The coming altcoin news show that besides the positive sentiment in the marketplace, there are plans for developing a new institute. This time, it is the European Blockchain Institute that is in the talks, led by the government of the German state North Rhine-Westphalia (NRW) which plans to establish the institute.
As the official press release published on May 13 shows, the European Blockchain Institute will be founded in the city of Dortmund later this year. It will be located inside the Fraunhofer Institute for Material Flow and Logistics (IML).
“The European Blockchain Institute is located to research the so-called “Internet of values” at the Fraunhofer Institute for Material Flow and Logistics (IML). The science location Dortmund with its technical university and the Fraunhofer experts for logistics is “the right place” for it.“
The press release was shared by many best cryptocurrency news sites, stating that the blockchain critics have already voiced their concern on the amount of energy that is consumed by mining Bitcoin (BTC) – and the amount that will be consumed by the European Blockchain Institute. However, the NRW Economics Minister Andreas Pinkwart has responded to the claims, stating:
“This technology can be safe, decentralized, affordable and, when used properly, not too energy-intensive.”
The press release also shows that the European Blockchain Institute still puts Europe behind the United States in terms of blockchain development, saying that Europe “has to catch up” which is a goal that NRW hopes to lead in achieving.
“The blockchain technology to be researched at the new institute serves to digitally record business-to-business transactions in perpetual “eternity.” These can be contracts, title deeds, licenses, subscriptions or monetary transactions. The best-known example of this database technology is the crypto-currency Bitcoin,” the release states.
Besides the European Blockchain Institute, the latest cryptocurrency news show great adoption of blockchain across many industries. For example, Ripple’s Director of Regulatory Relations Ryan Zagone was recently in the crypto currency news, stating that the US needs to make a leap forward in implementing blockchain and crypto infrastructure. He said that “there is a recognition that blockchain and crypto will be part of our future infrastructure” which is why it is important to implement them properly.
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“Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”Crypto enthusiast has avoided going to New York because the state has a very stringent regulations system for the crypto sector. For some, BitLicense is a classic move of regulation-before-innovation which is a law that creates an unnecessary burden for small startups by making them go through expensive procedures. For example, there is a $5,000 fee to NYDFs with no approval guarantee as well as the $45,000 worth of legal paperwork as it was revealed by one of the BitLicense applicants Coinsettler Jaron Lukasiewicz in 2015. Costs like these have influenced many New York startups to find a place with a friendlier crypto climate such as California or even European countries such as Switzerland. At the same time, crypto startups that managed to build a financial foundation for themselves, now are trying to find a comfortable place while entering New York. As mentioned in the altcoin news previously, Robinhood is the 10th company in a period of four years that received a BitLicense. According to the vice president of product Josh Elman, this decision to go into Wall Street is ‘’a crucial next step.’’:
“We’ve introduced millions of people to equity investing on Robinhood, and want to do the same for everyone interested in crypto.”The Fintech startup now has six million users around the US and by entering New York Robinhood plans to add a few million more. Their networth reached $5.6 billion after the last funding round that closed in March 2018. In the meantime, Robinhood managed to raise about $539 million capital so far.
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“Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division.’’Previously in 2018, the Korea Herald reported that Samsung Pay made a 58 percent increase in its users base. The industry tracker WiseApp found that the platform was mostly used as a financial application in late 2018 where more than 10.4 million users got their hands on it. In 2017, the platform had about 6.6 million users which make an incredible step forward for Samsung. The 10 million users represent the 20 percent of the entire South Korean population and the platform has also thousands of users around the world that use the application because of its technology called magnetic secure transmission. This technology enables users to transact at a conventional point of sale terminals. Now, the strategy of Samsung Pay is to make sure that a niche market is secured and will expand its user base even further. Samsung already integrated a crypto wallet-the Samsung Blockchain Wallet back in February along with its Samsung S10 device which allows users to send, receive and hold cryptocurrencies in the built-in wallet. The South Korean altcoin news outlet Donga noted:
‘’Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.’’With reports suggesting that the tech giant is considering the possibility of launching a blockchain network, it is expected that Samsung will continue to march forward to target the rapidly growing sector. Under the leadership of the current vice president of the business division Kim Yong-Jae, the blockchain task force at Samsung has started new other crypto projects.
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