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Bitmain Co-Founder Micree Zhan: “I Was Removed Without Consent”

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Micree Ketuan Zhan, who is the Bitmain co-founder and a former director at the major Chinese Bitcoin (BTC) mining giant Bitmain, recently claimed that he was removed as a legal representative of the company without his consent.

The CEO of Blockstream was in the cryptocurrency news on November 7, after posting a statement from Zhan on Twitter which implies that the Bitmain co-founder claimed tht he would take legal measures to return to the company.

The other co-founder of Bitmain, Jihan Wu, announced in an email last week that Zhan had left the company and stated:

“Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately.”

Zhan’s message today, however, featured him expressing his disappointment and feeling of betrayal. The translation shows that he stated the following:

“I didn’t realize until then that those scenes in TV shows, where you get stabbed on your back by those partners you trusted and ‘brothers’ you fought together with, can really happen in real life. […] Bitmain is our child. I will fight for her till the end with legal weapons. I won’t allow those who want to plot against Bitmain to succeed. If someone wants a war, we will give them one.”

The Bitmain co-founder is definitely part of a “messy removal” as Mow postulates, mostly because his dump was executed without investor or shareholder approval. Wu had warned the Bitmain staff from interacting with Zhan and said:

“Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.”

As it stands, the Bitmain co-founder Micree Zhan claims that he will return “as soon as possible through legal methods to end this very critical moment.” According to Mow’s translation of the document, Zhan also predicts that Bitmain’s artificial intelligence (AI) business will generate 100 million yuan ($14.2 million) this year, predicting an additional AI revenue of 1 billion yuan ($142 million) in 2020.

The reports on our site before showed that Bitmain narrowed its focus towards artificial intelligence (AI) in May of last year in the face of a toughening crackdown of the crypto industry by the Chinese government.

 

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Bitcoin News

Twitter’s CEO Jack Dorsey To Push BTC Utilization In Africa

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Twitter’s CEO Jack Dorsey is meeting with African entrepreneurs as the Bitcoin bull aims to push for bitcoin utilization on the continent and its growing crypto industry interest as we are reading further in the Bitcoin news updates.Dorsey is now staying in Ghana after he spent a few days in Nigeria and met with tech entrepreneurs. The goal of his visit was to gather on mini bitcoin meetups with developers and startup founders that are also seeking to push Bitcoin utilization in both countries. If Google searchers are something to guide you, the data shows that Nigeria is having the highest BTC searches worldwide over the past year. Also, both South Africa and Ghana make it to the top five. This increased level of interest didn’t really translate to further Bitcoin adoption outside of the African cypherpunk scene yet.For Twitter’s CEO Jack Dorsey, the gap between interest and real-world utilization, there is a huge opportunity for Square’s Cash app to enter the continent. Speaking during a meeting at Techpoint in Lagos, the Square chief remarked:
‘’I want to understand the challenges of starting a company here and figure out a way I can support. I want to live here for three to six months next year, full time, no traveling.’’
Some analysts say that Dorsey's approach outlines what constitutes the important aspects of the mainstream adoption rather than the pursuit of ETFs and blockchain applications that don’t really mean much. According to World Bank figures, the majority of sub-Saharan Africa remains unbanked but the continent has seen a huge penetration of mobile telecommunications technology.The startups have also been able to cover this telecom boom to provide further mobile money services even in a place where there is no access to decent banking infrastructure. With such a buoyant mobile digital money market, the Bitcoin payment adoption seems like the one step that makes sense. Unlike the officials in Asia and some Western countries, the governments in the sub-Saharan African communities haven’t really created administrative obstacles for crypto adoption. The startups are also operating in the industry and now have an even clearer field.
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Altcoin News

Royal Bank Of Canada (RBC) Is Set To Open A Crypto Exchange

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The Royal Bank of Canada (RBC) which is headquartered in Canada is apparently ready to turn to crypto and open its own cryptocurrency exchange. The crypto news story was confirmed in a report from The Logic and the media outlet claims that it has learned that the RBC wants to allow customers to trade in cryptocurrencies such as Bitcoin and Ethereum - mainly for investment purposes.However, the RBC bank also wants to provide a platform for in-store and online crypto purchases. The Royal Bank of Canada plans to include offering customers cryptocurrency bank accounts, even though the media outlet said that RBC has not responded directly to the requests for comments about the scheduled launch of the exchange.So far, the Royal Bank of Canada (RBC) has registered even four cryptocurrency banking related patents in the country and has been exploring various blockchain technology banking applications since 2017.As a report submitted on The Logic outlet shows, RBC is certain that this can be a challenge.
“To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices." an excerpt from the patent paperwork noted.
Analysts right now are also commenting on the case. As Marc Kaufman who is a Washington DC based partner at Rimon Law said, "I can’t think of one of the big banks anywhere in the world that has a patent that directly relates to a crypto exchange."The CEO of Royal Bank of Canada (RBC), David McKay, spoke about the bank's experiments with blockchain technology, too. He was in the blockchain news earlier this year when he said that "blockchain is an opportunity in the future to take assets that are less liquid and make them more liquid. I think that’s exciting."If the Royal Bank of Canada proceeds with the crypto exchange launch, it might immediately become the most prominent domestic exchange in the sector and a major international player. As stats from the recent report show, the net income for Q3 at RBC was USD 2.5 billion, while the quarterly revenue was USD 8.7 billion in the same period. When it comes to assets, it possessed more than USD 1 trillion at the end of Q3.
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BTC Trader Says $8,400 Could Be The Next Target For Bitcoin

