Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese Market

Japanese mega e-commerce and internet company Rakuten Inc. is entering the crypto space. Instead of submitting a new application to the country’s financial regulator, Rakuten is acquiring an existing crypto exchange to fast-track into the Japanese crypto market.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Rakuten to Operate Crypto Exchange

Rakuten Inc. announced Friday that “it decided to acquire Everybody’s Bitcoin Inc. through its subsidiary, Rakuten Card Co. Ltd.” After the stock acquisition, which is expected to take place on October 1, Everybody’s Bitcoin will become a wholly-owned subsidiary of Rakuten. The acquisition cost is listed as 256 million yen (~US$2,305,484).

The e-commerce giant wrote:

We expect that the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future. In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function, and have been considering entry into the cryptocurrency exchange industry as the Rakuten Group.

Furthermore, the company revealed that a growing number of its FX and securities customers “have been calling for the provision of a cryptocurrency exchange service.”

Founded in 1997, Rakuten claims to have more than 1.2 billion members globally. The company has over 70 businesses across e-commerce, digital content, communications, and fintech. It owns messaging app Viber and has invested heavily in car-hailing service Lyft. In 2016, the firm established a dedicated research and development unit in Belfast called Rakuten Blockchain Lab. In addition, the Japanese government gave Rakuten a concession in April to operate Japan’s fourth major wireless carrier.

About Everybody’s Bitcoin

Known in Japanese as Minnano Bitcoin, Everybody’s Bitcoin began operating a crypto exchange service on March 30 last year. The exchange currently offers the trading of BTC, BCH, and ETH against the yen.

In April last year, the revised Payment Services Act went into effect in Japan, legalizing cryptocurrency as a means of payment and requiring all crypto exchanges in the country to register with the Financial Services Agency (FSA).

Everybody’s Bitcoin applied for a license on September 7, 2017, but its application is still under review. The FSA has, however, approved 16 crypto exchanges. As for those companies that were already operating crypto exchanges prior to the regulation taking effect, the agency has allowed them to keep operating while their applications are being reviewed. These companies are referred to as “quasi-operators” of crypto exchanges or “deemed” crypto exchanges.

Rakuten described:

Currently, Everybody’s Bitcoin operates the business as a deemed cryptocurrency exchange and is waiting for approval of the official registration.

A Fast Track to Registration

Since the hack of Coincheck in January, the FSA has tightened its review process of crypto exchanges. The agency has issued a number of business improvement orders and has temporarily shut down some quasi-operators.

On April 25, Everybody’s Bitcoin received a business improvement order from the Kanto Local Finance Bureau. “Everybody’s Bitcoin is working to implement improvements in the items outlined in the business improvement order,” Rakuten detailed.

Due to the stricter review process, most of the 16 quasi-operators have exited the industry. The FSA confirmed this week to news.Bitcoin.com that only three applications from these operators are left. They are for Coincheck, Lastroots and Everybody’s Bitcoin.

Coincheck was acquired by Monex Group after the hack. Lastroots just had more investments from SBI Group, which also has its own crypto subsidiary, SBI Virtual Currencies, and offers a crypto trading service called Vctrade.

According to Friday’s announcement:

Rakuten Group decided to acquire Everybody’s Bitcoin shares so that it can realize the early registration as a cryptocurrency exchange and develop cryptocurrency services to customers.

According to the e-commerce giant, Everybody’s Bitcoin “decided to expand the business under the Rakuten Group to maximize synergies…in order to further promote its cryptocurrency business.”

What do you think of Rakuten fast-tracking into the Japanese crypto market? Let us know in the comments section below.

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Images courtesy of Shutterstock, Rakuten Inc, Everybody’s Bitcoin, Coincheck, and Lastroots.

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Kiev’s Bessarabsky Market Accepts Cryptocurrencies for Groceries

Bessarabsky market, a landmark of Ukraine’s capital, is introducing crypto payments. Fruits and vegetables are already sold for a number of cryptocurrencies including bitcoin cash (BCH). The initiative to offer the alternative payment option aims to show how simple it is to use cryptocurrency in everyday life.  

Also read: New Bill Clarifies Crypto Taxation in Poland

BCH and BTC Accepted for Fruits and Vegetables

Kiev’s historic Bessarabsky market, an indoor marketplace located in the center of the capital city, is accepting cryptocurrencies, the public communal company that operates it announced on Facebook. Locals and visitors can now buy fresh produce with a variety of digital coins thanks to a partnership with crypto payments processor Paytomat.

