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WeChat Introduces Blockchain Invoices Meant To Repay Employee Expenses

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The messaging, social media and financial services giant from China, WeChat, is in the news again. This time, it is its newly developed electronic invoice system at the Shenzhen Guomao Rotary Restaurant in the city of Shenzhen, China. According to the company owned by Tencent Holdings Limited, the new technology will help in issuing invoices and will be based on blockchain technology.

The system takes care of payment, invoicing and reimbursement – and was created in partnership with Shenzhen Taxation Bureau and Kingdee Software. Developed to simplify the process of repaying employees and taking care of their expenses, it is designed to overcome the elongated process of verification, submission, review, and tax returns filing before settling with employees.

Not only the blockchain invoice system improves the process of employee expense reimbursement – it also removes all intermediary actions between the invoicing and reimbursement – in a one-click reimbursement process.

This way, merchants will save on both time and personnel since the invoices will be issued automatically at checkout rather than the manual invoice issuing and entry of relevant details about their employee profiles (for tax purposes).

On top of this, the tax regulator can monitor the entire process of invoicing, circulation and reimbursement in real time – helping in full and timely tax collection while the employees can claim the reimbursements online.

As the deputy director of the Shenzhen tax bureau, Li Wei said:

“The digital invoice based on blockchain technology has features such as complete traceability of the whole process and non-disruptive information, which consistent with invoice logic, can effectively avoid false invoices, and improve the invoice supervision process.”

Right now, the first merchants to access and use the blockchain electronic invoicing system include the names of Shenzhen Guomao Rotating Restaurant, Baoan District Sports Center Parking Lot, Kaixin Auto Trading Co., Ltd., and Image Tencent Impression Coffee Shop.

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Blockchain News

QuadrigaCX Chief Executive Feared For His Life According To A Close Friend

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QuadrigaCX Chief Executive Gerald Cotten allegedly feared for his life because of the massive amounts of funds he controlled. According to the latest information that comes in our altcoin news, a former friend and colleague claims that Cotten was under a lot of pressure. Adam O’Brien, an entrepreneur and a close friend to the QuadrigaCX Chief Executive, explained that Cotten worried that he might end up being kidnapped because of the crypto assets holdings since they reached a sum of millions of dollars that only he had access to, according to the statement in the Global News:
‘’Gerry was holding, we know, over $100 million, almost $200 million dollars in funds. That makes people do some pretty crazy things. And I think Gerry was aware of that, and I think he was kind of worried that something might happen.’’
O’Brien also outlined that the only way to access the funds is if Cotten had already set up multiple contingency measures. He stated that the QuadrigaCX Chief executive should create a backup system in case anything goes wrong. This information can be hopeful for some users of the exchange but everything could be lost if there isn’t a backup system built. When he described Cotten, O’Brien noted that the QuadrigaCX chief executive was a super smart man but that ‘’ a dead man’s switch would be something that Gerry would have had to set up before he passed away.’’ Usually, this kind of a ‘’switch’’ is activated over a long time of inactivity. Some believe that the dead man’s trigger services could send an email to all of the users in a specified period over a month or two. The user is then expected to respond to the emails by clicking a link. However, if the user does not click the link, the trigger is activated instantly or over a grace period. Activation involves sending emails with specific instructions. This is what O’Brien believes that the QuadrigaCX chief executive has already done. As we mentioned previously in the latest cryptocurrency news, the QuadrigaCX chief executive Gerald Cotten died in India after a complication from Crohn’s disease. The funds cannot be accessed still.
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Blockchain News

Peter McCormack Sued By Craig Wright After Accusing Him Of Fraud

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Peter McCormack
Peter McCormack, popular podcaster that everyone knows about, got a new lawsuit yesterday from Craig Wright. Reportedly, Peter called Wright a fraud and after he claimed to be the real creator of Bitcoin-Satoshi Nakamoto. In the coming altcoin news below, we read more about the libel claim. Just yesterday, Peter McCormack posted on Twitter a photo of the legal notice he got from Craig Wright. He got the lawsuit after accusing Wright of falsely claiming to be Satoshi Nakamoto. The self-proclaimed BTC creator and the supporting media stated that the lawsuit aims to ‘’prevent McCormack from making further fraudulent claims that Wright is not the individual behind Satoshi Nakamoto pseudonym.’’ In addition, Wright demands a $130,000 in damages plus the legal costs and court fees. Wright’s attorneys served the notification to the defendants and will file the claim next week. However, the lawsuit is not a surprise since Wright has warned that he would sue Peter McCormack and also the co-founder of Ethereum Vitalik Buterin. Wright has targeted both Peter McCormack and Buterin because they have a huge influence in the crypto sector. By taking them to court, he will have a chance to prove that he is the real Satoshi Nakamoto rather than to let the Twitter mob decide. The lawsuit list is likely to grow longer since many believe that Wright is a fraud and gets constantly called out. This includes Roger Ver who was in the Bitcoin Cash camp before the hard fork. Also, the former co-CEP of Bitmain, the BTC mining giant Jihan Wu is on the list of people who ruled out Wright of being the real creator of Bitcoin. On the other hand, Peter McCormack pointed out:
 “Wright maintains that BSV is the real target due to its capacity for massive on-chain scaling, which represents an existential threat to the future of other cryptocurrencies, the flawed design of which prevents them from scaling to meet the needs of a truly global financial platform.”
As previously reported in our latest cryptocurrency news, major crypto exchanges such as Kraken and Binance already delisted Bitcoin Satoshi Vision after Wright took a similar action as towards Peter McCormack only this time to the Twitter user Hodlonaut who initiated the Lightning Torch. Kraken delisted BSV for the same reason and so did the crypto swap service ShapeShift. The only one not delisting the coin is the OKEx crypto exchange.
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Altcoin News

