Did ICOs Cause Ethereum to Drop by 44% in 2 Weeks by Dumping on the Market?

Within a period of two weeks, from August 1 to August 14, the price of Ether, the native cryptocurrency of the Ethereum network, dropped by 44 percent. In 14 days, the price of Ethereum plummeted from $470 to $260, reaching its lowest point in 2018 by falling below the $300 mark for the first time … Continued

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NSFW: After The Corporate Hype, Porn Gets Into Blockchain

NSFW: After The Corporate Hype, Porn Gets Into Blockchain

Porn star Brenna Sparks is not the only one warming up to the Blockchain. Startups such as Spankchain as well as Vice Industries are attempting to fuse intimate desires with software undergirding cryptocurrencies such as ether. Maybe the long search for a real-world, ready-now blockchain technology use case is finally over. Then again, both user and performer could simply download wallets and exchange peer-to-peer electronic money, say bitcoin cash, without companies between them. 

Also read: Coinbase Flexes Muscle, Creates Political Action Committee

Blockchain Tech Goes Porno

Favorite ecosystem pornographer, Brenna Sparks, recently tweeted “I’m going to be shoving a dildo in my vagina on the Blockchain tomorrow. If that’s not the coolest thing ever, idk what is!”

“I’m going to trademark all of my crypto camshow games,” Ms. Sparks cheekily tweeted on the eve of stuffing herself with plastic, “I’m going to trademark-troll anyone who tries to profit off my genius. I’m going to be a Pablo Escobar of camshows, taking cuts off of other camshows. This is my town!”

For sure, the Laotian triple x-rated social media influencer has more or less cornered the crypto market. Her adventurism extends from between the sheets and on camera into the financial world, where she is known to give digital asset education videos topless. And she’s not half bad … in terms of her decentralized money knowledge.

NSFW: After Corporate Hype, Blockchain Gets Porn

Ms. Sparks is also something mildly deeper. She’s helping to fire up discussion, debate about blockchain usage. Corporate hype, the drug in fashion, is attaching any project to “blockchain.” Name it, and the two have been associated: blockchain and ice tea, blockchain and medical records, blockchain and ending refugee crises around the world, blockchain and religion. It’s endless. There’s just one problem. None of these dreamy projects have gotten off the ground and proven themselves to be anything more than slick marketing to venture capitalists who appear ever-more credulous.

Pornography could be a real-life, honest-to-goodness use case. Sort of. Ms. Sparks is also a savvy businesswoman, and she’s teamed up with the smile-inducing project titled, Spankchain. The idea is to perhaps end embarrassing credit card charges for late night indulgences while a in-the-flesh partner is unavailable, for example. Spankchain is essentially a micropayment processor for the masturbatory universe, client and talent.

NSFW: After Corporate Hype, Blockchain Gets Porn

Digital Equivalent of Anonymous Tipping

Last year, the company was thought highly enough to have gobbled up close to twenty thousand ether, over five million dollars, offering its proprietary payment token, spankcoin, in trade during an initial coin offering. That money reportedly has gone to develop the streaming system Ms. Sparks would eventually use to fulfill the promise of her tweets.

Vice Industry Token Inc. is yet another variation on the blockchain porn entertainment idea, and it too raised a boatload of cash, something like $20mil worth of ether in about a day. It’s Vice Industry Token (VIT) “can be used to create a resilient global utility token economy in which goods and services can be earned and traded internationally without any barriers whatsoever,” its quite lavish website boasts.

NSFW: After Corporate Hype, Blockchain Gets Porn

“People will be free to earn VIT, to buy VIT and consume with VIT as a cryptocurrency,” they continue. “VIT enables people to get paid to watch and consume content. VIT is an important disrupter of status quo systems and networks and is a vital link for interconnected global human prosperity.”