Currently supported are payments in bitcoin cash (BCH), bitcoin core (BTC), bitcoin gold (BTG), litecoin (LTC), ethereum (ETH), nano, dash, waves, EOS, and NEM. During this initial, experimental stage customers can spend their crypto at a fruits and vegetables stand. However, a vegan street food cafe at the market is also preparing to launch crypto payments soon. Purchases are made through a QR code scan and sellers should receive the payments in fiat Ukrainian hryvnias after instant conversion.

The cryptocurrency payment option will offer buyers a new experience and attract crypto enthusiasts, according to Bessarabsky market’s managing director, Nikolay Kovalchuk, quoted by the Ukrainian outlet Bykvu. He also hopes for an increase in customer loyalty that will lead to sales growth. The market, which is one of Kiev’s landmark sites, is frequented by foreign tourists as well, and for many of them crypto payments are known and convenient.

‘Babushka’ Shows How Easy It Is to Spend Crypto

The project, which has been named “Babushka” (Granny), aims to demonstrate the simplicity of using cryptocurrency in everyday life. According to Alexander Kurin, operations director at Paytomat in Ukraine, the hardest part is to convince sellers they are going to get their hryvnias after the crypto payment is processed. He told Forklog:

The main idea is a symbiosis between traditions and innovations. We chose the Bessarabsky market because it is a well-known tourist destination, and cryptocurrencies are a universal means of payment in any country.

Paytomat has been working to introduce cryptocurrency payments in a number of cafes, restaurants, online stores, and even clinics, schools, and beauty salons, the Ukrainian outlet notes. Businesses and merchants using its services are spread across Europe, from Ukraine and Georgia in the East to the Netherlands and Spain in the West.

The platform offers several payment solutions including POS terminal, web panel, QR code and WordPress plugin. As news.Bitcoin.com reported earlier this year, the Paytomat supports 11 cryptocurrencies and works with more than 330 restaurants and stores.

What do you think about Bessarabsky market’s initiative to introduce crypto payments in Kiev? Tell us in the comments section below.  

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Images courtesy of Shutterstock, facebook.com/bessarabskiyrinok, Paytomat.

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August 2018 Volume Rankings Report: ETC and Dash Top Ten

During August, the monthly volume posted by the majority of leading cryptocurrency markets continued to decline. Despite such, the ETC and Dash markets again defied the trend to post an increase in trade volume, with XRP also bucking the downward trend this month.

Also Read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Top 5 Most Traded Cryptocurrency Markets Posts Month-Over-Month Decline in Volume

Trade volume for BTC pairings declined by 5.34% during August – falling from $131 billion USD last month to $124 billion during the last thirty days, according to Satoshi Pulse.

USDT saw the smallest volume fluctuation of the major cryptocurrency markets this month, with $82.9 billion worth of Tether changing hands during the last thirty days – a 3% drop in trading activity when compared with July.

ETH has maintained its position as the third most traded cryptocurrency, however, saw a drop from July’s $53 billion in thirty-day trade volume to post $45.75 billion for August. The nearly 14% drop marked the third consecutive month of declining volume for Ethereum.

EOS also posted its third consecutive month of declining volume, with August’s $18.1 billion down nearly 11.3% from July’s $20.4 billion.

Bitcoin Cash saw a drop in trading activity during August, dropping 31.3% from July’s $14.85 billion to post $10.2 billion in thirty-day volume.

ETC, XRP, and DASH Defy Downward Trend

Of the top ten most traded cryptocurrencies during August, ETC, XRP, and Dash were the only markets to post an increase in volume month-over-month.

Ethereum Classic climbed from eighth to sixth after experiencing an increase in thirty-day trading volume for the fourth month in a row – with August’s $7.9 billion comprising an approximately 18% increase over July’s $6.7 billion for ETC.

XRP has maintained its position as the 7th most traded cryptocurrency market, with August’s $7.8 billion comprising a 13% increase in trade volume over July’s $6.9 billion.

LTC experienced a slide back down to eighth after ranking sixth for two consecutive months after posting $7.14 billion in thirty-day trade volume – a 16.7% drop in trading activity when compared with July’s $8.57 billion.

Dash has continued to climb the rankings, with August’s $5.26 billion elevating Dash to ninth position and comprising a 5.2% month-over-month gain from the $5 billion in thirty that propelled DASH into the top ten most traded markets last month.

Despite posting a 9.1% drop in monthly trade volume, Qtum has crept back into the top ten most traded markets with $4 billion after dropping to 11th last month with $4.4 billion.

