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Blockchain News

Ripple’s Joint Venture In Asia Won A New Payment License For Blockchain Money App

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The joint venture which was established between SBI Holdings and Ripple is now a step closer to launching a blockchain-based payments app for consumers.

This blockchain news is everywhere in the crypto world after the announcement put SBI Ripple as a registered and licensed agent for handling electronic payments with the Kantou bureau of Japan’s Ministry of Finance.

The move also cleared out the hurdles from the path that SBI Ripple Asia is planning to take when rolling out its MoneyTap payments app which is meant to facilitate peer-to-peer money transfer for retail users over a DLT network.

As the Financial Services Agency (FSA) of Japan noted, “any entity wanting to operate as an agent to handle electronic payments using banks’ open APIs must be registered with local finance bureaus.”

SBI Ripple Asia, on the other hand, explained that as MoneyTap uses blockchain as the underlying technology that connects with open APIs among participating domestic financial institutions, it is seen as a third-party transaction agent under this regulatory category.

Meanwhile, we previously reported that SBI Ripple Asia is a joint venture that plans to launch a blockchain-based payments app for Japanese consumers across three domestic banks – and potentially expand to more than 60 financial institutions.

As the CEO of SBI Ripple Asia last month stated, the company is now looking to officially roll out the service in the autumn, together with rolling out an application in the iOS and Android market respectively.

 

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Blockchain News

First Binance Liquidation Happens After Margin Trading Feature

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first binance liquidation
First Binance Liquidation happened today on the platform after the exchange continues its test for the new margin trading feature so we are reading more about it in the altcoin news today. As Binance CEO Changpeng Zhao confirmed on Twitter today on June 24th, that the pilot scheme brought up to the first binance liquidation and might be very painful for those involved. The Bitcoin price continued to fluctuate even today at press time after reaching $11,300 on some of the exchanges before correcting downwards below $10,600. The major price moves can prove very costly for the margin traders since the world leading crypto exchange chose to steer clear of the sought-after but it is however potentially dangerous tool. The margin trading accounts’ face on major exchanges such as BitMEX is always a big point of conversation on crypto social media especially since all of the data is showing the extent of users’ losses and gains. Zhao noted that the first Binance liquidation will remind the followers to behave nicely with their capital.
 “Don’t bet against bitcoin, and don’t bet [against] b…”
Zhao’s words could pose a warning to inexperienced traders who are considering margin trading but it also could be a suggestions to his followers to long Bitcoin. The last part of his comment refers to his platform’s own currency the Binance Coin (BNB) in order to support that token as well. The pilot involves multiple Binance users and now the officials are opting to open the participation for holders of the in-house token earlier this month via an early access scheme. BNB has gone way up since its launch and it has even delivered an all-time high of slightly under $40. This week as reported in the latest cryptocurrency news, Binance confirmed that the trading support for the native Binance Chain Stablecoin the USDSB is available. Previously, the trading platform announced the issuance of the BTCB on the Binance Chain which is a token pegged to Bitcoin. Also, Binance launched the decentralized exchange Binance DEX which will also facilitate trading. According to the exchanges’ blog posts we can read that:
‘’The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain. With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity, This would further increase the utility value of Binance DEX.’’
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Malta Island To Store Rent Contracts On The Blockchain

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Malta Island and its Prime Minister Joseph Muscat announced that the country will update the rent law and will require all rent contracts to be registered on the blockchain. Let’s find out more about it in the latest cryptocurrency news. According to Malta Today reports, Muscat noted:
 “Every rent contract in Malta will be registered. The system we will be using to register the contracts is blockchain – distributed ledger technology.”
According to Muscat, this new update will protect the tenants and their agreements from being tampered with. He also hinted that the island nation with more than half a million people will achieve this with the help of a permissioned blockchain:

 “We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives. Such a contract cannot be tampered with and only those authorized will be able to access it.”