What it all basically comes down to is an ability for a performer to be paid well, timely, transparently without the usual minders. For users, confidence in quality talent attracted by the arrangement, plus a kind of financial anonymity, makes for a smoother experience. And so these types of platforms are developing tipping mechanisms with dancers much in the same way dollars would be slid behind garters of yore during a semi-private dance back in the day. That can happen again digitally thanks to these on-chain solutions. Still, there’s also nothing stopping these same performers from operating their own cam and accepting bitcoin cash, for example, directly peer-to-peer, from an admirers’ electronic wallet to theirs, without participating in a blockchain startup. Go figure.  

Is this a use case for blockchain? Let us know in the comments section below. 


Images via Pixabay, Twitter, Brenna Sparks. 


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SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM Unveiled

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM Unveiled

Japan’s SBI Group is reportedly planning to create a crypto derivatives platform. In South Korea, Huobi is taking an aggressive approach and expects to achieve a 30% crypto market share. Meanwhile, a Thai crypto exchange has unveiled an ATM that supports four cryptocurrencies.

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

SBI Plans Derivatives Platform

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM UnveiledSBI Crypto Investment, a subsidiary of Japanese financial services group SBI Holdings, has acquired a 12% stake in North Carolina-based Clear Markets, Nikkei reported Tuesday.

While the acquisition price was not disclosed, the news outlet estimates that the stake “is likely worth about 1 billion yen ($9 million),” elaborating:

Although digital currencies are more volatile than other asset classes, a derivatives market for them that can hedge against risk remains undeveloped. SBI Crypto therefore wants to build a platform that will allow institutional investors to smoothly trade these instruments.

Last month, SBI Virtual Currencies, the crypto exchange unit of SBI Holdings, opened its Vtrade service to the public following a limited launch in June. The exchange currently supports XRP, BCH, and BTC, but plans to add ETH in the near future.

Thai Multi-Crypto ATM

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM UnveiledThai cryptocurrency exchange Coin Asset unveiled its crypto ATM at the Hybrid Summit on July 28 and 29, according to Prachachat Turakij newspaper.

CEO Sivanus Yamdee explained that the ATM allows customers to purchase and sell BTC, ETH, LTC, and BCH in amounts as low as 100 baht (~US$3). The company plans to add more coins in the future based on demand from customers. The ATM also allows withdrawals in Thai baht.

The machine has a large touch screen and prints out a receipt after each transaction.

Coin Asset has reportedly applied for a license with Thai Securities and Exchange Commission; the agency began accepting applications last week.

Huobi Plans to Achieve 30% Korean Market Share

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM UnveiledChinese exchange Huobi is planning to aggressively pursue the Korean market, according to Asia Economic news outlet. The exchange launched its trading platform in Korea in March.

At the Huobi Carnival 2018 event on August 2 in Seoul, Kim Young-chul, head of the Strategic Planning Division of Huobi Korea, announced the company’s long-term strategy. He said:

The number of members has grown rapidly to 200,000 members within two months after the opening of the virtual currency exchange…We aim to achieve 30% market share in the next year.

In addition, Kim revealed that Huobi Korea will conduct various blockchain-based businesses alongside its exchange business. It will also actively recruit talented people. In February, Huobi Korea announced that it was looking for an “Innovation Business Team Leader,” a position with a minimum annual salary of 100 million won (~$88,596). “This policy will continue…We will hire more talented people in the industry,” Kim detailed.

What do you think of SBI’s derivatives platform, Huobi eying 30% market share in Korea, and the Thai crypto ATM? Let us know in the comments section below.


Images courtesy of Shutterstock, SBI Group, Huobi Korea, and Coin Asset.


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Japanese Public Company Offering Loans Secured by BTC, BCH, ETH

Japanese Public Company Offering Loans Secured by BTC, BCH, ETH

A Japanese company listed on the Tokyo Stock Exchange is offering loans secured by three cryptocurrencies: BTC, BCH, and ETH. Clients can borrow up to 300 million yen (~$2.7 million) at varying interest rates. The company has also established a subsidiary overseas for its crypto business.

