Bittrex Lands Bank Agreement to Help Customers Buy Bitcoin With Dollars

Bittrex Gets Bank Agreement to Help Customers Buy Bitcoin With Dollars

Seattle-based cryptocurrency exchange Bittrex Inc. has established a formal agreement with Signature Bank in New York to allow corporate clients in specific states to purchase virtual tokens using USD. The move is designed to increase the amount of institutional capital making its way through the crypto space.

Chief executive officer of Bittrex Bill Shihara says the exchange has been working on this partnership for months. “It’s been a long path,” he commented. “It’s not just about banks being able to trust Bittrex; it’s about banks being able to trust crypto in general, and I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.”

Due to regulatory uncertainty surrounding virtual currencies, many established financial institutions continue to associate them with money laundering and related criminal activity, and have chosen to avoid them altogether. Last February, for example, customers who tried to purchase digital currency through Citigroup were treated to serious delays and cancelled transactions after the investment firm made the decision to bar users from buying crypto using their debit cards or checking accounts.

This decision was later replicated by establishments like Chase and Bank of America, both of which implemented bans preventing customers from purchasing cryptocurrencies on major exchanges. Thus, many virtual currency marketplaces still only allow customers to trade between digital assets, rather than dollar for crypto or vice versa.

However, some banks are beginning to show signs of change in both attitude and business protocol, and have become more welcoming of cryptocurrencies. Popular digital currency exchange Coinbase has recently developed partnerships with Cross River Bank, Metropolitan Bank and Silvergate Bank in the United States. The company has even garnered a Barclays PLC bank account in the United Kingdom.

Noble Bank International in San Juan, Puerto Rico, also took over banking duties for Bitfinex in 2017 after the exchange’s relationship with Wells Fargo came to a sudden end.

Discussing the needs of traditional banks, Shihara went on to say, “They really do look and pour through the entire business. They want to make sure we’ve got robust AML/KYC processes and that we’ve got the right controls on our finances. They do background checks and everything. They really look at our business soup to nuts.”

Bittrex, which boasts roughly 3 million customers around the world, allows users to trade up to 200 different digital coins. Fiat trading capabilities will also be launched May 31, 2018, for bitcoin, Tether and TrueUSD. At press time, the service is only available to corporate clients in New York, California, Washington and Montana, though executives say they are working to expand this capability to retail investors once regulations are more defined.

This article originally appeared on Bitcoin Magazine.


Source: bitcoinmagazine
Bittrex Lands Bank Agreement to Help Customers Buy Bitcoin With Dollars

Crypto Exchange Huobi Quietly Opens Office in Brazil and Starts Hiring

Crypto Exchange Huobi Quietly Opens Office in Brazil and Starts Hiring

Huobi, the third largest crypto exchange by 24-hour trading volume, is reportedly setting up an office in Brazil. According to reports in Portal du Bitcoin, representatives of Huobi were seen distributing business cards during Bitconf, a major cryptocurrency conference held in São Paulo, Brazil, on May 5-6, 2018.

The Singapore-based exchange has yet to make an an official statement on the matter, but according to Portal du Bitcoin, which broke the news on Tuesday, May 29, 2018, Huobi has already opened an office in the coworking space WeWork in São Paulo. The company also has ads on LinkedIn looking for a Digital Marketing Manager and a Chief Compliance Officer to work out of São Paulo.

Originally founded in Beijing in 2013, Huobi was, at one time, one of the largest bitcoin exchanges in China before the country placed an all-out ban on cryptocurrency trading in September 2017. Rather than shutter its business completely, Huobi began a major expansion effort, setting up offices in Singapore, South Korea and elsewhere.

Only weeks ago, Huobi announced plans to open its first Canadian office in Toronto, and earlier this year, despite regulatory uncertainty in the U.S., Huobi also revealed that it was opening a branch in San Francisco to offer crypto-to-crypto trading in the U.S. market.

