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Coinbase Reveals Its Procedure for Handling Contentious Forks

On Feb. 20, the San Francisco-based cryptocurrency exchange Coinbase gave the public an inside look at how the company deals with contentious forks. Coinbase engineer Breck Stodghill specifically discussed how the trading platform dealt with the Bitcoin Cash (BCH) split on November 15, 2018.

Also read: ‘Bitcoin Killer’ Onecoin Is Ashes But Investigations Continue to This Day

Replay Attacks, Protection, and ‘Dust Mixing’

Over the last few years, cryptocurrency enthusiasts have gotten used to the idea of forks and subsequent blockchain splits ever since the Ethereum network bifurcated in 2016. Since then there have been a few other notable splits that affected the crypto ecosystem. Coinbase has explained in a blog post written by developer Breck Stodghill that the company believes networks should be able to fork as it’s an “important tool for innovation in the ecosystem.” The only thing is, some forks – specifically ones that don’t have replay protection – can pose “unique security risks” for exchange customers.

Coinbase Reveals Its Procedure for Handling Contentious Forks
An example of a blockchain split.

The Bitcoin Cash network fork in November was one of those instances as the upgrade was contentious in the eyes of an “opposing subgroup.” In order to protect users who held BCH on Coinbase prior to the fork, the company created its own replay protection strategy to mitigate replay attacks. When a cryptocurrency splits in half there are two chains with identical transaction histories, addresses, and balances. Essentially, without replay protection transactions can be double spent by malicious actors and other types of transaction errors can happen.

“To overcome this unique problem, we implemented our own replay protection by using a strategy called “dust mixing,” thereby ensuring that all customer funds are isolated to a specific chain and not vulnerable to replay attacks,” explains the Coinbase developer.

Coinbase Reveals Its Procedure for Handling Contentious Forks
One example of a replay attack is the possibility of interception. At some point, an attacker watching the chain state can sees someone’s transaction data, copies it and re-uses it on the alternate network. Since there is no replay, the transmitter can also suffer from replay vulnerabilities just by making errors on their own by sending both currencies at the same time without splitting them.

When the fork took place, Coinbase utilized the dust mixing technique in order to be sure the firm’s hot wallet and customers’ funds were kept safe. One way to separate two identical chains is by using transaction inputs that only exist on one of the ledgers. When the BCH chain diverged into two, new outputs were created and formed within the miners’ reward. These coinbase rewards are different and separate the mirrored chains going forward.

“Dust mixing refers to the practice by exchange operators of including at least one small chain-isolated input to each newly generated post-fork transaction,” Stodghill’s post details. “At the time of the BCH/BSV fork, we obtained a BCH coinbase reward from a miner. We used the coinbase reward to generate a large set of chain-isolated dust outputs. For each newly generated post-fork BCH transaction, we make sure to include at least one input that is guaranteed to be isolated to the BCH chain (i.e. a descendant of a BCH coinbase reward).”

Coinbase continued by adding:

Any leftover change outputs of Coinbase generated BCH transactions are added back into the pool of chain isolated outputs in our hot wallet and can be used as an input to subsequent transactions to produce additional dust outputs required to service BCH sends off our platform.

Coinbase Reveals Its Procedure for Handling Contentious Forks
How Coinbase used “dust mixing” for replay protection during the BCH/BCV chain split on November 15, 2018.

Contentious Forks Can Lead to Big Exchange Losses

Hard forks are a part of the way blockchains upgrade but contentious forks can lead to splits and subsequent replay attacks if no protection is added by cryptocurrency developers. Back when the Ethereum network fork surprised everyone in 2016, former Coinbase executive Charlie Lee stated that the Ethereum Foundation advised the exchange not to use replay protection. Reports at the time detailed that trading platforms like Coinbase, Yunbi (40,000 ETC) and Btc-e all lost thousands of ETC and ETH during the chaos. On Aug. 6, 2016, Coinbase CEO Brian Armstrong told the cryptocurrency developer Peter Todd that the exchange lost approximately 17,500 ETC ($40,000 at the time) from replay attacks.

In its blog post about the BCH/BSV split, Coinbase explains that the company wants to continue creating an open financial system with a trusted reputation. Founded in 2012 by Armstrong and Fred Ehrsam, the exchange hasn’t seen any major breaches, unlike many of the other trading platforms created back then. As for hard forks, Coinbase says the firm’s engineers are always working around the clock to find solutions to issues like blockchain splits. “Our security focused approach to hard fork management is a direct result of that mission,” the San Francisco company concludes.

