Binance to Stop Serving US Traders Following Announcement of US-Dedicated Platform

Major crypto exchange Binance announced today, June 14, that it has updated its terms of use, which notably includes a restriction of services to United States-based individual and corporate traders. The restriction follows yesterday’s news that the company is launching a separate, fully regulated fiat-to-crypto platform for the U.S. market. Today’s announcement provides a timeline for the new terms to come into effect, specifying that: “After 90 days, effective on 2019/09/12 [12th September 2019], users who are not in accordance with Binance’s Terms of Use will continue to have access…

14 Banks, 5 Tokens: Inside Fnality’s Expansive Vision for Interbank Blockchains

The Takeaway: With $63.2 million in fresh funding from 14 banks, Fnality is building tokenized versions of five major fiat currencies. The digitized fiat would be fully collateralized by cash held at central banks and is meant to solve the “cash on ledger” problem faced by other financial blockchain projects. The consortium says it is open to working with JPMorgan, whose JPM Coin project has similar aims. Fnality’s tech partner, Clearmatics, is building these systems on a private version of ethereum. Fnality International is building the missing link in the banking…

Could Bitcoin’s Lightning Power Mobile Communications? This Startup Thinks So

New research from mobile mesh networking company goTenna explores how mobile communications can be decentralized with the help of bitcoin’s lightning network. Technologists have long explored how to use cryptocurrencies and blockchains to build programs where users are more in control of their data. GoTenna, the company behind mesh network devices for internet-less connections, is exploring a novel approach. To that end, the GoTenna team has released a new paper describing how decentralized mesh networks for sending “mobile communications” (such as text messages) could be powered by bitcoin micropayments. What’s…

Nash Prepares to Launch Beta Version of Decentralized Exchange

With a mission of “bringing distributed finance to everyone,” five open-source blockchain developers have come together to form a distributed finance platform using blockchain technology that allows for decentralized and non-custodial cryptocurrency trading. Established in 2017, founders Fabio Canesin, Fabian Wahle, Ethan Fast, Thomas Saunders, and Luciano Engel built Nash as an integrated financial services platform in which users could invest, trade, and make payments with digital assets. All five founders of Nash were also behind the City of Zion open-source community and continue to develop key infrastructure for the…

Inside Monero’s ‘Last Ditch Effort’ to Block Crypto Mining ASICs

Developers behind the cryptocurrency monero are ramping up efforts to keep specialized mining hardware from dominating its race for rewards. Of the coins that have a strong privacy focus, monero – launched in 2014 – possesses the largest market capitalization by far with an estimated $1.5 billion valuation. The annual mining rewards generated by the now 5-year-old blockchain total roughly $62 million, according to data site Messari. But such rewards appear to be increasingly falling into the hands of ASIC operators, nudging out smaller, independent or hobbyist participants. To keep…

Former US Senator Rick Santorum Supports New Crypto for Catholics

Former US Senator, neologism, and noted Catholic, Rick Santorum, has come out in support of Cathio, a for-profit organization that will “provide efficient, secure, and transparent movement of funds within the Catholic world.” From a release: “Cathio’s platform is designed to enable all sectors of the Catholic economy to benefit from lower costs and transparent payments,” said Cathio CEO Matthew Marcolini. Former Ambassador to the Holy See and Cathio Advisor Jim Nicholson stated, “The Church is living in a time of great challenges with the laity asking, ‘What can we…

Bitcoin Struggles for Price Gains As Litecoin Hits 13-Month high

View Bitcoin’s price consolidation in a tight range continues for the eighth day, as litecoin rallies to its highest level since May 2018. BTC’s 4-hour chart shows $8,053 is the level to beat for the bulls. A high-volume break higher could be followed by a rise to $8,500. LTC looks set to extend its recent rally as per the 3-day chart. LTC already rallied more than 100 percent in the last six weeks, so a pullback to $120 could be seen before further gains. Bitcoin (BTC) is lacking a clear…

Insurer L&G Uses Amazon Blockchain Service for Pension Deals

A U.K. insurer has turned to Amazon’s services to launch what it claims is the first blockchain system for bulk pension deals. According to a Reuters report Wednesday, Legal & General, a U.K.based multinational financial services company, has said it will use Amazon Web Services’ (AWS) managed blockchain system to manage and record bulk annuities for its insurance business. Bulk annuities are defined benefit pensions schemes sold by companies to insurers to mitigate risks to policy holders and to free themselves from the cost burden. For now, AWS’ blockchain platform will be used for…

Visa B2B Connect | Cross Border Enterprise Payments on the Blockchain

Visa announced today that it is entering the $125 trillion money-transferring market and using blockchain technology to do so. Its new product, Visa B2B Connect, is newly launched and allows businesses to transfer money across the globe faster and safer. Let’s check this out. Visa B2B Connect The company has its sights set on cross-border, business-to-business (B2B) transactions, where banks transfer money on behalf of corporate customers. The global money behemoth is using blockchain in order to make these payments faster, cheaper, and more transparent. Its newly launched distributed-ledger called B2B…

The GateHub Hack | More Than 100 XRP Ledger Wallets Affected

In the crypto space, it’s not uncommon to see a crypto wallet get hacked. It’s unfortunate, of course, but not unusual. And the latest crypto wallet hack came this week. On Thursday, GateHub said more than 100 customers have had their ledger wallets hacked, resulting in their funds being stolen. Here’s everything we know. GateHub Hack: What We Know On Thursday, June 6, GateHub published a “preliminary statement” on its blog. In the post, the crypto wallet said more than 100 customers have had funds on their XRP Ledger wallets…