Many Leading Crypto Markets See Significant Volume Volatility

The TRX Markets have continued to slide down the rankings, sitting at eleventh for August with $3.45 billion – a 36.7% drop from last month’s $5.45 billion. TRX was the sixth most traded cryptocurrency market during May, however, slid to ninth during June and July.

CKUSD has climbed from fourteenth to rank twelfth for August after posting $3.36 billion in monthly trade volume – a roughly 16% increase over July’s 2.9 billion.

ZEC posted among the strongest volume gains produced by a leading cryptocurrency market during August, with $2.9 billion worth of Zcash exchanging hands during the last thirty days – an approximately 35% increase over July’s $2.15 billion. ZEC ranked thirteenth for August, up from sixteenth last month.

Ontology saw the strongest percentage gain in trade volume of the leading crypto markets, with August’s $2.34 billion comprising a 41% increase over July’s $1.66 billion. The increase in trading activity has elevated ONT from the twentieth to the fourteenth most ranked cryptocurrency market by thirty-day trade volume.

XLM has maintained its position as the fifteenth most traded cryptocurrency, despite August’s $1.94 billion comprising a 15.65% drop from July’s $2.3 billion.

ADA and NEO Slide Significantly in Volume Rankings

ADA saw a significant drop in trading activity during August, sliding from thirteenth in July to sixteenth this past month with $1.84 billion – a 40.65% drop from last month’s $3.1 billion.

NEO saw the largest drop in trade volume of the major cryptocurrency markets, sliding from twelfth to seventeenth after posting a thirty-day volume of $1.83 billion – a 46.2% drop from July’s $3.4 billion.

Do you think that the majority of the leading cryptocurrency markets will continue to posting declining volume month-over-month? Share your thoughts in the comments section below.

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The Daily: Cboe Close to Ether Futures, Brave Boasts Millions of Downloads

Cboe is getting closer to launching ether futures and we’ve covered the report in The Daily. Also, Brave has reported 10 million downloads of the Android version of its privacy-oriented browser, the Russian telecom regulator says it would unban Telegram if the messenger follows court orders, and IOTA Foundation has released its Trinity desktop wallet app in beta.

Also read: Huobi Nears Backdoor Listing, Musk Still Loves Scambots

Report: Cboe to Launch Ether Futures in 2018

The US-based exchange behind the first bitcoin (BTC) futures, Cboe Global Markets, is now getting close to launching futures for ether, Business Insider UK reports quoting knowledgeable sources. The report further details this could happen as early as this year. The outlet notes that the announcement of the new products could create conditions for the wider trading in the second-largest cryptocurrency by market cap and possibly open the door for an ETF. Danny Kim, head of growth at the crypto trading firm SFOX commented:

Cboe’s offering will enable crypto traders to take both long and short positions in ether and it’s another step forward to a new accepted asset class. With this, I think the new investment opportunity will take crypto out of the bearish market and reverse to a new bull.

Cboe is now reportedly waiting for a decision from the Commodities Futures Trading Commission (CFTC) before launching the product. According to people familiar with the matter, Cboe would be basing its futures on the underlying market of Gemini, the NY-headquartered cryptocurrency exchange operated by the Winklevoss brothers. Cboe’s bitcoin futures are also based on its platform. A representative of the Securities and Exchange Commission (SEC) stated in June that SEC didn’t view the trading of ether as a violation of the US securities law.

Brave Browser With 10 Million Android Downloads

The Android version of Brave browser, the open-source web browser boasting enhanced privacy features, has recorded more than 10 million downloads, its publisher announced in a tweet. “Thank you to our users for choosing to browse faster and safer, and for valuing privacy protection!” Brave Software added in its post. According to media reports, the browser has been ranked among the top 10 “Free Communication Apps” on Google Play Store in a couple of dozen markets already.

Thrilled that Brave for @Android now has over 10 million downloads! Thank you to our users for choosing to browse faster and safer, and for valuing privacy protection! https://t.co/ME6ZkOYfLx pic.twitter.com/nBmpMFEcBa

— Brave Software (@brave) August 24, 2018

Brave is a privacy-oriented browser supporting opt-in ads and crypto payments between users and website publishers. To take advantage of the tipping system, which uses Brave’s ethereum-based basic attention token (BAT), users have to enable the payments in the browser. Used by Twitchers and Youtubers, the service may soon be available to Twitter and Reddit users as well. Earlier this month, the company behind it announced plans to introduce support for the two platforms in the fourth quarter of this year.