What do you think about the way Coinbase dealt with the contentious BCH fork that took place last November? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, the Coinbase blog, and Pixabay.


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Ethereum founder and CEO, Vitalik Buterin revealed his non-Ether holdings and revenue sources

The founder and CEO of Ethereum, Vitalik Buterin spoke recently about his Digital Currency investments and holdings. He stated that his Digital holdings are almost entirely devoted to the Ethereum Blockchain and network. He disclosed this in a Reddit “Ask Me Anything” (AMA) post on February 18.

The Reddit “Ask Me Anything” post addressed the Ethereum leadership, team and accountability and asked the right questions to the Ethereum team. The Ethereum community wanted from developers to share possible conflicts of interest and future possibilities. Buterin summarized the total of his Digital Currency holdings as mostly Ethereum and ERC-20 tokens.

Regarding Digital currencies outside Ethereum’s ecosystem, Vitalik Buterin said that he has some Bitcoin (BTC), Dogecoin (DOGE), Zcash (ZEC) and Bitcoin Cash (BCH). But in total, these Cryptocurrency holdings are only 10% or less of the value of his Ethereum and ERC-20 holdings.

Other non-Ethereum tokens include Kyber (KNC), Maker (MKR), OmiseGo (OMG) and Augur (REP), again reportedly less than 10% of Vitalik Buterin’s Ether holdings.

Vitalik Buterin is involved in many projects

Vitalik Buterin also stated on the Reddit AMA that he is a significant corporate shareholder in the Blockchain development and research company Clearmatics. He also is a shareholder in the privacy and scalability-focused Distributed Ledger Technology startup Starkware, which develops cryptohraphic technologies like the zero-knowledge proof algorithm.

The founder of Ethereum also disclosed his external revenue sources over the past year, outside of the Ethereum Foundation. He also disclosed his non-financial involvements in Blockchain and Crypto projects outside of Ethereum. Some of the ones that were disclosed were Plasma Group, L4, EDCON and EthGlobal.

Other of his professional non-token involvements are mainly professional economics and cryptography circles, which he did not specify exactly.

Vitalik Buterin was involved recently at the Ethereum developer’s discussions regarding new smart contract creation and feature sets that will be released in the long-awaited hard fork – Constantinople.

Ethereum community members expressed their concerns about the new features having a negative security implication on the Ethereum Network. Vitalik Buterin was quick to refute these concerns emphasizing the need for evolution and a long term frame for the Ethereum roadmap.

Read more:

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Full Crypto: Now is Not the Optimal Time According to Musk

Musk’s views do not mean Tesla will go full crypto any time soon. His stance on crypto has never really been a secret. He rarely speaks about the topic, but his views are clear and simple:

“Bitcoin is quite brilliant. Paper money is going away and crypto is a far better way to transfer value than pieces of paper, that’s for sure. As with everything, it still has its pros and cons.”

The endorsement doesn’t really mean much considering the current state of the market. Even though Musk believes that cryptocurrencies will inevitably replace fiat, he still thinks now is not the right time to go full crypto.

“At the moment, I’m not sure that using Tesla’s resources to get involved in crypto would be the optimal strategy.”

For someone who’s as busy as Musk, optimal time management is everything. The CEO of SpaceX and Tesla works for 40 hours in one company and 42 hours in the other. With Tesla being an auto company and SpaceX being an aerospace tech company, there is much burden on Musk to innovate.

These two companies have the opportunity to score a massive monopoly if they deliver with groundbreaking new options in their respective fields. What’s more interesting however is that neither SpaceX nor Tesla are actually profitable.

Going full crypto at the right time can completely turn a company around

The companies need to constantly innovate in order to move forward unlike giants like Microsoft and Google who have had plenty of time to sit back and reap the juicy profits. Microsoft and Google can afford to steadily dive into cryptocurrencies and carefully analyze the markets.

The cloud services of Microsoft will be support the NYSE’s upcoming crypto exchange, Bakkt. On the other hand, Google along with Goldman Sachs have been heavily investing into crypto industry films despite the rough market conditions.

As an interesting side note, on the same day that Musk praised crypto, Google reacted. The giant instantly added the Bitcoin symbol to its keyboard for iOS apps.

It doesn’t take a rocket scientist to figure out that eventually electricity grids will start getting decentralized. High tech companies like Tesla will eventually be using a decentralized, peer to peer network of electricity production.

