Switzerland crypto-friendly bank Sygnum in conjunction with cryptocurrency platform Coinify and Galaxus, Switzerland’s largest online successfully completed an e-commerce transaction using Sygnum’s stablecoin.
Sygnum announced the news of the transaction via a press release on Thursday (August 27, 2020). According to the post, the e-commerce transaction was a world-first with the bank’s stablecoin called Digital Swiss Franc (DCHF).
The e-commerce transaction conducted on the Galaxus online platform was enabled by Coinify. Also, the use of the stablecoin in the e-commerce sector connects customers and online retailers, while also eliminating fraud, lowering cost, and providing a simpler and faster payment process for customers.
Sygnum Bank launched the DCHF token in March 2020 and the stablecoin is pegged to the Swiss franc 1:1. The bank earlier obtained a banking and securities dealers license from the Swiss Financial Market Supervisory Authority (FINMA).
Commenting on the latest payment method, Martin Burgherr, Chief Client Officer for Sygnum bank, said:
“This transaction is a further proof-point of the value of Sygnum’s DCHF and its potential to drive digital transformation in major global industries like e-commerce and payments. We continue to innovate and foster partnerships such as this to accelerate the development of the global digital asset economy”
Galaxus executive Thomas Fugmann also said that using DCHF makes it easier for customers both in Liechtenstein and Switzerland to carry out transactions on the company’s online stores. The Swiss online retailer became one of the first e-commerce platforms to accept cryptocurrencies as a payment means back in 2019.
Growing Use of Cryptocurrencies as a Payment Option
More companies and businesses continue to integrate cryptocurrency as a payment means for faster and cheaper transactions.
As reported by BTCManager back in May, e-commerce giant Shopify in conjunction with crypto payments platform CoinPayments, introduced cryptocurrency as a payment option on the e-commerce platform. There were also reports this August about a development that will see holders of Cardano’s native coin ADA, pay with the digital coin at more than 500 online stores on Shopify.
Furthermore, Coca-cola and Amatil and Centrapay entered into a partnership that will enable residents in Australia and New Zealand to buy Coca-Cola with Bitcoin. Travel agency Expedia and Travala also collaborated to make customers book hotels with cryptocurrency.
Aug-29-2020 12:49:15 AM
Police in South Korea on Wednesday raided and seized the offices of Coinbit, the country’s third largest crypto exchange, over allegations it faked 99% of its trading volume.
According to a report from Seoul News, local police took control of Coinbit’s headquarters in Gangnam as well as other sites elsewhere.
Police accuse the exchange’s owner Choi Mo and other managers of “wash trading”. For about a year until May 2020, the process earned Coinbit 100 billion won ($84 million) in profit fraudulently, it said.
A wash trade is a form of market manipulation in which an investor simultaneously sells and buys the same financial asset to create misleading, artificial activity in the marketplace. It is illegal in most jurisdictions.
In the case of Coinbit, the exchange was functionally split into two operational accounts containing all user funds, say police. Fraud within the first account involved major cryptocurrencies bitcoin (BTC), ethereum (ETH), ripple (XRP), and tether (USDT), which Coinbit staff moved internally between “ghost accounts”.
The other account exclusively traded dubious altcoins and initial exchange offerings. The firm prevented transactions with outside exchanges so that the owner and management were able to control the supply of coins. Choi and his team manipulated this structure by trading large quantities of the listed crypto and then dumping them on unsuspecting retail traders.
According to the newspaper report, authorities are also questioning the possibility of additional malpractice and embezzlement. The paper said it examined Coinbit’s books before alerting the police. It held off its report at the police’s request, but its investigations found discrepancies in the deposits and withdrawals of 99% of the trading volumes.
An accounting firm refused to work with Coinbit after reviewing its accounts, the paper said. In April, South Korea’s Financial Supervisory Service also refused to sign-off the exchange’s financial statements, which had not been externally audited.
Coinbit had 252,000 visitors in the last three months and is only surpassed by Bithumb and Upbit in South Korea. Police investigations are ongoing. As South Korea drafts crypto laws, there is concern that more such seizures could follow.
Aug-29-2020 12:48:18 AM
Cardano (ADA), described by some as the ‘Ethereum killer,’ plans to address the issues other cryptocurrency projects encounter with a platform that’s scalable, interoperable, and sustainable.
