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PayPal Leads New $4.2M Funding Round For Crypto Platform

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The payment processor PayPal leads what is seen as a $4.2 million funding round for the cryptocurrency risk management platform TRM Labs. With this, the payment processor proves that it is active in the cryptonews and wants to back as more startups as possible.

As a November 19 press release by TRM Labs shows, the company managed to secure $4.2 million in an investment round led by PayPal with participation from other top investors, too. These include the names of Initialized Capital, Blockchain Capital and Y Combinator.

As PayPal leads the funding round, we can see that TRM was founded in 2018 and aims to support financial institutions across the United States, Latin America, Asia and Europe by measuring, monitoring as well as mitigating their cryptocurrency risk exposure. This is how the platform wants to meet the regulatory requirements and help streamline their Anti-Money Laundering compliance.

The CTO and co-founder of TRM Labs named Rahul Raina said that PayPal leads with the investment – and that this is proof that the company’s “continued commitment to ensuring safety and compliance as the digital payments landscape evolves and innovates.”

The new funding by TRM also brings their total amount raised to $5.9 million and will enable the company to grow its engineering and data science teams, expand into new markets as well as increase the product development.

“At TRM, we are fueled by a fundamental belief that cryptocurrency and blockchain can democratize access to financial services and empower billions of people. By building solutions to prevent cryptocurrency fraud and financial crime, we enable this vision and build a safer financial system for billions of people,” said Esteban Castano, the co-founder and CEO of TRM Labs.

The blockchain news earlier showed that TRM secured $1.7 million from Blockchain Capital this January. Now that PayPal leads the way with another investment, the number is at $4.2 million and “many strategic angel investors” already participate in the rounds, reports show.

Meanwhile, updates from the market show that today’s market cap is at $222 billion, still dropping but not that strongly when compared to yesterday’s levels. Bitcoin (BTC) is still below $8,200 while Ether (ETH) is struggling to push through the $180 mark.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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CherrySwap Shows How DeFi Can Absorb Traditional Finance

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CherrySwap v2 is an automated market maker that makes rate swaps and shows how DeFi can absorb the traditional finance by simply creating a similar mechanism in a permissionless manner so let’s find out more in the upcoming latest blockchain news.Bitcoin was the direct result of the crypto analysts and cryptographers that experimented in the world of finance and after 11 years, the alternative cryptocurrencies are creating a new wave of experimentation. This is why it is also very important to establish a solid understanding of basic financial operations. CherrySwap is a crypto-based money market maker protocol that works on improving the interest rate swaps.The interest rate swaps are a very simple way of hedging interest rate risk or simply making money on a position. There are two sides to the trade and if one side pays a fixed interest rate and receives payment based on the floating interest rate, the other side will receive a fixed interest rate and will pay out the other party based on the floating rate. These instruments are traded against usually against the benchmark such as the London Inter-bank offered rate and this rate is calculated by the top banks in London. This is often used as a global standard for finances. CherrySwap introduces a mechanism where the investors can be a part of the liquidity pool and earn profits without needing a lot of money or capital.In order to become a liquidity provider, one has to deposit DAI into the CherrySwap contract to mint an equal amount of CherryDAI. This Dai is then lent out on the Compound and the liquidity provider can earn profits through the pool rewards for putting money into the pool. The traders can take positions against the liquidity pools so the pool can take long and short positions and if more traders take positions on one side, the cost will increase. This feature doesn’t improve the pool profitability if the traders pay the increased cost but can serve as a rebalancing mechanism for the liquidity pool utilization.The usage has a huge impact on liquidity and if the utilization reaches 100 percent, this means that there is money in the contracts to be taken out. based on the Compound, CherrySwap contracts are likely for DAI interest rates and the contracts are not tied to any treasury bond index that can make up to $500 trillion swap market.
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Bitcoin Gold Got 51% Attacked, Now Surges By 19%

