Browsing:Bitcoin

US Senators to advance bill to enhance oversight crypto
2 years ago 1 min read

US Senators are advancing a bill to enhance oversight of cryptocurrencies

The bipartisan authors of a Senate bill that would enhance oversight of cryptocurrencies like bitcoin that are regarded as digital commodities in the US intend to move forward with the legislation. The strongest industry supporter of the legislation, dubbed the Digital Commodities Consumer Protection Act, was embattled FTX CEO Sam Bankman-Fried. The proposed legislation would increase the authority of the Commodity Futures Trading Commission, one of the two U.S. market regulators, over cryptocurrency exchanges and markets. “The recent collapse of a major cryptocurrency exchange reinforces the urgent need for greater federal oversight of this industry,” Senate Agriculture Committee Chair Debbie

Cardano co-founder
2 years ago 1 min read

Cardano’s founder states that short-term events won’t stop the crypto revolution

Cardano co-founder Charles Hoskinson recently took to Twitter to emphasize that short-term events will not derail the crypto revolution. Hoskinson went on to say that cryptocurrencies and blockchain technology are transforming the world. The CEO went on to say that today is Wednesday, and that there will be more Wednesdays to come. A GIF of a honey badger attempting to attack a king cobra is also included in the tweet. He may be implying that no matter what happens in the cryptosphere, one should continue to build, grow, and innovate. The Cardano founder‘s statements surfaced following the agony that the

Binance exchange buys FTX exchange
2 years ago 1 min read

Binance could control more than 80% of the global crypto market if it fully acquires FTX exchange

Research has shown that the deal to acquire FTX might benefit Binance much more than just gaining a sizable portion of the holdings of the trading platform. In fact, Will Canny of CoinDesk reported on November 9 that a study by private wealth manager Bernstein suggested that the combined business that would result from the purchase agreement between Binance and FTX could give the former a greater than 80% share of the world’s cryptocurrency market. Due to these implications, the FTX-Binance deal may draw considerable regulatory attention and even regulatory intervention, particularly from US and EU agencies if FTX has

Crypto market
2 years ago 1 min read

Over $300M was liquidated as the crypto market bleeds

Total crypto liquidations reached over $300 million in the last 24 hours as the market fell, according to CoinMarketCap. At the time of writing, the total amount of liquidations over the previous 24 hours was $339.29 million. After a whale transferred $44 million worth of FTT to FTX, the FTX token (FTT) started losing value quickly, which had a negative impact on the cryptocurrency market. Although CEO Changpeng ‘CZ’ Zhao of Binance denied any involvement in the transaction, the whale was thought to be Binance. In the hours following the transaction, the price of FTT plunged 30%. Fears of contagion

Kakaobank
2 years ago 1 min read

Users of the Coinone exchange will be able to open accounts with KakaoBank in South Korea

In an earnings call held last week, KakaoBank, one of South Korea‘s online-only banks, announced that it would begin offering withdrawal and deposit accounts for customers of the regional cryptocurrency exchange Coinone in November. According to local media, Kim Seok, chief strategy officer (CSO) of KakaoBank, stated that “[KakaoBank] is in talks to provide verified real-name deposit and withdrawal account service to Coinone customers in November in order to provide stability and convenience to virtual asset trading.” A partnership between the two businesses was announced in August, but it was unclear when Coinone users would have access through KakaoBank accounts.

Twitter crypto payment
2 years ago 1 min read

The crypto community discusses whether Twitter should accept BTC or XRP

The crypto community gets into a heated debate over which cryptocurrency Twitter should accept as payment through its payment app. According to cryptocurrency investor @APompliano, Bitcoin (BTC) is the only form of payment that can scale up instantaneous, international microtransactions. The native Bitcoin blockchain, according to many Twitter users who disputed this assertion, could only handle seven transactions per second (TPS). Blockchain attorney John E. Deaton criticized Apompiano’s assertion as demonstrably incorrect and pointed out that Twitter had been accepting micropayments with Ripple’s native token (XRP) for years prior to Bitcoin. Deaton stated that he held more Bitcoin tokens than