The firm also attempted to make inroads into Japan. In December 2017, Huobi revealed it intended to launch a trading platform in Japan with Japan-based investment group SBI Holdings. But the deal was scrapped in March 2018 at a time when Japan’s regulators were stepping up oversight on cryptocurrency exchanges in the country.

Now the exchange is headed to Brazil, as Huobi confirmed with CoinDesk. With a population of 210 million, Brazil is home to half the population of South America, representing a huge potential market for Huobi. Meanwhile, competition in the country is sparse. Currently, the biggest crypto exchanges in Brazil include Foxbit, BitcoinTrade and Mercado Bitcoin, which all trade in relatively small volumes compared to Huobi.

And, as far as cryptocurrency regulation goes, Brazil is still a “Wild West.” In December 2017, the country’s central bank and securities regulator went so far as to issue a joint warning to investors that virtual currencies had no official oversight in the country.

Cryptocurrency trading is a lucrative market, and Huobi is not the only major exchange on the move after the Chinese crackdown. In the past few months, Binance and OKEx separately announced plans to expand to the crypto-friendly island nation of Malta. Early this year, Bitfinex said it was planning to set up operations in Switzerland.

This article originally appeared on Bitcoin Magazine.


Source: bitcoinmagazine
Crypto Exchange Huobi Quietly Opens Office in Brazil and Starts Hiring

Tron [TRX]’s successful launch despite the market crash

The Main Net was launched earlier today by Tron as the crypto-sphere looked at the founder, Justin Sun live streamed the entire event for the whole world to witness. They have launched a special activity for Chinese fans in the Tron’s official store which will provide all goods at 9.9 yen, including the shipping. Justin […]
Source: bitcoinwarrior
Tron [TRX]’s successful launch despite the market crash

Keplertek’s Pre-Sale Is Now Live!

While landing on the moon, Neil Armstrong said, “That’s one small step for man, one giant leap for mankind.” Now, it’s time to go beyond the moon and take humanity to next level. 


The Future is Here

Every investment in Keplertek is one small step for man, today, and one giant leap for mankind, tomorrow. Yes, this is a chance to accelerate and usher in a revolutionary future — one which humanity will never forget.

Keplertek’s Pre-sale is up and running, and things are looking amazing.

Over the first 24 hours, Keplertek raised over 1.14 million USD. As the amount of tokens up for sale during the pre-sale is limited to only five million tokens, the chance to contribute is getting smaller and smaller every day.

The 30 percent bonus applied to all purchases during pre-sale makes this event even more profitable and ensures early investors are well-compensated for their loyalty. The minimum investment is approximately 0.2 ETH (depending on current market conditions) with no maximum investment amount being set — making this the right time for investors to take a strong position.

After having raised over 2.7 million USD in the Community Building Stage and garnered over 5000 potential platform users, 150 R&D members, and advisors of the highest caliber, Keplertek wants to transform the amazing potential of many innovative projects into meaningful change — thereby opening the horizon for new investment opportunities into a high-tech new world. This goes hand-in-hand with a technologically advanced future for all of us, and society as a whole could greatly benefit from the numerous ideas that can be realized via the Kepler Universe.

The Kepler Universe

At the center of the ICO project is Kepler Universe, a platform with the goal of connecting investors, innovators, producers, and customers in order to let them work together on interesting projects and ideas — many of which could otherwise never be realized due to a lack of funding or experience.

All settlements in the ecosystem will be conducted in KEP and make it possible for holders to purchase robots and licenses, as well as subscription services for artificial intelligence. KEP tokens are valued at 1.25 USD each and will hit major exchanges immediately after the ICO completes.

By investing in Kepler, people are also investing in hundreds of promising start-up companies around the world — all focused on upgrading our innovative technologies — as well as thousands of young and hard-working professionals who embody their talents and benefit our common goals.

Join the pre-sale now and do your part in moving civilization towards a limitless future!

Bonus

Keplertek is also offering an Extra Bonus (on top of 30 percent on all purchases), which is the company’s way of thanking the community for offering support and spreading the word about Keplertek and its potential. The bonus is as follows:

  • 10 ETH – 3% (30%+3%)
  • 20 ETH – 5% (30%+5%)
  • 50 ETH – 7 % (30%+7%)
  • 100 ETH – 10% (30%+10%)

The time has come to invest in a limitless future! For more information visit www.keplertek.org.