Roskomnadzor May Consider Unblocking Telegram

Russia’s telecommunications watchdog now says it’s ready to consider lifting the ban on the popular messaging app Telegram in case its operator agrees to follow a court order to provide Russian law enforcement agencies with access to its encrypted messages, RT reported. Roskomnadzor attempted to block the messenger, used by many in the crypto community, after it did not comply with last year’s request to share its decryption keys.

Last week, Roskomnadzor reiterated its position saying the ban may be lifted if Telegram provides assurances it will abide by the court’s decision. The announcement comes after the agency faced difficulties in its attempts to effectively restrict the service in Russia. At the same time, Telegram has not indicated it intends to change its stance on the matter. A lawyer representing the company said the messaging service can only share limited data on individual users, provided a court deems it necessary.

IOTA Announces Beta Version of Trinity Desktop Wallet

The IOTA Foundation has recently announced the release of the Trinity desktop wallet app in beta. The launch comes after an earlier release of the Trinity Mobile wallet which has now been optimized for desktop application. Both versions can be downloaded from links published on the Trinity website. IOTA is open sourcing the code for the two wallets and hopes to work with the developer community to improve them further.

According to a published statement: “Trinity Desktop on Windows is signed with the IOTA Foundation code-signing certificate, which needs to have a positive reputation in order to pass the Smart Screen filter… Since Trinity Desktop has just been released, the Smart Screen will continue to flag the wallet.” Users can manually check the certificate by right-clicking the application icon and opening “Properties”. The information about the “IOTA Stiftung” signature can be found under the “Digital Signatures” tab.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.

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160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Japan’s top financial regulator has revealed exclusively to news.Bitcoin.com the number of crypto exchanges seeking to enter the Japanese market. The agency also confirms the number of existing exchanges that have exited the industry, leaving only three applications currently being reviewed.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Three Quasi-Operators Are Left

Cryptocurrency exchanges in Japan are licensed by the country’s top financial regulator, the Financial Services Agency (FSA).

The FSA has licensed 16 crypto exchanges so far. In addition, it has allowed 16 more companies, including Coincheck, to operate crypto exchanges while their applications are being reviewed. These companies are sometimes referred to as “quasi-operators” of crypto exchanges.

However, since the hack of Coincheck in January, the FSA has stepped up its oversight of crypto exchanges. It has issued many business improvement orders and temporary shut down some exchanges. With stricter rules to comply, a number of quasi-operators began to withdraw their applications and exit the industry.

An FSA representative told news.Bitcoin.com that, out of the original 16 quasi-operators:

There are three quasi-virtual currency broker dealers still being reviewed: Coincheck, Everybody’s Bitcoin Inc. [Minnano Bitcoin], and Lastroots.

Coincheck was acquired by Monex Group after the hack. While the FSA declined to comment on Coincheck’s specific application, Monex is hopeful that the exchange will be approved in September. Once approved, Coincheck will resume normal operations, including registering new members, Monex previously said.

FSA Never Stopped Reviewing Applications

Since the hack of Coincheck, the FSA began rigorously inspecting all crypto exchanges, 23 of which received an on-site inspection. The agency recently released a report detailing its findings.

No new companies have been approved this year, drawing speculation that the agency may have halted reviewing exchange operators.

However, the FSA confirmed to news.Bitcoin.com:

There is no such fact that we stopped reviewing process.

160 Interested Companies

The FSA revealed in July that about 100 companies were interested in applying for a license to operate a crypto exchange. Among them are Line Corp and Yahoo! Japan. Line recently launched an exchange, Bitbox, that serves customers globally except those in Japan and the U.S. The company is waiting for the FSA’s approval before beginning operations in Japan.

On Wednesday, the agency disclosed to news.Bitcoin.com the updated number of interested operators, stating:

Including preliminary consultation/inquiries regarding registration, around 160 operators are expressing their intention of market entry.

What do you think of 160 exchange operators wanting to enter the crypto space in Japan while most of the quasi-operators have exited the market? Let us know in the comments section below.

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Yahoo! Finance Rolls Out Bitcoin Core, Ethereum, Litecoin Trading

“The virus is spreading,” tweeted Morgan Creek Digital’s Founder & Partner Anthony Pompliano at the news Yahoo! Finance (YF) had integrated bitcoin core (BTC), ethereum (ETH), and litecoin (LTC) into their trading platform. He was one of many enthusiasts to insist the event was an important step in the quest for mass cryptocurrency adoption.

Also read: Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push

Yahoo! Finance Integrates Bitcoin Core, Ethereum, Litecoin Trading

“You can now buy Bitcoin, Ethereum, and Litecoin on Yahoo Finance,” Mr. Pompliano announced through his popular Twitter account. YF’s embrace of cryptocurrency has many in the ecosystem excited about future prospects for more mainstream adoption. That indeed could be the case, or it might also be a deep wish as fans of digital assets slog through a brutal bear market.