The rent law reforms got the approval from the cabinet after a long consultation period. They are also expected to reveal in the coming days since the reforms on the rent laws are similar to those revisions with the construction laws. This was necessary because of the major construction boom in on the Malta Island and mainly because the situation was remarked by the increasing number of accidents and death cases on construction sites. With the help of Muscat, Malta took in great efforts to become the leader in ledger technology hub. Malta has also been investing in the human resources pool mainly for people who are qualified with the knowledge of blockchain technology. As reported in the coming altcoin news, Malta’s Parliamentary Secretariat for Digital Economy granted the first blockchain and distributed technology scholarships to 19 students. While with the scholarship grants, the parliamentary secretary for financial services, digital economy, and innovation Silvio Schembri noted that the move would help in preparing the future generations for the future industries. Last September, Malta launched a blockchain scholarship fund worth $342,000. The pro-blockchain and cryptocurrency nature of on Malta Island managed to attract many big name companies in the country. This includes crypto exchanges such as Binance which was based in Hong Kong after seeking friendlier jurisdiction months after it formed.
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Coinbase Targeted With Two Zero-Day Attacks Via Mozilla Firefox

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Coinbase targeted with two major zero-day vulnerabilities that affect the Mozilla  Firefox browser were identified after hackers tried to reach the major crypto exchanges. As reported in the latest cryptocurrency news, the hackers tried to penetrate the coinbase infrastructure. The security expert at Coinbase Philip Martin confirmed the news on Wednesday writing on Twitter that the malicious agent used an unreported zero-day vulnerability in an attempt to get to the employees of the Exchange. Mozilla formally addressed the vulnerabilities on June 18 and in the meantime, the Google Project Zero security researcher Samuel Gros discovered the bug in April this year. Martin stated that the security team at coinbase is currently performing analysis of the hacker’s infrastructure and methodologies in an attempt to understand fully what happened to the exchange’s network more clearly and to try and find out who might be responsible. Martin also pointed out that coinbase reached out and has started working with other unspecified crypto organizations that could have also been targeted in the new attack campaign. He noted that the customers of the exchange have not been affected by the incident and claimed that the exchange is willing to collaborate with other stakeholders. The good news is that the attack did not end up in disaster since the Coinbase employees were saved from having their accounts commandeered to steal cryptocurrency or worse-to steal users’ data. The attempted attack is another reminder however that the crypto exchange employees are targeted by hackers since they are the ones who hold the keys. As noted in the coming altcoin news, the hacker did not manage to penetrate the exchange’s infrastructure but not every platform had the luck in recent years. Coinbase targeted by malicious hackers ended up fine but take a look at what Coincheck got after the major hack. Moreover, the experts now believe that they know how the Coincheck attack occurred. Also, another one of the major exchanges despite Coinbase was Binance whose chief operating officer Changpeng Zhao noted on Twitter:
‘’ How did the hacker know our risk management rules so precisely.’’
The Binance crypto exchange has since optimized the security features of the exchange but the hackers will still continue to penetrate the infrastructure of the major exchanges in any possible weak spots.
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Blockchain News

Bitcoin Mining Giant Bitmain Will Resurrect Plans For IPOs

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Bitcoin mining giant Bitmain Technologies is now aiming to resurrect plans for its initial public offering (IPO) according to the latest cryptocurrency news that reached our website today. This move comes during the bullish recovery in the BTC price rising more than 150% since the start of this year. With the increase in hash rate and mining difficulties, it seems like Bitcoin miners are once again making significant profits and therefore comes the decision by the Chinese bitcoin mining giant Bitmain to revive the aborted IPO. According to Bloomberg’s reports, Bitmain is now trying to make another IPO listing. The sources from the company are saying that the company will apply for a stock sale in the United States and is now cooperating with the experts on how to make everything legal with the Securities and Exchanges Commission (SEC). The reports also outline that the IPO filing could happen at the start of July this year and some sources are even saying that the company is keen on enjoying the current ride of positive sentiments in the crypto market. Bitmain’s target for the new IPO is much smaller than the previous attempt at the Hong Kong Stock Exchange (HKEX). Despite not being finalized yet, insiders also say that the company is targeting total share sale in $360 million to the $500 million regions. The 2018 Bitmain IPO filing with the Hong Kong Stock Exchange had a $3 billion share sale target. Apart from Bitmain, another major player in the crypto industry is filing an IPO with the HKEX. The company is also rumored to be pursuing a fresh IPO in the United States Stock market. Overall, 2018 was a terrible year for Bitmain since it faced many troubles on every front. Despite making huge revenues in 2017, the year-long bear market in 2018 and many of the missteps by the management of the company, brought the company to make huge losses and cuts in staff. Most of the problems of the company have come about due to the major bet the company placed on Bitcoin Cash and led the company to lose more than $500 million for Q3 of 2018 alone. As noted in some of the best cryptocurrency news sites, the company also downsized quite a bit and fled the expansion plans by shutting down the proposed mining projects in states such as Texas. Bitmain also lost dominance in the mining industry after it nearly controlled 51% of the network hash rate.
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