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

Loans Secured by BTC, BCH, ETH

Japanese Public Company Offering Loans Secured by BTC, BCH, ETHA Japanese company listed on the Tokyo Stock Exchange has begun accepting applications for cryptocurrency-secured loans. Samurai & J Partners Co. Ltd. (TYO:4764) recently launched a loan program called Samurai Crypto Loan through its subsidiary, Samurai Asset Finance (Samurai).

The company explains that loans will be offered to crypto owners with BTC, BCH, or ETH as collateral. Customers will have access to funds in Japanese yen without having to liquidate their crypto positions. In Japan, liquidating cryptocurrencies could incur taxes of up to 55%, as news.Bitcoin.com previously reported.

Japanese Public Company Offering Loans Secured by BTC, BCH, ETH

Customers can borrow between 20 million yen (~US$179,000) and 300 million yen (~$2.7 million) for one year, with extensions. Interest rates for these loans range from 7.0% to 15.0%, including commissions and extension fees, Samurai details. The delinquency charge is 20% annually.

Japanese Public Company Offering Loans Secured by BTC, BCH, ETHFounded in 1996, Samurai & J Partners, formerly known as Digital Design Co. Ltd., engages in the information service business globally. Samurai Asset Finance was established last year. In addition to crypto-secured loans, the company offers loans backed by real estate, securities, deposits, credits, movable properties, foreign currencies, memberships, and precious metals.

ICO Plan and Competition

Japanese Public Company Offering Loans Secured by BTC, BCH, ETHSamurai first proposed to enter the crypto-secured lending business in May. The proposal was presented to and subsequently approved by its board of directors. The company has also established an overseas subsidiary to launch an initial coin offering (ICO). “We will conduct an ICO and expand our business scope,” Samurai announced at the time.

Recently another Japanese company, Abic Corporation, announced a loan program secured by BTC. Abic’s loan terms range from 2 million yen (~US$18,260) to 1 billion yen (~$9.13 million) with annual interest rates ranging from 2.98% to 15.0%. Customers can borrow for a period of one month to five years; the delinquency charge is 20% annually.

Last week, crypto financial services platform Libra Credit partnered with Binance Labs, the investment arm of Binance, to “lend fiat and crypto denominated assets to users who pledge BNB [binance coin] as collateral,” the firm detailed.

What do you think of Samurai offering loans secured by BTC, BCH, and ETH? Let us know in the comments section below.


Images courtesy of Shutterstock and Samurai & J Partners.


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Flow and Cryptomkt Enable Crypto Payments at 5000+ Stores

Flow and Cryptomkt Enable Crypto Payments at 5000+ Stores

Cryptocurrency exchange Cryptomkt has partnered with Chilean payment platform Flow to allow customers to pay with three cryptocurrencies at over 5,000 stores. The announcement follows two Chilean courts ruling that banks must reopen the accounts of crypto exchanges they previously closed.

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

5,000+ Stores Accept Cryptocurrencies

Cryptocurrency exchange Cryptomkt announced this week that over 5,000 stores now accept three cryptocurrencies.

Flow and Cryptomkt Enable Crypto Payments at 5000+ StoresFlow and Cryptomkt Enable Crypto Payments at 5000+ StoresChilean payment platform Flow has integrated the exchange’s payment solution, Cryptocompra, into its system. Customers shopping at merchants using Flow can now choose to pay with cryptocurrencies during the checkout process.

Flow claims to currently provide service to over 5,000 stores with over 180,000 monthly transactions and over 20,000 customers.

Available now for businesses in Chile, Argentina, Brazil and Europe, Cryptocompra “allows merchants to accept payments in bitcoin, ethereum and stellar cryptocurrencies quickly and easily,” Cryptomkt detailed, emphasizing:

Chileans today can access various products and services in more than 5,000 stores affiliated to Flow.cl using bitcoin and other cryptocurrencies through Cryptocompra.com … Client pays in cryptocurrencies, trade receives pesos, reales or euros.

Flow and Cryptomkt Enable Crypto Payments at 5000+ StoresOn its website, Flow lists a fee of 0.90% for next-business-day payment with cryptocurrencies. By comparison, paying with credit cards using Webpay Plus or Onepay costs 4.99% to receive payment the next business day.