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The price of the leading cryptocurrency Bitcoin (BTC) seems to be ranging and trading near the $8,800 region for the third day in a row. As one BTC trader says, the new target for Bitcoin could be set in the $8,400 region and the cryptocurrency could trade even lower by next week.The Bitcoin news now show that according to charts, the BTC/USD trading session between $8,700 and $8,800 on Tuesday morning has fallen to local lows of $8,630 in the past 24 hours. This is what made the BTC trader and analyst certain that the leading cryptocurrency can drop more and visit lower grounds.Despite the volatility warning in recent days, Bitcoin (BTC) managed to remain lower as the week began and lost support at $9,000. Having exited the previous trading range, the cryptocurrency was laying the foundations of a further downside.The BTC trader and analyst named Michael van de Poppe eyed the potential for Bitcoin to fall in the $8,400 region. On Twitter, he wrote:
“Could continue the ranging here. For bulls; break back above $9,050 required.”
Van de Poppe also added that the current price behaviour signified a tussle between the bull and bear forces over Bitcoin - and was something which was not repeating on the altcoin markets.Speaking of which, the altcoin news today show that many altcoins are in the green - but not with significant gains. Among the leading ones are Cardano (ADA) which rose by 3.84% to a price of $0.044, Binance Coin (BNB) with a 1.94% increase and Bitcoin Cash (BCH) which is up by 1.21%.With a mixed behaviour between Bitcoin and altcoins, this BTC trader and many other analysts are uncertain of the near future for cryptocurrencies like these. We can see that shifts of up to 5% have been constant over the past month and characterized the top twenty cryptocurrencies by market cap.Meanwhile, Ether (ETH) which is the largest altcoin copied Bitcoin's behaviour and is shedding 0.25% just to remain at its price of $186. The overall cryptocurrency market cap was $240.4 billion with Bitcoin's share making up 66% of the total market cap.The 24 hour trading volume is at $63 billion right now. Bitcoin makes up more than 20% of the volume and with its price below $8,800 is trading with a volume of $18 billion in the past 24 hours.
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New CoinMarketCap Update Provides Investors With Liquidity Data

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Investors can now rest assured of seeing information about liquidity on one of the leading cryptocurrency data providers - CoinMarketCap. The company is in the latest cryptocurrency news for unveiling a completely new feature reserved for this. Following the announcement, the new CoinMarketCap update was described as an ideal one for comparing exchanges and token pairs based on their liquidity.Speaking of, the official announcement comes from The Capital, which is the inaugural conference that was held in Singapore on November 12. The tool is officialized and now live on the company website.As described, the new CoinMarketCap update will reportedly incorporate data from 3,000 crypto assets. While thinking of filtering out the market manipulation, the leading crypto data provider will reportedly base the new liquidity metric on adaptive data.
“We believe our adaptive methodology will make our metric very difficult to ‘game’ as orders would need to be placed close to the mid-price, or risk being counter-productive to the Liquidity metric scoring,” said Carylyne Chan, the chief strategy officer (CSO) at CoinMarketCap.
The firm also said that they see the new metric as a nice way to escape the dependence on volume reporting which is often used to wash trading and other means of manipulation on different exchanges. At The Capital, Chan noted that "volume has lost its value as a metric." She also explained that the new CoinMarketCap update is meant to shift the focus away from the volume:
“Today, we are introducing a new metric to highlight what matters most to investors and traders: liquidity. With our Liquidity metric, we hope to provide public good to the crypto markets by encouraging the provision of liquidity instead of the inflation of volumes.”
The leading cryptocurrency data provider has not been available for comments or more information on the news. However, as shown before, they apparently teased their planned liquidity metric at the end of August, in which they cited November 12 as the target date.Before the new CoinMarketCap update, in July this year, we could see the data provider launching a new institutional grade analysis product called Simetri. The main idea of the product was to provide verification and transparency in order-book data from crypto exchanges, the news outlet Crypto Briefing said at the time.
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