Cardano may give ADA, its crypto token, value for the long term with its aim of proof the platform. Here’s a comprehensive guide on how to buy the ADA token.
Where Can You Buy Cardano?
Cardano’s ADA token can be bought or traded on several exchanges, but HitBTC is the largest in terms of the trading volume. Huobi Global, Binance, Upbit, Dcoin, and CoinEx are also on the list of other larger volume exchanges where investors purchase or trade ADA.
We should note that every U.S. crypto investor should read the fine print for each exchange. ADA is not available yet on some of the popular platforms such as Coinbase, so if you find ADA listed on an exchange, find out if it accepts U.S. customers, and research the platform before sending any money or depositing any cryptocurrency.
U.S. exchanges for Cardano (ADA):
How to Buy Cardano (ADA)
Purchasing Cardano is similar to buying many other types of crypto coins. The first step is always to store your tokens.
Get an ADA Wallet
Dissimilar to more mature cryptocurrency projects, Cardano doesn’t provide users with many wallet choices for now. The number of wallets will, however, increase in time as ADA increases in popularity and acceptance.
Daedalus, the wallet recommended by Cardano, enables hierarchical wallet structures, so you have the possibility to organize your funds as you prefer. The Daedalus desktop wallet also supports plugins and provides a secure API for developers to extend the wallet’s functionality.
Ledger, a dominant giant in hardware wallets, also supports Cardano’s ADA and works with Yoroi Wallet and AdaLight to secure your tokens. In most cases, you’ll want to send your ADA to a separate wallet rather than keep the assets with the exchange.
Choose a Trusted ADA Exchange
It is vital to choose an exchange that is not prone to close its digital doors soon, as the Internet is filled with instances of failed cryptocurrency exchanges. Bittrex, Binance, and Coinmama are some popular platforms and may be safer than some other options.
Notice, though, that you may not be able to purchase ADA directly. Some exchanges, including Binance, require that you trade another cryptocurrency for ADA.
Fund Your Account
You may have one of the multiple options to fund your account, depending on which exchange you choose. Some platforms support ACH bank transfers or wire transfers, while others accept cryptocurrency deposits or purchases by credit card. You can deposit either Bitcoin or Ethereum with Binance and then use the balance to trade for ADA.
If you don’t have any BTC or ETH or prefer not to trade them away, you can also buy either Bitcoin or Ether from the platform and then trade for ADA.
NOTE: Expect to pay up to 3.5 percent or more in fees when buying cryptocurrency via credit card. Trading fees may also apply and can depend on which exchange you use or on the size of the transaction.
Trade for ADA
If you’re on an exchange where you cannot purchase ADA directly with U.S. dollars, you’ll find that ADA is traded in pairs with other coins. Many crypto exchange platforms function similar to forex markets, where fiat currencies trade in pairs.
First, familiarize yourself with the types of orders that are available. Similar to buying stocks, you can use limit orders, market orders, or stop-limit orders. Because crypto-assets move quickly and because some platforms may not have lots of traders, consider using limit orders to prevent buying or selling at a bad price.
Transfer your ADA then to a wallet if you don’t need to trade it again on the exchange. We also recommend you to use a cryptocurrency portfolio tracker to monitor your investments if you have more than one type of cryptocurrency. Crypto apps can also help you keep an eye on the news or market changes for your currencies.
Should You Buy Cardano?
Cardano has proven itself able of some remarkable price runs. If you time your trades perfectly, you can see an instance such as the one in which Cardano’s performance in December of 2017 to January 2018 would have multiplied your investment by more than ten times.
Seeing Cardano as both a cryptocurrency and a platform, there’s both pros and cons in investing in Cardano’s ADA coin. There is money to be made in short-term trades, but a longer-term investment in Cardano is a stake on the viability of the project and on the execution of the Cardano developers team.
Aug-29-2020 12:47:28 AM
Amid the coronavirus pandemic, the University of Aizu in Japan has embraced crypto payment as an alternative to making cashless transactions. The initiative is being powered by a newly developed regional digital currency formed through a partnership between the University and a local finance startup called Soramitsu Co. Students can pay for items using the crypto in the school’s premises.
The University of Aizu begins crypto payment with its native crypto
Known as Byacco, the digital currency is a stablecoin backed by the nation’s legal currency, according to the report on Tuesday. Students and professors can use the cryptocurrency to pay for services rendered in the cafeteria and other places on the campus. They can also choose to send and receive money amongst themselves. However, the Byacco-powered crypto payment is only usable on campus.
