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ripple in lawsuit for alleged sale of unregistered securities ⚡️

former sec chair represents ripple in lawsuit for alleged sale of unregistered securitiesnews
fintech company ripple labs has employed debevoise & plimpton’s mary jo white and andrew ceresney to represent them in a class action lawsuit for the alleged sale of unregistered securities, law.com reported june 4. mary jo white previously held the position of chair at the us securities and exchange commission (sec).

the court paper for ripple (xrp) reveals that the attorneys will represent the company in a lawsuit filed by investor ryan coffey last month. coffey claims that he lost $551.89 trading ripple’s xrp tokens, alleging that the digital currency should have been registered as a security with the sec. he alleges that ripple profited from increases in the cryptocurrency’s price at the expense of investors as ripple maintains a “centralized xrp” ledger.
the plaintiff is looking to rescind over $300 mln in xrp purchases and set up a trust over the proceeds of ripple’s alleged sales of digital currency.
the filings also state that the case has been moved from california state court to a federal court in the northern district of california. ripple’s lawyers say that the suit should be handled in federal court rather than in the san francisco superior court, where the complaint was initially filed.
ripple’s spokeswoman said that at the moment the lawsuit was filed, the sec had not yet decided whether xrp is a security. “we continue to believe xrp should not be classified as a security,” she claimed in response to the complaint, adding:
“we feel confident that the claims regarding xrp are completely unfounded both in law and fact.”
taylor-copeland, the plaintiff’s lawyer said that moving the case to federal court was “entirely improper” and that he intends to return it to the state judiciary system. he commented on the case:
“whether or not their xrp token is a security is an existential threat to their entire business model.”
in april, former goldman sachs partner and government regulator gary gensler said that ethereum (eth) and ripple should likely be considered unregistered securities. gensler noted that he does not classify bitcoin as a security because it was not issued through an initial coin offering and has a decentralized network of developers. in regards to eth and xrp, he said that “there is a strong case for both of them — but particularly ripple — that they are noncompliant securities.”
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ripple is giving universities $50m to research cryptocurrency and blockchain 🤓✨

ripple university fund
after donating $29 million to an american public school charity, cryptocurrency giant ripple is launching another $50 million fund — this time for universities.

the new initiative, named university blockchain research initiative (ubri), will provide $50 million in funding to universities for academic research and initiatives related to blockchain, cryptocurrency, and digital payments, the company announced on its blog today.

apart from the funding, ripple is promising to provide subject matter expertise and technical resources to partner universities as part of this initiative.

ripple has so far partnered with 17 universities across the globe.

as part of the initiative, the universities will be designing curriculums focused on blockchain and cryptocurrency; the aim is to encourage students to pursue research and innovation in distributed ledger technologies. ripple has trusted the universities with the freedom to choose their own research focus and build up custom curricula.

the fact that some of the most reputable universities are getting involved in blockchain and cryptocurrency research is a notable development – and one that could go a long way to encouraging responsible innovation in the space 🚀
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blockchain projects attracting big names 🔥😎

a series of recent announcements demonstrate the applicability of blockchain for major projects and they are backed by names of such size that it is worth taking notice.

blockchain projects have attracted plenty of debate recently. enthusiasts propose the technology for all kinds of uses, while many sceptics argue that, beyond cryptocurrency, the uses for blockchain are almost non-existent. as is often the case, the truth is somewhere between the two extremes.

at the future blockchain summit in dubai on may 1, a group of the world’s leading car makers, including gm, ford, bmw and renault, announced plans for a blockchain initiative that would provide “security and sovereignty over driving data, manage ride-share and car-share transactions, and store vehicle identity and usage information”.

the mobility open blockchain initiative, which also includes ibm, bosch and, from the cryptocurrency world, ethereum and iota, plans to create standards for the era of ‘mobility of a service’, which is currently led by startups such as uber.

sachin lulla, of ibm, said: “a set of blockchain standards for the mobility industry will allow auto, infrastructure and service providers to efficiently communicate and transact with each other. bringing the industry together and building interoperable blockchain networks is key to helping the automotive industry unleash the potential of blockchain.”

this isn’t the only blockchain project that ibm has embraced recently. last month it announced its support for trustchain, a blockchain technology designed to underwrite the provenance of jewelry throughout the whole supply chain.

in a sector where trust is vital, trustchain will make it possible for a retailer, consumer or anyone else involved in the buying and selling of jewelry to quickly and easily check a piece and see its entire path. that means things like sustainability and labour conditions should be easier to monitor.

