Decentralized Startup Working To Allow Bitcoin Trading Without Internet Connection

A decentralized startup, GoTenna, is teaming up with Samourai Wallet (a wallet focused on security and privacy) in order to allow users to trade Bitcoin without being connected to the Internet.

The TxTenna app accomplishes is this feat by allowing users to join a “mesh network” in order to send information without meeting access to the Internet.

Within the app, users are able to create a Bitcoin transaction while off-line. The app sends the transaction to a line of mesh nodes. This transaction in turn gets relayed to other goTenna devices, then connecting to the Internet, which is connected to a node within TxTenna. Lastly, the transaction is passed over to the Bitcoin network.

This app was created to not only ensure both security and privacy of its users, but to combat any future potential prohibition from government oversight.

Cryptocurrency Markets Seeing Slight Growth

Cryptocurrency-Markets-Seeing-slight-growth

May 20: Crypto markets saw some growth over the past 24 hours, with all of the top ten cryptocurrencies listed on Coinmarketcap currently in the green and total market capitalization approaching $392 bln.

Bitcoin (BTC) is up around 3 percent in 24 hours to press time, currently trading at $8,520.

Bitcoin Charts

Ethereum (ETH) has crossed the level of $700, currently trading at $719 with an increase in value of about 3% over the past 24 hours.

Ethereum Charts

Ethereum price chart. Source:  Ethereum Price Index

Total market cap is around $392, slowly recovering after it dropped to as low as $361 on May 18.

Total market capitalization chart

A new entry into the top 10 altcoins by market cap, Tron (TRX) has seen some of the largest gains over the past 24 hours, up 11 percent and trading at $0.076 by press time.

Bitcoin Cash (BCH) is trading at $1,290. Up 9 percent in 24 hours to press time, the coin has seen the biggest weekly loss of the top 10 contenders – around 12.5%.

The crypto markets overall have seen a drop of around 10 percent during this week’s Consensus conference, instead of a boost that was predicted by some analysts, such as Fundstrat’s Tom Lee. In the wake of the decline, Lee commented that the crypto industry lacks the “trifecta of progress” in the form of institutional tools, support from banks, and regulatory clarity.

Earlier this week, Ethereum Foundation advisor William Mougayar, claimed that regulators lack a fundamental understanding of cryptocurrencies, with particularly the US Securities and Exchange Commission (SEC) lacking an understanding of the core nature of the industry and trying to apply a one-size-fits-all approach.

Tether Generates $250 Million Worth of USDT

Tether Generates $250 Million Worth of USDT

In the latest controversial move by stablecoin Tether, $250 million worth of new USDT tokens were generated on May 18 according to the Omni Explorer.

This brings the total supply of Tether tokens now to 2.5 billion. With a current monopoly on stablecoins some critics find it hard to believe that all these tokens are actually backed by US dollars.

Critics have also stated that the correlation of Tether coin generated recently has increased the price of mainstream cryptocurrencies like Ethereum and Bitcoin. Bitcoin’s price increased by over $150 within the first hour of issuing the Tether tokens.

Tether may soon not be the only stable coin contender within the crypto sphere. New contenders like Circle (backed by Goldman Sachs), TrueUSD, and Basis have started developing their own brand of stablecoins.

Colorado Could Soon Accept Cryptocurrency for Political Campaigns

Colorado Could Soon Accept Cryptocurrency for Political Campaigns

The Denver Post reports today that political candidates could soon accept Bitcoin or other cryptocurrencies as a part of political contributions to Colorado State campaigns.

Wayne Williams, the Secretary Of State, drafted rules on May 16 which would allow donations of cryptocurrency within political campaigns.

US Federal Election Commission (FEC) has already approved Bitcoin donations for political campaigns. Each donation would give the campaign 10 days to transfer cryptocurrency into each individual campaigns depository.

The cryptocurrency would be treated as cash donations. The value would be determined at the time each donation is deposited. Colorado’s deputy secretary of state said that there could potentially be a problem regarding accounting, however they’re going along for the ride at the moment.

New Hampshire was the first US state to allow political donations and cryptocurrency. Candidates began to accept contributions in crypto currency as early as 2014.

Coinbase Discussing Application for Banking License

Coinbase, the cryptocurrency exchange platform met with US regulators today in order to discuss applying for a banking license according to the Wall Street Journal.