Binance Chain Launch: Expected Mainnet Swap Set For April 23

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Binance Chain Launch
One of the largest companies in the crypto sphere, Binance, is featured in the latest cryptocurrency news for launching its mainnet named Binance Chain with which it expects to execute the swap of its native token Binance Coin (BNB) on April 23, according to an official announcement on April 18. Initially published in December 2018, the plans to launch its own blockchain date back to months ago when Binance intended to build a basis for issuing new cryptocurrencies as well as initial coin offering (ICO) tokens.
"Binance Chain launches its mainnet and plans to execute Mainnet Swap on April 23, 2019.Please note that all dates are only our best estimates and are subject to change depending on how things progress. Please stay tuned for any updates during this period."
The Binance Chain launch will also see Binance producing blocks with consensus from the genesis block as of today - and its native coin BNB is planned to be issued in the genesis block. Along with the launch, the exchange provided details for the conversion of ERC-20 based BNB tokens into native Binance Chain-based BNB (BEP2) coins. As such, the exchange emphasized that it will not support the withdrawal of ERC-20 BNB tokens after April 23. Both Binance Chain Explorer and Web Wallet will be available to selected partners in the beta testing mode and are expected to be opened to public access "around April 23, 2019" according to the announcement. What's even more specific in this coming altcoin news is the fact that Binance is planning on releasing more BEP2 coins as more users convert their ERC-20 BNB coins to BEP2 BNB with the Binance Chain launch, while the proportional amounts of the ERC-20 BNB tokens will be burned while "keeping the total supply across both networks constant," as the exchange noted. Currently, Binance is the third largest cryptocurrency exchange in the world. The Q1 2019 profits of the business recorded an increase of 66% compared to the previous quarter, as reported by many best cryptocurrency news sites. In another report, it is shown that Binance earned $78 in Q1 profits due to a massive growth in its over-the-counter platform. Recently, one charity arm of Binance said that it would launch a crypto donation channel to suppor the reconstruction of the Notre Dame cathedral.
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Altcoin News

Huobi Crypto Exchange Adds Three Trading Pairs For XRP In The USA

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Huobi crypto exchange and its USA based version Hbus, have launched three more trading pairs for XRP. In our latest cryptocurrency news today we read more about this amazing news. According to the announcement, Huobi crypto exchange added three trading pairs including USD-XRP, Bitcoin BTC-XRP, and Tether (USDT)-XRP. The news came in a press release just today. All of the XRP deposits will be opened at 12:00 a.m. All of the withdrawals for the trading pairs will go live tomorrow on April 19th. The Huobi crypto exchange branch Hbus and its CEO Frank Fu commented on the new addition. He pointed out that XRP is the 20th listed digital asset to the platform which means that the exchange is now at a total of 51 trading pairs. The press release describes XRP as a ‘’strong performing coin with broad utility and volume.’’ It also explains how the Ripple Labs Company is driving mass adoption by making a lot of partnerships. The Ripple network will reach mass adoption for the cross-border payments system. To press time, the XRP token is the third largest cryptocurrency on the market with a market cap of around $14.2 billion. As previously reported in many of the best cryptocurrency news sites, the Huobi crypto exchange marketplace initially launched with the name Hbus in 2018 in June. This was a strategic move of the Huobi Group which is the operator of the Huobi Global Crypto exchange and is ranked at the eight place in the world. All of the US trading services on the platform went live in 2018 July. At the start of this year in January, the Hbus operator in San Francisco rebranded the name into Huobi crypto exchange-Huobi.com. After a lot of controversy and speculation, XRP was listed on the professional trading platform of the major US crypto exchange Coinbase for the first time in February 2019 which made the coin’s price skyrocket. Later in March, Coinbase also added functionality for the asset which made possible for the customers to make zero-fee cross-border transactions and payments with the help of XRP and the stablecoin USD coin. Currently, the Huobi crypto exchange is at the 183rd place as an exchange globally which means it reaches up to $90,000 in trades in just a period of 24 hours.
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