YF is, of course, a subdivision of Yahoo!, one of the original web portals in the net’s early days. YF has been around for over two decades, a go-to source of information about stocks and financials. Bitcoiners of a certain age will remember YF as a first glimpse into the power of net information and aggregation.

Why Litecoin Ahead of Others?

Nowadays, it is less viewed as innovator, and more as a melange, a giant salad of financial information through news, commentary, financial reports, assorted original content and a staple at conferences, along with the usual facilitation of press releases and housing of data. It is just as likely to be seen as a reliable source of financial reporting.

It was gobbled up last summer by Oath Inc, a subsidiary of Verizon. It now claims to be among the largest business news websites in the US. Hints of the broader company dabbling in crypto actually came a few months earlier, spring of this year, when its Japanese wing asserted it would purchase a healthy amount of crypto trading platform Bitarg Exchange Tokyo with hopes of launching its own exchange in the spring of 2019.

Though its platform does track other cryptocurrencies such as bitcoin cash (BCH), YF has not made them available for trade to the public as of yet (a curiosity, as both, say, ripple and bitcoin cash outrank litecoin, for example, in market capitalization). YF’s crypto data is derived from Crypto Compare.

Is Yahoo! Finance’s crypto integration important? Let us know in the comments below. 

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Storing a Lot of Bitcoins in One Wallet Is a Bad Idea

Interest has piqued in a bitcoin wallet that’s lain dormant for four years. This week’s movement of the funds it contains, worth close to $850 million, has sparked intense debate over whose address it might be. Regardless of which whale holds the rights to it, the wallet’s very existence demonstrates the drawbacks of holding a lot of bitcoins in one address.

Also read: Payment Platform Bitpay Adds Bitcoin Cash Settlement Services

Mt Gox, Silk Road, and the Mystery of the Whale-Sized Wallet

Gawping at the fortunes of the super rich is a universal pastime with a storied past. In centuries gone by, the poor would watch in envy as the rich rattled past on their horse-drawn carriages clad in the finest scarlet robes. Today, the rich retain much of their fortune in digital form, and the closest we get to inspecting it is on a blockchain explorer. In many other respects though, little has changed. Observers have been transfixed, over the past 72 hours, by the movement of funds from a wallet containing 111,000 BTC and an identical number of BCH.

A lot of the attention has focused on the identity of the wallet’s owner, whose funds have been attributed to Silk Road or Mt Gox – the usual suspects in other words. Craig Wright also claimed ownership of the wallet in a lawsuit, though like many of his claims, this one has been granted no credence. The open nature of blockchains is an inherent part of their design; rich or poor, whale or minnow, everyone’s transactions are equally transparent in a block explorer. While democratic, this system does have its downsides, such as when wishing to move a large amount of bitcoin without attracting scrutiny.

Don’t Keep All Your Bitcoins in One Basket

The attention that the 111,000 BTC/BCH wallet has gathered highlights some of the pitfalls to keeping large quantities of coins in a single address. For one thing, the cost of failure is insanely high. Lose the private key and you’ve lost your fortune. From a risk management perspective then, it would seem sensible to break a large wallet down into smaller parts. From a privacy perspective, it also makes sense to move smaller quantities of coins at one time rather than attract attention by shifting six-figure amounts of bitcoin in one go.

Aside from pondering the mystery of the wallet’s owner, observers have been rapt in case a tranche of those coins is sent to an exchange wallet. In the past, EOS sending large quantities of ETH to Bitfinex, for example, has been enough to spark panic among holders fearing a major dump. Whales have probably got better things to do with their time than send hundreds of millions of dollars of bitcoin to an exchange wallet just to spook traders. It is a quirk of bitcoin’s design, however, that such an event is even possible. As of today, 83 wallets have received just under 1,000 BTC apiece as the wallet’s owner distributes their estate. This may be the last time their wealth is analyzed so openly by so many.

Who do you think the whale-sized wallet belongs to? Let us know in the comments section below.

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Report: Miner Spends Only $1567 per Bitcoin

Electricity is the number one cost for cryptocurrency mining, giving an edge to whoever can secure it for the lowest price. Bitfarms, which has access to cheap renewable energy in Canada, reports that mining a single BTC cost the company just $1567 in the first half of the year.

