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Coincheck Will Finally Receive A License After The Major $500 Million Hack

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If you have been following our crypto news since January, you probably remember the $500 million hack that hit the Japanese exchange Coincheck which was the largest theft in the crypto history.

The hackers used the vulnerability of the security system of the exchange and stole more than $500 million. Coincheck was supposed to receive and exchange license from the Japanese Financial Services Agency in October but the agency extended the grace period.

After many changes being done in the company, the most important one being selling Coincheck, as reported today by a local Japanese media, Coincheck will finally receive a license after 2018 ends. The exchange even started accepting new clients at the beginning of November.

Some of the changes also included delisting Monero, Zcash, and Dash because as the exchange explained, the delisting of these tokens was a strategy to protect their customers. This decision could be related to the licensing process according to some.

Coincheck lists a few other crypto tokens that lead to its lower volume when compared to other exchange competitors such as Binance. Over a period of 25 hours, Coincheck has $22 million in volume and it is now in the middle of the list of exchanges by volume.

This announcement about the licensing could potentially boost the exchange on the market despite Binance being the leader in the global market overall. The volume of Binance consists of the huge pair variety while Coincheck mostly focuses on fiat/BTC markets.

More than 200 other crypto exchanges in Japan are waiting for approval from the JFSA as well.

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Blockchain News

Institutional Investors Buy $200M Worth Of Crypto Per Week: Coinbase

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Institutional investors are buying more crypto these days than ever according to Brian Armstrong, the CEO of Coinbase when discussing whether the institutions will adopt cryptocurrencies soon enough as we are reading today in the latest cryptocurrency news below. Armstrong talked about institutional investors in the crypto space on Twitter saying that the question whether the institutional investors are investing in crypto is finally answered. Coinbase is seeing now millions of dollars per week from major financial institutions according to the reports. The main problem that is cited by the institutions that want to get Bitcoin and cryptocurrencies is the question of custodianship. Getting a hardware wallet is always a good idea for an every-day user that has about hundred dollars invested but when it comes to huge financial institutions, they are willing to invest thousands and millions so with these numbers much more care has to be practiced in the storage of the coins. Armstrong noted: ‘’Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.’’ Most of the financial institutions don’t have the infrastructure for a robust security system with the needed tools to safeguard the coins they are responsible for. The issue made a way for companies such as Coinbase and Xapo to offer custodianship to the companies looking for a safe way to invest huge amounts in Bitcoin or other altcoins. Coinbase Custody is currently the largest custodian of cryptocurrencies and they officially launched their services in July last year so now their customer base is reaching up to $1 billion in assets. With Bitcoin’s bull run earlier this summer, many fence-sitters are now ready to go into the market and invest. Coinbase now controls over $7 billion in assets and the trend seems to be continuing. The biggest issue with crypto adoption as we read in the coming altcoin news at the moment is the lack of infrastructure surrounding the payment networks. Many companies such as Coinbase that are creating a framework that will allow the financial and institutional investors to easily use cryptocurrencies, will foster the next wave of adoption which will allow more people to take back control of their finances and enjoy the economic freedom.
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Global Staffing Firm Turns To Blockchain With New Partnership

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global staffing firm
We all know that working online can be a hustle, especially if you are a freelancer - or recruiter. The need to have everything logged in and be on various sites all over again and again is a pipeline that many of these people are used to. A global staffing firm named Kelly Services has decided to change the perspective in this world, offering its vision to end this never-ending game. The strategic acquaintance with the online blockchain based hiring platform Moonlighting will apparently make Kelly Services shift this process to the better, making things easier for job seekers and job providers too by providing them with a single platform which is interlinked to all other platforms. The interlinking will end the need for logging in on different websites, the global staffing firm said. The change will in turn make the job seeking convenient and less time consuming. The report was shared by Forbes and many best cryptocurrency news sites on 14 August - featuring Kelly Services and its merger with Moonlighting because of the EOSIO public blockchain method and according to reports that they have which also show no use of cryptocurrency. The main goal is to create a user-friendly environment, the global staffing firm added. As the vice president and managing director at the Office of the Future of Work within Kelly Services John Healy said, the collaboration can result in “some pretty significant market opportunities.” A survey was conducted in order to get to know about the point of view of other companies. The result was shocking. The survey showed that even 41% of companies are looking forward to using the new method proposed by the global staffing firm - whereas 31% of them did not give any straight answer - and only 28% said they are not likely to use it. The survey also showed that 31% of companies (which is almost a third) believe that the blockchain method will change the marketplace completely in the next three years. The global staffing firm was in the latest cryptocurrency news for this and stated:
"With a blockchain supported platform, Moonlighting provides a full turnkey solution with a suite of tools to empower millions of independent workers and recruiters worldwide."
 