“You do not need to have contracts with the means of payment, Flow does it for you,” the company wrote. “Each time someone pays you, we will notify you of the payment made: We will indicate the detail of the payment made and the date on which we will transfer your money.”

Battle Between Banks and Crypto Exchanges

Crypto exchanges in Chile have been battling with banks over the closure of their bank accounts. In April, Chile’s Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia) ordered three banks to reopen the accounts of crypto exchanges, including Cryptomkt. In May, Banco Estado complied and reopened the account of the exchange.

Earlier this month, the Fourth Chamber of the Court of Appeals of Santiago ruled in favor of cryptocurrency exchange Orionx against Banco Estado for closing its account.

What do you think of Flow integrating crypto payment option? Let us know in the comments section below.


Images courtesy of Shutterstock, Cryptomkt, and Flow.cl.


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Gibraltar Stock Exchange’s Crypto Platform Opens to Public With 6 Cryptocurrencies

Gibraltar Stock Exchange's Crypto Platform Opens to Public With 6 Cryptocurrencies

The crypto exchange platform subsidiary of the Gibraltar Stock Exchange is now open to the public with six cryptocurrencies. Users can fund their accounts in USD. Meanwhile, its token sale platform, GBX Grid, has already completed its first token sale with three new projects planned.

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

GBX Digital Asset Exchange Launched

Gibraltar Stock Exchange's Crypto Platform Opens to Public With 6 CryptocurrenciesThe GBX Digital Asset Exchange has launched to the public, the exchange announced this week. The GBX is a subsidiary of the Gibraltar Stock Exchange which is regulated by GFSC and operates as an EU-regulated market, recognized by European regulator ESMA and UK regulator HMRC.

Users have to register with the platform and complete the KYC requirements. Their accounts can then be funded in USD, the exchange detailed, elaborating:

We are launching the platform with 6 cryptocurrencies available on the exchange. These include: bitcoin (BTC), ethereum (ETH), rock token (RKT), litecoin (LTC), bitcoin cash (BCH) and ethereum classic (ETC).

“We are making the following trading pairs available to all our users: RKT/USD, ETH/USD and BTC/USD,” the exchange noted. In addition, “Everybody who has already signed up and any new users who sign up before 17th August will benefit from zero-fee trading from today until 14th September 2018.”

Gibraltar Stock Exchange's Crypto Platform Opens to Public With 6 CryptocurrenciesGBX CEO Nick Cowan revealed, “we are already looking forward to making significant additions to this offering in the future,” adding that “the launch comes at a time when the cryptocurrency and token markets are reaching a new stage of maturity.” He further conveyed that the exchange also plans to launch its official mobile application in the near future.

This public launch follows the soft launch in June for about 300 participants. The exchange used the feedback from the soft launch to develop and design its user interface in preparation for the public launch. The GBX described:

It is widely recognised that one of the biggest hurdles for people looking to enter the crypto-space is knowing how to get started, where to source ETH or how to buy BTC from a trusted platform. With fiat onboarding now in place, that’s no longer an issue.

GBX Grid Token Sale Platform

The GBX also operates a token sale platform called GBX Grid, which has already completed its first token sale. It has since revealed that three new crypto projects are coming to the platform.

“The Grid is reserved for projects that have completed our rigorous application process and have been vetted thoroughly by one of the 15 sponsor firms in our network,” the GBX described. Citing that it “aims to be a world-leading institutional-grade token sale platform and digital asset exchange,” the exchange wrote:

For both participants and issuers, this now means that the GBX offers a complete token and digital asset experience via an institutional-grade platform, focused on good governance and industry best practices.

Gibraltar Stock Exchange's Crypto Platform Opens to Public With 6 Cryptocurrencies

What do you think of the GBX exchange? Let us know in the comments section below.


Images courtesy of Shutterstock and GBX.