finally, bbva last month became the first bank in the world to use blockchain to issue a loan. the spanish bank conducted negotiation and completion for the €75m corporate loan on a private blockchain before registering the completed project on ethereum’s public blockchain.

the bank said that digitising the negotiation process “improved the management time, reducing it from days to hours”. derek white, of bbva, added: “the use of blockchain in this transaction has greatly increased transparency and speed, while equally improving efficiency – it’s a win-win.”

what all these projects have in common is that they are robust, real-world uses for blockchain technology backed by big names. these aren’t gimmicky vanity projects. blockchain technology is moving beyond the era of hype and into mainstream business processes. it’s an exciting transition to watch.
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decentralized data: the key to safer air travel? ✈️☺️

every year, the aviation industry generates a torrent of data essential to keep air travel reliable and safe. in turn, the startup aerochain is launching a protocol to store aviation data on a decentralized blockchain network.

aviation data is currently stored by custodial figures who communicate that data to regulatory bodies and aviation companies. errors emerge when that transfer goes wrong. decentralized blockchain solutions such as aerochain keep data on a blockchain, where it can be viewed by those with access.

decentralized storage eliminates errors and delays when storing and communicating data to other stakeholders.

safe plane maintenance requires plane owners to regularly performing safety checks and inspections. a plane that fails or misses a required check may lose its certification from the faa. any time planes receive a check or are worked on, owners and technicians must record the event in the craft’s maintenance logbook.

updating a blockchain-based logbook, for instance, could instantly share current records with regulatory groups. a blockchain-based logbook cannot be misplaced or retroactively altered.

blockchain could serve as the foundation of a plane insurance marketplace or help commercial pilots arrange charter clients. aerochain plans to build aviation applications as their protocol evolves.
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economist: if bitcoin is a bubble, final stage of ‘panic’ on the horizon ⚡️

let’s consider the theory of hyman minsky, the u.s. economist whose theories on financial fragility were highlighted during the 2008 collapse of the housing market. according to market watch, he believed that an asset bubble has five stages: displacement, boom, euphoria, profit-taking, and panic.

under this framework, policy adviser at the federal reserve bank of san francisco, joost van der burgt, says that if bitcoin is in fact a bubble, it’s likely at the beginning of the ‘profit-taking’ stage, meaning that ‘panic’ is not here yet, but is coming.

looking back, according to van der burgt, the ‘displacement’ phase of the bubble came in the years after the release of the bitcoin white paper in october 2008. in those early stages, the concept of the coin was catching on, but it didn’t happen over night. remember, bitcoin didn’t trade above $100 until 2013.

the next phase was the ‘boom’ phase, which van der burgt describes as follows:

“the subsequent ‘boom’ phase is characterized by prices rising slowly at first, but then gaining momentum as more and more participants enter the market, fearful of missing out.”

in this stage, fear of missing out (fomo) saw companies attempting to capitalize on the industry by getting involved with coins and blockchain. in some cases, companies simply added the word blockchain to their names in attempts to stir up interest from investors.

then came celebrities, like steven seagal and floyd mayweather, who attempted to get a piece of the action by endorsing newly developed cryptocurrencies. unfortunately, in most cases, these companies with celebrity endorsements have more often that not been exposed as frauds and subsequently shut down.

moving closer to the present, van der burgt argues that the bitcoin bubble entered the ‘euphoric’ stage, which he claims parallels the period leading up to the 2008 financial crisis.

“the euphoria phase is also when people start to borrow extensively to finance their investments,” van der burgt wrote. “according to a recent survey, 18% of active bitcoin investors have financed their investments by credit card, and 22% of this group indicated that they have not yet paid off their credit card balance.”

now, after the price of bitcoin lost more than half its value since peaking in late-december 2017, van der burgt believes that the market is entering the ‘profit-taking’ stage, a phase where so-called smart money begins to head for the exits, leaving only one step left before the bubble pops. “the subsequent ‘panic’ phase, should it come to that, commences when reality sets in and bitcoin’s price would substantially crash,” wrote van der burgt.

fortunately, van der burgt admits that he could be wrong, and that the digital coin will (despite the volatility week to week or month to month) continue to rise in value. he writes:

“then again, maybe bitcoin is different than anything we have seen before, and maybe a decade from now its market capitalization will be sky-high as it attains the status of a new global currency.”

while it is possible that bitcoin’s rise is in some ways comparable to a bubble, it’s almost impossible to truly know. one thing worth remembering is that the coin and the underlying blockchain technology have a plethora of real-world applications (tulips, it can be said, are simply decoration), and as van der burgt states, it could become a “new global currency.” i think that’s much more likely.
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could human-readable addresses make bitcoin better?👀

by now every crypto trader has experienced the anxiety of sending funds from one wallet address to another. you first copy paste the long string of letters and numbers, then double check five times to make sure you don’t send it to the wrong address and gift a random stranger with a nice weekend present 😰

the all-too-familiar problem of bitcoin address format is now being challenged by a simple solution: human-readable addresses.

