Unibright Is Cooperating And Setting Up Blockchain Events With Lufthansa, Microsoft and NEM

UniBright

Unibright, the unified framework for blockchain based business integration, whose token is now being listed on QRYPTOS Exchange, has teamed up with Lufthansa, Microsoft, and NEM to boost blockchain adoption on the mass market.

 

No-Coding-Needed Approach

Companies from various industries see the future in blockchain. Whilst the new technology is on everyone’s lips, Unibright offers a unified framework bringing blockchain and smart contracts to mainstream usage.

With Unibright’s “no-coding-needed” approach, smart contracts are generated, deployed and updated automatically based on visual definitions. This unifying approach cares about the whole life-cycle of ...

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PR: NEM and Unibright Are Announcing a Strategic Partnership

NEM and Unibright Are Announcing a Strategic Partnership

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.

NEM (“out-of-the-box”, enterprise-grade blockchain platform”) and Unibright (“blockchain agnostic integration framework”) are teaming up and start an official strategic partnership.

NEM and Unibright start a strategic partnership by adding NEM oriented code generation to the Unibright framework and adding Unibright to the NEMsp Program. Through this relationship, Unibright developers will receive blockchain training and certification through the Global NEMsp Network. The NEMsp (NEM Service Partner) Network provides qualified partners like Unibright with the technical skills and business benefits to integrate clients on the NEM Blockchain and scale regardless of industry, specialization or experience.

The partnership consists of:

– adding NEM as a target of Unibrights automatic blockchain code generation,
– adding NEM adapters to Unibright’s integration platform to connect NEM architectures to existing IT landscapes,
– qualifying Unibright as an official NEM Service Partner by training and certification through the Global NEMsp Network,
– working together on common customer projects, case studies and proof of concepts with industry partners and clients.

Kristof Van de Rek, Interim President of NEM.io states:

“The NEMsp Network is a scalable and repeatable program designed to expedite the adoption of NEM globally while creating value for our partners. Companies won’t need to have any internal technical staff to be able to build on the NEM Blockchain because a project can be completely developed and deployed by a NEMsp. Unibright puts that development on an even higher level by generating code automatically, and thus are a perfect fit to the NEMsp network. We look forward to a long and mutually beneficial relationship with Unibright.”

Marten Jung, founder and CEO of Unibright adds:

“We are convinced that enterprise clients will rely on those blockchain platforms that offer them the most robust base, the best scalability and the fastest “pilot-to-solution” outlook. NEM delivers on that in a very convincing and elegant manner. NEM is a perfect match to our framework, and we are very looking forward to filling this partnership with life.”

Unibright completed the initial training provided by NEM Solutions Architect, Joris Huybrechts, at Unibright’s main office in Bingen, Germany. Certification will follow after Unibright’ test project has been checked by a NEM Solutions Architect as a working solution.

NEM is an “out-of-the-box”, enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features which include: multi-signature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. Companies with legacy systems can “plug ‘n play” with NEM.

Unibright offers a unified framework, bringing blockchain technology and smart contracts to mainstream usage. With its “no-coding-needed” approach, smart contracts get generated, deployed and updated automatically into different blockchains. Unibright works with visual, usecase-related templates and also automatically integrates existing IT systems into the blockchain.

Press Contact Email Address
team@unibright.io

Supporting Link
https://unibright.io/

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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Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

Queensland, Australia is giving away millions with its Ignite Ideas fund. This week, it posted details regarding the AUD$8.3 million grant ($6.1 million USD). Something like 70 regional companies shared the bounty, including a cryptocurrency startup, Travelbybit, which managed to snag AUD$100,000 on its way to promoting tourism using crypto. 

Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton

Part of Queensland, Australia’s $6.1Mil Goes to Travelbybit

“Tourism is one of Queensland’s most important industries,” Innovation Minister Kate Jones announced. “Travelbybit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.” The company was chosen as part of a larger government initiative, the Advance Queensland Ignite Ideas funding.

