Category: Crypto

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Crypto News

Binance Cryptocurrency Platform To Introduce Exchange Operation in Euro And Other Fiat Currencies

Binance cryptocurrency exchange platform will offer its customers the option of trading in Euro and other fiat currencies, according to Zhao Changpeng, its chief executive officer, in an interview with the Bloomberg news agency.

Changpeng said on Monday, June 11th, that Binance will allow the exchange with Euros at the end of 2018 and will add other fiat currencies, although he did not indicate which ones. These operations will be carried out through the headquarters of the Binance cryptocurrency exchange platform’s offices in Malta.

This exchange platform is the third with the highest volume of exchange worldwide and handles 12% of the total amount of the cryptocurrencies market, being surpassed only by OKEx and bitFlyer, according to data from Coinhills.

In March, Binance suffered an attack on its platform that led to a massive unauthorized sale of coins by a group of users through a malicious bot. However, this event did not negatively affect the performance of the bureau de change, which continues to be used by a large number of investors.

Binance will allow exchange operations in Euro and other fiat currencies via its offices in Malta

The Maltese government has expressed its interest in creating a legal framework to encourage the development of projects using blockchain technology, as well as the use of cryptocurrency, according to the Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri, at the end of April.

The Executive has already approved and presented to the legislative body three bills to regulate operations with cryptocurrency, cryptocurrency exchange platforms, and blockchain, without limiting their potential.

Thanks to this plan, large companies in the sector are moving their operations to the European country, including OKEx and Binance.

After this move to Malta, Zhao Changpeng said that “after reviewing the draft law, we are convinced that Malta will be the next seedbed for innovative blockchain companies and a center of the blockchain ecosystem in Europe.”

Now, Binance cryptocurrency exchange platform will allow exchange operation in Euro and other fiat currencies via its headquarters established in Malta.

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Crypto

Ethereum Classic (ETC) Surged In Expectation For Upcoming Coinbase Listing And Binance Additions

In the apparent stability of the last few hours, after a double-digit drop for the crypto market since last Sunday, Ethereum Classic (ETC) experienced a strong revaluation, driven both by the removal of the difficulty for miners and by the announcements made yesterday regarding an upcoming Coinbase listing and new ETC trading pairs on Binance. These factors led to a 21.44% boost in the last 24 hours, at the moment of this writing.

While the market as a whole is showing an over 11% loss since Saturday night to reach a total value of about $293 billion, as of this writing, Ethereum Classic (ETC) presents a 21.44% increase in the last 24 hours. The crypto is currently trading at $15.25.

ETC followed a downward trend on Sunday but the announcements made yesterday by Coinbase and Binance were enough for Ethereum Classic (ETC) to boost significantly since yesterday.

Ethereum Classic (ETC) to be listed on Coinbase while Binance will add to new ETC trading pairs

Coinbase announced on Monday that it had begun the engineering work necessary to list Ethereum Classic (ETC) and that at the end of the final testing phase of the technical integration, it will announce the launch of ETC on the platform, a process that is expected to take several months.

Binance, for its part, announced that starting from today, Tuesday, at 2:00 am GMT is offering ETC/USD and ETC/BNB trading pairs. The cryptocurrency exchange platform listed Ethereum Classic (ETC) only eight months ago and provided the ETC/BTC and ETC/ETH trading pairs.

ETC is not the only one to have resurfaced noticeably when the market appears to be sidelined after a sharp downturn. LoomNetwork (LOOM) exhibits a higher level of recovery than ETC, with about 33% increase in the last 24 hours.

Today, LoomNetwork has released the public beta of the Loom SDK (the Software Development Kit), promised two months ago, which seemed to be behind LOOM crypto’s rise. LoomNetwork works as a layer over Ethereum (ETH) network.

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Crypto

Ethereum (ETH) ERC20 Smart Contracts Proliferated From 5K To About 100K In Less Than 1 Year

The use of the Ethereum (ETH) blockchain has grown significantly since 2017 with an explosion in the number of new ERC20 smart contracts, from 5,000 in August last year to over 90,000 today. This worldwide network has seen all kinds of projects built around it, the so-called “ERC20” tokens becoming a significant use case.

The ERC 20 smart contracts proliferated in a few months from 5,000 to nearly 100,000 as tokens of all kinds, moving from virtual chats to stable currencies in an unprecedented development in the crypto-verse in such a short time which shows how the fact that a blockchain that is designed as a platform makes the difference.

Recently, Ethereum network introduced the ERC721 standard

The ERC20 tokens, already well known to the general public, are however only a first evolution in the network. Just recently, the ERC721 standard was introduced.

While each ERC20 token is indistinguishable from another, each ERC721 tokens will be absolutely unique. Each of them will have an “individuality” that makes them distinguishable.