Each building will be able to generate and store its own power from solar. Depending on the type of building, Tesla Solar Roof Tiles or Tesla Power Walls could be used. Regardless of what’s used, the building will become a full node in this new power grid.

Bitcoin and other PoW cryptocurrencies will bloom in such an economy. Modern day science is on the brink of huge waves of affordable, clean and renewable energy. Elon Musk is on the top of that wave and when the time comes, he will inevitably go all in on crypto.

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Thai Parliament Approves Amendments Allowing Issuance of Tokenized Securities

Thailand’s National Legislative Assembly allows for the issuance of tokenized securities on blockchain with new amendments.

Thailand’s National Legislative Assembly has officially allowed the issuance of tokenized securities on blockchain, major newspaper The Bangkok Post reports on Friday, Feb. 22.

The government will amend the Securities and Exchange Act, according to the article. As soon as the changes come into effect later in 2019, tokenized securities such as stocks and bonds can be officially issued on blockchain.

The Thai Securities and Exchange Commission (Thai SEC) will issue additional rules so that crypto platforms can seek a securities depository license. According to Thai SEC deputy secretary Tipsuda Thavaramara, the regulator will also allow businesses that operate as depositories of securities and digital tokens to apply for such licenses.

Previously, the aforementioned act defined Thailand Securities Depository Co Ltd, a subsidiary of the Stock Exchange of Thailand (SET), as the only company permitted to operate as a securities depository for the SET’s securities trading operations.

The Thai SEC will also decide whether a security token offering is regulated under the current securities act or the royal decree on digital assets. The decision will depend on the rights and obligations associated with a particular token, the publication notes.

Earlier this year, the Thai Ministry of Finance issued digital asset business licenses to four crypto-related firms under the recommendation of the Thai SEC Board. Two other applicants failed to comply with Thai SEC rules and were rejected.

As Cointelegraph previously reported, the National Electronics and Computer Technology Center of Thailand is exploring the use of blockchain in e-voting. The solution could be deployed in the short term in a closed environment; for example, Thai nationals living abroad could go to an embassy or consulate to vote and verify their identities on blockchain.

Reddit Co-founder Says Crypto Winter Erased Speculators, Gave Space to Real Builders

Reddit co-founder Alexis Ohanian claimed that the crypto hype is gone, leaving space for true crypto believers.

Alexis Ohanian, co-founder of Reddit and known crypto bull, claimed that the crypto hype is gone, leaving space for true crypto believers. Ohanian spoke on the subject in an interview with Yahoo Finance released on Feb. 22.

When asked if he is still a big believer in crypto, Ohanian acknowledged that the current state of the market is undoubtedly still considered to be a crypto winter, which means crypto prices are depressed.

However, citing Coinbase CEO Brian Armstrong, Ohanian emphasized that the bear market has contributed to the elimination of speculators, while true crypto believers have stayed to build real crypto infrastructure.

Ohanian elaborated that in his opinion, the extinction of the hype around the crypto and blockchain space is actually a good thing for industry development. He said:

“Now, it’s still to be seen. But what’s a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They’re building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that’s a good thing.”

Ohanian was also asked about the announcement from banking giant JPMorgan Chase concerning the launch of its own cryptocurrency JPM Coin, a blockchain-powered asset that is expected to increase settlement efficiency within the bank’s operations.

Answering the question, Ohanian stressed that the recent move by JPMorgan is just another indication that there is real innovation happening since the wild speculation is gone. Considering the upcoming release of the coin to be a good thing, Ohanian still noted that JPMorgan CEO Jamie Dimon had previously called major cryptocurrency Bitcoin (BTC) a scam.

Recently, Dimon has since clarified his stance towards Bitcoin, claiming that he had not intended to become the spokesperson against the biggest cryptocurrency.

Born in 1983, Alexis Ohanian became a 23-year-old multi-millionaire in 2006 after selling Reddit along with the second co-founder Steve Huffman back in 2016. The internet entrepreneur and investor is also a co-founder of early-stage venture capital firm Initialized Capital.

In July 2018, Ohanian maintained his prediction that Bitcoin and top altcoin Ethereum (ETH) will hit $20,000 and $1,500 respectively in 2018. However, since July 2018, the highest price points of the two cryptos have been maximum thresholds of around $7,200 and $400 respectively, according to CoinMarketCap.