Union Bank of the Philippines accepts BTC and ETH
2 years ago 1 min read

Union Bank of the Philippines launches a pilot program for BTC and ETH custody and trading services

The Union Bank of the Philippines (UnionBank) has launched a pilot program for Bitcoin (BTC) and Ether (ETH) custody and trading services for select retail customers, according to a joint announcement on November 2. UnionBank has launched a new investment and trading feature in collaboration with Swiss crypto technology firm Metaco, with the feature going live on Metaco’s digital asset platform Harmonize. Furthermore, UnionBank first collaborated with Metaco in January 2022 to develop cryptocurrency trading services. UnionBank, which is licensed and supervised by the Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), has been actively exploring the cryptocurrency industry in

Pick_n_Pay crypt payment
2 years ago 1 min read

Pick n Pay, a South African grocery chain, plans to accept Bitcoin

Pick n Pay, a South African grocery chain, plans to accept Bitcoin in all of its stores nationwide, adding that users will be able to pay using any bitcoin lightning-enabled app and QR codes, according to the company. Pick N Pay is planning to roll out its cryptocurrency payments service to its stores nationwide in the coming months, according to South African-based tech news outlet Tech Central. The supermarket chain allegedly began experimenting with Bitcoin payments in Cape Town five years ago but was stymied by high transaction costs and long transaction wait times. Customers will be able to pay

Huobi crypto exchange to relocate to the Caribbean
2 years ago 1 min read

Huobi Global intends to relocate to the Caribbean

Crypto exchange, Huobi, which recently had to deny rumors of massive layoffs within the company, announced plans to relocate its headquarters to one of the Caribbean jurisdictions, with Dominica being the first candidate. Financial Times revealed the company’s intention “to go all in in the Caribbean” in a report, citing one of the board members. The region’s “super-friendly” crypto stance, common law systems, and English language adoption are the reasons for this. Huobi representatives also met with Dominica’s Prime Minister Roosevelt Skerrit last year, and the company plans to work with the government to improve the country’s crypto infrastructure. Huobi’s

Edward Snowden praises Bitcoin creator
2 years ago 1 min read

Snowden praises Bitcoin transactions and Satoshi’s anonymity 14 years after the Bitcoin whitepaper was published

The enigmatic Satoshi Nakamoto remains anonymous despite certain individuals claiming to be him, with no substantial evidence since the creation of Bitcoin. Edward Snowden, a former computer intelligence consultant who has been on the run since leaking thousands of classified U.S. National Security Agency (NSA) documents to the press, is among those who have been impressed by the speed of Bitcoin’s lightning network, as well as its architect’s continued anonymity. Snowden’s tweet and comments came on October 31, the 14th anniversary of the publication of Nakamoto’s Bitcoin white paper. Snowden expressed his fascination with the network’s “basically instantaneous” transactions and

India central bank to launch digital rupee
2 years ago 1 min read

India to launch its digital currency pilot program on Tuesday

The Reserve Bank of India, the country’s central bank, will launch a wholesale digital currency pilot program on Tuesday with the goal of lowering transaction costs and the need for collateral when trading government securities. According to the Indian central bank press release, the use of the digital rupee eliminates the need for settlement guarantee infrastructure or collateral to mitigate settlement risk. The pilot involved nine banks, including HSBC, ICICI Bank, State Bank of India, and Union Bank of India, and will serve as a model for future pilots testing other wholesale transactions and cross-border payments using digital currency, according

Google earning in crypto
2 years ago 1 min read

Google CEO reports a lower search spending in the third quarter of 2022

During Alphabet’s earnings call on September 25, Google’s Chief Business Officer, Philipp Schindler, admitted to seeing reduced search spending during the third quarter of 2022. “In financial services, we saw a pullback in the insurance, loan, mortgage, and crypto subcategories,” Schindler was quoted as saying. According to CNBC, this three-month period was the company’s weakest of all quarters since 2013, with overall ad growth of 6%. The only exception was the start of the COVID-19 pandemic. YouTube suffered a similar fate to Google, as its revenue fell on an annual basis. Sundar Pichai, CEO of Google, believes that the challenging

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