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One researcher at the MIT Digital Currency Initiative recently discovered that Bitcoin Gold got attacked by 51% on January 23 but in the last 24 hours, the cryptocurrency has increased by 19% in price.A report published on the code repository GitHub, the MIT DCI research assistant James Lovejoy said that two separate attacks were carried out on Bitcoin Gold blocks within a span of two days.As you may know if you have read our altcoin news, a 51% attack is quite possibly the most serious form of attack against a cryptocurrency. If carried out successfully, it allows attackers to re-organize blocks and charge data within a blockchain.Moreover, analysts show that a 51% attack can cause dire consequences for a cryptocurrency. It is not cheap or easy to carry out a 51% attack. The attack itself requires a lot of control over a blockchain network's hashpower.For a major coin like Bitcoin or Ethereum, a 51% attack is quite impossible. One could do it but there would not be any incentive to do so and the attacker would end up losing money. As Lovejoy said, the orders of tens of blocks on the cryptocurrency are not enough to eliminate the incentive of launching a 51% attack against it.
“Based on Nicehash market price data for Zhash we estimate the cost of generating each reorg at around 0.2 BTC (~$1,700) and the attacker would have recouped around the same value in block rewards. Therefore, it is possible that the attacks were profitable if the double-spends succeeded at defrauding the attacker’s counterparty, or break-even if the double-spends were unsuccessful. This suggests that a confirmation requirement on the order of tens of blocks for BTG is still far too few to make the budget constraint to launch an attack significant,” the report read.
However, this is not the first time Bitcoin Gold got 51% attacked in the crypto news. In May 2018, it experienced a similar attack and reports indicated that $18 million were affected. Despite all of this, the price of Bitcoin Gold has been up by 20% in the past two days and is now trading at $12.06 with a 17% increase today, alone. As such, it proudly holds the 34th place on the market cap and could soon increase more.
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Financial Institutions Start Using Stablecoins In 2020: Report

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The word "stablecoin" is still a mystery for many people. For others, it is something that immediately links them to Tether (USDT) or Facebook's Libra project which is scheduled for 2020. However, there are many versions of stablecoins nowadays and as reports show, financial institutions start using them more and more.For those of you who don't follow our altcoin news section, a stablecoin's main aim is to solve the problem of volatility by being a digital asset that is tied to another asset with a stable value.The new year is turning out to be an exciting time for stablecoins. Aside from the fact that financial institutions start using them, the Libra news already showed excitement in many people. Likewise, government financial institutions are now playing out, stating that they will be either researching or discussing a stablecoin as a potential solution. International entities such as the G-7 Working Group in partnership with the International Monetary Fund and the Bank for International Settlements have also released a report investigating the impact of stablecoins.Furthermore, banks and financial institutions start using them - Banco Bradesco, Bank of Buscan and Rizal Commercial Banking Corporation are proof for that. Also, there are many stories in the latest cryptocurrencies news showing that the future of stablecoins is shaping up well.Right now, the stablecoins are a very interesting topic in the news. According to Biser Dimitrov who is the co-founder of BlockEX digital asset platform, they "just make sense for any type of financial services company." As he also added:
“For example, in a retail or investment bank, a stablecoin can facilitate faster intra-day settlements, full transparency. More to that, a bank can offer better and faster services on top of a blockchain network with a stablecoin and enable things like loyalty points conversions, faster mortgages and generally efficient loan origination process.”
As financial institutions start using stablecoins more and more, we can expect many big things in the future. As much as the issue of regulation can be a problem for them, experts believe that most of the issued stablecoins will get a more relaxed regulation in the future - and the majority of them will be used for internal purposes. 
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OneCoin Co-Conspirator Tries To Get His Sentencing Postponed

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It seems like the OneCoin co-conspirator is trying to get his sentence postponed until the 21st of April, according to the recent filings by Mark Scott’s counsel so let’s find out more in the altcoin news today.There are a lot of scam reports in the crypto space and most of them took place back in the days when bitcoin was surging to the $20,000 all-time high. One of the frauds that started in 2016, slightly before the popular surge, involved a company named OneCoin whose conspirators were eventually arrested and put on trial. The OneCoin co-conspirator Mark Scott was convicted back on November 21 in 2019 and the court found him guilty on two counts- conspiracy to commit bank fraud and the conspiracy to commit money laundering. All that remained for him is to get a sentence that was supposed to happen in February this year.However, before that happens, the court gave him time to file any Rule 29 or Rule 33 motions so Scott can now use this time to request a retrial which he can do until February 3rd. After that, the government will have three weeks to respond. In a new development, Scott seems to have used his opportunity as his counsel decided to file a letter that seeks to postpone the sentencing date. According to the letter, Scott and his representatives will like to push the sentencing date for April 21st, 2020. This postponement will allow the defense with the needed time to complete briefing regarding the post-trial motions while in the meantime it will allow the court enough time for a review. In addition to that, the delay will allow the defense counsel to prepare for sentencing and this letter also pointed out that the government has no objection to the new schedule.As some may know, Scott was a partner at the law company Locke Lord LLP and back in 2016, he formed a lot of fake private equity investment funds in the British Virgin Islands. The funds have become known as the Fenero Funds. It is also estimated that he laundered around $400 million in proceeds filing them down as the investments from wealthy families in Europe. Of course, the money was coming from the OneCoin scam and Scott paid $50 million for his services. He used his money to purchase a lot of luxury cars, yachts and houses.
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