“one of the main problems facing mass adoption of cryptocurrency usage is the difficult nature of making token transactions,” says isabella dell, founder, and cto of iov (internet of value). “when it comes to actual end-users, blockchain platforms have failed to solve the user experience problem around wallet addresses in particular.”

iov has created a blockchain name service application (bns) that allows users to input their public keys and register a human-readable value address.

essentially iov envisions addresses changing from this:

28fh17fvy9co2kja9fl24dbfx57j803gw5

to this:

john*iov.value

these new addresses will be shorter and easier to manage for non-technical people getting into the crypto space as they look similar to email addresses, which everyone is already familiar with 🤗
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traveling the world on cryptocurrency alone is tricky, but possible 🤗

two years ago, felix weiss, a software developer, inspired awe from the entire cryptocurrency community when he traveled the world for 18 months using only bitcoins. as more businesses around the world appear to accept cryptocurrency payments, i wonder if repeating this feat is easier now in 2018.

i tracked down travel services accepting cryptocurrencies to see how luxurious or humble your travel experience would be if you decide to take the weiss route.

🔸booking your flights ✈️
there are multiple airline booking services that accept cryptocurrency payments. cheapair, a us online travel agency, was the first to start accepting bitcoins in 2013. the flight booking service currently also accepts litecoin, bitcoin cash, and dash payments.

today there are multiple other services who do the same, such as expedia, btctrip, destinia, japan’s peach aviation, california’s surf air, and latvia’s airbaltic, and a bit sky.

🔸finding a place to stay 🛌
this one isn’t hard. most of the travel agencies (including expedia, destinia, cheapair) that let you book your flights with cryptocurrency also let you book accommodation. airbnb-like services such as 99flats and cryptocribs also let you pay in cryptocurrencies for your accommodation. depending upon which part of the world you are traveling to, finding a place to stay shouldn’t be too hard.

🔸eating with cryptocurrency🍝
this one is a little tricky. while you can book your flights and accommodation online with services that accept cryptocurrency payments, for food you will need to track down local restaurants that will accept your digital gold. there are only scattered restaurants and cafes around the world that accept cryptocurrencies, such as the suryawanshi family restaurant chain in bangalore, india or la sirene in manhattan. try using coinmap to see if any restaurant near you accept cryptocurrency.

if you don’t have any luck, there is still the option to buy food coupons with cryptocurrencies from services such as gyft or egifter. local exchanges in some countries also give you an option to buy gift cards with cryptocurrencies, including coupons for food.

🔸shopping 🛍
shopping with cryptocurrency is not nearly as difficult as buying food. use coinmap to find the stores accepting cryptocurrencies around you, which are far greater in number compared to restaurants.

if you end up at brisbane international airport in australia, all the merchants there already accept payments in cryptocurrencies.

while some online stores such as overstock and shopify-based stores accept cryptocurrency, shopping at local shops for a souvenir might be difficult.

what if you are stuck in a situation where no one is taking your cryptocurrency payments and you have no cash? your last bet is to find a cryptocurrency atm around you and cash out your cryptocurrencies 💵

the number of businesses supporting cryptocurrencies has increased greatly, making it far easier to attempt the weiss challenge, but it remains a challenge to travel with nothing else.

so, cryptocurrency nerds, are you ready to try the weiss route?🌎
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binance announces $1 billion fund for blockchain and cryptocurrency startups 🚀😍

ella zhang, the head of the exchange’s incubator program binance labs, revealed the initiative, named “social impact fund”, during an online meetup.

as per zhang, binance alone will contribute to the fund, and all investments will be made through binance (bnb) token. the company plans to invest the $1 billion over 10 phases of $100 million each.

binance labs will focus on startups working with public blockchains, decentralized exchanges, custody/payments/wallet, stable digital currency, and compliant alternative trading systems or security token platforms.

not all funds will be given directly to blockchain startups though. binance will also be funding other blockchain funds as part of this initiative, provided they already have a fund size of $100 million minimum accumulated assets under management (aum).

