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MyEtherWallet Is Releasing A Converting Crypto Platform Without KYC Requirements

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MyEtherWallet crypto wallet partnered with the crypto finance company Bity to release a cryptocurrency converting platform to fiat currency without the Know Your Customer (KYC) requirements according to the announcements published in a blog post that reached our blockchain news today.

According to the announcement, users of the MyEtherWallet are now able to exchange about 5,000 Swiss Francs worth of Ethereum and Bitcoin to euros without going through KYC requirements within the wallet. Users can make the exchanges no matter where in the world they are.

The KYC requirements enable organizations to verify the identity of the customers. All of the businesses can assess whether their clients are conducting illegal activities.

Customers that use the ‘’Exit-to-Fiat’’ option have to choose the digital and fiat currencies in the dashboard of the wallet and will later be asked to provide personal data such as bank account number, billing address, phone number etc. The anonymity of cryptocurrencies gets constantly linked with the government’s regulators illicit activities such as last month when the Cyberspace Administration of China introduced a new set of regulations for blockchain companies.

The new regulations require for all of the blockchain startups to allow access for authorities to stored data and to implement procedures that require ID card or mobile phones from the users.

Back in April 2018, Amazon Technologies received a patent for streaming data marketplace that enables the real-time tracking of all the cryptocurrency transactions but also allows for data information for all the users involved. This could eventually lead to deanonymization of the crypto transactions done with Bitcoin or Ethereum.

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Blockchain News

Blockchain For Timepieces: World’s Oldest Watch Manufacturer Gets Involved

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The world's oldest watch manufacturer coming from Switzerland, Vacheron Constantin, is apparently interested in blockchain for timepieces - and about to start using the blockchain technology to track its watches. The news went viral in the altcoin news section after they were shared by the lifestyle magazine Robb Report on May 24. Originally founded in 1755, Vacheron Constantin is known as the world's oldest watch manufacturer. Now that the brand is interested in blockchain for timepieces, it also plans to issue a paper and a digital certificate to each of its vintage watches, putting the technology to actual work.
“Blockchain certification serves to avoid paper authentication, which can easily be forged,” the company said in a press release.
As the latest cryptocurrency news show, Vacheron Constantin will use blockchain tech to integrate additional information in the certificate - as well as a complete history of the product and manufacturer. The blockchain for timepieces initiative will apparently help and fight counterfeiters while guaranteeing authenticity of the watches as well as protecting the customers from purchasing fake ones.
“[Blockchain] makes it possible to create a forgery-proof digital certificate of authenticity, which follows the watch throughout its life, even if that involves several changes of owner. A unique number is thus assigned to a unique object, making the two inseparable and securing data relating to the property, value, nature and authenticity of the timepiece," the company said in an official statement.
Vacheron Constantin is however not the first big manufacturer interested in blockchain for as a technology and featured in the coming altcoin news. Earlier this year, the major global fiber producer Lenzing announced that it will implement blockchain and bring more transparency to its fiber supply chain, launching a traceabilit platform in 2020 as the company reports showed.
"Founded in 1755, Vacheron Constantin will begin using Blockchain immediately with timepieces in its Les Collectionneurs program. Now each of the vintage watches, which have been patiently tracked down by the maison’s heritage specialists and restored to perfect working order before being sold at special events at their boutiques, will be sold with a paper certificate of authenticity along with an incorruptible digital certificate," the news concluded
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Blockchain News

Margin Trading Service Soon Available On Binance Crypto Exchange

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Margin trading service will be launched on Binance crypto exchange after the company accidentally leaked images on twitter saying that the service is under development. Let’s read more about this in the altcoin news below. The crypto exchange giant confirmed that they will be launching a margin trading service after they posted screenshots of the platform in dark and light modes asking users which one they prefer. The screenshots on Twitter had a dedicated tab named ‘’Margin’’ with a message saying that the new service carries a ‘’higher potential profit’’ but also much bigger risks. This new service is referred to using borrowed funds from one broker or an exchange to trade an asset. As mentioned in some of the best cryptocurrency news sites, Binance reportedly has already launched the service in beta mode on Friday among ‘’selected users.’’ One representative from the company also confirmed to a TechCrunch news source that the margin trading service will be available on Binance.com ‘’soon.’’ Other cryptocurrency exchanges such as Coinbase, OKCoin, Huobi, and Kraken already offer margin trading services. The margin is one of the latest services to be developed by Binance and currently it is the second largest cryptocurrency exchange by volume according to the data gathered on CoinMarketCap in the recent months. The exchange has been continuously adding new features and services as a part of the expansion plan. Most recently, Binance launched a decentralized exchange named Binance DX and even set up a fiat-to-crypto exchange in Singapore. The company revealed a new platform in Australia that allows crypto users to buy bitcoin with cash from agents. Binance has also been complaint with the regulatory conditions on the market. It even collaborated with multiple analytics and security startups including Elliptic, IdentityMind and Chainalysis. Also, the company seems to be untouched by the loss of more than $40 million in bitcoin after it was hit with a hack attack. The customers were not impacted due to the ‘’Secure Asset Fund for Users’’ according to binance. Following the security breach, the exchange made multiple security upgrades and resumed to provide services in a just couple of days.
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Blockchain News

Robinhood Brings Zero-Fee Crypto Trading App To New York Investors

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Robinhood has launched its popular fee-free crypto trading app in New York for all the investors. As we are about to see in the latest cryptocurrency news, the startup is also launching Ethereum, bitcoin and other crypto trading services. The California-based company announced this great news four months after the platform received a BitLicense from the New York State Department of Financial Services. As the press release pointed out:
 “Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”
Crypto enthusiast has avoided going to New York because the state has a very stringent regulations system for the crypto sector. For some, BitLicense is a classic move of regulation-before-innovation which is a law that creates an unnecessary burden for small startups by making them go through expensive procedures. For example, there is a $5,000 fee to NYDFs with no approval guarantee as well as the $45,000 worth of legal paperwork as it was revealed by one of the BitLicense applicants Coinsettler Jaron Lukasiewicz in 2015. Costs like these have influenced many New York startups to find a place with a friendlier crypto climate such as California or even European countries such as Switzerland. At the same time, crypto startups that managed to build a financial foundation for themselves, now are trying to find a comfortable place while entering New York. As mentioned in the altcoin news previously, Robinhood is the 10th company in a period of four years that received a BitLicense. According to the vice president of product Josh Elman, this decision to go into Wall Street is ‘’a crucial next step.’’:
 “We’ve introduced millions of people to equity investing on Robinhood, and want to do the same for everyone interested in crypto.”
The Fintech startup now has six million users around the US and by entering New York Robinhood plans to add a few million more. Their networth reached $5.6 billion after the last funding round that closed in March 2018. In the meantime, Robinhood managed to raise about $539 million capital so far.
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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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