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Crypto Economy News

Marshall Islands Ditched The US Dollar To Adopt Sovereign (SOV) Cryptocurrency

The sovereign country of the Marshall Islands has decided to ditch the US Dollar as its official currency and adopt the Sovereign (SOV) cryptocurrency, a crypto coin created by the Island’s inhabitants that promises, among other things, to be a more secure and efficient way of conducting transactions than the USD. Definitely, this a historical decision, as Marshall Island is now the first country in the world to choose an official cryptocurrency over a fiat currency.

The Marshall Islands chose its own Sovereign cryptocurrency over the USD

The proposal was made in February 2018 and was made official just one month later, in March.

However, this has come back in the news these days, once again, due to the implication this movement has for international banking systems which normally point to the lack of support from an international authority as the reason for criticising or not accepting cryptocurrency.

The Marshall Islands’ decision to ditch the United States Dollar and adopt its own Sovereign (SOV) cryptocurrency drew the attention of cryptocurrencies market investors and the crypto-related publications who used Twitter to draw more attention to the event.

At the moment of this article, the Sovereign (SOV) cryptocurrency is in full process of implementation which will commence with an ICO (Initial Coin Offering).

Cryptocurrencies are still frequently undermined by international banking systems and governments

This follows multiple international attempts to lower the profile of cryptocurrencies, including an executive order from U.S. President Donald Trump to veto investments in Venezuelan Petro cryptocurrency, as well as the problems in regulating these digital assets in countries like Chile.

In certain territories such as Germany and Japan, cryptocurrencies are accepted and considered under the law, although there are still problems in places like Venezuela, where the state seeks to dominate with its own currency called Petro, or China, where crypto coins are still seen as competing for the country’s traditional money.

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Crypto Markets

Coinbase Cryptocurrency Exchange Acquires Paradex Cryptocurrencies Trading Platform

Coinbase, the renowned cryptocurrency exchange platform, has made another move to hold a larger share of the growing cryptocurrencies market. Accordingly, Coinbase acquires Paradex cryptocurrency trading platform.

Thus, it is righteous to think that the leading cryptocurrency exchange platform in the United States has acquired the Paradex cryptocurrency trading platform to gain a wider market share in cryptocurrency trading and spread its dominance in the cryptocurrencies market.

The amount paid by Coinbase for the acquisition of Paradex remains unknown, at this moment.

Coinbase acquired Paradex and will soon support a larger number of cryptocurrencies

Paradex permits its customers to trade currencies directly between themselves through the use of digital wallets, rather than via a centralized cryptocurrency exchange platform such as Coinbase, that keeps tokens in safekeeping on behalf of its clients..

At this moment, Coinbase is only offering operations in the four largest cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Additionally to these, Coinbase will take advantage of the Paradex platform which makes it easy to trade in hundreds of cryptocurrencies.

As a result of the acquisition, the number and types of cryptocurrencies that clients can exchange and trade with the Coinbase cryptocurrency exchange platform will expand substantially.

The purchase of Paradex is meant to help Coinbase attract more institutional investors

As we speak, Coinbase is the most popular and appreciated cryptocurrency exchange platform in the United States, as well as in other places in the world. However, Coinbase’s team wants more from the platform as to attract more institutional investors.

The acquisition of Paradex cryptocurrency trading platform might be a step forward in this direction as the Paradex platform is offering the possibility of trading in about a hundred cryptocurrencies and will now become, thanks to Coinbase, active on the US market which would’ve been an impossible task, otherwise, due to SEC regulations.

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Crypto Real Estate

Ripple (XRP) Accepted As Cryptocurrency Payment Method On Propy For A $16 Million Property In Silicon Valley

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are the most popular among crypto enthusiasts and now they are all accepted as payment methods for the acquisition of 27 acres of land in Los Gatos, in California, as recently Ripple (XRP) has been accepted by Propy Inc as a cryptocurrency payment method.

Any announcements with regard to the adoption of cryptocurrency are particularly appreciated in this period of turmoil in the cryptocurrency market that has witnessed Bitcoin (BTC) drop to its current record low of $7,000. BTC is now trading at $7,241, at the time of this article. On the other hand, Ethereum (ETH) is currently traded at $533 and Ripple (XRP) is down to levels under 60 cents and quoted at $0.57.

Via Propy Inc, a real estate business committed to addressing cross-border real estate purchase challenges, a property appraised at $16 million may be acquired with BTC, ETH or XRP.