Minister Jones continues, “Ignite Ideas was about supporting entrepreneurs from across Queensland to grow their businesses and employ more staff. I understand TravelbyBit is specifically targeting places like Bundaberg – using cryptocurrency to make it easier for tourists to book holidays. That’s why we’ve invested to help them scale-up their operation and ultimately create more jobs in Queensland.”

Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

First Queensland, and Then The World

Queensland, Australia is the country’s third biggest state by population. This week, it posted details regarding the AUD$8.3 million grant ($6.1 million USD). Something like 70 regional companies shared the bounty.

Travelbybit has a point of sale payments application popular with local businesses, restaurants, tour companies, and resorts. It services bitcoin cash (BCH), bitcoin core (BTC), litecoin, ethereum, and NEM. The company has been awarded AUD$100,000 from Ignite Ideas in the hope it will expand even beyond its current stable of merchants.

Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

Travelbybit CEO Caleb Yeoh noted, “We have more than 150 merchants across Australia using our system and this funding, to develop a purpose-built platform that will accept digital currencies from anywhere in the world, will allow us to add jobs not only directly to our team but also across the broader tourism industry.”

What do you think of Queensland’s decision to target cryptocurrency tourists? Share your thoughts in the comments section below!


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China Releases Ranking of 31 Crypto Projects

China Releases Ranking of 31 Crypto Projects

China’s Center for Information Industry Development has released its third ranking of crypto projects. Out of 31 projects, EOS remains at the top of the list while both Bitcoin and Bitcoin Cash have improved slightly from the previous month.

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

Third Ranking

China Releases Ranking of 31 Crypto ProjectsThe Center for Information Industry Development (CCID), under China’s Ministry of Industry and Information Technology, officially released its third crypto project ranking last week. The new list consists of 31 crypto projects.

The center began ranking 28 crypto projects in May. The following month it added 2 more projects: EOS and Nebulas. This month, one more is added, making a total of 31 crypto projects on the list. Gxchain is the latest addition.

China Releases Ranking of 31 Crypto ProjectsFor the latest ranking, EOS remains at the top of the list, followed by Ethereum, just like the previous month. Similarly, NEM stays at the bottom of the list. Bitcoin has moved up from the 17th place to the 16th place while Bitcoin Cash from the 28th place to the 25th place.

Debuting in fourth place, Gxchain, is a “blockchain-based decentralized data exchange” built on a stable, Yuan-linked cryptocurrency, its whitepaper describes. It is designed as a “bridge between data sources released on different platforms,” according to its website.

China Releases Ranking of 31 Crypto Projects
CCID’s ranking of 31 crypto projects.

Ranking Methodology

CCID’s ranking is based on a “comprehensive investigation and evaluation of the public chain from three aspects: basic technology, application and innovation,” according to China Electronics News Agency (Cena), the media agency headed by the Ministry of Industry and Information Technology.

China Releases Ranking of 31 Crypto Projects“The basic technology [aspect] mainly assesses the technical level of the current public chain, including evaluation of functions, performance, security and decentralization,” the media agency detailed. “In terms of basic technical sub-indicators, EOS scored the highest.”

“The application [aspect] mainly examines the comprehensive ability of the public chain to support practical applications, including node deployment, wallet application, development support and application implementation,” Cena described. Ethereum was the CCID’s pick for this aspect.

“The innovation assessment focuses on continuous innovation in public chain open source code, including the number of contributors, code updates, and code impact,” the publication wrote, adding:

Bitcoin ranked first in terms of its global influence and high innovation activity.

What do you think of this CCID ranking? Let us know in the comments section below.


Images courtesy of Shutterstock and CCID.


