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PayPal Holdings Believes It’s Still Early To Call Bitcoin The Future Of Payments

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PayPal, the online financial services company says that it’s too early to claim Bitcoin as the future of payments. However, the company is pursuing blockchain projects despite the statement, according to Yahoo Finance reports that come into our altcoin news today.

According to the reports, PayPal’s chief financial officer John Rainey believes that crypto and blockchain technology can be disruptive to the financial services giant is not going to miss out:

‘’We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future — I just think it’s a little early on right now [on bitcoin].’’

The CFO of PayPal Holdings is not the only one in the company who has a skeptic view towards Bitcoin. The CEO of the company Dan Schulman stated earlier this year that ‘’we are not seeing many retailers at all accept any of the cryptocurrencies.’’ However, he did acknowledge that the technology behind cryptocurrencies and Bitcoin is ‘’interesting.’’

Schulman also pointed out last year that the reason why retailers are not afraid to accept bitcoin is because of the high volatility of the coin. Still, an Amsterdam Stock Exchange trader under the name Crypto Michael claims that Bitcoin is up to 80 times cheaper than PayPal. This is mainly when cross-border payments are conducted in large amounts.

Despite the skepticism of PayPal and its employees, one member of the company’s board is on the completely another side. The director of the financial services company Wences Casares says that the chances of bitcoin to succeed are 50 percent as it was previously reported in the best cryptocurrency news sites. According to him, if the number one cryptocurrency succeeds, it could reach up to $1 million in 10 years. Casares is also the CEO of the bitcoin wallet company Xapo.

As the CFO of PayPal Holdings noted, the company will still pursuit blockchain projects. Only last month, the financial services company invested in the blockchain-based startup known as Cambridge Blockchain. The startups focus on helping individuals to decentralize the storage of their online identities. PayPal can use the technology of the startup by giving users another way of sharing personal information.

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Blockchain News

Morgan Creek Raises $61M For Blockchain Fund, Target At $250M

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The major cryptocurrency asset firm Morgan Creek Digital is in the latest cryptocurrency news for raising over $61 million in an attempt to build a blockchain fund and explore opportunities using distributed ledgers. The main person behind the fund, Anthony Pompliano, is confident about the new endeavour.It all started on October 18, when news confirmed that Morgan Creek raises new funds for a blockchain fund. The company submitted a filing for its second blockchain fund to the United States Securities and Exchange Commission (SEC) and has managed to raise $61 million from 11 investors.The filing introduced a Form D which requests an exemption for the offering and shows that the fund started its first offering on October 16 and is now ongoing.  The co-founder of Morgan Creek Digital, Anthony Pompliano, started giving interviews to various crypto sites.Pomp was in the blockchain news for stating that the ultimate goal of the fund is to raise $250 million, with a new funding round in December this year and a final round for the end of the first quarter of 2020.The co-founder of Morgan Creek also told journalists that two key investors more than doubled their investment. When asked about their names, he identified them to be Fairfax County Police Pension and Fairfax County Employee Retirement Pensions.
"We also have what we believe is the first hospital system in the United States to participate in a dedicated blockchain fund called WakeMed," he said.
Known as a major Bitcoin maximalist, Anthony Pompliano also noted that Morgan Creek will continue using the same strategy that they had in the first fund - and that they are actively looking for entrepreneurs who are in the initial stage of building their companies to support them with the resources being raised.Meanwhile, the bets on the Bitcoin price are continuing. As we reported in July, the founder and CEO and CIO of Morgan Creek Capital Management, Mark Yusko, got his eyes laid on a new price target for BTC. He noted that the crypto markets are finding themselves in the next parabolic move and added:
“That will probably take us into the $30,000 level before we get another little correction [...] the path to $100,000 by 2021 is really quite easy to draw out.”
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Blockchain News

NordVPN Warns Bitcoin Users That Use VPN: Security Breach Confirmed

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nordvpn
NordVPN, as one of the most popular VPN service providers, has officially confirmed today that there has been a breach in its security. While the company maintains a ‘’zero logs’’ policy, the event raised many concerns that some of the user data might have been jeopardized as we are about to read further in the blockchain latest news today.Many cryptocurrency users use the NordVPN Services and are now worried that their assets could be in danger so it’s worth taking additional care following the security breach. As a well-known VPN service provider, the company confirmed that it experienced a security breach. The admission comes right after the rumors surfaced that NordVPN had an expired internal private key that was exposed and apparently this allowed the attackers to spin out their own servers by imitating NordVPN.According to the website, NordVPN maintains a zero log policy which means that they do not keep track, collect or share the users’ private information. However, this provides very little reassurance since the company has suffered a breach and back in 2018 one of the rented centers of the company in Finland was also accessed by an attacked after the center was active for over a month.The company did reassure the users that the expired private key had nothing to do with the data breach and it couldn’t have been used to decrypt the VPN traffic on the servers. Interestingly enough, the company found out about the breach just a few months later but didn’t disclose anything until now ‘’ in order to be 100% sure that each component within our infrastructure is secure.’’If the VPN traffic on the NordVPN servers was decrypted by an attacker, there’s little that can be done. However, the company claims this is not the case and it is also worth understanding that a lot of people use VPN services in order to access crypto exchanges in countries where trading is forbidden. A lot of users also take advantage of such services to protect their anonymity. When it comes to dealing with crypto, it is very important to do everything you can do guarantee your own security.
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Blockchain News