Indian Trade Association Calls for Fast Crypto Regulation to Drive Growth

The Indian National Association of Software and Services Companies (Nasscom) has released a report that calls for regulatory certainty, particularly in areas such as cryptocurrency. The lack of legal clarity and the crypto banking ban have hindered investments in this sector, hurt crypto exchanges, and driven investors out of the country, according to the association.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

Regulatory Certainty Needed

At Nasscom’s flagship Technology and Leadership Forum held from Feb. 20-22 in Mumbai, Vice President Sangeeta Gupta unveiled key highlights from a report jointly developed by Nasscom and management consulting firm Avasant. It details the current state of India’s blockchain industry, including cryptocurrency.

Asserting the “Need for regulatory certainty” for the blockchain and cryptocurrency industry, the report suggests that “A proactive, consultative and defined regulatory approach to blockchain will boost the blockchain ecosystem growth in the country,” noting:

Industry participants in India are constrained due to the cautious regulatory approach taken with respect to specific elements of blockchain, such as cryptocurrency and digital assets.

Indian Trade Association Nasscom Calls for Fast Crypto Regulation to Drive Growth

Nasscom is a non-profit Information Technology industry association which describes itself as “the apex body for the 154 billion dollar IT BPM industry in India, an industry that has made a phenomenal contribution to India’s GDP, exports, employment, infrastructure and global visibility.” Among Nasscom’s initiatives listed on its website is “Liaisons with government and industry to influence a favourable policy framework.”

The association’s report emphasizes:

India needs to act fast and work consultatively with the key stakeholders in the crypto/blockchain community and provide regulatory certainty and clarity around blockchain technology (specifically around cryptocurrencies and digital tokens).

VC Investments Hindered

Despite VC investments pouring into the blockchain ecosystem globally, India has seen less than 0.2 percent of global investments, Nasscom detailed.

Indian Trade Association Nasscom Calls for Fast Crypto Regulation to Drive Growth

“Investment through VC firms or ICOs in the blockchain ecosystem in India has been considerably low (totaling to USD 8.5M) due to the uncertain policy and regulatory environment in the country,” the report claims, elaborating:

Some of the initial, sizeable investments in India were on crypto exchanges such as Unocoin and Zebpay, which have now disabled trading through fiat currency due to an RBI directive … A restrictive regulatory environment in India is limiting the investment opportunities from both domestic and global investors into Indian start-ups.

In addition, the report notes that the lack of regulatory certainly has driven India-based investors and startups to establish operations overseas in countries such as Malta, Singapore, the U.K., and Switzerland “to limit their exposure to regulatory risk associated with the use of digital tokens or assets in India.”

Lack of Regulation Hurt Crypto Businesses

While the Indian government has a favorable view of blockchain technology and is even considering introducing a national digital currency, the report describes that it has been “hawkish on cryptocurrencies.”

Indian Trade Association Nasscom Calls for Fast Crypto Regulation to Drive Growth

Citing that there is “No explicit legal framework around ICOs or digital tokens/crypto-assets,” coupled with the government not considering cryptocurrency legal tender and the banking ban by the central bank, the Nasscom report concludes:

While there is no formal regulatory framework governing crypto exchanges, preventing access to formal banking channels has led to the shutdown of prominent crypto exchanges in India.

What do you think of Nasscom calling for fast crypto regulation in India? Let us know in the comments section below.


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Luxembourg University Postdoc: Central Bank Digital Currencies Too Attractive to Ignore

A postdoctoral researcher from the University of Luxembourg believes central banks are very interested in launching CBDCs.

The idea of issuing a central bank digital currency (CBDC) is too attractive to ignore, a postdoctoral researcher from the University of Luxembourg wrote in a study. The research was shared by the Oxford Business Law Blog on Friday, Feb. 22.

Hossein Nabilou, a postdoctoral researcher at the Faculty of Law, Economics, and Finance of the University of Luxembourg, presented his findings in a study entitled “Central Bank Digital Currencies: Preliminary Legal Observations.” The report focused on potential challenges that launching a CBDC might cause for the European Central Bank (ECB).

According to Nabilou, cryptocurrencies have significantly impacted the banking sector. He writes how their functionality, similar to money issued by a central bank, first drew banks’ attention. Banks were also preoccupied with the idea that cryptocurrencies could ruin their monopoly on controlling the circulation of money and influence the stability of existing financial systems, Nabilou believes.

Thus, CBDCs can be treated as a policy response to the growing popularity of cryptocurrencies, he continues. Despite the prevailing scepticism towards crypto and several failed attempts to launch a state-backed coin, such as the Venezuelan Petro, central banks are actively studying the technology behind digital currencies. Some of them even have the possibility of launching a CBDC in their agenda, the researcher writes.

