Bitcoin News — Banking

ING Bank Launches Zero-Knowledge Tech for Blockchain Privacy

Posted by Ian Allison on

ING Bank has continued further down the road of advanced blockchain privacy with the release of its Zero-Knowledge Set Membership (ZKSM) solution.

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Indian Cryptocurrency Exchanges See Rapid Growth in P2P Trading

Posted by Kevin Helms on

Indian Cryptocurrency Exchanges See Rapid Growth in P2P TradingTrading volumes on exchange-escrowed peer-to-peer (P2P) cryptocurrency trading platforms in India are rising rapidly amid the banking ban by the country’s central bank. “Indians are warming up to P2P in amazing ways,” the CEO of a local crypto exchange told news.Bitcoin.com. Several other exchanges competing in the same space are seeing similar responses from their […]

The post Indian Cryptocurrency Exchanges See Rapid Growth in P2P Trading appeared first on Bitcoin News.

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What China's Cashless Revolution Can Teach the West About Crypto

Posted by Michael J Casey on

China appears to have achieved the crypto community's dream of a new internet of value, without blockchain. But there's more than meets than eye here.

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Tether ‘Didn’t Do a Great Job on Transparency,’ Claims Investor Mike Novogratz

Posted by William Suberg on

Tether’s offshore operations detract from its transparency versus other stablecoins, Mike Novogratz told Bloomberg.

Stablecoin Tether (USDT) should create more “transparency” about its operations, cryptocurrency investor and entrepreneur Michael Novogratz told Bloomberg Oct. 18.

Speaking in an interview, Novogratz, whose Galaxy Digital investment company is active in the cryptocurrency space, said he favored alternative stablecoins pegged to the U.S. dollar with known U.S. banking connections.

“I think Tether didn’t do a great job in terms of creating transparency," he told the publication discussing Tether’s offshore activities.

“The concept of stablecoins makes sense,” Novogratz nonetheless countered, singling out the Winklevoss twins’ Gemini Dollar, which launched in September.

Tether has found itself at the source of controversy this week after volatility caused it to lose its long-time USD peg. At press time, USDT traded around $0.975, at one point dropping as low as $0.91.

The problems came while cryptocurrency exchange Bitfinex, the CEO of which is also CEO of Tether, faced insolvency rumors, which executives subsequently denied.

In the intervening period, large amounts of Bitfinex’s USDT holdings have been transferred to Tether’s Treasury, leading to fresh suspicions over the exchange’s buoyancy.

Commenting on data from digital asset investment bankers Element Group Thursday, CNBC Cryptotrader host Ran Neuner concluded that Bitfinex had “lost a lot of customers.”

According to the data, Binance is now the number two largest USDT holder, with fellow exchanges Poloniex and Huobi also owning more than Bitfinex.

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Gates Foundation to Partner with Ripple and Coil to Support ‘Pro-Poor’ Payment Systems

Posted by Ana Alexandre on

The Bill and Melinda Gates Foundation will partner with Coil and Ripple to implement Interledger and develop “pro-poor” payment systems on its mobile platform Mojaloop.

The Bill and Melinda Gates Foundation is partnering with Ripple Labs Inc. and digital payments firm Coil to implement the Interledger Protocol, the Foundation’s Deputy Director and Principal Technologist Miller Abel tweeted Oct. 17. The Foundation itself has not made a formal announcement regarding the partnership.

Apart from the implementation of Ripple’s Interledger Protocol, which is designed to connect different payment ledgers and enable the faster processing of cross-border transfers, the partnership is set to explore the ways Mojaloop can support “pro-poor payment systems.”

Mojaloop was launched by the Gates Foundation in October last year and employs Interledger technology. It is an open-source mobile payment platform for financial organizations, government regulators and other fintech industry players geared to promote mobile payments in the developing world and provide financial services for unbanked people around the world.

According to data from the World Bank, in 2017 there were about 1.7 billion adults who were technically unbanked, which is roughly 30% of the global population. Most of them live in low and middle income emerging markets and do not have literal access to regular banking due to a lack of clear identification information.

With blockchain-powered platforms, underbanked individuals can reportedly receive a digital identity for use in their banking, simply with the help of their smartphones, while biometrics will do the rest.

Coil, which was founded by former Ripple CTO Stefan Thomas, is also based on Interledger technology. The subscription platform allows users to monetarily support content creators in addition to controlling ads and streamlining the website paywall process.

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