Also Read: The Daily: Huobi Nears Backdoor Listing, Musk Still Loves Scambots

$1567 Per BTC

Tel Aviv Stock Exchange listed firm Bitfarms Technologies Ltd. (TASE: BLLCF), today reported its consolidated results for the half-year period which ended June 30, 2018. The report shows that the company generated 1,923 BTC, 2,222 BCH, 3,324 LTC, 567 ETH and 220 DASH during the first six months of 2018. And the figures also reveal that it cost Bitfarms just $1567 to mine each BTC.

Financial highlights for the period include mining operations segment revenue of $21.1 million, gross profit of $12.3 million (58% gross profit margin), gross mining profit of $17 million (80% gross mining margin), operating income of $8.1 million (38% operating margin), EBITDA of $13.9M (66% EBITDA margin) and net income of $6.2 million. Bitfarms also executed an acquisition of a company with 40 electricians specialized in building infrastructure for computing centers, and installed over 6,500 ASICs at a St. Hyacinthe, Quebec facility producing about 91 PH/s of hash power.

Low-Cost, Clean Energy

Bitfarms has bought land and two industrial properties in Sherbrooke, Quebec where it plans to build a “mega-facility”. It negotiated energy purchasing agreements with Hydro-Sherbrooke to secure 98 MW of low-cost electricity, enough to grow its mining operation five times their current size. The company also reports it completed the construction of leasehold improvements and installation of all electrical infrastructure for a new 10MW facility in Magog, Quebec.

“We are very proud of the tremendous progress made in the first half of Fiscal 2018,” commented CEO Wes Fulford. “Through disciplined execution and responsible financial management, our team has successfully completed several key initiatives that align with our strategic objectives of securing low-cost, clean energy, growing mining infrastructure and operations, vertically integrating to minimize dependence on costly third-party service providers and exploring exciting new business verticals within blockchain technology. Contrary to industry trends, we achieved strong revenues and robust margins throughout the period. Our impressive cost structure, enabled by long-term, affordable electricity and real-estate leasing costs, allows us to maintain profitability during periods of volatile cryptocurrency pricing. We are committed to executing our vision as we strengthen Bitfarms’ position as a leading player within the global blockchain industry.”

Does access to cheap energy guarantees that mining will support the development of renewable sources? Share your thoughts in the comments section below.

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The Daily: Huobi Nears Backdoor Listing, Musk Still Loves Scambots

In today’s edition of Bitcoin in Brief we cover stories that show how Houbi is nearing a possible backdoor listing on the Hong Kong Stock Exchange, why Elon Musk is still impressed by the quality of cryptocurrency scambots on Twitter, and an Italian football club bought with crypto.

Also Read: Binance, Okex, Huobi and Upbit Back New Stablecoin, Terra

Huobi Nears Backdoor Listing

Huobi Global has issued a joint announcement with Pantronics Holdings (HKEX: 1611), a firm listed on the Hong Kong Stock Exchange, about the acquisition of shares in the public company by the cryptocurrency exchange operator. Huobi is now the majority shareholder in Pantronics, which it can use to perform a backdoor listing for itself. This means that the cryptocurrency exchange now has the option of becoming a public company without having to go through an IPO, giving it the credibility that such a status holds among traditional investors and an ability to raise funds by selling stocks, options or bonds. The companies have not responded to questions about the deal yet, and investors are probably interested to know if the companies have approached HKEX management to see if they won’t raise difficulties in such a process.

Musk Still Loves Scambots

The founder of Tesla and Spacex, Elon Musk, seems to still be impressed by Twitter scambots – algorithms that automatically reply to messages by high profile accounts with false promises of giveaways. Back in July he sounded like he wanted to offer the programmers behind them a job, tweeting: “I want to know who is running the Etherium (sic) scambots! Mad skillz …”. He’s apparently so impressed with their performance, he’s now joked, “At this point, I want ETH even if it is a scam.”

At this point, I want ETH even if it is a scam

— Elon Musk (@elonmusk) August 28, 2018

Italian Football Club Bought With Crypto

Cryptocurrency trading companies, ICO projects and others in the ecosystem have been using sports sponsorships deals to reach a mass audience for a while now. And the latest example of this comes from Italy, where according to local media, a football team was bought with digital tokens. UAE-based Heritage Sports Holdings reportedly paid with Quantocoin (QTC) for 25% of the shares of Rimini F.C., an Italian association football club founded in 1912 that plays in Serie C. If the name of the token sounds familiar, a Quantocoin ICO investor was also behind the recent decision by Gibraltar United F.C. to pay its players with crypto.

