Global blockchain solutions company and Cardano commercial arm EMURGO is building a blockchain traceability solution for coffee in Indonesia INTERVIEW

Global blockchain solutions company and Cardano commercial arm EMURGO is building a blockchain traceability solution for coffee in Indonesia [INTERVIEW]

EMURGO, the global blockchain solutions provider and a founding entity of Cardano,

recently announced the launch of the “EMURGO Traceability Solution” – an enterprise solution leveraging blockchain technology to modernize existing supply chain traceability standards and bring added value to supply chain stakeholders and end consumers. EMURGO Traceability Solution is the first blockchain-based enterprise solution developed by EMURGO’s Enterprise unit. EMURGO partnered with Blue Korintji Coffee, an environmentally-conscious Indonesian coffee brand to be the first commercial enterprise to integrate EMURGO Traceability Solution in its coffee supply chain to benefit all stakeholders including farmers and consumers.

This custom solution will leverage the Cardano blockchain to increase the visibility of purchasing prices between stakeholders and assure the immutability of accumulated private information. Blue Korintji Coffee is also committed to giving back to farmers by pooling a portion of sales revenue that has utilized this solution and investing in production sustainability. Coffee consumers will also be able to simply scan a QR code displayed in the coffee shop to access this information about the origin of their coffee. CryptoSlate recently had the opportunity to chat with the CEO of EMURGO Indonesia, who is working on this solution. Murasaki leads EMURGO Group’s local Indonesian unit to drive the regional adoption of blockchain solutions in the public and private sectors. Having garnered mutual collaboration with some of Indonesia’s leading local universities, EMURGO Indonesia places a core emphasis on blockchain education and exploring real blockchain use cases to empower citizens to provide for greater economic opportunities.

Interview with Shunsuke Murasaki, EMURGO CEO of EMURGO Indonesia

Tell us how EMURGO decided on traceability as an important use case to address and why is the Cardano blockchain a good fit?

We gathered detailed opinions from different industry partners to see what blockchain-based solutions we could offer to help add value to their existing businesses. We found that enterprises offering premium consumer & B2B products such as Arabica coffee beans were seeking a simple and cost-effective way to verify the authenticity of their products from source to customer, as well as shed transparency on the entire supply chain process to increase customer trust and fair business practices. These needs were especially important in emerging markets and industries with several different stakeholders in its supply chain, where reliably demonstrating this traceability of premium products is harder to do.

Currently, the traditional existing traceability methods used in supply chains is opaque and inefficient primarily due to the globalized complexity of the supply chain which includes companies of different sizes from different locations spread throughout the world, geographic complexities, lack of a modern and safe administrative system, and so on. There are several instances in many different industries of the need for traceability solutions. For instance, consumer & luxury goods are susceptible to counterfeiting; some white labeled products are inappropriately disguised under other brand names; mislabeled foods products are sold to consumers; and illegally sourced materials are sometimes present in common household goods, among other issues in today’s supply chain industries. These are due to a lack of efficient traceability solutions in the marketplace for enterprises and can be effectively addressed by blockchain’s inherent qualities. 

EMURGO Traceability Solution is tailored to address this issue and add value by authenticating the origin of a product, shed transparency on relevant data regarding supply chain practices, and track the entire path of a product or good from source to customer. This will bring trust to the consumer as well as add increased brand value to participating stakeholders choosing to use a blockchain-based traceability solution. We believe that given Cardano’s research-driven approach along with its use by other global name brands such as New Balance for traceability purposes, it is a natural fit as a base layer for a blockchain-based traceability solution.

Why was Indonesia chosen as the first place to test this new technology?