during the online talks, zhang also revealed binance’s plans for two other initiatives, a separate ‘binance ecosystem fund’ with twenty future partners and a cryptocurrency governance initiatives (cgi) aimed at encouraging self-regulation in the industry and fight scams.
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mastercard wins patent for blockchain coupon authentication system 💳

the patent, granted by the us patent & trademark office (uspto) on may 31, outlines a way for merchants to cut down on coupon fraud and more effectively issue targeted discounts to specific customers. the company first applied for the patent in nov. 2016.

in one potential application of this system, an individual will be assigned a blockchain address, whose credentials will be stored in a payment instrument such as a credit card or digital wallet application.

when the user attempts to redeem a coupon, the point of sale device will interface with the private blockchain network to verify that the customer is authorized to receive the discount.

following a successful transaction, the system will automatically transfer the coupon out of the customer’s wallet and into “burn address” or an address associated with invalidated coupons, preventing the user from attempting to redeem it multiple times.

the system is clearly meant to help merchants prevent coupon fraud, but mastercard envisions that it would benefit consumers as well because it would provide businesses with the ability to issue more valuable coupons with the assurance that the discounts could not be counterfeited or redeemed by unauthorized users.

notably, mastercard ceo ajay banga has said that the firm will support government-created cryptocurrencies if they are developed in the future but said that “non-government mandated currency is junk.”🤷‍♂️
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ripple ceo: bitcoin’s influence over cryptocurrency prices is almost over 👋

since their inception, altcoin prices have mostly risen and fallen with the price of bitcoin. according to ripple ceo brad garlinghouse, those days are numbered.

“there’s a very high correlation between the price of altcoin and the price of bitcoin, but ultimately these are independent open-sourced technologies,” garlinghouse told cnbc. “it’s early, over time you’ll see a more rational market and behaviors that reflect that.”

entering a cryptocurrency market was typically accomplished in a fairly straightforward manner: purchase bitcoin (btc) by trading your preferred currency (like usd) for an equivalent number of coins (based on current market value) through a credit card transaction or ach payment.

now, rather than buying to hold, investors were interested in using bitcoin to purchase an early entry into these smaller projects. unfortunately, you couldn’t trade fiat currency for altcoins like you could with bitcoin. investors had to move btc from a wallet, like coinbase, to a marketplace, like poloniex or binance, where they were then traded for altcoins. once traded, the altcoin no longer had a fiat currency value. instead, it was measured against the currency used to purchase it.

once investors can purchase altcoin and trade it against usd, its value will no longer be tied to btc and its wild price swings 📈

we’re seeing the beginnings of this already. bittrex, a popular trading marketplace, recently added usd pairs. binance has similar plans in the works✨
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here's why bigbom is one to watch:

🔑 8.5m cap
👏 working beta
⌛️ 6 months ahead of schedule
🤝 partners: $tomo, $knc
🤩 parent company: 7+ yrs in business
🏰 links to huobi

tokens just unlocked
trading on idex at ico price
(1 bbo = 0.00005 eth)

👉 idex.market/eth/bbo
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wall street is losing young talents to the crypto industry 😎

the debate in wall street by various financial institutions on whether to venture into the crypto industry or not is still ongoing.

however, some young, talented individuals have already benefited from investments made in the cryptocurrency industry within a short period, and are already quitting their jobs while reinvesting into the crypto market and setting up new businesses.

adrian xinli zhang, 29, a director at deutsche bank left his job same month he was promoted. in the same vein, three employees ageing from 28 to 36 quit their jobs to go into personal investments.

also, at blockrock inc, asim ahmad who has been an advocate for pension funds and alternative investment resigned from a position that so many from his background would see as a dream job because of the profit he made from ethereum.

if you enjoyed volatility on the way up, you have to accept it falls as hard if not harder at times.

former blackrock fixed-income specialist talked about generational schism on wall street saying:

“the youngsters may have little intellectual baggage and may be more open-minded, but they also have less responsibility for managing risks and working out the personalities of bolting on crypto to the existing business.”

institutions in wall street are still on the debate whether to venture into the cryptocurrency space and cash in on the fantastic opportunities it offers because the traditional way of making payments is no longer in vogue, as more and more people are embracing cryptocurrency daily.

only time will tell whether institutions embrace cryptocurrency investments in wall street 🤑
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wall street is losing young talents to the crypto industry 😎

the debate in wall street by various financial institutions on whether to venture into the crypto industry or not is still ongoing.

however, some young, talented individuals have already benefited from investments made in the cryptocurrency industry within a short period, and are already quitting their jobs while reinvesting into the crypto market and setting up new businesses.