However, if the ECB launches a digital currency, it might lead to banking disintermediation, Nabilou continues. Customers will get direct access to the central bank’s balance sheets, and consequently there will be no reason for them to hold balances within a commercial bank, which might lead to overall banking sector instability.

Moreover, such a move would centralize the credit allocation and undermine the principle of an open market economy with free competition, violating the constitutional constraints set by the EU. For those reasons, the ECB is unlikely to issue a CBDC unless the appropriate regulations are introduced, Nabilou concludes.

Venezuela was one of the first countries to launch a state-backed coin in 2018. Despite the efforts taken by the government, the Petro has seemingly failed to help bail out the country’s economy. Several banks in Iran have also supported a gold-backed digital currency dubbed PayMon, while Egypt is still considering a possibility of launching a CBDC.

Some central bank officials have publicly shared Nabilou’s view on CBDCs. For instance, South Korea’s central bank has recently issued a warning over CBDCs, stating that they would result in mass withdrawals of funds from private institutions, squeezing liquidity and pushing up interest rates.

Third-Top Exchange OKEx Lists Ripple and Bitcoin Cash on Customer-to-Customer Platform

The OKEx C2C platform has listed Ripple and Bitcoin Cash while delisting NEO, QTUM and Exchange Union (XUC).

Malta-based major cryptocurrency exchange OKEx has listed Ripple (XRP) and Bitcoin Cash (BCH) on its customer-to-customer (C2C) trading platform, according to a press release shared with Cointelegraph on Feb. 22.

OKEx, the top third crypto trading market by daily trading volumes at press time, now allows users to buy or sell XRP and BCH with five supported fiat currencies: the British pound (GBP), Chinese renminbi (CNY), Vietnamese dong (VND), Russian ruble (RUB) and Thai baht (THB) on the OKEx C2C trading platform.

The Thai baht was added to the OKEx C2C platform in mid-February.

During the newest upgrade, all services on the OKEx C2C platform will remain as normal, the announcement states. The platform allows users to place orders with self-selected exchange rates and payment method, purchasing or selling crypto from other users using fiat with zero transaction fees.

The new listings are added to already supported biggest cryptocurrency Bitcoin (BTC), major stablecoin Tether (USDT), top altcoin Ethereum (ETH) and Litecoin (LTC), the fifth top cryptocurrency by market cap at press time.

At the same time, OKEx has announced the delisting of three cryptocurrencies: on Feb. 25, OKEx will stop supporting 17th ranked cryptocurrency NEO (NEO), as well as QTUM (QTUM) and Exchange Union (XUC).

Recently, OKEx has listed four new crypto derivative pairs to its platform, enabling users to trade Bitcoin SV (BSV), QTUM, DASH (DASH) and NEO against Bitcoin or Tether on margin with a 3x leverage option.

The newly listed XRP coin is the third-top cryptocurrency by market cap at press time, having lost its top coin position in January. Recently, CEO and representative director of Japanese financial services giant SBI Holdings outlined Ripple as one of the reasons to remain optimistic about the future of the crypto industry.

Bitcoin Cash, a cryptocurrency created as a result of a Bitcoin hard fork in August 2017, is now ranked the sixth-top crypto by market cap. Recently, major United States-based cryptocurrency exchange and wallet service provider Coinbase has listed BCH on its Coinbase Wallet.

Principality of Andorra to Implement Blockchain Tech for Digitizing Academic Degrees

Andorra will implement blockchain tech in storage of its higher education degrees, with plans to expand to lower degrees.

The government of Andorra will implement blockchain technology in the country’s higher education system, Spanish-language news outlet EuropaPress reported on Feb. 21.

The Principality of Andorra, a sovereign landlocked state on the Iberian Peninsula, will digitize national higher education by implementing blockchain technology for storing all academic degrees.

The initiative is aimed at creating a more secure registry processes, EuropaPress reports. Academic degrees recorded via blockchain tech can not be eliminated or modified, and the tech will also allow for the reduction of “administrative expenses derived from the current analogue process,” the article notes.

The access to the blockchain is to be provided by Andorra Telecom, the national telecom company, which is responsible for the distribution of digital terrestrial and radio broadcast services in the Principality of Andorra.