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Reddit Co-Founder Will Stream Blockchain Game Face-Off

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Reddit co-founder Alexis Ohanian announced he will be live-streaming a face-off match between the lead developer and himself of the latest collectible card game based on the blockchain named SkyWeaver as we are reading in the latest cryptocurrency news. The Reddit co-founder is extremely popular to the Reddit community because he famously invested in multiple successful startups and he is now playing his hand in the crypto space because of his latest investment. The Horizon Blockchain Games last month received up to $3.75 million in seed funding from Alexis Ohanian himself and other investors. SkyWeaver is an ethereum-based title that hopes to take on the kingpin of all digital card games Hearthstone and its five year success; the gaming kingpin attracted more than 100 million players to its franchise so now the Reddit co-founder is now catching on. In Hearthstone and other digital equivalents, cards are not really freely transferrable so if a player you move on to other gaming pastures, your years of hard work collecting fighters will no mean anything. You can’t sell them but you also cannot take them with you so you can’t certainly gift them to anyone else unless they take control of your account. The limitation was put in order to bane of many online card collectible players who have put the time to see some monetary reward. There is also the problem that some players experience by unlocking duplicate cards. This results in a frustrated fanbase with zero exchange options:
 “With Skyweaver using Ethereum, it means you can send your cards to your friends, trade them with other players on our platform, trade them on another website, buy/sell them on Reddit, burn them, lend them to people that want to play with your cards while you are on vacation, etc. Basically, we can't prevent you from doing whatever you want with these cards, just like physical cards.”
SkyWeaver is now working in a private beta and is expected to launch later this year and in the meantime Horizon is inviting new players to try out the game every week as we read in the reports in the coming altcoin news.
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Crypto Exchange Poloniex Drops 23 Pairs Due To Low Volume

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Crypto exchange Poloniex drops more than 20 pairs due to low volume. Many of the pairs were popular in 2017 but have not fallen out of favor so we are reading more today in the coming altcoin news. During the 2017 altcoin boom, many exchanges listed hundreds of pairs but now the situation is different and many of the altcoins remain generally at rock bottom prices. According to CoinMarketCap, the US crypto exchange Poloniex has 124 pairs. More than 20 of them or about 16 percent have less than a thousand dollar volume daily so it seems this was the reason to be targeted for termination. The exchange stated:
 ‘’We will be removing 23 trading pairs on August 16, 2019, due to low volume. Note that each asset will continue to be independently tradable.’’
More than half of the listed pairs are in ETH, about six are XMR pairings and the rest are stabelcoin pairs for the various obscure altcoins. Some of them include Loom Network/ USDT which has $50 traded in the past day, Status/USDT with just $157, Bancor/USDT trading only $75 per day, FOAM/USDC and the worst performing pair which is the Khyber Network/USDT. Some of the ETH pairs were popular altcoins with high volumes such as Golem, Qtum, GAS, Steem, OmiseGO and Civic but after bitcoin, Ethereum and Zcash as top pairs on the exchange, all others burst into flames. The Monero paris aside from BTC and stablecoins will also be dropped because of the low volumes. This could only be the case of falling volume on that particular exchange because the same pairs on Binance are doing really well. Compared to two years ago in 2017, the altcoin scene looked a lot different than today and many of the altcoins have now falled off the digital cliff in terms of token price regardless of other developments on the project by the respective teams. Two years ago in August, IOTA was the fifth largest cryptocurrency by market cap which was priced at $0.94 with a $2.6 billion market cap. Today as we can read in the latest cryptocurrency news, IOTA is struggling to say in the top twenty and is down by more than 75%. The Crypto Exchange Poloniex drops the pairs and we shall see if any major fluctuations will happen.
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