Nonetheless, the startup behind the company might extend the crypto payment to include other areas. Soramitsu officials noted in the report that local financial institutions and municipal governments have been inquiring on how they can introduce the digital currency. Soramitsu confirmed the possibility, saying that Byacco can mutually operate with other regional digital currencies based on blockchain.
Japan sees its first blockchain-based regional cryptocurrency
The president of Soramitsu, Kazumasa Miyazawa, explained:
“It is useful to accelerate the liquidity of money and reduce social costs. We would like to expand it to other areas and promote wider cooperation.”
According to the report, the development today marks the first time a regional cryptocurrency will be operated in the country on a full-scale basis using blockchain technology. Students and professors can readily use funds deposited on the Byacco app as Japanese Yen. So, unlike some other conventional cashless payments, stores who accept payment from the students can use it right away.
Aug-29-2020 12:46:30 AM
Taro Aso, Japan’s finance minister, said blockchain could provide one possible solution to COVID contact tracing, emphasizing privacy.
Japanese Finance Minister Taro Aso suggested blockchain would be key in the world’s battle against the coronavirus pandemic as the technology can be used for contact tracing while ensuring privacy.
Aso gave the opening remarks for the Blockchain Global Governance Conference, also known as the FIN/SUM Blockchain & Business, on Aug. 24 in Tokyo.
"In the battle against widespread infectious diseases, blockchain provides one solution for contact trading," he said, while referring to the coronavirus.
There are almost 24 million COVID-19 cases around the world, with more than 60,000 in Japan. Despite the topic of Aso’s speech, a limited number of people were allowed to physically attend the blockchain conference, with others watching speakers through livestream coverage.
The finance minister acknowledged that while the threat imposed by the coronavirus has not subsided, blockchain can provide privacy for anyone testing positive through contact tracing. In addition, the technology could give authorities a better measure of what needs to be done regarding containment, preventing possible outbreaks in the future.
Aso added that any conflict between the blockchain community and Japanese regulators needed to be addressed to make any progress in this regard.
“Some of the blockchain communities may still be hostile to regulators because of the belief they may hinder innovation due to a lack of understanding of the technology,” he said. “What we need is to work together and collaborate to consider the best use of the technology under the best governance.”
Japan’s finance minister is not the first regulator to propose blockchain as a solution for some of the problems the country is facing under COVID. The CEO of financial giant SBI Holdings said in May that the technology could be useful in tracking and tracing the supply chain of essential materials, including masks.
Aug-29-2020 12:45:34 AM
As part of its Russian expansion plans, the crypto exchange giant Huobi Global appointed Vladimir Demin as its chief advisor.
Seychelles-based exchange Huobi Global appointed Vladimir Demin as the company’s chief advisor as part of its Russian expansion plans. He will help develop the company’s market in the region. According to the announcement, he had previously served as partner and CEO of Huobi Russia.
Demin believes that market opportunities in Russia for both crypto and blockchain are massive. He hopes to help Huobi expand the high demand for crypto products in the country. Huobi Russia’s trading volume reached almost 10% of the total volume of the crypto exchange.
Huobi global plans to strengthen its presence in Russia
Ciara Sun, the vice president of Huobi Global Markets, stated that they would provide a one-click migration option from Huobi Russia, following a campaign announcing the brand’s upgrade. The crypto exchange recently announced a crypto savings system that will be available to a portion of its users. Each user account will have a 3,000 Tether limit — or the equivalent value in Bitcoin. The crypto exchange earlier launched a new business unit called Huobi DeFi Labs to manage the new fund.
Huobi launches a crypto asset custody platform.
One of the world’s leading cryptocurrency exchanges, Huobi announced that it is getting into the digital asset custody business. The crypto exchange launched its digital asset custody platform earlier this year. The Seychelles-based crypto exchange is initially targeting accredited investors and institutions and will let investors subscribe to various token offerings from its listed partners, with an investment ceiling of 10 BTC depending on the user’s risk profile.
The Russian government has enforced new crypto regulations in the country that state cryptocurrencies can be traded, but no goods and services in Russia are allowed to be priced in it.
Aug-29-2020 12:44:29 AM
There is nothing Bitcoin cannot buy. You need the correct implementation for it. Bitcoin has been there in the market for quite a while now. In its early years, nobody believed that bitcoin would be this successful. The people who have invested money in Bitcoin in its first years are most of them millionaires.