Europa Press also states that blockchain tech would allow for easier access to higher education:

“It opens the possibility that in the future the Hague Apostille in the recognition of titles at an international level will not be necessary.”

The Hague Apostille is a certificate through which a document issued in one of the signatory countries can be certified for legal purposes in all the other signatory states.

As Cointelegraph reported yesterday, the Maltese government signed a two-year contract with a software company to store all educational certificates, including secondary school certificates issued by the state, church and independent schools, with blockchain technology.

Earlier this month, the Russian Federal Service for Supervision in the Sphere of Education and Science announced plans to implement blockchain technology in the country’s main graduation examination starting this year, as Cointelegraph wrote on Feb. 5.

In the Daily: Quadrigacx Transfer, Tokenized Bonds, Beam Investment, Rakuten Pay

In this edition of The Daily, Canadian exchange Quadrigacx has transferred its remaining crypto funds to the court appointed monitor Ernst & Young. In Germany, the federal securities regulator Bafin has authorized an STO. Also, Beam has found a new investor and Rakuten plans to integrate cryptocurrencies into its mobile app.

Also read: Sirin Labs Smartphone, Middle East Cbx Exchange, IPC’s Connexus Cloud

Quadrigacx Sends Cryptocurrency to Ernst & Young

Troubled crypto exchange Quadrigacx has transferred its cryptocurrency holdings to the court appointed monitor Ernst & Young. According to the second report issued by EY, which is dated Feb. 20, the digital assets will be held in cold storage pending further order of the court. The transfer has been authorized by the judiciary.

Quadrigacx, which is operated by the Vancouver-based company Quadriga Fintech Solutions Corp., was shut down at the end of January. The platform lost access to as much as $190 million of cryptocurrency held in offline cold wallets after the death of its CEO, 30-year-old Gerald Cotten, in December.

In the Daily: Quadrigacx Transfer, Tokenized Bonds, Beam Investment, Rakuten Pay

Ernst & Young notes that on Feb. 6, the day after the initial order was granted, Quadrigacx inadvertently transferred a certain amount of cryptocurrency into cold wallets that its team was then unable to access. According to Quadriga’s management, the transaction occurred due to a platform setting that resulted in an automatic transfer to the cold wallets.

The report states that Quadrigacx’s remaining digital funds have been successfully transferred into cold storage wallets controlled by the monitor on Feb. 14, 2019. They include approximately 51 BTC, 33 BCH, 2 BTG, 822 LTC, and 951 ETH. In related news, Coinbase CEO Brian Armstrong has shared his team’s own findings of what happened to the defunct Canadian exchange.

Bafin Approves Tokenized Bonds From Bitbond

The securities regulator in Germany has approved the plan of online credit company Bitbond to carry out a security token offering (STO), the crypto startup recently announced. The approval from the Federal Financial Supervisory Authority (Bafin) opens the door for private investors who want to participate in the STO.

In the Daily: Quadrigacx Transfer, Tokenized Bonds, Beam Investment, Rakuten Pay

Bitbond will offer a token-based bond called Bitbond1 (BB1) at €1 each. The offering has an issue volume of €100 million ($113 million) and the first financing round is scheduled to start on March 11.

The term of the bond will be 10 years and the issuer promises an annual interest of 4 percent on the invested capital, 1 percent each quarter. Investments can be made in bitcoin core (BTC), ethereum (ETH), stellar lumens (XLM) and in euros.

Recruit Invests in Beam

The developers of Mimblewimble-based cryptocurrency Beam have received financing from the Japanese corporation Recruit, which specializes in human resources. The company has made the investment in Beam Development Limited through the RSP Blockchain Tech Fund which was established in November 2018. The announcement details that Beam is an Israel-based “provider of blockchains that consider the confidentiality of user information.”

In the Daily: Quadrigacx Transfer, Tokenized Bonds, Beam Investment, Rakuten Pay

Recruit further notes that it’s interested in supporting promising startups with the aim of discovering new technologies and new business models. The company also points to the rapid increase in settlement and exchange services and the great expectations for the implementation of crypto technologies in corporate activities.

Rakuten Pay to Support Cryptocurrencies

Japanese online retail giant Rakuten has announced plans to add support for cryptocurrencies in its mobile payments app. Digital currencies will be introduced with the upcoming update of Rakuten Pay which will be released next month. The overhaul will also bring support for payment cards, barcodes, and QR code payments. Last year Rakuten acquired a crypto exchange called Minnano Bitcoin and the expectations are that its features will be integrated into Rakuten Pay.

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


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