The firm met with regulators at US Office of the Comptroller of the Currency (OCC) in early 2018 to discuss a national banking charter application.

With the banking license, Coinbase would be able to not only expand its line of service but would eliminate the need for them to find a banking partner that would allow it to conduct business as a cryptocurrency exchange.

Coinbase just recently began to roll out of wide variety of products for institutional investors. This would help them move forward with larger institutions and hopes to attract these customers to its platforms. Many institutional investors feel more comfortable with “custody partners” which have obtained conventional banking licenses.

On the other side of the fence, obtaining a banking license would open up Coinbase to a litany of new regulations, perhaps offsetting any of the benefits acquired.

Coinbase is currently one of five firms that have received New York’s BitLicense, which is used to facilitate cryptocurrency trading within the highly regulated state.

Switzerland Ranked Top 10 Most Blockchain Friendly Countries

Switzerland Ranked Top 10 Most Blockchain Friendly Countries

A study recently released by the blockchain conference BlockShow Europe, ranks Switzerland is the number one blockchain friendly country out of the top 10 European countries on the list.

The study evaluated 48 European countries. They each were ranked by ICO regulations, regulations on cryptocurrency as a payment service, as well as taxation framework.

Zug, a city located inside Switzerland is known as the “Crypto Valley”  of the world. It has also been known as a tax-free safe haven for crypto investors and is meant to become the global center for innovative blockchain technology.

Malta, also known as a blockchain island for crypto exchanges like OkEx and Binance and Gibraltar who has attracted over 200 ICO’s were also found at the very top of the list.

BlockShow will also be hosting a poll where users can vote on companies who lead the blockchain space within the European Union. Winners of the poll will be announced at the blockchain conference at the end of May.

Bitfinex Requiring Tax Information from Users of British Virgin Islands

Bitfinex Requiring Tax Information from Users of British Virgin Islands

Bitfinex, the cryptocurrency trading platform, has recently distributed a letter to all users who reside within the British Virgin Islands to disclose their tax information as a new standard requirement. The exchange may or may not share this information with the government according to their official statement on twitter May 17.

The exchange is currently registered in the British Virgin Islands and bylaw has to report specific information to their government. The deadline for Bitfinex to submit the information to government authorities is set for May 24. Users of the platform must complete their self certification forms by that date.

Currently, US residents along with other citizens not living within the British Virgin Islands will not be required to submit this tax information. However, many users of the crypto exchange are now worried that this may be a catalyst for future tax implementations from the exchange.

In April, Bitfinex fell under the “Virtual Markets Integrity Initiative”. This was an inquiry to the policies and practices of the platform. It was launched by New York Atty. Gen. Eric T Schneiderman.

This letter was sent out to many other cryptocurrency exchanges requesting information such as internal operations, controls, and other key aspects on operations of cryptocurrency exchanges in order to “protect investors and users”.

Gemini Receives BitLicense Which Allows Business to Operate in New York

Gemini-Receives-Bitlicense-Which-Allows-Business-to-Operate-in-new-york

Gemini, the cryptocurrency brokerage, is now one of the latest firms to receive a BitLicense from New York State financial regulatory commission.

The license will allow Gemini along with a handful of firms to conduct cryptocurrency operations within the state of New York.

The approval of the BitLicense is the Department Of Financial Services way of improving the commitment towards protecting consumers in the digital currency market, as well as encouraging innovation.

Genesis is currently the 5th New York firm to receive a BitLicense. Other license recipients include Coinbase, bitFlyer USA, Ripple subsidiary XRP II, and Circle Internet Financial.

Germany’s 2nd Largest Stock Exchange Launching Zero Fee Cryptocurrency Trading App

Germany’s 2nd Largest Stock Exchange Launching Zero Fee Cryptocurrency Trading App

Stuttgart Borse, the second-largest German stock exchange, has announced that they’ll be launching a zero fee cryptocurrency trading app. The smart phone app, Bison, will be available in fall of 2018. It’s been developed by the fintech startup Sowa Labs.

The app will support 4 cryptocurrencies: Bitcoin, Ethereum, Litecoin and Ripple. The trading process within the app aims for convenience so it will be eliminating the need for crypto wallets or any sort of paperwork.

Bison also is reported to have an artificial intelligence analysis tool called Cryptoradar. This tool will analyze over 250,000 crypto related tweets from the crypto sphere and give real-time insight into the community sentiment.