adrian xinli zhang, 29, a director at deutsche bank left his job same month he was promoted. in the same vein, three employees ageing from 28 to 36 quit their jobs to go into personal investments.

also, at blockrock inc, asim ahmad who has been an advocate for pension funds and alternative investment resigned from a position that so many from his background would see as a dream job because of the profit he made from ethereum.

if you enjoyed volatility on the way up, you have to accept it falls as hard if not harder at times.

former blackrock fixed-income specialist talked about generational schism on wall street saying:

“the youngsters may have little intellectual baggage and may be more open-minded, but they also have less responsibility for managing risks and working out the personalities of bolting on crypto to the existing business.”

institutions in wall street are still on the debate whether to venture into the cryptocurrency space and cash in on the fantastic opportunities it offers because the traditional way of making payments is no longer in vogue, as more and more people are embracing cryptocurrency daily.

only time will tell whether institutions embrace cryptocurrency investments in wall street 🤑
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quebec’s electricity deal with cryptocurrency miners makes sense 💡

the quebecois government will lift its ban on the sale of electricity to cryptocurrency miners, which has been in place since march, 2018.

quebec is looking for a more measured relationship with the mining companies that have fled to canada’s second-most populous province in search of cheap electricity.

quebec is blessed with a supply of low-cost electricity, thanks to hydro-québec’s network of 63 hydroelectric power stations. this (and the crackdown on cryptocurrency mining in china) has attracted a steady flow of would-be bitcoin miners.

unfortunately, the demand for electricity wasn’t sustainable. earlier this month, a hydro-québec spokesperson told the cbc that the cryptomining scene was using around a quarter of its capacity.

in order to protect other homes and businesses on the network, hydro-québec suspended all new applications from cryptominers, as well as additional requests for power.

the new regulation lifts this moratorium, and instead seeks to work with these companies.

cryptominers will get their electricity, but there’s a small caveat. during peak times, hydro-québec is permitted to do “forced load shedding.” this means it’ll cut off power during the 100 to 300 hours a per year when the quebec power grid is stretched to capacity 🚀
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best crypto channels:

bitxan research 📣

cryptograde 💎

shill nye 🎖

deal 💰

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best crypto groups:

winter comm ☃

nekoz 🔑

krsma 💪

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project of the month:

bigbom 💍
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thanks for including us :)
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looks like bigbom ico sold out in a matter of minutes after the individual cap was lifted. 💰

at a $8.5m market cap, i will have my eyes on it once it lists on an exchange. 👀

apparently it is suppose to hit idex tomorrow. 🔥
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president of china endorses blockchain technology 🔥
as per jinping, blockchain is among the technologies that have brought economic reforms in the country

xi jinping was speaking at the annual conference of chinese academy of sciences on monday when he mentioned blockchain among the latest technologies that are making economic breakthroughs.

the authorities initially banned initial coin offerings (icos) countrywide in september last year, followed by banning both local and foreign cryptocurrency exchanges. regulatory hurdles in china forced binance, world’s largest cryptocurrency exchange, to move to malta instead.

china’s decision of throttling cryptocurrency businesses is particularly interesting given that it saw both the highest amount of cryptocurrency mining and trading in the world before the sanctions.

the chinese government has instead focused on nurturing blockchain technology in the country. china has seen an exponential rise in the number of blockchain startups in the country, with at least 100 startups emerging just in 2017. nearly half of the country’s publicly listed banks also utilize blockchain technology.
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👏💥 bigbom's $6.8m ico sells out

- bigbom is the first decentalized ad company to integrate giants like facebook, twitter and google directly into the platform

- from a successful parent company with extensive experience

- pay for ads in crypto, with auto-optimization and full performance transparency

- the first live tomochain dapp, advised by tomo & kyber ceos

😍💥 with a starting hardcap of just $6.8m, this project should do well when tokens land on idex shortly
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bitcoin atm’s on the rise in europe as general byte installs ten more in different locations 💰

general byte, one of the largest manufacturers of bitcoin atm machines in the world announced installing new cryptocurrency machines in the prague subway station in the czech republic. this is to enable those using the subway easily exchange their virtual currencies for fiat or purchase bitcoin using the local money as well 🔥

this is happening just some weeks after the city hosted one of the biggest blockchain conferences in the world. the conference, “smile-expo,” happened to be the fourth annual blockchain conference in prague.

out of over 3,000 bitcoin atms in the world as of today, the company, general bytes has manufactured and installed about 27% of the total number. this is because the czech republic is one of those countries which the government hasn’t made any disturbing rules against virtual currencies like other countries have done 👌