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Samsung Stores in the Baltic States Now Accept Cryptocurrencies

Samsung Stores in the Baltic States Now Accept Cryptocurrencies

On Friday, Samsung stores in the Baltic States have announced they will be accepting seven different cryptocurrencies for merchandise. Through a partnership with the payment processing firm Coppay, customers shopping at the Samsung stores in Tallinn, Riga, Vilnius, and Kaunas will be able to pay with BTC, ETH, DASH, NEM, STEEM, XRP, and LTC.

Also read: Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses

Samsung Stores in Three Baltic States Accept Cryptocurrencies

Samsung Stores in the Baltic States Now Accept CryptocurrenciesThe platform Coppay is a European fintech firm that offers payment gateways for cryptocurrency paying customers throughout 31 merchant locations. Now the company has announced that Samsung is truly embracing its slogan to “Turn on Future” by accepting seven different cryptocurrencies. The digital currencies the Samsung stores will be accepting for payments include bitcoin core (BTC), dash (DASH), NEM (XEM), steem (STEEM), ripple (XRP), litecoin (LTC), and ethereum (ETH). 

“Customers in Tallinn, Riga, Vilnius, and Kaunas can buy Samsung smartphones, tablets, laptops, TV-sets, and more with digital money,” explains Coppay’s announcement.

There is a growing trend toward business digitalization and allowing customers to pay for goods and services in cryptocurrency, whether at global retailers or local restaurants.       

Samsung Stores in the Baltic States Now Accept Cryptocurrencies
Samsung locations in the Baltic region now accept seven different cryptocurrencies.

Both Samsung and the Baltic Region Are Embracing the Future of Digital Assets

Cryptocurrencies, in particular, have been extremely popular in the Baltic states and digital assets have broad acceptance in states like Estonia, Latvia, and Lithuania. There is a great variety of merchants that accept bitcoin payments for coffee, apartments, bars, restaurants, hotels, specialty shops, clothing stores, and massage parlors. Regulatory policy in the Baltic region barely exists, except for Latvia, which may impose a 20 percent capital gains tax on cryptocurrency exchanges.

Samsung Stores in the Baltic States Now Accept CryptocurrenciesSamsung also has shown interest in blockchain technology and it’s well known the firm creates semiconductors for cryptocurrency mining devices. The company’s earnings had spiked significantly in 2017 due to semiconductor demand tethered to digital asset mining operations. The payment processor Coppay operates similarly to the firm Bitpay’s platform and merchants are allowed to keep the cryptocurrency from sales, exchange it for fiat, or a combination of both. The company explains the other Samsung merchants will also be adding the crypto-payment feature through their system as well.  

What do you think about the Samsung stores in the Baltic region accepting cryptocurrencies? Let us know your thoughts on this subject in the comment section below.   


Images via Pixabay, Samsung store, Samsung, and Coppay logos. 


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history. Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at wiki.Bitcoin.com.

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Report Reveals Phishing Trends Using Japanese Language for the First Time

Report Reveal Phishing Trends Using Japanese Language for the First Time

Reports have confirmed that Japan has been targeted by cybercriminals using phishing, or illegal acquisition of personal information, to steal cryptocurrencies by sending fake emails to crypto exchange users. Fake emails sent in Japanese language reportedly rose to at least 1,500 by last autumn.

Also Read: How Michael Richo Stole Bitcoins via Imposter Exchange Sites and Dark Web Phishing Schemes

Six FSA Approved Exchanges Taking Inadequate Countermeasures Against Phishing

Back in May, Bitflyer was warning its customers that fake emails used by cybercriminals were redirecting their victims to phishing websites that looked like authentic Bitflyer pages, which requested customers to enter their IDs and passwords. These were then collected by the criminals. Bitflyer received a serious business improvement order by the FSA on June 22.

Fake emails in Japanese language sent to steal private information were confirmed last November

A report published by the University of Tsukuba and Nomura Asset Management, an investment management company, criticized six government approved crypto exchanges saying they were operating without any solid countermeasures against online fraud and phishing schemes.

