Category: Finance

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Crypto Finance News

WikiLeaks’ Bitcoin Account Suspended by Coinbase

In a surprising recent turn of events it looks like Coinbase, a cryptocurrency firm has just made the elective decision to suspend WikiLeaks’ account on their platform. The reasons for their decision are not completely clear but we are going to be looking at the statements that both Coinbase and WikiLeaks have made and present them to you so that you can have all the information you need in order to form your own opinion on this matter.

How did this happen?

Well, first of all we would like to mention what Coinbase does. The cryptocurrency company specializes in providing a feature that allows online shops to accept different cryptocurrencies as payment. Now how does WikiLeaks fit into this equation? Well, it does not only specialize in uncovering and posting documents that are confidential, they also sell T-shirts and posters and they allow their customers to pay for them in Bitcoin.

This weekend WikiLeaks reported that their account got suspended and that they received a message from Coinbase telling them that they were violating the terms of service, however they did not decide to mention the exact terms that were violated, leaving the context to feel very vague.

Sadly, Coinbase was not available to comment on this issue or to provide their side of things. WikiLeaks took things to the next level by tweeting that they are ready to “call for a global blockade of Coinbase”. We will have to wait and see if things will really take this turn or of the situation is going to be solved in a more amicable manner.

For now, we want to end the discussion by reminding people that WikiLeaks has been in favor of Bitcoin, going so far as to actually invest in it and it does seem natural that they would want to keep their option to receive payments in Bitcoin working in the future.

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Crypto Finance News

Goldman Sachs Plans On Opening A Cryptocurrency Trading Desk

On this Monday, April 23rd, it was reported that Goldman Sachs, a major US investment bank, hired an expert in cryptocurrency trading and was evaluating the possibility of opening a cryptocurrency trading desk.

According to the sources, this trader is Justin Schmidt and joined the ranks of Goldman Sachs the previous week with the position of vice president and leader of the area of cryptocurrencies markets of this firm. Also, spokespersons of the company explained that this is the first time they hired an expert in cryptocurrencies and that they have made this decision due to the growing interest that their clients have in the cryptocurrency trading.

On the other hand, according to sources related to Business Insider, Schmidt would join Goldman Sachs to explore the options the company can have in the cryptocurrencies market, including the launch of a desk of cryptocurrencies investments.

Goldman Sachs would be the first bank in the US to implement a cryptocurrency trading desk

If the possible launch of a trading desk focused on cryptocurrencies materializes, Goldman Sachs would be the first US bank to offer this service to its clients.

Rumors of a possible opening of a cryptocurrency trading desk by Goldman Sachs have been heard since last December since Bloomberg published an article claiming that this bank was planning to launch this trading desk but, back then, officials from Goldman Sachs denied these rumors.

Goldman Sachs already offers its clients some services related to cryptocurrencies since it offers exposure to its clients of the future Bitcoin (BTC) contracts launched by CBOE and CME Group, that is, so far the role of Goldman Sachs in the cryptocurrency market.

Just last week, it became known that Barclays, an investment services company based in London, was studying the launch of its own cryptocurrency trading desk, which would be the first of its kind in Europe. So, more than one important financial institution is evaluating offering this type of services to its clients. We shall see if Goldman Sachs will implement such a crypto-related service soon.

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Crypto Finance

Blockchain Technology, Implemented By The Main Banking Entity In The United Arab Emirates, Emirates NDB

One of the main banking entities of the United Arab Emirates (UAE), the Emirates NBD bank, has recently published a full-scale application, for the first time on its platform, that uses the Blockchain Technology to authenticate checks – the Check Chain service.

According to the official statement, the Check Chain service processed approximately 1 million checks using the blockchain technology to verify the authenticity, in the first month of operation. A commitment to the Blockchain that seeks to significantly strengthen the administrative processes of risks and security, focusing on the reduction of checks fraud, a problem that has affected the Emirates NBD for years.

The financial institution believes that this adoption will improve the security standards within its corporation, Emirates NBD Group, and throughout the banking sector of the United Arab Emirates. Since its trial stage, this application has worked in different banking institutions in the region, such as Emirates Islamic.

Check Chain platform is part of the UAE’s wider plan of the blockchain technology adoption

Check Chain works by including a QR code to each printed check, accompanied by random 20 characters. These characters, along with the QR code, will be registered in the blockchain to authenticate and track the origin of the check at the time of use, in order the use of false checks.

This innovation is part of the United Arab Emirates strategy to become a nation that uses blockchain technology to carry out most of its transactions. This nation has already implemented this technology in various social sectors.

The Check Chain platform, implemented by Emirates NBD, is, at the moment, a blockchain technology that has not been replicated elsewhere. This platform invites technological developers to adapt to the principle of the blockchain to satisfy the needs that different sectors, financial or not, require. Innovation is the key to a more secure future.

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Crypto Finance News

Bitcoin and the Banking System – What’s Next?

For a time, some people have thought that cryptocurrencies are amazing and the state of the art and that the fact that the financial system is wary of them and in some cases is even rejecting them show shows how little the financial system knows about trying to adapt and including other forms of payment. However, it now looks like the financial system knew more about the matter and that cryptocurrencies were only suffering from a form of arrogance.

Claims against Lightning

Lightning is a second-layer network that will hopefully bring Bitcoin to the mainstream level. Now we are not exaggerating when we are saying that Lightning is a very complex system that is difficult to explain both to someone with little experience that is trying to understand it and also to someone within the community. However, a claim is going around that states that Lightning is not an IOU. The argument around this issue ill-based and easy to deconstruct, it all fixates on linking this statement with a hefty discussion about how banks employ an IOU system.

There is also talk going around that Lightning has only been created so that the banking industry could have a way to get their hands on Bitcoin and operate it remotely. Yet again, this argument is flawed and far away from the truth. Have we mentioned by now that these two arguments come from an article written by Cryptoconomy where he states his opinions about Lightning? If not, it is only right that we do so because it is not fair that we do not.

One of the last argument of this discussion about Lightning that we would like to state is that Lightning does have the potential to become a worthy competitor to VISA, but that will only happen in the future with the condition that Lightning will be set on a path of constant growth and evolution.

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Crypto Finance News

The Connection Between Online Gambling, Blockchain and Cryptocurrencies

From what we have already seen for some time, it looks like crypto coins and blockchain technology can improve a number of aspects of our daily lives but it seems like the one of the best areas where it can be used is online gambling.

What is a blockchain?

For those that do not know, a blockchain is a list of records that is made to be secure through cryptography and some of the best uses of this technology lie in the gambling sphere. When applied to online gaming, it greatly increases the speed of transactions, including those of withdrawals, as some of you may know that for an online transaction to be finalized it may take between 3 and 5 business days.

Blockchain perks

It is well known that in order for you to be able to play in an online gambling event you will need a traditional bank account in order to get your bets and your withdrawals, if you are lucky. However, when one uses a blockchain then he or she is going to be able to play in such an event just by having a computer and an internet connection, making the process easier.

How to adopt this process

So far the number of platform that use this blockchain system are few and far in between but it looks like more and more are working to incorporate it onto their online gambling platform which means that there is hope for the future. Were we to name a couple of platform that already have this feature, we could gladly say that Lottery.com and Greentube have both made this step. However, the problem with security levels still stands since the need to stop young gamblers and problem gamblers from playing still stand. That will remain to be fixed in the near future.

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