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Bitcoin Price Blitzes to $8,200 but Wider Crypto Markets and Tokens Suffer

The price of bitcoin has surged to $8,200 over the past 12 hours, surpassing $8,300 at its daily peak, bringing the valuation of the crypto market to $300 billion. Bitcoin Cash, ether, Ripple, EOS, and Stellar increased by 2 to 6 percent, while some cryptocurrencies like Zcash recorded an 11 percent increase in value. Tokens … Continued

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Bitcoin Reigns Supreme in July as Tokens Money Comes Back to BTC

Throughout May and June, even during bear markets and strong downward movements, tokens performed relatively well against bitcoin. So far, in July, bitcoin has proven its dominance through a stable performance against the US dollar. Why Bitcoin is King, For Now Over the past three months, tokens have had a solid basis to increase in

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Crypto Market Makes Minor Retreat Post-Rally, Ether and Bitcoin Cash Down 5%

After adding more than $20 billion within a 30 minute period, the crypto market has declined in valuation, led by the 5 percent drop of ether and Bitcoin Cash. Over the past 24 hours, the price of Bitcoin Cash, ether, Ripple, and EOS dropped by 4 to 6 percent, while bitcoin remained stable in the

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Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con

Lionsgate studio and Robinhood app have teamed up to give away $50,000 in a crypto scavenger hunt at the San Diego Comic-Con this week. This is to promote the studio’s upcoming Robin Hood movie. Attendees will search for coins, redeemable for $50, $500, $1,000, and $5,000, which can then be invested in cryptocurrencies during the convention.

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

Crypto Scavenger Hunt

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-ConFor its upcoming movie Robin Hood, Lionsgate studio has announced a partnership with Robinhood investment app for a crypto scavenger hunt entitled Crypto Power To The People. It will take place at the San Diego Comic-Con between July 19 and 22.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-ConComic-Con is an annual event for fans of fantasy, anime, comics, and other arts. There are over 30 Comic-Con conventions throughout the U.S. but the biggest one is in San Diego. In 2016, over 135,000 people attended the event according to Fortune.

For the crypto scavenger hunt, Collider publication describes:

Attendees will search for coins redeemable for $50, $500, $1,000, or $5,000, which they can use to invest in cryptocurrencies like bitcoin or ethereum over a three day period, July 19-21.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con

Robin Hood and Robinhood

Lionsgate Executive Vice President of Worldwide Digital Marketing Danielle Depalma and Senior Vice President of Global Partnerships and Promotions Paula Kupfer said in a joint statement, as quoted by the news outlet:

We’re thrilled to partner with Robinhood to utilize state-of-the-art technology as a unique way to engage Robin Hood fans. In the spirit of the legendary hero, this collaboration gives back to the community through initiatives that parallel the high-octane adventures in our Robin Hood movie.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-ConRobinhood, the popular trading app with a modernized layout aimed at younger investors, was recently valued at $5.6 billion. Customers can now use the app to buy and sell BTC, ETH, LTC, and BCH, alongside traditional investments.

The app is currently available in 17 U.S. states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI. “We also plan to further expand our coin offerings and add support for coin transfers,” the company wrote.

In addition, the platform offers market data and price alerts for 16 coins. According to its website, they are “bitcoin, ethereum, litecoin, bitcoin cash, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk, and dogecoin.”

In the new Robin Hood movie, Robin of Loxley, played by Taron Egerton, is a crusader that returns to lead a revolt against the corrupt English crown with his Moorish commander, played by Jamie Foxx.

With the crypto scavenger hunt announcement, Lionsgate studio has also released the first official Robin Hood trailer. The movie will hit theaters with a busy pre-Thanksgiving weekend release date of November 21.

What do you think of Lionsgate teaming up with Robinhood app for a crypto scavenger hunt at Comic-Con? Let us know in the comments section below.


Images courtesy of Shutterstock, Robinhood app, and Lionsgate.