The Japanese Anti-phishing Council and the information security company Trend Micro reported that it was in November of last year that fake emails sent in the Japanese language targeting cryptocurrencies were confirmed for the first time. The two entities confirmed more than 1,500 fake emails sent in Japanese, targeting cryptocurrency exchanges. “And this is just the tip of the iceberg,” they said.

Government Collaboration is Planned

Japan Credit Information Service’s (JCIS) spokeswoman Teruko Suzuki told news.Bitcoin.com that JCIS has collaborated several times with the Japanese government regarding investigations on cryptocurrency related matters, but JCIS hasn’t got any official contract with government entities yet. “We are hoping to collaborate with the Japanese government entities such as the FSA, the National Police Agency, The Tokyo Metropolitan Police, or even the tax office in the future.”

In January this year, about 580 billion JPY worth of the virtual currency NEM vanished from Coincheck, a major domestic crypto exchange. In this case, fraudulent emails were sent in English to several employees of the company. It was later revealed that they were infected with viruses after opening those emails. After this major Japanese crypto heist, the FSA has been strictly inspecting Japanese crypto exchanges and reported a series of deficiencies in the internal management system, one after another.

Do you think enough is being done by officials to crack down on cryptocurrency phishing? Let us know in the comments section below.


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Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies

Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies

Ukrainians are increasingly aware of cryptocurrencies, and 13 percent of those using the Internet own digital coins, according to a new survey. The total of the daily turnover on the three leading cryptocurrency exchanges in the country currently reaches $2 million USD.  

Also read: Ukrainian Companies Mint 25 Coins, Raise $132 Million

Majority of Ukrainians Know About Bitcoin

A sizable majority of the respondents in an online survey in Ukraine have said they are aware of digital currencies – 72 percent of those questioned know what cryptocurrency is. Another 23 percent have heard the term, while 5 percent told interviewers they were hearing the word for the first time. Ukrainian men are better informed about coins – 81 percent, as well as youngsters – 79 percent.

Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies

The poll has been conducted by Kantar TNS, the local representative of the marketing research firm Taylor Nelson Sofres (TNS). 1,000 residents, aged 18-55, have been contacted online throughout Ukraine, with the exception of the conflict zones in the eastern part of the country and Crimea.

The results show that bitcoin (BTC) remains the most well-known cryptocurrency, with 98 percent of the Ukrainians with access to the web saying they know about it. It’s followed by litecoin with 29 percent and bitcoin bash (BCH), 27 percent. Fourteen percent of the participants recognize dash, and 6 percent – NEM.

Survey: 13% of Net-Savvy Ukrainians Own CryptocurrenciesThe authors of the study have also tried to determine how involved Ukrainians are with cryptocurrencies. According to their data, 13 percent of the respondents own digital money. Among them 88 percent have acquired bitcoin core (BTC), and 25 percent – bitcoin cash (BCH). 18 percent own litecoin, and dash and ethereum – 7 percent each. The rest either do not trust cryptocurrency, don’t have the technical means to acquire it, or do not understand its principles.

Participants were asked if they thought cryptocurrencies should be treated just like regular, fiat money. The answer options yes/no/I don’t know received about a third of the votes each.

Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies

A majority of 41 percent said authorities should support the free circulation of cryptos, 19 percent stated it should be banned by the government, and 37 percent had no opinion. Only 1 present of the polled believe regulation is necessary, while 2 percent think the state should not interfere at all.

Ukrainians Trade $2 Million Worth of Crypto Daily

Survey: 13% of Net-Savvy Ukrainians Own CryptocurrenciesDespite the lack of comprehensive data about the size of the Ukrainian cryptocurrency market, it has been estimated that the daily crypto-hryvnia turnover on the three major exchanges reaches $1.9 – $2 million USD (~$700 million a year), local media reported.

Experts note, however, that the transactions on these trading platforms, Exmo, Kuna and BTC Trade UA, are only a part of the total. More than a dozen other platforms, as well as thousands of individual traders are offering exchange services, both online and offline.