Dr Ulli Spankowski, Managing Director at Sowa Labs states that this is the first cryptocurrency app in the world to have a traditional stock exchange backing it. Sowa Labs since a survey to 1000 participants which showcased that the majority of investors are seeking easier access to the crypto marketplace.

In other news, Robinhood raised $363 million in funding to expand its US cryptocurrency exchange app which plans to support 16 different cryptocurrencies on a zero fee basis. With this funding, Robinhood became the second most valuable fintech startup in the US.

HTC Exodus Unveils New Blockchain Phone: Exodus

HTC Exodus Unveils New Blockchain Phone: Exodus

HTC, the android powered smartphone, has reported that they’re taking a major leap into the cryptocurrency ecosystem with their new native blockchain smartphone.

The phone will be tailored to provide support for decentralized applications (DApps) as well as a secure hardware which will provide access to a cryptocurrency wallets which are native to the phone.

Phil Chen will be in charge of development of the new blockchain HTC phone. He also helped create the HTC virtual reality headset known as the Vive.

In a recent blog post, Chen announced “we’d like to support the entire blockchain system in the next few months and have many exciting partnerships as well. My team and I look forward to developing the best blockchain a decentralized application experience to our in consumers.”

HTC hasn’t released a price for the Exodus as of yet, however the company did state that their considering accepting cryptocurrency payments as an available option for purchase.

Another smart phone company, Sirin Labs, create cryptocurrency startup that will be releasing a blockchain powered smart phone called the “Finney” in October. The device will reportedly be around $1000.

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Latest Crypto News

Cryptocurrency-Markets-Seeing-slight-growth

Cryptocurrency Markets Seeing Slight Growth

Cryptocurrency Markets Seeing Slight Growth May 20: Crypto markets saw some growth over the past 24 hours, with all of the top ten cryptocurrencies listed on Coinmarketcap currently in the green and total market capitalization approaching $392 bln. Bitcoin (BTC)

Tether Generates $250 Million Worth of USDT

Tether Generates $250 Million Worth of USDT

Tether Generates $250 Million Worth of USDT In the latest controversial move by stablecoin Tether, $250 million worth of new USDT tokens were generated on May 18 according to the Omni Explorer. This brings the

Coinbase Discussing Application for Banking License

Coinbase Discussing Application for Banking License Coinbase, the cryptocurrency exchange platform met with US regulators today in order to discuss applying for a banking license according to the Wall Street Journal. The firm met with

HTC Exodus Unveils New Blockchain Phone: Exodus

HTC Exodus Unveils New Blockchain Phone: Exodus

HTC Exodus Unveils New Blockchain Phone: Exodus HTC, the android powered smartphone, has reported that they’re taking a major leap into the cryptocurrency ecosystem with their new native blockchain smartphone. The phone will be tailored

Microsoft Bing Will Ban Crypto Related Ads in July

Microsoft Bing Will Ban Crypto Related Ads in July

Microsoft Bing Will Ban Crypto Related Ads in July The Microsoft powered PPC search engine Bing, has joined other search engine advertisers in announcing that they will ban crypto related advertisements on its PPC advertising

HSBC Completes First Blockchain Trade Transaction

HSBC Completes First Blockchain Trade Transaction

HSBC Completes First Blockchain Trade Transaction HSBC, the UK-based bank has reportedly completed the world’s first blockchain finance trade transaction. This reported by Financial Times on May 14. HSBC was able to complete a large

NYC Seeking to Lead the Way in Blockchain The president of the New York City Economic Development Corporation (NYCEDC) announced today that they will be taking initiative to include the launch of a NYC Blockchain Resource Center and blockchain app competitions to help improve the public sector of the city. The Blockchain Resource Center will allow for public blockchain education as well as bringing entrepreneurs together in order to form new blockchain ventures. This new center will also bring both industry and government players together in order to discuss certain regulations that will need to be in play for future development. The NYC blockchain competition will set to begin in late 2018. The NYCEDC will request proposals from organizations that can run the competitions. This includes workshops for government employees about blockchain as well as free educational workshops for the public. The president and CEO of NYCEDC, James Patchett states that “there’s no other city in the world is better positioned to lead the advancements in blockchain technology”.

NYC Seeking to Lead the Way in Blockchain

NYC Seeking to Lead the Way in Blockchain The president of the New York City Economic Development Corporation (NYCEDC) announced today that they will be taking initiative to include the launch of a NYC Blockchain

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