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Blockchain News

MyEtherWallet Is Releasing A Converting Crypto Platform Without KYC Requirements



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

VISA Is Getting In Crypto And Looking For A Blockchain Developer Hero

Visa Inc. which is one of the largest payment processors and credit card companies, is currently seeking a full-time technical product manager specializing in blockchain for its office in Palo Alto, California. As a recent job posting to SmartRecruiters unveiled, the global card giant is looking for someone that is:
“...passionate about the intersection of payments and cryptocurrency,” and “deeply familiar with permissionless blockchain technology.”
This puts Visa in the recent news about hiring on our DC Forecasts crypto news site. The job requirement looks like Visa is one of the top blockchain companies in the crypto industry, all while the reality is that Visa is just now getting into crypto. A lot of people in the crypto atmosphere are hailing the entry of Visa to the industry as a move of mass adoption. However, we are unlikely to see mass adoption of a payment system that has the features and benefits of the most popular cryptocurrencies. Instead, we will probably see something like JPM Coin which is Jamie Dimon's attempt to get JP Morgan into a cryptocurrency and a move that represents a US dollar in the company's internal accounting software on its centrally controlled and walled off private databses. The job description classifies VISA as:
“Common Purpose, Uncommon Opportunity. Everyone at Visa works with one goal in mind – making sure that Visa is the best way to pay and be paid, for everyone everywhere.”
Meanwhile, Visa is hampered by its deep entanglement with the regulatory regime and the current regulation which makes it illegal for Visa to design a financial platform with the fundamental values built into Bitcoin and the other cryptocurrencies. For those of you who don't know, Visa and the other finance companies are legally prohibited from offering their customers with the value propositions that made Bitcoin one of the most profitable investments. They are required to survey their users as well as report to various government authorities. They are also required to wield the control they retain over the ability to make payments and hold you hostage to their rules. At the end of the day, this move is certainly surfacing something bigger for Visa which we all want to see in the near future.
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Blockchain News

UPDATE: Criminal Records Of QuadrigaCX Co-Founder Emerge In The Public

The missing funds from the Canadian crypto exchange QuadrigaCX are still a hot topic in almost every major crypto news media outlet especially since new information shows that its co-founder has a criminal past. The co-founder was an ex-con who was charged for 18 months in jail by a Federal US prison for bank fraud, credit card fraud, and identity theft. Michael Patryn or by his old name Omar Dhanani which was changed two times co-founded the exchange with Gerald Cotten who passed away on December 30, 2018. Patryn denied the allegations initially but records were obtained that show he changed his name legally twice. Patryn hasn’t commented on his criminal past and why he changed his name back in 2008 while he was living in British Colombia, Canada. After Cotten died in Jaipur, India due to Crohn’s Disease complications, the exchange went into total chaos mode since he was the only one who had the private keys of the exchange where more than $190 million customer assets were stuck. About 120,000 people were unable to access their funds or to withdraw their funds including the man who lost nearly half a million dollars in life savings. Dhanani pleaded guilty to multiple crimes he had done in the US including credit card and bank fraud when he was 22. He also pleaded guilty to multiple charges on grand larceny, burglary, and computer fraud. He was deported to Canada and there he was able to change his identity where he promoted himself as a bitcoin entrepreneur who helped Cotten establish his crypto exchange. After the exchange collapsed and customers filed reports about being unable to withdraw their funds, information broke out that the company claimed to be insolvent. Some were even convinced that Cotten faked his death in order to steal the funds from the cold wallet reserves of Quadriga. The third-party auditor Ernst & Young were assigned to track down the missing funds and some of the victims hired lawyers to try and recover their investments during the creditor protection proceedings in the Nova Scotia Supreme Court. The court assigned 45 more days for the exchange to search the missing funds and the next hearing will happen in April.
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Blockchain News

IBM Head Of Blockchain Division Says The Company Is The Leader In Blockchain Technology

Jesse Lund, the head of the blockchain division at tech giant company IBM, claimed that the company is the leader in blockchain technology while in an interview so we decided to find out more in today’s blockchain news. Lund stated in the interview:
‘’What IBM’s been doing as the leader in blockchain technology for the last three years is adding security and confidence to the system.’’
Lund was talking about the cross-border payment solution of IBM which uses the Stellar Lumens network for settlement and explained how one of the most popular and oldest companies in the world aims to revolutionize the remittance market. The products which aim to be introduced to the public are challenging Ripple’s xRapid products but in order for a harmonious system to be created, all of the products will have to cooperate. He continued explaining:
‘’We’re building on a new idea, which is to be able to store monetary value electronically and be able to move that value around the world in real time… I think the problem with cross-border payments today, the inefficiencies are based on the fact that the way that banks communicate, the network that banks communicate on is separate from the network or the rails that money actually moves on. And those things are distinct and they require a lot of coordination and reconciliation after the fact.’’
Lund also talked about the SWIFT platform saying that it works similarly to a messaging platform and they aim to create a similar product as well based on the SWIFT standards.  He said:
‘’ISO standards that have come out of SWIFT are inherently part of the platform. We’re trying to help banks optimize the way that they service their customers.’’
IBM’s blockchain division has a close eye in multiple industries in order to follow what the role of blockchain technology can become in the near future. Since the company sold off its hardware-based business, IBM decided to try in the field of intellectual property. A couple of years ago, IBM didn’t think it would be calling itself the leader in Blockchain technology because they still haven’t innovated much in this field. It’s debatable whether IBM will really become a leader in blockchain technology because it has such high competition such as Samsung and Huawei but IBM has open source developers who are working hard to contribute to pool of blockchain projects.
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Blockchain News

Money On Mobile Wallets: Western Union Teams Up With Cross Borders Network

One of the leading names in the money exchange business, Western Union, seems to be part of the cryptocurrency news today for its recent partnership with a cross-border payments network so that its customers can take advantage of a new solution - mobile wallets. In other words, senders can now use Western Union's growing digital network or agent location to send funds in a recipient's mobile wallet, according to a press release shared on Finextra. The network that Western Union partnered with is named Thunes. The process is simple - customers can send funds into a recipient mobile wallet directly - all they need to do is go online or visit one of the many agent locations as they do to make traditional money transfers. Long known as the place to make wire transfers and pay bills, Western Union has advanced in the world of fintech and finally went outside the brick-and-mortar business. According to the global head of Account Payout Network named Sobia Rahman, the company is continuously making improvements. As he stated:
"“We are continuously expanding and enhancing our account payout portfolio, providing customers with multiple payout options including bank accounts, cards or mobile wallets. Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions."
The collaboration with Thunes, according to Western Union, will help the company better serve the customers who lack access to traditional financial services. They will be connected to the alternative payment solutions such as the mobile wallets. The collaboration also includes Stellar as the platform of choice for Thunes - and the distributed and open-source blockchain platform that connects financial systems. According to Thunes, Stellar provides an instant clearing, settlement and execution platform. The CEO of Thunes, Steve Vickers, commented the partnership saying:
"Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems. By utilizing our vast networks, Western Union customers will have more flexibility when sending money across borders."
The collaboration will obviously result in better financial access for consumers - especially ones lacking access to traditional financial services - by connecting them to alternative payment solutions such as mobile wallets that can help drive better financial inclusion on a global scale.
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