Other sub sectors are also contributing to the growth of the industry. “According to market sources, approximately $80 million have been invested in mining in Ukraine. About 90 – 95,000 Ukrainians own cryptocurrencies. The majority have invested small amounts in 2017 – 2018,” Ekaterina Belous, an expert working on the USAID “Financial Sector Transformation” project, told Realist. For the past several years, more than 50 high-ranking officials and members of parliament have declared digital assets on their tax returns.

Do you expect the ownership of cryptocurrencies in countries like Ukraine to increase in the near future? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Tron(TRX), Cardano(ADA), & Monero(XMR) Lose Big in May

Tron (TRX)

Tron(TRX), Cardano(ADA), NEM(XEM), & Monero(XMR) –  May turned out to be a rough month for the total cryptocurrency market, as 100 billion dollars was lost in just 31 days.

Source: CoinMarketCap

Many of the top 25 cryptocurrencies saw considerable losses, and only two had any sort of price gains. We’ve broken down how well each coin performed this month, and all prices were taken from the historical data provided by CoinMarketCap.

Crypto in May – the Losers

In May, most of the coins suffered but some performed better ...

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Despite 2018 Bear Trend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

In our latest historic snapshot analysis, we look at the performance of the top ten cryptocurrency markets since May 28th, 2017. Despite suffering heavy losses during 2018, the average price gain of the top ten markets has been 170% when compared with prices from 12 months ago, with only one of the then leading markets trading at a lower price today.

Also Read: Markets Update: Bear Market Adds Cryptocurrency Trading Uncertainty

BTC and ETH up Approximately 240% in 12 Months

With the price of bitcoin trading for approximately $7,345 USD as of this writing, the value of BTC has almost tripled since last year.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Then trading for $2,173 according to Coinmarketcap, bitcoin had a total market capitalization of $35.5 billion on the 28th of May, 2017 – approximately one-quarter of today’s capitalization of $125 billion.

During late May last year, Ethereum was in the early stages of a parabolic bull-run that by mid-June would prices up to approximately $400.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

After having broken above $100 for the first time just a few weeks earlier, ETH was trading for $171.55 and had a market capitalization of $15.78 billion at the time of the snapshot. ETH’s price has since increased by 242% – with the markets trading at approximately $586.80. Ethereum has remained the second largest cryptocurrency by total capitalization – currently boasting a market cap of roughly $58.5 billion.

Mixed Performances Among Top Altcoin Markets Of May 2017

Like today, XRP was the third largest cryptocurrency by market cap on the 28th of May last year, with a total capitalization of $8.8 billion. As of this writing, Ripple has a market cap of roughly $23.75 billion, with the price of XRP having gained 162.75% from $0.231 to $0.606.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 MonthsWith a total market cap of nearly $2 billion, XEM was the fourth largest market by capitalization at the time of the snapshot. Since then, XEM’s market cap has grown modestly, with XEM’s current capitalization of $2.327 billion making it the fifteenth largest crypto market. The price of XEM has increased by just 20.75% since last year, gaining from $0.214 to $0.258.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Ethereum Classic is the only top ten cryptocurrency market from May 28th, 2017 to be trading at a lower price today – with ETC having fallen approximately 10% from $16.95 to $15.28. The total capitalization of Ethereum Classic has also shrunk when compared against last year, with the then fifth largest cryptocurrency market by capitalization now ranked seventeenth with approximately $1.557 billion – down from 1.559 billion last year.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

LTC Produces Highest Percentage Gains of Top Ten Crypto Markets

Of the then ten largest cryptocurrency markets by capitalization, Litecoin has seen the largest percentage price gains since 12 months ago, with LTC’s current price of approximately $118 comprising a 365% increase from $25.38 – which was posted at the time of the snapshot.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Today, as with a year ago, Litecoin is the sixth largest crypto market by market cap. The total capitalization of the LTC markets has grown from $1.3 billion 12 months ago to nearly $6.7 billion today.