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Crypto Market Adds $20 Billion in 30 Minutes as Bitcoin Spikes Above $7,400

The bitcoin price has surged 10 percent over the past 30 minutes, subsequent to experiencing a substantial spike in its volume. Within one-hour period, the price of bitcoin, Bitcoin Cash, ether, Ripple, and EOS increased by 6 to 10 percent, as the valuation of the cryptocurrency market surged to $292 billion from $272 billion, by

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Crypto Exchange Coinrail Reopens with Offers to Recover 11 Cryptocurrencies

Crypto Exchange Coinrail Reopens with Offers to Recover 11 Cryptocurrencies

South Korean exchange Coinrail has resumed service after it was hacked last month. The exchange has offered users some options to recover their cryptocurrencies. Eleven cryptos were stolen, some of which have been fully recovered and are now available for trading and withdrawals. However, some coins were not recovered.

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

Services Resumed

Coinrail reported that it was hacked on June 10 with an estimated damage of about 45 billion won (~US$40 million). The exchange suspended trading after the hack as it tried to recover lost coins. Coinrail resumed service on July 15, announcing:

We have completely revamped the existing security system that exposed the vulnerability, and have upgraded the overall security level.

Crypto Exchange Coinrail Reopens with Offers to Recover 11 Cryptocurrencies

The cause of the hack was not disclosed by the exchange when it resumed trading, Sedaily noted. “KISA [The Korea Internet & Security Agency] is in the process of finalizing the investigation, but it is still being analyzed, and details of the incident cannot be disclosed,” the news outlet quoted a KISA official saying. Coinrail claims that its new security system “complies with KISA security guidelines.”

11 Cryptocurrencies Affected

A total of eleven cryptocurrencies were stolen, Coinrail revealed. They are dent (DENT), tradove b2bcoin (BBC), ether (ETH), jibrel network (JNT), bitcoin (BTC), kyber network (KNC), storm (STORM), tron (TRX), pundi x (NPXS), aston (ATX), and nper (NPER).

Crypto Exchange Coinrail Reopens with Offers to Recover 11 Cryptocurrencies
The 7 partially unrecovered cryptocurrencies.

Funds in DENT, BBC, and ETH have been fully recovered; customers can start trading and withdrawing them. “Recovery [is] in progress” for JNT, the exchange detailed.

The remaining seven cryptocurrencies have not been fully recovered, including BTC.

Cryptocurrencies that are not stolen or in the recovery process “can be immediately withdrawn and traded,” the exchange clarified, adding:

The amount of cryptocurrencies that have not been recovered cannot be withdrawn or exchanged until the recovery is complete.

Recovery Options

Crypto Exchange Coinrail Reopens with Offers to Recover 11 CryptocurrenciesThe exchange has come up with two recovery plans for the coins that have not been recovered. However, these plans have been criticized as being inadequate.

The first plan is for the exchange to purchase cryptocurrencies directly to recover damages. Coinrail says it will “pay back the unrecovered cryptocurrencies by gradually purchasing the cryptocurrencies with the profit from the service operation.”

The second is for Coinrail to issue its own RAIL tokens to affected customers. “Unrecovered cryptocurrencies can be exchanged at a rate of ‘1 RAIL = 0.72 KRW,'” the exchange noted. However, the price of RAIL “fell about 72.2 percent in about half a day [to 0.2 KRW] after Coinrail officially resumed trading at 8 pm on the 15th,” Sedaily described.

What do you think of Coinrail’s plan to compensate customers? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinrail.


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Crypto Market Drops Another $10 Billion as Bitcoin Price Retreats to $6,150

Over the past 24 hours, the valuation of the crypto market has dropped by $10 billion, as bitcoin fell to $6,150 and ether dropped below $440. Even after recording a steep 5 percent fall from $6,700 to $6,400 and demonstrating an oversold condition with low Relative Strength Index (RSI), bitcoin struggled to rebound and attempt … Continued

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Bitcoin Price Struggles to Rebound at $6,350 After Big Fall, Corrective Rally Unlikely

Subsequent to a 5 percent drop in a 24-hour span, the bitcoin price has struggled to rebound from the $6,350 mark, despite optimistic momentum indicators. Bearish Trend While bitcoin has broken Relative Strength Index (RSI) trendlines and has demonstrated a neutral zone at 44.3 RSI, the overly strong downtrend of the dominant cryptocurrency led its

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Switzerland’s Main Stock Exchange Dives Deep Into Crypto

Switzerland’s Main Stock Exchange Dives Deep Into Crypto

Switzerland’s principal stock exchange has announced that it is building a platform for the trading, settlement, and custody of digital assets. This announcement follows reports of government officials working on giving crypto businesses access to banking services.