To give some background, Indonesia is ranked 4th globally in total coffee production, and according to a World Bank report, around 10 million people in Indonesia are economically involved in the coffee industry as a stakeholder. The US Dept. of Agriculture states in its recent report about coffee production in Indonesia of “a booming coffee-drinking lifestyle” with soaring demand due to coffee shop expansion.In fact, the next unicorn in Indonesia will come from the domestic coffee industry which shows the vastly increased consumer interest in coffee. However, 96% (more than 2 million farmers) of the coffee produced in the country is by small farmers that lack technological resources and receive weak government support to properly benefit from this boom. At present in the local coffee industry, there is a complex web of farmers, roasters, processors, logistics companies, cafes, and other third-party stakeholders. They lack a  shared IT infrastructure to streamline data processing while also offering data immutability to all these different stakeholders. This is the issue leading to difficulties in verification and trust between one stakeholder and another, and between companies & consumers.

How does the traceability solution work from a technical perspective?

EMURGO Traceability Solution is a tailored enterprise solution built to meet the various needs of our clients and designed to run on top with Cardano as a base settlement layer. Each transaction in the supply chain gets recorded and validated on the spot via QR code. For example, a consignment from a coffee bean roaster to a cafe gets validated by scanning a specific QR code on a package upon delivery. This information is all securely input, verified, and transparent to all stakeholders utilizing EMURGO Traceability Solution.

What are some of the challenges when building a blockchain traceability solution?

Each industry and enterprise has different needs according to their products, consumers, and other conditions. Thus, one of the main challenges is to assess the various needs of all stakeholders and come up with a tailored solution designed to meet all of their needs. This take s a lot of time to consult with the stakeholders and get a detailed understanding of their businesses to design the most ideal solution. Another challenge is the relative lack of awareness of how blockchain can offer benefits to enterprises and consumers. Many believe there is a big learning curve to understand an abstract technology, but EMURGO designs tailored solutions with blockchain as a back-end solution with a simple & easy-to-use front end that doesn’t require any knowledge of how blockchain works. Thus, we first engage with potential clients, get an understanding of their business, identify issues, and then easily explain how blockchain can address these business issues before collaborating together on the specific needs of the solution.

What are some of the benefits to the consumer when utilizing blockchain-based traceability?

Right now, it is practically impossible for coffee consumers to know specific details about the coffee they have purchased. Consumers do not have access to precise information such as the number of days a bag of coffee beans has been in storage or know the exact sourcing of the coffee they are drinking, among other relevant information.  But with EMURGO Traceability Solution, it is very easy to track this information and it cannot be manipulated. Customers will have more transparent information on the specific journey of their purchased coffee beans. Customers also benefit by contributing to more ethical sourcing practices for coffee sustainability by opting for coffee that has utilized this solution. Especially for coffee drinkers that opt for premium brands or specialty coffees, this solution gives them a solution to verify the authenticity of their preferred coffee.

Other than coffee, what are some other industries that would benefit from blockchain traceability?

As a tailored enterprise solution, EMURGO Traceability Solution can be customized to meet the needs of clients in various industries that offer specialty or premium-grade products. As consumers in these industries value trust in the products they purchase, it is especially important for enterprises in these industries to supply that trust through the verified authenticity of their product offerings.

Article Produced By
Shunsuke Murasaki

As CEO of EMURGO Indonesia, Shunsuke Murasaki leads EMURGO Group’s local Indonesian unit to drive the regional adoption of blockchain solutions in the public and private sectors. Having garnered mutual collaboration with some of Indonesia’s leading local universities, EMURGO Indonesia places a core emphasis on blockchain education and exploring real blockchain use cases to empower citizens to provide for greater economic opportunities. Murasaki has also played a leading role in the launch and integration of EMURGO Traceability Solution in partnership with a local coffee brand. Murasaki-san has worked at multiple firms, with more than 8 years of experience in Asian markets specializing in B2B overseas sales and business development.

https://cryptoslate.com/global-blockchain-solutions-company-and-cardano-commercial-arm-emurgo-is-building-a-blockchain-traceability-solution-for-coffee-in-indonesia-interview/

Chris Corey

Losing bitcoin: why it’s important to stay vigilant in the crypto space

Losing bitcoin: why it’s important to stay vigilant in the crypto space


After falling victim to a phishing attack, one man has taken to Twitter to give his story in a video that has attracted the attention of many crypto enthusiasts throughout the space.

