projects to take on the platform, some of which will no doubt be on the S10.
Argentina: Government to Co-Invest in Local Blockchain Projects Backed by Binance
The government of Argentina has agreed to co-invest in blockchain projects that are backed by Binance Labs and Latin American crypto exchange LatamEx, a press release shared with Cointelegraph on Wednesday, March 6, reveals.
Binance Labs, the investment and social impact arm of top cryptocurrency exchange Binance, has recently chosen Argentina’s capital, Buenos Aires, as the Latin American hub for the next season of the Binance Labs Incubation Program.
Following the decision, the country’s Ministry of Production and Labour has signed an agreement with Binance, committing to match investments of up to $50,000 in each project. According to the release, the Argentine government will fund up to 10 blockchain projects each year over a four-year term.
Investments will be funneled through Founders Lab, an Argentine blockchain accelerator.
Buenos Aires is one of the six locations of Binance Labs’ investment program, which kicks off on March 25. Other regional chapters are located in San Francisco, Berlin, Lagos, Singapore and Hong Kong.
In other crypto news from Argentina, earlier this month, the country’s official state transport card SUBE (Sistema Único de Boleto Electrónico) — used by over seven million people in 37 locations — started accepting Bitcoin (BTC).
Last month, Argentina also settled an agricultural chemicals export deal worth $7,100 with Paraguay, accepting the payment in BTC.
In January, United States University of California, Berkeley launched a 12-week accelerator program for early stage blockchain startups, partly sponsored by venture capital fund Berkeley X-Lab Fund.
IBM, along with Columbia University, also run two blockchain accelerator programs that aim to help startups in the crypto space. The programs form the Columbia-IBM Center for Blockchain and Data Transparency, a joint innovation center that was established by the tech giant and the Ivy League school in the summer of 2018.
The March 6, 2019 updated LiteCoin chart of the 50 day and 200 day moving average continues to exhibit bullish movement toward a cross-over. The Current price is already above the 200 day MVA. Pay attention
JP Morgan introduces their own Crypto-Currency Coin
JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business
- Engineers at the lender have created the “JPM Coin,” a digital token that will be used to instantly settle transactions between clients of its wholesale payments business.
- Only a tiny fraction of payments will initially be transmitted using the cryptocurrency, but the trial represents the first real-world use of a digital coin by a major U.S. bank.
- While J.P. Morgan’s Jamie Dimon has bashed bitcoin as a “fraud,” the bank chief and his managers have consistently said blockchain and regulated digital currencies held promise.
Published 5 Hours Ago Updated 2 Hours AgoCNBC.com
The first cryptocurrency created by a major U.S. bank is here — and it’s from J.P. Morgan Chase.
The lender moves more than $6 trillion around the world every day for corporations in its massive wholesale payments business. In trials set to start in a few months, a tiny fraction of that will happen over something called “JPM Coin,” the digital token created by engineers at the New York-based bank to instantly settle payments between clients.
J.P. Morgan is preparing for a future in which parts of the essential underpinning of global capitalism, from cross-border payments to corporate debt issuance, move to the blockchain. That’s the database technology made famous by its first application, bitcoin. But in order for that future to happen, the bank needed a way to transfer money at the dizzying speed that those smart contracts closed, rather than relying on old technology like wire transfers.
“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” said Umar Farooq, head of J.P. Morgan’s blockchain projects. “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”
For some, J.P. Morgan’s new currency may come as an unexpected development for a technology that rose from the wreckage of the financial crisis and was supposed to disrupt the established banking world.
When the international payments are tested, it will be one of the first real-world applications for a cryptocurrency in banking. The industry has mostly shunned the asset class as too risky. Last year, J.P. Morgan and two other lenders banned the purchase of bitcoins by credit card customers. And Goldman Sachs reportedly shelved plans to create a bitcoin trading desk after exploring the idea.