DASH, XMR, BCN, and GNT Slide from Top Ten Rankings by Market Cap

Of the highest ranked markets by capitalization from the 28th of May, 2017, only BTC, ETH, XRP, and LTC have retained their position in the top ten – all of which are ranked the same today as they were one year ago.

The then seventh-ranked cryptocurrency by market cap, DASH, now sits at thirteenth – with the total capitalization of DASH having grown from nearly $810 million to roughly $2.585 billion today. The price of DASH has grown by nearly 190% in 12 months, with DASH gaining from $110.5 to $319 today.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

On the 28th of May, 2017, Monero was the eight largest crypto market by capitalization with a market cap of $535 million. Today, Monero is ranked 12th with a total capitalization of $2.6 billion. XMR is the second best performing top ten crypto market since May 2017, with the current price of approximately $162 comprising a 340% increase from $36.86.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

12 months ago, Bytecoin was the ninth largest cryptocurrency by market cap with approximately $480 million. The BCN markets have since moved to 19th position, with a total capitalization of $1.175 billion today. Despite the price of BCN having nearly halved in the last two weeks, BCN is currently trading 142.5% higher than it was a year ago – gaining from $0.002634 on the 28th of May, 2017 to $0.006385 today.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Golem was the tenth largest cryptocurrency by market capitalization 12 months ago with a total capitalization of roughly $360.5 million. Since then, the total capitalization of the GNT markets has shrunk to approximately $384.3, making Golem the forty-seventh largest cryptocurrency by market cap. The price of GNT has increased by just 5.3%, gaining from 0.437008 to 0.460301.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Are you still holding cryptocurrencies you purchased last year? Share your experiences in the comments section below!


Images courtesy of Shutterstock, Trading View


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Tech Bureau Announces Release of Catapult Featuring New NEM Protocol

New NEM Protocol

New NEM Protocol: Tech Bureau, a developmental group for blockchain technology software and services, has announced the release of its mijin v.2 blockchain engine, which is also known as Catapult.

Catapult Features the New NEM Protocol

Catapult will feature an updated version of the NEM protocol and is meant to be available on both public and private networks.

ANNOUNCEMENT: Catapult is now on private network! More info: https://t.co/V9zmQZLC3x pic.twitter.com/F7yzlyIVhC

— NEM (@NEMofficial) May 14, 2018

 

Tech Bureau North America CEO, Tom Beno, has said that ...

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EOS, Cardano (ADA), and NEM (XEM): Where Will They Go from Here?

EOS

In a split crypto market, which direction are EOS, Cardano (ADA), and NEM (XEM) headed?

EOS

EOS is currently selling for $18.07, which puts the coin down 0.83% in the past 24 hours.

EOS announced the launch of its EOSIO StackExchange site for the Private Beta Phase.

“This is possibly the most important phase of the entire project and the community needs YOU now more than ever. It is during this ‘probationary’ period that we will discover how active and useful the site will really be,” EOS commented.

The Beta ...

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Japan Bolsters Crypto Exchange Regulations to Prevent Another Coincheck

Japanese regulators have announced stricter regulations for cryptocurrency exchanges in an effort to prevent another heist like the one that befell Coincheck in January, according to Nikkei Asian Review. The country’s Financial Services Agency expects to begin using a new, stricter framework for registered cryptocurrency exchanges this summer, and will advise those that fail to … Continued

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Abra Lists New Coins: Monero (XMR), NEM (XEM), NEO, Lisk (LSK), and Verge (XVG)

Abra lists new coins

Digital wallet app Abra lists new coins. Five new altcoins are being added to Abra’s services. The altcoins are Monero (XMR), NEM (XEM), NEO, Lisk (LSK), and Verge (XVG).