Eric Savics said he lost 12 bitcoins in the attack which has put a downer on his dream of buying his own apartment. 

After falling victim to a phishing attack, one man has taken to Twitter to give his story in a video that has attracted the attention of many crypto enthusiasts throughout the space. Eric Savics said he lost 12 bitcoins in the attack which has put a downer on his dream of buying his own apartment. Eric posted a video to Twitter in an attempt to get help to recover his lost bitcoin stash from outside sources. He said that his seven year hard work has now been flattened and Eric has further said that he will appeal to whoever stole his Cryptocurrency. He further added in the tweet specifically talking to the thief saying that he wishes they would return a small portion of his portfolio so we can start rebuilding it.

Eric confesses that he isn’t much of a technical person but the attack was allegedly organised through a malicious version of his hardware wallet. Luckily, he is getting a lot of support from the community including the CEO of one of the biggest platforms in the space Binance, CZ. CZ has promised to direct his team to blacklist the address to which the bitcoin was sent as a result of Eric’s woes. Losing cryptocurrency isn't an unusual thing unfortunately for the industry. Many people, especially newcomers, can get roped into fraudulent schemes and hacks/scams such as these. Phishing scams are all too common these days so it’s more important than ever to stay vigilant to keep your crypto safe. It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

Article Produced By
Adrian Barkley

Adrian has been leading teams in the finance sector for over a decade. He is highly experienced, and is responsible for ensuring that the latest news is delivered to you as it is breaking. He has a keen interest in virtual currencies, and has even made investments himself, so is incredibly passionate when it comes to writing about this topic.

https://cryptodaily.co.uk/2020/06/losing-btc-important-space

Chris Corey

Samsung Backed blockchain provider building smart credit management system for Islamic banks

Samsung Backed blockchain provider building smart credit management system for Islamic banks


The research side of the Saudi Arabian Islamic development bank group is looking to develop a blockchain based smart credit management system.

In order to make this a reality, the islamic research and training Institute of the bank has teamed up with Samsung backed blockchain provider Blocko.

The research side of the Saudi Arabian Islamic development bank group is looking to develop a blockchain based smart credit management system. In order to make this a reality, the islamic research and training Institute of the bank has teamed up with Samsung backed blockchain provider Blocko. This new collaboration will come as a part of the E24P regional consortium which will be launched by the provider across the Middle East, Africa and Southeast Asia. By 2022, the Islamic finance industry is related to grow to just shy of $4 trillion. The director-general of this Institute, Dr Sami Al Suwailem said that there are still numerous technical and economic hurdles to get over that prevent the industry from truly flourishing. Islamic banks do not charge interest on loans or penalised long defaulters unlike traditional financial organisations in the western world. Instead, they charge a late fee that is supposedly donated to a charity.

Despite this, this is an approach that is riddled with issues. It eliminates the urgency for borrowers to pay back their loans and banks can also have the obstacle of trying to officially distribute the late fees to charities. E24P and the Training Institute have been developing a smart credit management system that will be based on this Aergo hybrid blockchain and is believed to put an incentive mechanism in place to encourage borrowers to pay back the loans in a timely manner. This blockchain credit system is set to help both Islamic banks and other financial institutions conduct credit assessments in a more secure and transparent manner. It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

Article Produced By
Adrian Barkley

Adrian has been leading teams in the finance sector for over a decade. He is highly experienced, and is responsible for ensuring that the latest news is delivered to you as it is breaking. He has a keen interest in virtual currencies, and has even made investments himself, so is incredibly passionate when it comes to writing about this topic.

https://cryptodaily.co.uk/2020/06/samsung-blockchain-credit-system

Chris Corey

The Payment System is a Mess – Can Blockchain Really Solve the Problem?

