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New ShapeShift Platform Set To Revolutionize Crypto Self-Custody

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The new ShapeShift platform is everywhere in the latest cryptocurrency news – designed to be the one-stop shop for non custodial crypto management. As the official news confirmed, the private beta version of the platform is launching today.

As described, the new platform is aiming at becoming a direct rival to custodians such as Coinbase for ease of use and other features – all while giving the users full control of their private keys. The new ShapeShift platform was described by the founder and CEO of the company Erik Voorhees as one that “offers many services that a company like Coinbase would provide but on ShapeShift it’s done in a much more secure and self-sovereign way.”

Voorhees also said:

“Largely this came from my dissatisfaction with the reality that most of the large companies are custodial.”

What’s also important about the new ShapeShift platform, as the altcoin news show, is that it allows users to buy, sell, trade and track multiple cryptocurrencies in a single place. There are over 50 digital assets currently supported and using the platform requires a connected hardware wallet – such as Trezor or KeepKey (which ShapeShift acquired in 2017).

As many best cryptocurrency news sites noted, the company’s approach seeks to eliminate any counter party risk.

“There needed to be a platform that had great UX that my grandparents could use with limited instruction but that was built on a foundation of being non-custodial,” Voorhees added.

The new ShapeShift platform is also a major launch for the five-year-old company which was founded in 2014 as a simple idea of swapping one cryptocurrency with another. The new ShapeShift has also been over a year in the making and is now aimed squarely at the retail market.

“There’s a general sense within the industry is that if all that happens from the crypto revolution is that you just have a new set of custodians, then nothing really changed,” Voorhees said.

By making it easy to hold your keys, ShapeShift is seeking to change that. The CEO of the company also added that 20,000 users participated in the closed beta.

“A lot of people see it as the better way to use a hardware wallet,” he concluded, pointing out to the early user feedback that the new ShapeShift platform received.

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Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law

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Facebook’s Head Of Blockchain announced that he expects the new crypto project to be governed by Swiss law since the European country is known for its friendly attitude towards crypto as we previously mentioned in the altcoin news. David Marcus, Facebook’s head of blockchain who has been a major enthusiast over the years, stated:
 “Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”
Marcus also explained that the association wants to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network but it is still unclear why does Libra want to settle in Switzerland and not in the United States. The Laws in both countries have similarities. They both allow digital currencies and exchanges, they try to protect the citizens from extortion, money laundering or any kind of illicit activity, they both use their financial legislature to cover the digital currencies and are still trying to determine what exactly is the best regulation for this sector. One of the main differences between the countries is the attitude they have towards crypto. The United States is always looking at crypto with caution while Switzerland has always been welcoming and open. The Federal Assembly which is the legislative branch of the Swiss government voted in favor of the motion to be guided on the application of current laws towards crypto. Also, the country decided to regulate digital currencies within the framework of their existing laws so they do not have special laws for crypto and ICOs. They chose to be flexible and to govern the different types of currencies depending on each case. On the contrary, in the United States, the small business owners, corporations and legislators have been calling for clarity on crypto regulation for many years. In the meantime, President Donald Trump has shared his opinion that he does not find bitcoin as an asset that you should invest in. the US Treasury Secretary Steven Mnuchin spoke at the press conference which we reported about in the latest cryptocurrency news saying:
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking … This is indeed a national security issue. I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”
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27 Libra Partners Pressured To Dump Facebook’s Crypto By Activists

