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Coinbase CTO Says That Crypto Is Entering The Tech Mainstream

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In the latest crypto news, we have the CTO of Coinbase named Balaji Srinivasan, with his confident statement that crypto is entering the tech mainstream. The technical officer at Coinbase and prominent venture capital investor said:

“Sundar Pichai & Sergey Brin’s sons are both mining crypto; Facebook is doing blockchain; Square open sourced some nice cold storage code; Microsoft, Amazon, Google Cloud all have blockchain efforts; crypto is entering the tech mainstream.”

If we dump the fact that crypto has corrected by 73% from its all time highs, we can see that since early 2018, the cryptocurrency market, Bitcoin and blockchain sector have both shown significant progress in terms of institutializing an emerging asset class, improving the market structure as well as strengthening the underlying technologies of cryptocurrencies.

The awareness for blockchain is also increasing. As a data processing technology, the blockchain enables the segregation and storage of data in a series of blocks in a peer-to-peer process. To better understand the need for this technology and its nature, a lot of institutions, tech conglomerates and enthusiasts started to mine cryptocurrencies that support major blockchain networks.

Recently, we reported that the co-founder of Google, Sergey Brin and the CEO of the company, Sundar Pichai, stated that their sons have been mining ETH which is Ethereum’s blockchain protocol’s cryptocurrency.

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Altcoin News

Binance Margin Offerings Surpass $100M Goal

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Binance margin offerings saw some increased activity since more than $100 million in multiple digital assets were borrowed via the 21 margin trading pairs as we are about to read in the coming altcoin news. Binace added Dash most recently and ZCash pairings as well. So far, the selection for the margin-trading markets is conservative and a few altcoins only have enough liquidity. Binance also attempted to minimize the risk with the new rules for liquidation but the margin trading still remains risky. Binance margin offerings amplified the traders’ position but also the results are leading to a larger gain or loss. In crypto trading, the high volatility leads to difficulties and risks and in the case of Poloniex, peer-to-peer lending allowed positions in the relatively volatile altcoin. After the positions were liquidated, the lenders lost the BTC that was borrowed for the trades. On Binance, the margin lenders are highly protected and the riskiest positions are usually liquidated. There is a risk for the funds to be kept in the exchange’s online wallets. The expansion of margin trading is the only goal of Binance’s decentralized finance. The exchange offers a huge portfolio of crypto finance products and recently the futures pairs were launched for the biggest Bitcoin market against Tether. Binance also opens the lending mechanism for multiple types of digital coins and tokens. Binance opened the margin trading markets this summer when the price of the number one cryptocurrency entered a period of increased volatility. This led to an instant liquidation of short positions and Binance margin trading platform launched officially in July. The expanded portfolio now includes a handful of altcoins. There are some indications that the altcoin season may be in the making but the altcoins still remain volatile and the price movements could lead to further liquidations. As per the latest cryptocurrency news, Binance Coin remained highly volatile and erased more than 9 percent overnight. The asset is one of the best performers in 2019 and is shifting direction fast and Binance reflects the shift in sentiment and trading. BNB failed to increase despite the news of the upcoming listing for the US markets as part of the initial selection of coins.
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Israeli Startup GK8 Secures $4 Million By Investors

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Israeli Startup GK8
The Israeli startup GK8 is in the latest cryptocurrency news for developing the world's first offline system for transacting cryptocurrencies. The startup got backed with even $4 million by investors - and the new system uses GK8 and its proprietary cryptographic techniques that enable instant blockchain transactions of digital assets without the need for an internet connection. According to the Israeli news publication Globes and its reports on Septemebr 18, the Israeli startup GK8 managed to raise around $4 million in a funding round which was led by Discount Capital, a venture arm of one of the three largest banks in Israel. Marius Nacht was also part of the funding round, known as the co-founder of the cybersecurity giant Checkpoint. Other investors included the names of EdenBlock, iAngels, IDEAL-HLS, StratX and the Israeli Innovation Authority. Many best cryptocurrency news sites reported that GK8's new cryptographic techniques allowed the company to develop a cold wallet with "hot wallet functionalities" which helped it secure user funds from hackers and cyber attacks. A recent interview with Fortune featured the Israeli startup GK8 and its CEO Lior Lamesh, who told the media outlet that the technology that they are using is "ledger agnostic." With this, the GK8 CEO hinted that it can be used for Bitcoin (BTC) and other cryptocurrencies. As he said, GK8 is capable of recording transactions on a blockchain in offline mode thanks to an "unidirectional connection." The technology backing up the Israeli startup GK8 is impressive. It is now up and running and already being used by the popular digital asset platform eToro. According to Fortune and its reports, GK8 has succeeded a lot in less than one year. Founded in 2018 by two members of an Israeli special defense unit specializing in guarding the country's digital assets, the Israeli startup emerged into one of the most impressive new projects in the country. In related news, the Silicon Valley based crypto intelligence firm CipherTrace reported that cryptocurrency thefts reached more than $1.2 billion in the first quarter of 2019 - which is $500,000 less than what was stolen throughout 2018. Meanwhile, the latest Bitcoin and altcoin news show that the market has not stabilized yet and that reds are all over the charts as we speak.
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Altcoin News