Mycrypto Raises $4 Million in Series A Funding

Mycrypto, the client-side tool for generating ETH wallets created by Myetherwallet founder Taylor Monahan, has announced today it raised $4 million in a Series A round of funding led by Polychain Capital. Additional investors include Boost VC Fund 3 LP, Mainframe’s Mick Hagen, Chance Du (Coefficient Ventures), Ausum Blockchain Fund LP, early Dropbox employee Albert Ni and Earn Co-Founder Lily Liu (4T Global LLC). “We believe today one of the major bottlenecks to cryptocurrency adoption is the lack of an easy-to-use interface for average people. Mycrypto is led by hardcore cryptocurrency entrepreneurs and is well-positioned to onboard the next one hundred million cryptocurrency users,” said Olaf Carlson-Wee, Founder and CEO of Polychain Capital.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

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Markets Update: BTC Consolidates Around $7K After Breaking Trendline

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Bitcoin Cold Storage in DNA

Savvy Bitcoiners know: whoever controls keys and passphrases, controls the coins. As cryptocurrency becomes part of everyday life and investment, enthusiasts are increasingly searching for unique, secure ways to store access to their digital assets. Enter Carverr, the startup claiming to keep passwords and keys in a microtube of deoxyribonucleic acid (DNA). It’s just so crazy sounding it might work.  

Also read: Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push

Store Bitcoin Passwords in DNA

Some keep them on hard drives; others, paper, separated, and in two locations. Still others employ complex safety deposit box schemes. Indeed, as cryptocurrency takes on greater significance in more financial plans, what to do with essential access to it becomes of utmost importance.

Carverr is offering what it calls a “DNA-based cold storage for digital currencies. Our system is the safest method of cold storage on the planet, developed by a group of experienced asset managers and biotechnologists.” They believe their storage idea is one of a kind, transforming “data from digital information to biological, and therefore requires no software updates or internet connection,” according to their website.

Cold storage, the practice of keeping crypto details away from a ‘hot’ wallet, one connected to the internet, seems to a safer practice all around. Though not entirely foolproof, coming with its own challenges, cold storage is the preferred method for security minded enthusiasts. “Since it lives off-line,” the company explains, “it is protected from hackers and because your code is contained in a strand of DNA it can never become obsolete, unlike other cold storage wallets. Even storing your digital codes in-offline servers in a mountain means at some point, those servers will become obsolete and require updates. Carverr’s DNA system is a one and done solution that ensures your code outlives you.”

Clients begin their DNA storage journey by the most dangerous of possible scenarios: they send either their “passcode, passphrase or private key” to the company. “This is done through an encrypted messaging service based in Switzerland. You don’t need to tell us what your passcode is for,” Carverr notes. “Feel free to alter your code before sending it to us. We do not verify the context of your passcode, we only convert whatever code you provide to us into DNA.”

No Way Watson and Crick Could’ve Imagined This

Remembering back to biology class, readers might recall nucleic acids chain together, their bases of four making a DNA strand: adenine, cytosine, guanine, thymine. Shorthand reads A, C, G, T, respectively. Carverr uses “a special algorithm to convert your digital code (1s and 0s) into a string of bases consisting of As, Ts, Cs, and Gs, i.e. DNA.  Your code is checked numerous times for accuracy. Carverr then manufactures a strand of synthetic DNA, using the string of bases. DNA manufacturing is a tried-and-true method dating back to the 1950s.”

Indeed, it was in 1953 two Cambridge researchers, James Watson and Francis Crick, identified DNA’s molecular structure. DNA has gained traction in recent years as a keen method of providing a unique identifier to catch baddies; and within the last 20 years it has been advanced in the quest to map the human genome. It’s probably safe to assume no one 6 plus decades ago could have imagined it as a digital currency storage mechanism.

“We utilize a number of manufacturing partners who produce hundreds of thousands of base pairs per day, for use in biomedical and agricultural applications. All of these sectors require extreme precision, which is why exhaustive quality checks are performed,” they stressed. “Once your test tube is ready, it can be shipped back to you, or you can elect to have Carverr store it on your behalf. Currently, your data is best suited for storage in a freezer (4° C), however, a shelf stable version is currently in development.”

Users of the DNA cold storage service are also able to receive data retrieval support. “Data retrieval takes about 48-72 hours from the time of the request. It may take longer if you decide to store your data yourself. We retrieve the code by sequencing your DNA and then de-coding the information to retrieve your password. The password is then transmitted back to you through our secure communication channel,” the company urges. “Unlike electronic devices, DNA will never become obsolete. Reading and writing DNA will always be relevant; therefore, there is no need for software patches, updates or new hardware.”

Would you use DNA for cold storage? Let us know in the comments below. 