What do you think of Keplertek? Are you interested in participating in the ICO? Be sure to let us know in the comments below! 


Images courtesy of Keplertek, Shutterstock

The post Keplertek’s Pre-Sale Is Now Live! appeared first on Bitcoinist.com.


Source: bitcoinist
Keplertek’s Pre-Sale Is Now Live!

Research Paper Refutes Threat to Bitcoin Posed by Quantum Computing

Jeffrey A. Tucker has penned an article to accompany a little-reported research paper that was published last October. The economics writer met with one of the paper’s authors recently to discuss the threat posed to the Bitcoin network by quantum computing.

Quantum Computing Poses Little Real Threat to Bitcoin

After meeting with Gavin K. Brennen, a researcher at the Centre for Quantum Technologies at the National University of Singapore, Tucker has concluded that quantum computing was not nearly the fatalistic threat that many tout it to be to cryptocurrencies.

Quantum computers have often been cited as an irrefutable kill switch for Bitcoin. The idea is that quantum machines, capable of processing data hundreds of times faster than the most advanced computers today, could either brute force signatures in little time or solve proof-of-work algorithms fast enough to pose a threat to the security of the Bitcoin network. This would render Bitcoin and other similar cryptocurrencies entirely useless.

Although Brennan et al. don’t entirely refute this notion in their lengthy paper titled ‘Quantum attacks on Bitcoin, and how to protect against them,’ they do conclude that the threat is not nearly as fatalistic as many perceive it. In fact, given that quantum computing is still being developed, the authors believe that there is plenty of time to protect networks against it.

In the companion article published by the American Institute for Economic Research (AIER) on Monday, Tucker praises the cryptocurrency community’s adeptness at problem solving:

“If there is a known problem, there are people working on solutions, with tremendous professional awards accruing to the winner.”

He states that the adaptivity of a decentralised governance model excels at developing solutions to problems, particularly when the rewards for doing so are as great as they are with Bitcoin.

In the AIER article, Tucker summarises the position of the paper’s authors. When addressing the issue of quantum machines dominating proof-of-work, he references the original material:

“Future improvements to quantum technology allowing gate speeds up to 100GHz could allow quantum computers to solve the PoW about 100 times faster than current technology. However, such a development is unlikely in the next decade, at which point classical hardware may be much faster, and quantum technology might be so widespread that no single quantum enabled agent could dominate the PoW problem.”

He then addresses the threat of quantum computer brute forcing signatures. He admits that this threat is ‘more real,’ but is ‘not without solutions.’ These solutions are ‘within reach of programmers today’ and there is still the issue of the ten year head start developers have for creating more robust methods to protect against the perceived threat:

“Moreover, there are ten years of lead time to get there and adapt them to the protocol.”

In concluding his article, Brennan states that he believes the ‘quantum threat to Bitcoin is mostly a red-herring.’ He states that the strong incentive to constantly increase the network’s security, along with the collective minds working on it makes any issues entirely fixable.

The closing paragraph of the article is so wonderfully put, you’ll excuse me for including it verbatim:

“As I listened to the paper, and his proposed solutions, it struck me how precise and intense is the brain trust behind this technology as compared with, for example, the Federal Reserve, the banking system, and existing fiat currency. The problems in the fiat status quo are enormous enough to fill whole libraries (starting with certain obvious problems: no one knows how much money the system produces, or how much crisis risk is present at any time, not even the people charged with managing the system). The problems revealed themselves in 2008. The system has not been repaired in a way that can prevent a repeat of that experience.”

 

 

The post Research Paper Refutes Threat to Bitcoin Posed by Quantum Computing appeared first on NewsBTC.