The Payment System is a Mess – Can Blockchain Really Solve the Problem?

  • Since the emergence of blockchain, many firms have attempted to use it to solve the challenges in payments.

  • Blockchain’s capabilities appear to lend themselves well to payments. 

Since the emergence of blockchain technology, many firms have attempted to use it to solve the challenges in the payments industry. Blockchain’s capabilities, including instant, trustless transactions between peers, and the security of decentralization, appear to lend themselves well to payments. However, despite much hype, investment, and effort from projects such as Ripple, Stellar, and Abra, the payments industry remains as complex and convoluted as ever. It’s safe to say that so far, nothing has “revolutionized” payments in quite the way that many had promised. Perhaps one reason for this is that blockchain projects so often approach the problems of their sector intending to replace existing platforms and infrastructure. Not only does this involve seismic change on the part of entire industries, but it also usually means taking market share from the existing big players, to which they’re naturally resistant. Now, a new contender has emerged. Proton Chain intends to address the challenges of the payments sector, without attempting to unseat the current market leaders. 

A Market Full of Challenges

Most of us have become so used to the challenges in the payments industry that we rarely question the status quo. However, the payment industry is beset with issues from security, to privacy, to speed. Online payments are more prevalent than ever, but credit card data is routinely hacked, stolen, and sold on the dark web to fraudsters. The statistics are quite disconcerting. Identity theft is the most common type of fraud in the United States, accounting for over 20% of cases. In 2019, there were 3.2 million reported cases of identity theft, meaning over 1.5% of the adult population has been affected. By far, the most common form of identity theft is credit card fraud. 

Furthermore, hackers aren’t necessarily targeting small merchants with lax security processes. Last year, credit card provider Capital One disclosed it had been hacked, with 100 million customers affected. Yet, ironically we’re required to hand over credit card data, bank details, and identity documents more often than ever before. Each time we do, it creates another target for hackers. Privacy is another concern. Banks and payment companies are subject to KYC and anti-money laundering regulations that require us to disclose an excessive amount of personal data. All this amounts to a system that’s also very slow to process payments. It can often take more than three working days for funds to settle in their intended destination, by the time they’ve passed through various banks and automated clearinghouses. 

Can Proton Chain Succeed Where Others Failed? 

Proton Chain is a blockchain-based platform that aims to create a bridge between players in the payments sector, including banks and gateway services such as Venmo or Alipay. The project is a joint effort between two separate companies that have recently merged, Metal and Lynx. The companies came together around their shared vision of making cryptocurrencies more accessible to mainstream consumers. After all, cryptocurrencies have an adoption problem, linked to the complexity of onboarding new users. Metal had already developed MetalPay, a peer-to-peer payment platform that’s both compliant and user-friendly. Meanwhile, Lynx had developed its own blockchain and wallet. At the end of April, the newly-merged company launched Proton Chain on mainnet. Billed as the “blockchain that interacts with your bank,” Proton Chain allows users to move funds seamlessly between their own bank account, the Metal Pay app, and any linked payment gateway, such as Venmo. 

Leveraging The Coveted “Blue Checkmark”

The core of the platform is a verified account. When we use Twitter or Facebook, the blue checkmark tells us that a celebrity or brand account is legitimate. Proton Chain uses a similar concept. A user applies for their @name and undergoes a KYC check by a distributed network of validators. Once their identity is verified, they receive their blue checkmark on Proton. Now, they can send funds to anyone using an account that includes the Proton open protocol. So if Venmo and Alipay both sign on for the protocol, Alice could send funds from her Alipay account to Bob’s Venmo account, using her verified @name as the authorization for the transaction. Proton has released a demo video showing how quickly and easily any online merchant can be whitelisted, enabling instant payments. Users can also link their bank account to the Metal Pay app, which supports FDIC-insured banks. 