Investment App Abra To Sell Crypto In 6,000+ 7-Elevens In Philippines

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The major investment app provider named Abra is in the latest cryptocurrency news for its plans to sell cryptocurrency for cash in more than 6,000 outlets of the popular 7-Eleven store in Philippines. As the news show, this is an expansion which comes after the firm signed a deal with the local payments company ECPAY to access its network which includes all 7-Eleven stores in the country. This service lets any user of an Abra wallet to purchase crypto via 7-Eleven's CLIQQ app or kiosks. The terms will include a minimum deposit requirement of 500 Philippines pesos (around $10) and a maximum purchase of 100,000 pesos (over $1,900) per day. The users will be charged a 2% transaction fee from the investment app Abra - all in order to purchase cryptocurrencies through their wallet. The founder and CEO of Abra named Bill Barhydt was featured on many best cryptocurrency news sites for the following statement that he made recently:
“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”
The investment app Abra was in the news back in February as well. Then, it said that it was launching a new service which allowed customers to invest in fractions of stocks of NASDAQ-listed firms. The app also supports 30+ cryptocurrencies and 50+ fiat currencies. According to the general manager at ECPay, this partnership “widens the product and service offerings of ECPay to its Collection Partners like 7-Eleven, NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners." For those of you who don't know or are not following our altcoin news, the Philippines adheres to the Cagayan Economic Zone Authority (CEZA) which unveils a comprehensive set of new rules that govern cryptocurrencies. All of this was made in a bid to effectively regulate and protect investors. Under the rules, all Digital Asset Token Offering (DATO) regulations must have proper offering documents with pertinent details on the issuer, project and accompanying advice and certification of experts and DA Agents.
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Altcoin News

Wells Fargo Tokenizes Cash But Avoids Calling It A Cryptocurrency

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Wells Fargo tokenizes cash by using its own blockchain platform but avoids calling it a stabelcoin or a cryptocurrency project. As we already read in the latest cryptocurrency news, the world’s fourth-largest bank announced it was piloting the internal settlement service by using the distributed ledger technology. The Wells Fargo Digital Cash which is a new system that has been devised to reduce friction in the bank’s ‘’internal book transfers of cross-border payments within the global network.’’ The service that Wells Fargo tested already in the transfer trials between the locations in Canada and the US is set to become a ‘’reusable enterprise utility for Wells Fargo to build’’ blockchain applications in the future. The official pilot of the system will take place next year and if all goes well it will be expanded to the ‘’ multicurrency transfers and the entire global branch network. In order to start, the bank’s tokens will be backed 1:1 with US dollars. The head of the bank’s innovation group Lisa Frazier stated:
 “We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”
Wells Fargo tokenizes by using the possibility of transitioning to a new internal database. One of the former senior blockchain and crypto strategists at EY previously commented:
 “I’m genuinely curious as to the definitional difference, and then the supposed improvements. How many people can explain how this solution is technically different than what banks have always done? […] They’ve just changed their database.”
This is not the first rodeo for the ecosystem and this year since many stakeholders in the space including the non-profit groups explained the characteristics of JPMorgan’s JPM Coin which was a project permissioned and closed-source. JPMorgan is also looking as Wells Fargo to innovate in the blockchain arena as reported in the altcoin news previously. The central banks are getting in on the action as well since the Bank of Russia is also working on a blockchain-powered digital currency while the People’s Bank of China aims to launch its own cryptocurrency as well.
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