After failing to make a good impression from the start, bitcoin has rallies among industries in several industries. This rally has made the cryptocurrency what it is now.
Looking back at the first purchase made by 10,000 bitcoins to buy two large-sized pizzas worth $30, we have certainly come far.
So, what is the market evaluation of a Bitcoin today? What can we buy with Bitcoins? Let’s have a look.
Things you can buy with Bitcoins
The price of the bitcoin is highly volatile and keeps on changing every second. Hence, it becomes very tricky to find what things can be bought with the help of 1 Bitcoin. In this section, I will go through some of the things that I could do with a single bitcoin.
After the widespread of COVID 19, the economy of the world took quite a beating. In the last couple of months, the economy of the world has seen a steep fall. Even the price of the bitcoin reached its lowest price evaluation of the year at $3500.
However, the authority has taken some strict measures to control the COVID 19, and the government has allowed businesses to run. It has started boosting the economy.
The price evaluation of the bitcoin has surpassed the $11000 mark. If I want to buy gold today with a single Bitcoin, then I can easily afford to buy 6.5 ounces of Gold with 1 Bitcoin.
What if you want to convert your one bitcoin into other cryptocurrencies? How many different crypto tokens can you get with a single bitcoin? Let’s find out.
There are more than 2000 cryptocurrencies in the world. Among them, Bits coin is the most popular and has the highest price evaluation. However, there are other cryptocurrencies as well that are considered the alternative of bitcoin.
For instance, there are Ethereum, ripple, lite coins, etc. Where one Bitcoin will be equivalent to 42.2 ETH, 30132.8 XRP, 206.6 LTC, respectively.
3. Costliest flight
Traveling abroad can be quite expensive, especially when you are taking some of the most luxurious airlines. Today, the exact price evaluation of a single Bitcoin is $11697.8. That means I cannot take the costliest flight of today (Los Angeles to Dubai, Emirates Airline). However, I can make an affordable yet luxurious flight from New York to Singapore via Singapore airlines. The current price of the flight ticket is around $14000.
4. Apple iPhone 11 pro
The excitement of buying an Apple iPhone 11 pro is a different feeling. But this feeling can tab into the next level with the ongoing sale on the Amazon. Yes, you heard me correctly, today there is a sale on Amazon where you can get an exciting offer on some of the iPhones.
The current price of an iPhone 11 Pro is $999. That means you can buy eleven iPhone 11 Pro from a single Bitcoin. Isn’t that amazing.
Bitcoin has come a long way since it has been used to make a first official purchase of two large pizzas with 10000 Bitcoins ($30). Man, that’s way too much. If I had kept those 10000 Bitcoins, I would have been a millionaire ($117 million) right now.
But what if I want to buy MacDonald king size burger, how many could I buy today? Currently, the price of a king-size burger is $5.29. If I were to buy 1 Bitcoin worth of king-sized burger, the total number of burgers I would have right now would be 2211 burgers. That is just too many.
The regulation of the cryptocurrencies has become smoother as compared to that of its early days. There are still some flaws with the cryptocurrency’s regulation, and even today, you cannot buy everything. However, with time, it will surely be able to buy everything you see around you.
Aug-29-2020 12:43:24 AM
Researchers at Guardicore say that the malware was created by “highly professional software developers.”
Cybersecurity firm Guardicore Labs has recently published findings on FritzFrog, a cryptojacking malware botnet that has been deployed to tens of millions of IP addresses. According to the findings, FritzFrog has mostly targeted medical centers, banks, telecommunication companies, government offices, and educational institutions.
So far, the success of the botnet’s attacks has been prolific: Guardicore’s report found that so far, FritzFrog has compromised “over 500 SSH servers, including those of known high-education institutions in the U.S. and Europe, and a railway company.”
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The botnet uses a type of brute-force attack on millions of different servers in order to break in. Once it gains access, FritzFrog runs a separate process named “libexec” to execute XMRig, the malware that co-opts computing power to mine Monero.
”Highly professional” malware
While cryptojacking malware is certainly nothing new, Guardcore says that FritzFrog appears to be unique. For one thing, the botnet’s connections were hidden within a peer-to-peer (P2P) network, which made it difficult to track.