Propy Inc accepted Ripple (XRP) as a new cryptocurrency payment method for a $16 million property

The announcement has been made via a tweet on the official Propy Inc page on the social networks, which reads:

Great news! We added XRP as a cryptocurrency accepted at Propy, starting with a rare investment opportunity to acquire one of the last large pieces of city land in Silicon Valley! $, BTC, ETH and now #XRP are accepted. The offer is exclusive on #propy:

The property listed on the Propy Inc’s website features a thorough description of what it offers and also admits the acceptance of Ripple (XRP) as a cryptocurrency payment method, along with Bitcoin (BTC) and Ethereum (ETH).

BITCOIN & ETHER and XRP ACCEPTED! Welcome to Los Gatos! Located on Shannon Road, this rare 27-acre site near the top of Los Gatos is now for sale.

This property is the first on Propy to accept cryptocurrency payment in Ripple (XRP) but the real estate company is optimistic other properties will follow.

According to the current XRP value against the USD, one would need around 27,9 million Ripple (XRP) to acquire the property.

Categories
Crypto

A Monero (XMR) Mining Malware Affects Mac Computers, Apple Reported

This week Apple reported a new background mining malware called MsHelper, which is remotely installed on Mac computers and serves as Monero (XMR) mining malware. The malware uses the computing power of the Mac computers to mine XMR, thus, is causing slower performance.

The malware was posted on Apple’s discussion forums, where users claimed that a newly installed program on their computers caused them to lose control over their computers and used a lot of the processing power of the CPUs as it mines XMR.

“I have MsHelper constantly showing up on the activity monitor with the CPU at super high levels. I probably wouldn’t have noticed it, except that I installed BitDefender today and it keeps showing me that it’s being deleted!” said Ron Edwards, the user who opened a topic on the covert crypto miner on an Apple community forum.

After several investigations, it was found that MsHelper is another version of the XMrig miner for Mac but used in a hostile way to enrich third parties at the expense of Apple Mac users.

The Mac Monero (XMR) mining malware apparently come with fake Adobe Flash Player, pirated content, or infected documents

According to Malwarebytes Labs, MsHelper is not a sophisticated malware, nor does it generate large vulnerabilities in the registration of user information. It is also not strong enough to be easily removed by Malwarebytes for Mac or manually.

It is believed that the virus that mines XMR is installed in computers by means of programs such as Adobe Flash Player in its false version which contains the dropper that injects the malware into the computer.

In this way, users would become infected with malware by downloading programs from piracy sites or misleading documents but it is not yet known exactly which software offer deceives users.

At the time of installation, the MsHelper mining Monero (XMR) malware deploys a launcher that is hosted in the support applications of the Mac operating system. This executable file is in charge of keeping the Monero (XMR) mining active on the computer and thus affects the performance of the computer.

Malwarebytes said that it is increasingly common for Apple devices to be covered up with versions of crypto miners malware, as there have already been problems with the Pwnet, CpuMeaner and CreativeUpdate programs, among others.

Categories
Crypto

Ripple (XRP) Adoption Increased Even More As Kuwait Finance House Announced They’ll Use RippleNet

Yesterday, May 26th, Kuwait’s leading Islamic lender unveiled its plans to affiliate with RippleNet. Kuwait Finance House (KFH) will partner with Ripple’s network dedicated to banks and other financial institutions and will use Ripple (XRP) blockchain to cut down on transactions fees and boost the pace of cross-border payments. Definitely, this is another good news regarding Ripple (XRP) adoption.

KFH is the first bank in Kuwait to join RippleNet for cross-border instant payments using blocking technology.

Kuwait Finance House

The announcement is the newest in a string of high-level news reports regarding the Ripple (XRP) adoption. Earlier this week, Ripple stormed into conventional and social media as Ashton Kutcher went to The Ellen DeGeneres Show and donated $4 million in XRP for the Ellen’s Wildlife Fund in Rwanda during an instant cross-border payment which has been conducted live during the show.

Ripple (XRP) adoption process had a great period characterized by many interesting partnerships

Soon after the Ashton Kutcher event, Propy, a worldwide real estate broker, declared that it is now able to buy and sells homes in Ripple (XRP).

Besides, the Uphold digital payment platform fulfilled its XRP implementation, permitting its clients to buy Ripple (XRP) using US Dollars but also to make deposits, transactions, and withdrawals.

Also noteworthy, the Revolut mobile banking application has successfully concluded its XRP implementation, allowing its about 2 million users to purchase and sell Ripple (XRP).

Additionally, the online private jet booking service TapJets announced that it intends to adopt Ripple (XRP) as a new payment method starting with June 1st.

Ultimately, the social trading network and multiple asset trading firm eToro posted a review of its clientele, disclosing that XRP is among the most sought-after assets on eToro’s trading platform.

Besides Ripple (XRP) adoption news, Ripple team has announced its intentions of changing XRP symbol and the community is free to come up with ideas. Also, at the moment of this article, XRP is traded at $0.60, recording a 2.06% loss in the last 24 hours.

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