Now that the Proton Chain is live, the company is working to implement the steps laid out in the MetalPay 3.0 roadmap. These include setting up the new username model, and the ability for the MetalPay app to respond to payment requests from the Proton Chain. Essentially, MetalPay will provide the first use case for Proton Chain. Because MetalPay already supports cryptocurrencies, the project also fulfills its original vision of making cryptocurrencies more accessible. Users will be able to send and receive crypto payments between Proton-integrated wallets just as easily as they can send fiat funds between different banks and providers. It’s evident that, like so many blockchain projects, adoption will be critical. Not just by users, but Metal will need to onboard firms willing to integrate its protocol. However, the approach isn’t to “transform” the status quo, but co-exist with existing market players while providing an enhanced user experience. This may just prove to be the right approach for bringing some order to the payment industry chaos.

Article Produced By
Robert Johnson

Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.

https://cryptodaily.co.uk/2020/06/system-mess-blockchain-the

Chris Corey

Wilshire Phoenix’s Potential Challenger to Grayscale Bitcoin Trust GBTC

Wilshire Phoenix’s Potential Challenger to Grayscale Bitcoin Trust (GBTC)


On Friday (June 12), Wilshire Phoenix Funds, LLC filed a registration statement (Form S-1) with the U.S.

 Securities and Exchange Commission (SEC) for its proposed "Bitcoin Commodity Trust" (BCT). Will Grayscale Bitcoin Trust (GBTC) finally have some competition?Wilshire Phoenix, which was founded in 2018, is "a New York based investment management firm dedicated to helping its clients manage assets throughout the investment lifecycle."  On February 26, the Securities and Exchange Commission "issued an order disapproving a proposed amendment to NYSE Arca Rule 8.201-E to list and trade shares of the United States Bitcoin and Treasury Investment Trust", i.e. i.e. rejected Wilshire Phoenix's proposed Bitcoin-related exchange-traded product (ETP).

In response, Wilshire Phoenix issued a press release, which stated:

"We at Wilshire Phoenix are very disappointed by the Commission’s decision. "We made every effort to get the SEC’s attention on this important issue, including undertaking extensive analysis that was made available to the SEC staff, submitting key data, and offering to provide additional information to facilitate the listing of a much needed regulated bitcoin related ETP in the United States. "Unfortunately, the Order shows that all of these efforts did not receive the SEC’s full attention."

William Herrmann, Founder and Managing Partner at Wilshire Phoenix, said at the time:

"Commissioner Peirce’s dissent eloquently captures the investing public’s frustration; I could not agree with her more. "The SEC has created a test for bitcoin related ETPs that is clearly inconsistent with the Exchange Act. "Many retail investors are already investing in this commodity and investor demand continues to grow each day. "Our ETP was created to provide investors with exposure to bitcoin through a regulated and transparent vehicle that also mitigates volatility. "In my opinion, the Commission has done a great disservice to the public by rejecting this application. "We are carefully reviewing the Order and determining the best next steps." Well, now, Wilshire Phoenix is back with a proposal for a new product that it hopes will be easier to get approved by the SEC.

Wilshire Phoenix's prospectus has this to say about Bitcoin Commodity Trust ("the Trust"):

"The Trust will have no assets other than bitcoin, a digital asset based on the cryptographic protocols used by the decentralized, peer-to-peer bitcoin computer network. "The Trust will also hold U.S. dollars for short periods of time in connection with the purchase and sale of bitcoin, the payment of redemptions, if any, and fees and expenses of the Trust… "The investment objective of the Trust is for the Shares to reflect the value of bitcoin held by the Trust, as determined by reference to the CME CF BRR, less the Trust's expenses and other liabilities.

