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Blockchain News

Samsung Pay Gets Ready For Crypto Integration: Report

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Samsung Pay accounts for more than 80 percent of the market share and according to Business Korea, the tech outlet Samsung Electronics will integrate crypto asset within Samsung Pay. Let’s read more about it in the latest cryptocurrency news.

The integration of crypto assets will likely increase the mainstream adoption of cryptocurrencies and as the reports show:

 “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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Altcoin News

IBM And Stellar Partnership In Jeopardy Amid Exec Disruption

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ibm and stellar
The IBM and Stellar partnership has been featured on many altcoin news sites and was praised as something that the crypto world needs. However, a series of disruptions have apparently put this partnership in jeopardy, the latest news show. As a company that is always pro technology, IBM (International Business Machines) has been pioneering the adoption of blockchain and cryptocurrency in the Fortune 500 arena for some time now. In order to strengthen its presence, the American firm has teamed up with some of the biggest companies and showed them how its technology can be used to benefit their bottom line - and society as a whole. The IBM and Stellar partnership was one of the examples of further innovation in the crypto and blockchain spaces. However, it all changed when a recent exclusive from a crypto-friendly news site known for its "scoops" and interviews showed that IBM has just lost its chief technology officer - Stanley Yong. Yong acted as the company's lead for its central bank digital currencies (CBOC) initiative. As reports in the coming altcoin news show, he was integral to the "Big Blue's" ventures in the blockchain space. Now that he is gone (along with his connections), the IBM and Stellar partnership is in clear jeopardy. Most importantly, no one knows why Yong left or where he is headed next. However, the latest cryptocurrency news show that IBM is concerned  - as well as many other involved parties. https://twitter.com/arrington/status/1140297606431510529 Aside from Yong, the IBM and Stellar partnership is also concerned by the news (from weeks ago) that Jesse Lund, the Global Head of IBM Blockchain who made a $1,000,000 Bitcoin price prediction, suddenly departed the firm. Both Lund and IBM gave very immaterial and confusing statements, with the former stating that he had left “but am still optimistic about payments innovation using Blockchain.” With all of this in mind, the IBM and Stellar partnership is definitely in jeopardy. Anonymous news sources show that there is no one to laud the projects and lead the company and partnership in the right directions.  Still, the good news is that IBM is unlikely to shutter its blockchain division because of the executive departures.
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Blockchain News

Samsung Taps Blockchain And 6G, Seeks Collaboration With Firms

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samsung taps blockchain
The vice chairman of the South Korean consumer electronics company Samsung is apparently looking to collaborate with platforms on the development of blockchain technologies and 6G. The news that Samsung taps blockchain, AI and sixth generation mobile networks has gone viral on many best cryptocurrency news sites. First reported by Bloomberg on June 16, Samsung's plans come directly from the vice chairman of the company, Jay Y. Lee, who now serves as the firm's de factor leader. Lee held discussions with executives - directly spreading the news that Samsung taps blockchain and other technologies, in a statement cited by Bloomberg. This is also the first time that Lee discussed on the news that Samsung taps blockchain - as well as the news about 6G technology and its massive potential. Also, it is right on time when rivals of the company such as Apple Inc. and Huawei Technologies Co. race to commercialize a lot of services based on 5G networks, which are already launched in South Korea (from April this year). The report also shows that a platform company is an initial acquisition by a private equity firm, all in order to make further acquisitions within a certain sector. As per Bloomberg and the latest cryptocurrency news, the movie to pursue such bleeding edge technologies comes after a rapidly changing business climate and a lot of structural changes in the technology industry. This, according to Lee, presents new challenges for major firms.
“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.
As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.
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Blockchain News

First Legally Registered DAO Created By Blockchain Devs dOrg

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First legally registered DAO
First legally registered DAO was created by the developer group dOrg which says for itself that is a ‘’blockchain development shop.’’ The group registered the first legally established Decentralized Autonomous Organization under U.S law and we read more about it in the latest cryptocurrency news today. The idea behind the first legally registered DAO was to set a standard for other DAOs in the future. The cooperative set up a Vermont-based company named dOrg LLC. This project marks an interesting milestone since DAOs can be opened without permission and beyond borders by anyone that has the needed know-how. Now, dOrg’s goal is to find a way for the future in which the DAOs can become official legal entities which also suggests that these bodies may be plugging right in the mainstream business circle. In order to actualize the initiative, the developers’ group members consulted with Oliver Goodenough who is a special counsel to one of the top law firms in Vermont-Gravel and Shea. Goodenough who also works as a Law School professor in Vermont has noted that the dOrg DAO seems to be the first of its kind:
 “dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.”
The dOrg group also noted that the BBLLC registration process should become much easier:
 “We want to make what we just did accessible to anyone in the world. Ultimately, the process of configuring and deploying a legally registered DAO will be as easy as creating a social media account.”
The ConsenSys-backed ‘’smart legal contracts’’ as previously explained in the coming altcoin news, project OpenLaw proposed a new Ethereum dapp called Incomshare.me which helps students to tokenize income share contracts and to take participation in secondary markets with them. The contracts help the students commit negotiated portions of future salaries. The Incomeshare.me platform uses the ethereum blockchain to host these contracts. OpenLaw community member Josh Ma noted
 “As this alternative model for funding higher-education becomes more popular, enabling a secondary market would accelerate its adoption by providing liquidity and opportunities to mitigate risk, both attractive qualities for investors.”
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Blockchain News

Bitcoin Futures Trading Testing By Bakkt Officially Starts In July

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Bitcoin futures trading testing by the institutional trading platform Bakkt will start in July according to the latest announcements. We find out more in the latest cryptocurrency news below. In a blog post, Adam White, the COO of Bakkt and the original employee of the major crypto exchange Coinbase, says that the Bitcoin futures trading testing will start on July 22. He noted:
 “On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.’’
The announcement was expected for a long time now. Bakkt which has named itself as the game-changing crypto ecosystem for all of the institutional investors faced multiple delays in the past. They announced the first testing in August 2018. The biggest issue for Bakkt’s team was the regulatory uncertainty and it still remains the most important problem to solve. Bitcoin futures trading will represent the first of many offerings but it still unknown when a total rollout of the service will be delivered. Setting the date on the pilot phase is coming in a good period but the coming week the rival provider CME Group announced a new record volume for its product. As previously reported in the coming altcoin news, the CME futures passed more than $500 million in implied USD value. Also, a few days ago the new crypto index Cryptoindex was launched which allows traders using TradingView, Bloomberg and Reuters to access information on Bitcoin and other major digital currencies and tokens. At the same time, CBOE which is the first bitcoin futures provider in the world will stop all operations later this month. The executives blamed the poor market performance and announced their decision just weeks before the BTC markets went into bull run mode reaching $9,000. White noted:
 “Bakkt may be a form of moonshot, but it’s grounded in an earthbound endeavor to support the future of finance and the adoption of blockchain technology.’’
Bakkt’s effort to help institutional investors and institutions, in general, to launch safely on the market is a very important element for the future. There are currently many new regulations and recommendations coming from the Financial Action Task Force (FATF) which will put stringent new requirements on all the crypto-related businesses.
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