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

SIX Launching Digital Exchange

SIX, the operator of Switzerland’s principal stock exchange, SIX Swiss Exchange, announced Friday that it “is building a fully integrated trading, settlement and custody infrastructure for digital assets.”

Switzerland’s Main Stock Exchange Dives Deep Into Crypto

The SIX exchange is fully regulated by Swiss Authorities, the Swiss Financial Market Supervisory Authority (Finma) and the Swiss National Bank, as a Financial Market Infrastructure operator. The company plans for its new platform, called Swiss Digital Exchange (SDX), to “enjoy the same standard of oversight and regulation.”

Citing that SDX will bridge “the gap between traditional financial services and digital communities,” the company claims:

SIX Digital Exchange will be the first market infrastructure in the world to offer a fully integrated end to end trading, settlement and custody service for digital assets. The service will provide a safe environment for issuing and trading digital assets, and enable the tokenization of existing securities and non-bankable assets to make previously untradeable assets tradeable.

SIX CEO Jos Dijsselhof commented, “this is the beginning of a new era for capital markets infrastructures. For us it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry.”

Switzerland’s Main Stock Exchange Dives Deep Into Crypto

Will the Platform Trade Bitcoin Directly?

While the official announcement by SIX does not mention whether the platform will support the direct trading of cryptocurrencies, a few publications indicated that it will trade bitcoin and other cryptocurrencies.

Business Insider wrote, “SIX’s new platform, set to launch in the first half of next year, will offer end-to-end trading, settlement, and custody service for digital assets such as bitcoin and ICO [Initial Coin Offering] tokens.” The Financial Times wrote, “The platform being built by the Six exchange is designed to be used for cryptocurrencies such as bitcoin and will be based mainly on Blockchain distributed ledger technology.”

However, SIX clarified in a tweet:

First we will enable the tokenization of bankable assets like stocks or bonds and, potentially, at a later stage non-bankable assets. Whether we will also make cryptocurrencies such as bitcoin or existing ‘ICO tokens’ available, is still open.

Meanwhile, SIX has been maintaining Crypto Market Index 10. Its objective “is to reliably measure the performance of the largest and most liquid crypto assets and tokens and provide an investable benchmark for this asset class,” its website describes. “The prices for the crypto assets and tokens are obtained from multiple exchanges.”

Switzerland Wants to Become Crypto Nation

Switzerland’s Main Stock Exchange Dives Deep Into CryptoRecently, news.Bitcoin.com reported on government officials and bankers working on giving crypto businesses access to banking services since Swiss banks have reportedly been refusing accounts to crypto firms.

The country’s economic minister, Johann Schneider-Ammann, said earlier this year that his country wants to become the “crypto nation.” So far, the canton of Zug, promoting itself as the heart of “crypto valley”, has been attracting crypto startups with favorable tax and regulatory environment.

In February, Finma published guidelines for ICOs after seeing a sharp increase in the number tokens planned or executed in the country and a corresponding increase in the number of inquiries about the applicability of regulation.

What do you think of SIX launching a digital exchange? Do you think they will start trading bitcoin soon? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, and the SIX Group.


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Crypto Market Loses $13 Billion as Bitcoin, Ripple, and Bitcoin Cash Record 6% Losses

Despite the strong volume of the crypto market, major digital assets including bitcoin, Ripple, Bitcoin Cash, Ethereum, and EOS recorded large losses against the US dollar. While bitcoin demonstrated a slight 1 percent decline in value, Ripple, Bitcoin Cash and EOS, the third, fourth, and fifth largest cryptocurrencies in the global market by valuation, lost … Continued

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