Accounting Giants Launch New Tool For Assessing Blockchain Risk

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The blockchain latest news today show that the growth and adoption of the technology in the enterprise space is at full steam at the moment, with many key players joining in at these fundamental times. The latest news put a couple of accounting giants in the focus - adopting the distributed ledger technology as a means to access blockchain risks.We are talking about the Accounting Blockchain Coalition (ABC), an alliance that is dedicated to educating businesses and organizations on accounting matters which are relevant to digital assets and blockchain. The coalition, known for adding another institutional and trusted edge for the people looking to enter the blockchain and digital asset space, is in some powerful company hands.As the updates show, the accounting giants have members which include the names of BDO USA; BPM USA; ConsenSys; Crowe Horwath; Michigan State University Eli Broad College of Business; Microsoft; RSM and Vertex, Inc.Both BDO and BPM are massive accounting firms in the US and have branches worlwide. BPM, for example, is rated in the top 50 accounting firms and BDO boasts with 60 offices and more than 400 independent Alliance firm locations nationwide.As the latest cryptocurrency news show, the main aim of of the coalition is to provide active guidance on the best practices and serve as a knowledge-sharing platform as organizations address the sweeping changes and resulting opportunities that are created by the implementation of blockchain.The accounting giants have taken a large step in making the adoption of blockchain easier in many ways. With the new risk assessment tool, the blockchain technology will be deployed in a unique way - allowing accountants, auditors, CFOs, compliance leads, and others active guidance to evaluate digital assets and blockchain technology.More impressively, the accounting giants suggested many actions for mitigating threats. The coalition is a positive step towards the growth and spreading of blockchain technology in enterprise sense.According to RSM US' Bennett Moore who is the co-chairman of the organization, the new blockchain tool will assist users who are considering a risk assessment of certain common processes associated with the use of blockchain technology. It can also be used as a baseline for businesses that are using or considering using blockchain technology within their organization.
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Bitcoin Cash News

Bitcoin.com Acquires Japan’s Blockchain Developer O3 Labs

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Roger Ver's Bitcoin.com recently acquired the Japanese blockchain development startup O3 Labs in a deal where the two firms did not disclose any information about the price of the acquisition. Previously, O3 Labs has built applications for the NEO and Ontology blockchain networks. With this acqusition, however, it will build mobile apps for Bitcoin.com using the Bitcoin Cash (BCH) network and in that manner help them offer financial services.
“We look forward to accelerating services in our mobile applications serving anyone in the world with an internet connection, regardless of nationality, socioeconomic status, or access to traditional finance,” the official statement of the CEO at Bitcoin.com Stefan Rust showed.
For those of you who don't know, Rust took over the role in August directly from Roger Ver, who then moved on to the role of an executive chairman. As we can see from the terms of the acquisition deal, 03 Labs and its staff will get absorbed as part of Bitcoin.com.The announcement also shows that O3 Labs has six members listed on its website, including two co-founders. Currently, it is still unclear whether the co-founders will be joining Bitcoin.com. However, both Bitcoin.com and O3 Labs did not respond to requests for comment by press time.What's also not clear, as the latest cryptocurrency news show, is what specific financial services Bitcoin.com is planning to offer. The CEO Rust said that the firm aims to give users  "the ability to manage, grow, and spend [money] ... without the need for traditional banks or financial intermediaries.”As you probably know, Bitcoin.com recently launched a cryptocurrency exchange and was also preparing to launch a futures contract for Bitcoin Cash (BCH) on a Commodity Futures Trading Commission (CFTC) regulated exchange.
“Our mission is to make money work for everyone, building tools and products that help people access Bitcoin Cash,” said Rust in Monday’s announcement.
The deal between Bitcoin.com and O3 Labs started a few months ago. As the details show, the latter will start working on applications to support the Bitcoin Cash network.
“I think you can see some interesting innovations in our wallet within the next 2-3 months,” Rust said and was featured in the latest Bitcoin Cash news.
The O3 team has previously built NEO and Ontology blockchain applications.
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