As mentioned above, this is a relatively new invention, but one with broad application.

For example, if you want to tokenize works of art, you can opt for the ERC721 tokens, each of which will be unique and linked to a single piece of work.

Ethereum (ETH) price

At the moment of this writing, Ethereum (ETH) is traded at $516.10 after the cryptocurrency dropped by about 5% in the last 24 hours within a cryptocurrency market which is trading “red” right now.

Despite Ethereum (ETH) blockchain’s successful jobs with ERC20 smart contracts and the newly added ERC721 token standard, Ethereum (ETH) price is not soaring as many fans would expect. Unfortunately, Ethereum (ETH) is still very volatile.

In short, Ethereum ERC20 smart contracts have shown to be a real success as they proliferated in a few months from 5,000 to nearly 100,000.

On the other hand, Ethereum (ETH) smart contracts have a new fierce competitor, that is IOTA (MIOTA) Qubic.

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Crypto Tech

Cryptocurrency Mining Apps Banned From App Store, Announced Apple

Cryptocurrencies have been a real revolution in digital assets market at the end of last year. In spite of their great volatility, a large number of users decided to bet on them as a means of investment because, due to speculation, their value did not stop growing and analysts assured that in 2018 they could even triple their value. As a result of their popularity, many began to use cryptocurrency for malicious purposes, forcing large corporations and governments to establish a set of rules and regulations regarding its use and how to deal with it. Now, Apple banned cryptocurrency mining apps on its App Store.

Accordingly, there are many malicious developers hiding cryptocurrency mining scripts in their apps

After the chaos generated by the cryptocurrencies in the second half of 2017, the main software developers and governments are increasingly applying restrictive rules against these decentralized monetary units.

While Microsoft and Google are already quite clear on their position, it is now Apple’s turn to control the use that can be made of crypto coins in its systems.

Apple severely restricts the use of crypto-related apps on its systems, while cryptocurrency mining apps are strictly prohibited on App Store

Apple has just released an update to its Standards Guide for Application Development and Publishing, specifically in section 2.4.2 of the Hardware Compatibility section, which makes it clear that all types of applications that use the hardware of an iPhone, iPad, and even Mac computers are completely prohibited, and therefore cannot be published on the App Store under any circumstances.

The new standard indicates that no application can quickly drain the battery of the company’s devices, and this also includes background processing and advertising, ending applications that display banner ads that undermine cryptocurrencies at the expense of users’ computers’ processing power.

ICO apps have also undergone a major adjustment and to avoid new speculation and scams, Apple will only allow registered applications such as trading companies, banks, security firms, and FCM (Futures Commission Merchants) to publish these types of ICO apps on App Store.

In short, Apple has banned any kind of cryptocurrency mining app from App Store, in a movement to protect its users from scams and speculations.

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Crypto News

Coinrail, A South Korean cryptocurrency exchange, Was Hacked, Causing Bitcoin (BTC)’s Recent Drop

The Bitcoin (BTC) price has lost more than 10% this weekend after South Korea’s Coinrail cryptocurrency exchange platform confirmed that it was hacked. This latest cyber attack, once again, calls into question the security of cryptocurrencies.

The Coinrail cryptocurrency exchange platform has acknowledged that it has lost 30% of the coins it stored, with an estimated value of around $40 million according to local media, following a rapid cyber attack.

Although the platform does not exchange Bitcoin (BTC), the news has led to Bitcoin (BTC) hitting a low of $6,652, the lowest level since last April when it hit $6,620.

Since December 2017, BTC has fallen 65%, from its highest value against the USD, $20,000.

“Coinrail is not a member of the group that promotes self-regulation to improve safety. He’s a minor player in the market and you can see how those small platforms with lower safety standards can be exposed to more risk,” said Kim Jin-Hwa, a representative of the Korea Blockchain Industry Association, cited by Reuters.

South-Korean cryptocurrency exchange platforms are still facing security issues despite crypto regulations in this regard

In January, 14 Korean platforms committed to improving their security and adopting measures to further protect the user, including restrictions on creating more than one account.

Coinrail has reported that the remaining 70% of digital currencies it moved are now housed in a portfolio that is not connected to the main network. Authorities are investigating the theft and exchanges on the platform have been suspended.

Asia has a long history of cyber attacks as it is considered a world’s leader when it comes to the cryptocurrencies market. Earlier this year, Japan’s Coincheck platform was hacked into a half-billion-dollar cryptocurrency robbery.

In 2014, Mt. Gox, which once handled 80% of the world’s Bitcoin (BTC) exchanges, filed for bankruptcy after losing around half a trillion dollars worth of BTC.

Even more recently, in December last year, South Korea’s cryptocurrency exchange platform Youbit has filed for bankruptcy after being hacked twice.

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