“Unlike other P2P botnets, FritzFrog combines a set of properties that makes it unique: it is fileless, as it assembles and executes payloads in-memory,” the report said. “It is more aggressive in its brute-force attempts, yet stays efficient by distributing targets evenly within the network.”
Additionally, Guarcore found that FritzFrog’s “p2p implementation was written from scratch”, which seems to indicate that the malware was created by “highly professional software developers.”
FritzFrog’s protocol is written in a language called Golang, which “is completely volatile and leaves no traces on the disk.” It also creates SSH public key that acts as a “backdoor” that enables ongoing access to compromised machines.
Cryptojacking malware has targeted large institutions before
Earlier this year, Finance Magnates reported that another form of cryptojacking malware was targeting “supercomputers” that belong to institutions similar to the ones that FritzFrog seems to be targeting.
At that time, the crypto malware caused a number of of these “supercomputers” to go offline. The timing of the shutdowns is particularly bad because of the fact that many of the organizations running the computers were prioritizing research on COVID-19. This research may have been hampered as a result of the malware and the subsequent shutdowns.
Aug-29-2020 12:42:31 AM
The Colombian Ministry of Information Technologies and Communications (MinTIC) has entered a new draft of a guide that calls for blockchain adoption across several sectors in the country. The Ministry also relayed their opinion on cryptocurrencies that run on blockchain technology.
MinTIC endorse blockchain adoption in Colombia
In the recent draft document, the Ministry endorses the use of Blockchain/Distributed Ledger Technology projects to facilitate operations in the country. This first-of-its-kind draft from the Ministry that promotes blockchain adoption across the country comes amid their plan to facilitate the digital transformation of the State.
The Ministry also explored the benefits of implementing this technology across public projects, as well as the disadvantages. MinTIC said Colombia is still lagging behind in blockchain adoption, citing the likes of China, the United States, the United Arab Emirates, and Canada, who are at the forefront of using blockchain.
Colombia wants blockchain for crypto payments, supply chains, etc
MinTIC, and other organizations behind the guide, highlighted about ten key solutions that need implementation of the distributed ledger technology. These organizations include the National, ViveLab Bogotá, Bogotá City Hall, and Universidad Nacional de Colombia. The proposed blockchain adoption for land registration, supply chain management, and crypto payments.
Some other areas include health records, identity data management, management of taxes and public tenders, and academic degrees. By implementing blockchain technology across different sectors, the involved organizations hope to increase the level of transparency and confidence in data management, while still digitizing the State.
While talking about cryptos, the Ministry mentioned the blockchain solution is geared at ensuring the protection of people who invest in them.
Aug-29-2020 12:41:22 AM
Hong Kong police have arrested three men who are allegedly tied to a HK$230,000 (US$30,000) bitcoin ATM scam. The three men are believed by authorities to be part of a larger group.
As crypto scams around the world continue to trick people in parting with their hard-earned money, Hong Kong police have arrested three men who are allegedly tied to a HK$230,000 (US$30,000) bitcoin scam. According to the South China Morning Post report, the three men are believed by authorities to be part of a larger group that has scammed bitcoin ATMs out of the thousands of dollars.
It is the first case of its kind in Hong Kong
The crypto is claimed to be the first case of its kind in the city. It has come to light after two cryptocurrency exchanges filed reports in recent days, suspecting that the fraudsters were taking advantage of “loopholes” in the bitcoin ATM, which allowed them to withdraw the cash despite not having official authorizations.
Bitcoin ATMs in the city enables authorized personnel to purchase bitcoin by cash or credit card. In some instances, the machines will also allow crypto to be sold for cash. According to the report, police have refused to elaborate further on how exactly the scammers could exploit the machines’ loopholes.
Crypto scams are on the rise amid the ongoing pandemic
Crypto scams have increased around the world amid the ongoing COVID-19 pandemic. As reported earlier, the Attorney General of state California, Xavier Becerra, issued a warning for investors and consumers on Friday, highlighting the rise in cryptocurrency scams. The warning was to inform people of the rising crypto-related scams that are taking round online and stay cautious.
Several countries have reported a surge in crypto scams that included a spike in ransomware attacks, Ponzi schemes, and other different types of scams involving cryptocurrencies. Fake giveaways, sextortion, fake exchanges, fake ICO’s, bitcoin recovery, video scams, pyramid schemes are among the types of scams that quite prevalent.
Aug-29-2020 12:40:29 AM