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It seems like everyone is trying to kill Facebook's over-hyped Libra crypto project. In the coming altcoin news, we can see that 27 Libra partners are being pressured by four liberal activist groups which penned an open letter urging all of them to dump the Facebook cryptocurrency. After being bashed by the president Donald Trump and the US Congress, the Libra stablecoin which was expected to launch soon has hit a new roadblock. The foursome, as explained above, cited their fears over the social media monopoly and its feckless leadership. In a letter, they urged 27 Libra partners to dump the Facebook cryptocurrency. The four groups of liberal activists include the following:
  • Open Markets Institute, a think tank that opposes corporate monopolies
  • Public Citizen, a left-wing consumer-rights organization
  • Demand Progress Education Fund, an internet activist group
  • Revolving Door Project, an anti-Trump Democratic consortium
As their fiery missive shows, the quartet warned the 27 Libra partners to withdraw from the crypto initiative. Specifically, they noted that Facebook cannot be trusted and is trying to monopolize the budding digital money industry. More specifically, the latest cryptocurrency news show that activists state that Facebook wants to control the market - rather than use Libra to democratize financial services. The group says that Facebook is trying to fool the public with this and urges the 27 Libra partners to re-think their decision. As the letter states:
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”
In reality, Open Markets, Public Citizen, Demand Progress Education Fund and the Revolving Door Project say that Facebook merely wants to promote its own market dominance.“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear," the letter featured on many best cryptocurrency news sites reads. The quartet urged all 27 Libra partners to withdraw from the project before they become accomplices in what they describe a "sinister scheme led by Zuckerberg."
“We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful,” the letter concludes.
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Bank Of Thailand Is Open To Discussions With Libra

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The governor of the Bank of Thailand, Veerathai Santiprabhob, was in the altcoin news recently for stating that the institution is open to discussing Facebook's Libra stablecoin with the company. According to reports from the local media outlet Xinhuanet on July 19, the governor of BoT made his remarks at the Bangkok FinTech Fair on July 19. He also pointed that Facebook had already contacted the central bank a lot of times and noted that the institution had established a new team to study Libra's whitepaper but their analysis will apparently take time. "We are not going to rush into a decision of Libra as yet,” the Bank Of Thailand governor Santiprabhob noted, continuing to emphasize the importance of security and his concerns over it. He also said:
“All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don't give favoritism to any particular financial service. Security in financial services is the bank's top priority. It will take time.”
The Bank of Thailand governor also said that Libra cannot simply replace the Thai baht, concluding that “Libra cannot just step in and replace all currencies and digital money.” As we reported in our latest cryptocurrency news not a long ago, Libra will likely run up against difficulties entering Thailand mainly because of the local financial legislation which currently exists - and how Libra is seen through that perspective. Aside from the Bank of Thailand, a lot of institutions are ready for Facebook's stablecoin Libra and are apparently accepting it well. The same goes with countries and people - all of which are eager for the release of the Libra stablecoin. For now, the Bank of Thailand governor is not the only one who speaks with concerns over Libra. Facebook's cryptocurrency was also a major topic in the US Senate and our coming altcoin news for its regulation, potential threat to the dollar and the economy in general. In other news, the cryptocurrency market seems to have stabilized and gained a couple of billions. The total valuation now is $291 billion and the 24 hour trading volume is at $62 billion.
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Activist Groups Are Urging 27 Libra Partners To Ditch The Project

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Activist groups gathered around to write an open letter to more than 27 Libra partners in order to dump the Facebook venture and to give up on the project. As the bashing continues for Libra, we are reading more about what the groups want in the coming altcoin news below. After the US President Donald Trump bashed the crypto project Libra, now the activist groups are urging the partners of the social media company to dump the project. They claim that Mark Zuckerberg cannot be trusted. The four groups wrote in the letter that they fear the social media monopoly and leadership. The group that signed the letter include the Open Markets Institute which is a think tank that opposes corporate monopolies, Public Citizen which is a left-wing consumer’s organization, Demand Progress Education Fund, and the Revolving Door Project. The activist groups warned that Libra and Facebook cannot be trusted and they are trying to monopolize the expanding digital money industry. Rather than to use Libra as a financial service that will democratize the sector, the group says that Facebook is trying to fool the public into something very shady and make only a benefit for itself:
 “Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”
The anti-Facebook activist groups suggest that the CEO of Facebook is lying when he says that he only wants to launch Libra to help the 1.7 billion people without access to traditional banking services. The groups say that the social media giant only wants to promote its dominance:
 “Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear. We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful.”
The libra project, as noted in the latest cryptocurrency news, is constantly under attack mainly because people believe it could be used to facilitate money laundering and drug trafficking.
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