Source: newsbtc
Research Paper Refutes Threat to Bitcoin Posed by Quantum Computing

Apple Sides with Russian Govt, Restricts Telegram, Claims Pavel Durov

Apple Sides with Russian Govt, Restricts Telegram, Claims Pavel Durov

If there’s a sacred line the crypto community insists shouldn’t be crossed, it’s Thou Shalt Never Cooperate with Government Prohibitions. Apple Inc., the world’s most valuable company, appears to have ventured into such territory, according to Telegram’s founder Pavel Durov. He claims the maker of iPhone, iPad, and other iconic hardware, is purposefully restricting Telegram’s program updates on Apple’s latest operating system rollout in an effort to appease Russian authorities.  

Also read: Philippines’ Crypto Wallet Reaches 5 Million Users, Adds More Coins

Apple Inc. Sides with Russia Against Telegram

“Apple has been preventing Telegram from updating its iOS apps globally ever since the Russian authorities ordered Apple to remove Telegram from the App Store,” Telegram’s Pavel Durov wrote on his quarter million member Durov’s Channel. “Russia banned Telegram on its territory in April because we refused to provide decryption keys for all our users’ communications to Russia’s security agencies. We believe we did the only possible thing, preserving the right of our users to privacy in a troubled country.”

Apple Sides with Russian Govt, Restricts Telegram, Claims Pavel Durov

As reported in these pages two month ago, “Supreme Court Judge Alla Nazarova […] rejected an appeal filed by Telegram, objecting to Russia’s Federal Security Services (FSB) obtaining the encryption keys to its platform. As a result, Telegram will be legally obligated to grant security forces access to the private messages and other data of its users, unless it can convince an appellate court to reverse the decision.”

Weeks after, a kangaroo Moscow court upheld that decision, ordering Telegram to comply. Then, as like now, Mr. Durov took to his personal channel, explaining defiantly, “The power that local governments have over IT corporations is based on money. At any given moment, a government can crash their stocks by threatening to block revenue streams from its markets and thus force these companies to do strange things (remember how last year Apple moved Icloud servers to China). At Telegram, we have the luxury of not caring about revenue streams or ad sales. Privacy is not for sale, and human rights should not be compromised out of fear or greed.”

Apple Sides with Russian Govt, Restricts Telegram, Claims Pavel Durov

Apple Also Hounded by Russian Authorities

By late Spring of this year, Telegram had gone full protest mode. “For us, this was an easy decision. We promised our users 100% privacy and would rather cease to exist than violate this promise,” Mr. Durov stressed. “To support internet freedoms in Russia and elsewhere I started giving out bitcoin grants to individuals and companies who run socks5 proxies and VPN. I am happy to donate millions of dollars this year to this cause, and hope that other people will follow. I called this Digital Resistance – a decentralized movement standing for digital freedoms and progress globally.” Supporters even responded to Telegram’s call for a paper airplane mass fly, providing a profound and somewhat beautiful symbol of cryptography’s ultimate power.

For its part, Apple has been hectored by the Russian government’s telecommunications minder, which recently stressed, “In order to anticipate Roskomnadzor’s likely response to the violations regarding the operation of the aforesaid Apple, Inc. services we are asking you to notify us within the tightest deadlines of the company’s further actions regarding the solution of these issues,” Tass reported. The order was directed at both Apple and its App Store along with Google and its Google Play store to effectively drop Telegram.  

Apple Sides with Russian Govt, Restricts Telegram, Claims Pavel Durov

Mr. Durov lamented, “Unfortunately, Apple didn’t side with us. While Russia makes up only 7% of Telegram’s user base, Apple is restricting updates for all Telegram users around the world since mid-April. As a result, we’ve also been unable to fully comply with GDPR for our EU-users by the deadline of May 25, 2018. We are continuing our efforts to resolve the situation and will keep you updated.”

Do you think Apple should fight the Russian government ? Let us know in the comments. 


Images via the Pixabay, Twitter.


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The post Apple Sides with Russian Govt, Restricts Telegram, Claims Pavel Durov appeared first on Bitcoin News.


Source: bitcoin.com
Apple Sides with Russian Govt, Restricts Telegram, Claims Pavel Durov