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PR: Access Sold out ICO’s Through Vertex Aftermarket

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

With the growing interest by investors in getting on board with cryptocurrency, often the most effective and popular tokens sell out quickly leaving many disappointed in the lack of access to these top tokens, or even if tokens are only offered on private sale to which the investor has no access. That would mean they had lost out.

Vertex has created an aftermarket for sold out tokens where investors would have access to these tokens at pre-sale prices.

How does Vertex open re-open the doors for Investors?

The first step taken by the well-experienced Vertex team, which consists of private equity and venture capital investors, will put each ICO they deem to be the best, through a 6-step vetting process. This includes gathering all available information on the ICO in question. The data then is, and the ICO in questions team’s claims are tested for validity, there will be personal interaction with the team members, and stringent due diligence will be followed into the financial strength of the ICO.

Once the ICO’s have been vetted and produced stellar outcomes the team will invest not less than $500 000 in the ICO. This will immediately give the ICO a boosted status and reputation.

The tokens that are bought at preferential rates will be sold to the Vertex community investors at the pre-sale price. In other words, re-opening the door to investors to gain access to the very best ICO’s available.

Advantages of the Vertex Aftermarket to Investors

Often investors, especially those that are new to the marketplace are trepidatious of this new school platform for various reasons

Firstly they are not sure firstly of when is the right time to invest. With regard to both the token sale process and with regard to the financial climate generally.

Secondly, they may not know where to access coins. Often they are bombarded by ‘brokers’ who at the end of the day often turn out to be scammers. Often new investors hear these stories, and it makes for a negative intimation.

Thirdly, which ICO to choose? There are so many out there, and not all are going to be a success.

Vertex has not only taken the guesswork out of the equation but also supplied a sense of security through the team of professional investment guru’s, a stringent vetting process and a narrowing down of the ICO options to only the best ones. Further to this, new investors will have access to a large community of like-minded individuals to turn to for advice and input.

Vertex looks set to become the benchmark for the best ICO’s on offer and investors that join their community will be assured of not only having access to tokens they would never have been able to access as an individual, but they will also be buying successful tokens that they can invest in with peace of mind. Essentially becoming a one-stop shop for all investors alike.

Contact Email Address:
marketing@vertex.market

Supporting Link:
https://vertex.market

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Reserve Bank of India Anticipates Shift to P2P Crypto Trading

India’s central bank has released its latest annual report which includes a section dedicated to cryptocurrency. The Reserve Bank of India outlines the risks posed by crypto and emphasizes the need to monitor crypto development in anticipation that some trading may shift from exchanges to peer-to-peer (P2P) mode.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Risks to Monetary Policy

The Reserve Bank of India, the country’s central bank, published on Wednesday its 268-page annual report for 2017-18.

While asserting that “the cryptocurrency eco-system may affect the existing payment and settlement system which could, in turn, influence the transmission of monetary policy,” the central bank wrote:

Though cryptocurrency may not currently pose systemic risks, its increasing popularity leading to price bubbles raises serious concerns for consumer and investor protection, and market integrity.

A Shift to Peer-to-Peer

The annual report also confirms that the government and the central bank “are keeping a close watch on cryptocurrency.”

Referring to the circular it issued in April banning all financial institutions from providing services to “any individual or business entities dealing with or settling in virtual currencies,” RBI reiterated:

Developments on this front need to be monitored as some trading may shift from exchanges to peer-to-peer mode, which may also involve increased usage of cash. Possibilities of migration of crypto exchange houses to dark pools/cash and to offshore locations…require close watch.

Since the RBI ban, crypto exchanges in India have come up with solutions to continue providing Indian rupee deposit and withdrawal services to their customers. One solution that is growing in popularity is through exchange-escrowed P2P trading.

RBI Sees Additional Risks

RBI claims that cryptocurrencies are “prone to hacking and operational risk” because they are stored in electronic wallets. In addition, the central bank sees “a high possibility of its usage for illicit activities, including tax avoidance.”

Emphasizing that crypto lacks an “established framework for recourse to customer problems/ dispute resolution as payments by cryptocurrencies take place on a peer-to-peer basis without an authorised central agency which regulates such payments,” RBI detailed:

The absence of information on counterparties in such peer-to-peer anonymous/pseudonymous systems could subject users to unintentional breaches of anti-money laundering laws (AML) as well as laws for combating the financing of terrorism (CFT).

Furthermore, the report mentions that a number of central banks around the world are exploring central bank digital currencies. “In India, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency,” the report reads.

What do you think of RBI’s opinions? Let us know in the comments section below.

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