Dimon bashed bitcoin
Though holders of digital currencies may seize on the news that a major financial institution is issuing its own crypto as bullish for the asset class, retail investors will probably never get to own a JPM Coin. Unlike bitcoin, only big institutional clients of J.P. Morgan that have undergone regulatory checks, like corporations, banks and broker-dealers can use the tokens.
There are other key differences between the bank’s crypto and bitcoin, which J.P. Morgan CEO Jamie Dimon has bashed as a fraudthat won’t end well for its investors. (To be clear, he and his managers have consistently said that blockchain, as well as digital currencies that were regulated, hold promise.)
Each JPM Coin is redeemable for a single U.S. dollar, so its value shouldn’t fluctuate, similar in concept to so-called stablecoins. Clients will be issued the coins after depositing dollars at the bank; after using the tokens for a payment or security purchase on the blockchain, the bank destroys the coins and gives clients back a commensurate number of dollars.
There are three early applications for the JPM Coin, according to Farooq.
The first is for international payments for large corporate clients, which now typically happens using wire transfers between financial institutions on decades-old networks like Swift. Instead of sometimes taking more than a day to settle because institutions have cut-off times for transactions and countries operate on different systems, the payments will settle in real time, and at any time of day, he said.
The second is for securities transactions. In April, J.P. Morgan tested a debt issuance on the blockchain, creating a virtual simulation of a $150 million certificate of deposit for a Canadian bank. Rather than relying on wires to buy the issuance — resulting in a time gap between settling the transaction and being paid for it — institutional investors can use the J.P. Morgan token, resulting in instant settlements.
The final use would be for huge corporations that use J.P Morgan’s treasury services business to replace the dollars they hold in subsidiaries across the world. Unseen by retail customers, the business handles a significant chunk of the world’s regulated money flows for companies from Honeywell International to Facebook, moving dollars for activities like employee and supplier payments. It generated $9 billion in revenue last year for the bank.
“Money sloshes back and forth all over the world in a large enterprise,” Farooq said. “Is there a way to ensure that a subsidiary can represent cash on the balance sheet without having to actually wire it to the unit? That way, they can consolidate their money and probably get better rates for it.”
Looking further out, the JPM Coin could be used for payments on internet-connected devices if that use for blockchain catches on, Farooq said.
J.P Morgan is betting that its first-mover status and large market share in corporate payments — it banks 80 percent of the companies in the Fortune 500 — will give its technology a good chance of getting adopted, even if other banks create their own coins.
“Pretty much every big corporation is our client, and most of the major banks in the world are, too,” Farooq said. “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”
— With reporting by CNBC’s Kate Rooney
And the Counter-point
Forecast cash flow growth for 187 companies 2019
Annual Economic Growth by Quarter 2019
New Factory Orders 2019
Unemployment Claims 2019
CRYPTOCOMPARE OCTOBER 2018 EXCHANGE REVIEW
- Executive Summary excerpt
Major Exchange News in October
Bitstamp was acquired by Belgium-based Investment Firm NXMH for ~400 million USD according to reports. Cryptoassets on Gemini are now fully insured with Aon. Coinbase adds 0x(ZeroX) to its trading platform as well as USDC (stable coin) after announcing its collaboration with Circle on the CENTRE Consortium. Korean exchange Bithumb starts a new DEX, while Huobi and OKEX list stablecoins GUSD, TUSD, PAX and USDC. Chainalysis will help Binance comply with anti-money laundering (AML) regulations around the globe, and Coinfloor becomes the first exchange to obtain a Gibraltar license.
Maltese-registered exchanges produce the highest total daily volume at just under 1.4 billion USD, followed by those based legally in South-Korea (~840 million USD) and Hong Kong (~560 million USD). Among the top 10 volume-producing countries, the highest number of large exchanges (with significant volume) are based legally in the USA (8), the UK (8) and Hong Kong (7). Binance and OKEX represent the vast majority of Malta’s volumes, while Bithumb and Upbit dominate in South Korea
For the full report see: