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Blockchain News

BREAKING: US Regulatory Body Approves Two USD-Pegged Tokens



One of the strictest regulatory bodies in the United States has just approved the proposals from two companies that are looking to issue cryptocurrency tokens whose values are pegged to the US dollar.

According to the statement published today, the New York Department Of Financial Services (NYDFS), which is also known for the creation of the “BitLicense” framework for cryptocurrency companies, confirmed that it had given official approval for issuing the so-called “stablecoins” to two chartered companies.

One of them is the Gemini Trust Company, which is founded by the Winklevoss brothers – and the other is Paxos Trust.

Right now, the most well-known stablecoin on the market is Tether (USDT), which functions as an altcoin most frequently used on cryptocurrency exchanges where it functions as a proxy for actual USD on platforms that don’t have regulatory authority to hold fiat currency on behalf of their clients.

The two new dollar-pegged stablecoins will function just like Tether (USDT). However, analysts believe that they can serve a larger role in international commerce – in the form of USD-denominated transactions which settle in seconds, versus the fiat transactions of actual dollars which use three or more business days to settle.

A superintendent of the NYDFS named Maria T. Vullo hailed the development as confirmation that these regulatory frameworks do not inhibit innovation in the fintech sector. According to Vullo:

“As the financial technology marketplace continues to evolve, New York is committed to fostering innovation while ensuring responsible growth. These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework that safeguards regulated entities and protects consumers.”

More news about the official approval will come tomorrow – exclusively on DC Forecasts.

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Blockchain News

Postal Carrier Giant UPS Rolls Out A Blockchain Platform For Merchant Supply Chains

UPS, one of the world’s largest postal carriers and the e-commerce tech company Inxeption partnered and created a blockchain-powered platform in order to improve the merchant supply chains. The decision was published today in a joint press release that we are reading more about in our blockchain news below. According to the press release, the new blockchain platform is named Inxeption Zippy and will help all of the companies to distribute their products easier to their customers. The platform will also allow merchants to monitor the supply chain from start to finish and to also protect the sensitive data making it available only to be buyer and seller. With the help of the platform, the merchants can look up the product information but they can also upload their own, they will be able to track the entire transaction process, money returns, make marketing analysis and market strategies and also schedule orders among the many other services. The CEO of Inxeption, Farzad Dibachi, explained that the blockchain platform ‘’creates simplified pricing solutions for B2B merchants with limited digital marketing and IT resources to easily manage all aspects of selling and shipping from one secure place.’’ Back in January, UPS made an investment in Inxeption but the amount of money invested is unknown. Dibachi explained:
‘’Business customers need secure platforms that protect their customer data and proprietary information, while making it easy for them to interact and even collaborate more effectively with their customers.’’
No matter the industry, businesses are looking deeper into the ways blockchain can improve the supply chain but also for other possible use cases. For example, the US National Pork Board partnered with a blockchain startup dubbed in order to test out a new blockchain platform that tracks the pork supply chains. This platform makes possible for the companies to monitor and evaluate all of the food safety standards, the health of the livestock, level of sustainability and how to protect the environment. Also, earlier this month, Bumble Bee Foods-the largest seafood firm in North America, launched their own blockchain platform for improved traceability of the seafood. Customers are now able to observe every step of the supply chain and are able to get information on the origin of the product, shipping history, and product packaging.
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Blockchain News

CipherBlade Accuses WSJ Of Using Faulty Methods In ShapeShift Investigation

CipherBlade, the blockchain intelligence company accused the Wall Street Journal (WSJ) of using faulty methods in the investigation of the crypto exchange platform ShapeShift by overestimating the amount of money laundered via the exchange. More on this analysis, we read in our crypto news below. CipherBlade published a report on their blog post yesterday as it says that the WSJ published a long document for the fall of 2018 that ShapeShift facilitated the laundering of more than $9 million via cryptocurrencies. As previously reported on our DC Forecasts website, the Wall Street Journal claimed that the exchange processed more millions of dollars and that most of the money was later converted into privacy coins such as Monero. CipherBlade made a lengthy analysis of the investigation where it shows that:
 “By tracing alleged ‘laundering’ through ‘no more than two intermediaries before reaching an exchange’, the WSJ’s stated methodology was fundamentally flawed [...] The tracing of any funds — illicit or not — over the course of multiple transactions is extremely difficult, and presenting the total contents of subsequent wallets as illicit is forensically unsound.”
CipherBlade stated that WSJ’s claims were distorted and that by using a decent forensic method would show a granular tracing of privacy coins:
 “Of the ShapeShift addresses which receive ETH within three hops from the initial dirty addresses, less than half of the ETH traded through them are tainted. Using the most generous assumptions, this is still only 23.53 percent of the WSJ’s claimed $9 million.”
CipherBlade also wrote a dozen of criticism of the technical analysis of WSJ but also for its collected data that doesn’t support their own conclusions. The intelligence company noted that most of the addresses from ShapeShift to WSJ’s spreadsheet, only 30 percent correspond to trades that turn out to be exchanged coins for Monero. The company is also focused on money laundering by using the Ethereum (ETH) cryptocurrency and its network since in some cases, privacy coin conversions were involved and also didn’t pay much attention to the Bitcoin-related data that was provided by the Wall Street Journal. ShapeShift founder and CEO Erik Voorhees also stated that the claims made by the WSJ were ‘’factually inaccurate and deceptive’’ and that the authors didn’t really understand blockchain or cryptocurrency technology.
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Blockchain News

Mt. Gox Trustee Kobayashi Finished Processing The Creditors’ Rehab Claims

The trustee of the defunct BTC Exchange Mt.Gox Nobuaki Kobayashi, officially announced that he has finished processing the rehabilitation claims of the exchange’s creditors and that they will be notified in a couple of days. We are reading more about the announcement in our latest digital currency news. As previously reported, more than 24,000 creditors have been affected after the 2011 Mt.Gox hack attack which led to the collapse of the exchange in early 2014. According to the announcement, the shutdown of the exchange resulted in losing more than 850,000 BTC which were valued at that time roughly $460 million. The attorney from Tokyo, Kobayashi, was first appointed as a civil rehabilitation trustee to manage the bankruptcy funds of the exchange and notified the public:
 “On March 15, 2019, the Rehabilitation Trustee approved or disapproved rehabilitation claims regarding MTGOX Bitcoin exchange users’ rights to make claims against MTGOX for the return of cryptocurrency and/or cash [...] and submitted to the Tokyo District Court a statement of approval or disapproval.”
There still hasn’t been an exact date set up for the prospective reimbursement but the announcement makes clear that procedural details regarding how creditors can check on their claims will be available for the creditors to get a hold of. Kobayashi has published a statement previously in 2018 where it says that he had liquidated more than 26 billion yen which is about $230 million in BTC and Bitcoin Cash for about four months starting from March 2018. The liquidations that were run by Kobayashi brought him a new nickname ‘’ Tokyo’s Bitcoin Whale’’ for allegedly having an adverse effect on the market which stopped when the civil rehabilitation proceedings started in June last year. At the start of this month, the ex-CEO of Mt. Gox Mark Karpeles got suspended but also sentenced for two and a half years in prison after he was found guilty of tampering financial data. Karpeles was found guilty for mixing his personal files with the ones of the exchange but he was also later acquitted of embezzlement charges and will not serve the sentence unless he commits another crime in the next four years.
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Bitcoin News

JPMorgan Execs Seem Bullish On Crypto Following JPM Coin’s Release

Everyone that is following our cryptocurrency news section knows that the executives sitting on top of JPMorgan Chase are not the biggest fans of Bitcoin and take every chance to bash the dominant cryptocurrency. As the top tier in one of the largest banks in the world, these executives don't like similar cryptocurrencies too. Even though the bank is also distant on the nascent technology behind crypto which is the blockchain - they now appear to be in fact bullish on it - as long as they are the ones controlling it. We can best see this from a statement in a recent interview with CNBC's Squawk Box, where Ron Karpovich (Global Head of eCommerce solutions at JPMorgan Chase) said that the traditional banking system is intertwined with the world right now - and there is no true way around avoiding it. He also added that payments are not the most profitable industry, continuing:
“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players.”
Karpovich also responded to a question regarding how far the eCommerce industry is from using crypto to facilitating payments. He explained that blockchain - the underlying technology of cryptocurrencies - will be used to facilitate payments behind the scenes. However, he also added that according to him, blockchain won't have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,”  he noted.
When asked about his anti-crypto sentiment - which is somehow shared in the JPMorgan circles - Karpovich said that there is a difference between adopting blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he concluded.
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