At the beginning of April, Abra added seven new coins to its platform, which included Stellar (XLM). With the addition of these five coins, that brings Abra’s total now to 25 cryptocurrencies. Users will be able to buy, sell, hold, and invest in these new coins along with the rest of the coins already listed with the digital wallet.

“By adding the five new cryptocurrencies ...

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Coincheck Recorded Profit Despite the Hack While Victims Hit with Taxes

Coincheck Recorded Profit Despite the Hack While Victims Hit With Taxes

Japanese exchange Coincheck is still profitable after suffering one of the biggest hacks in cryptocurrency history. The exchange recorded an estimated writedown of 47.3 billion yen (~US$432.56 million) for the funds used to compensate customers. Victims, however, were slapped with tax bills.

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

A Writedown for Coincheck

Coincheck Recorded Profit Despite the Hack While Victims Hit With TaxesIt has been roughly three months since one of the largest cryptocurrency exchanges in Japan was hacked for 58 billion yen (~US$530 million) worth of the cryptocurrency NEM. Coincheck is now a subsidiary of a leading Japanese online brokerage firm, Monex Group, after a 3.6 billion yen (~$40 million) acquisition. The exchange has repaid roughly 260,000 customers in Japanese yen.

The losses afforded the company a tax writedown. Coincheck’s parent company revealed on Thursday, as reported by Reuters:

Coincheck Inc recorded an estimated writedown of 47.3 billion yen ($432.56 million) for the year ended in March.

Still Profitable

Coincheck Recorded Profit Despite the Hack While Victims Hit With TaxesMonex also released Coincheck’s earnings on Thursday. The exchange now handles 13 cryptocurrencies and “its primary source of revenue is the commission known as ‘spread,’ or the premium it adds to the purchase price when delivering to customers,” Nikkei described, adding that for the fiscal year ended March:

The cryptocurrency exchange’s sales stood at 62.6 billion yen ($572 million) while operating profit came to 53.7 billion yen [~$491 million]. Its operating margin ratio was as high as 86%, indicating the company’s high-margin business model… Its net profit stood at 6.3 billion yen [~$58 million].

Coincheck Recorded Profit Despite the Hack While Victims Hit With Taxes
Oki Matsumoto.

This is after the company posted “an extraordinary loss of 47.3 billion yen [~$432 million]” as it refunded customers for the theft.

According to Asahi TV, Coincheck’s sales the previous year were about 980 million yen (~$9 million).

“In the future, regulations on the virtual currency exchange industry will be strengthened, and there is a possibility that the cost of necessary measures will be incurred,” Mainichi elaborated. The publication then quoted the CEO of Monex Group, Oki Matsumoto, detailing, “It is possible the profit margin of the virtual currency business [could] goes down…[but] The volume of transactions will increase and the profits as absolute will return to the level before [the hack].”

Victims Hit with Tax Bills

Coincheck Recorded Profit Despite the Hack While Victims Hit With TaxesAs Coincheck compensated theft victims in Japanese yen, the country’s National Tax Agency (NTA) added a section to its FAQs entitled “When receiving compensation in fiat instead of virtual currency from virtual currency exchange agent,” Kaikeizine reported.

Citing that the compensated yen will be treated as miscellaneous income, Oricon News emphasized:

The National Tax Agency considers getting compensation to be the same as selling virtual currency at the same price as compensating money and getting the same result. The tax authorities [say they] do not fall under tax exemptions and are taxed as miscellaneous income.

When the compensated amount is lower than the original acquisition price, taxpayers can deduct their losses, the news outlet explained. Nonetheless, “It is not possible to total with other income such as salary.”

While taxing capital gains is commonplace, tax accountant Takaaki Tanaka noted that “NEM holders who received compensation will be taxed at an unintended time without regard to the tax payment plan,” the publication conveyed.

What do you think of Coincheck remaining profitable despite the hack? What do you think of customers having to pay taxes on the repayments? Let us know in the comments section below.


Images courtesy of Shutterstock, NTA, Coincheck, and Monex.


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