"The Shares will provide investors with exposure to bitcoin in a manner that is accessible and cost-efficient without the uncertain and often complex requirements relating to acquiring or holding bitcoin. "The Trust will use the CME CF BRR calculated by the Chicago Mercantile Exchange ('CME') as reference rate to calculate its NAV. "The CME CF BR is the rate on which bitcoin futures contracts are cash-settled in dollars at the CME and serves as a reference rate in the settlement of financial derivatives based on the price of bitcoin. "The CME CF BRR, which has been calculated and published since November 2016, aggregates the trade flow of several bitcoin spot exchanges during a calculation window into the U.S. Dollar price of one bitcoin as of 4:00 p.m. London time."

On June 13, Wilshire Phoenix's Managing Partner told Cointelegraph during an email interview:

"The digital asset market has obviously experienced exponential growth, but the products currently in the space have not evolved with such growth. We think investors deserve more."

Hermann went on to say:

"We look forward to working with both SEC and FINRA staff in connection with the issuance of the shares and having the shares quoted on the OTCQX."

Article Produced By
Siamak Masnavi

Siamak received his PhD in Computer Science from University of London in 1992. He has worked as a research scientist, technical author, software developer, and journalist. Since 2014, he has been researching cryptocurrencies and other applications of blockchain technology.

https://www.cryptoglobe.com/latest/2020/06/wilshire-phoenixs-potential-challenger-to-grayscale-bitcoin-trust-gbtc/

Chris Corey

Crypto Community Finds Red Flags in Crypto Podcaster’s 12 BTC Loss as Donations Pour In

Crypto Community Finds Red Flags in Crypto Podcaster's 12 BTC Loss as Donations Pour In


The cryptocurrency community is sending donations to popular podcast host Eric Savics

after he announced his entire bitcoin savings had been stolen in a phishing scam.  Several red flags have since started showing up, including his profile being set to private. According to a report by IBTimes,  cryptocurrency-based Protocol Podcast host Eric Savics published a tweet on June 12 claiming his entire savings of 12 BTC had been stolen in a hardware phishing scam. He later confirmed the scam involved a fake Google Chrome extension which asked for the seed phrase of his hardware wallet.

Savics, who operates a now-private Twitter account, said, 

All my savings are gone. I have zero Bitcoin.

In an attached video, Savics explained he was nearing his goal of purchasing an apartment with the BTC he had been saving since 2013. He reached out to the crypto community, asking for help in potentially tracking down the stolen funds. The community rallied in response, sending Savics leads on crypto forensics teams that could assist in locating the BTC. Members also began sending the podcaster donations, with the wallet accumulating more than 0.77 BTC at the time of writing. 

Since then, Savics' Twitter account was set to private, and blockchain sleuths identified the 12 BTC transaction moving the funds off of his address. Some pointed out that hackers would likely set a high transaction fee to move the funds quickly, but the transaction only had a 3 satoshi/byte fee – a rather low one that could see the transaction takes

hours to confirm.

???? pic.twitter.com/iTNRh6vat3

— dark pill (@DanDarkPill) June 15, 2020

The low transaction fee means that before the transaction was confirmed it was possible to send the BTC to another address with a higher fee, saving the funds. Nevertheless, Changpeng Zhao, CEO of Binance, also gave his support and said his company would blacklist the receiving address for the stolen funds. 

Article Produced By
Michael LaVere

Mike is a financial and cryptocurrency journalist for CryptoGlobe covering the industry since 2017. Mike is an alumnus of the University of North Carolina Chapel Hill.

https://www.cryptoglobe.com/latest/2020/06/crypto-podcaster-loses-entire-btc-savings-to-phishing-scam-community-responds-with-donations/

Chris Corey

Bitcoin Price Falls As Concerns Mount Over a Potential Second Wave of COVID-19

Bitcoin Price Falls As Concerns Mount Over a Potential Second Wave of COVID-19


Rising concern over a potential second wave of COVID-19 have spooked the world's stock markets,

which means that the short-term correlation with U.S. stocks that we have witnessed on occasion over the past few months has returned. The reason for this concern is fresh COVID-19 outbreaks in the U.S., China, and elsewhere (e.g. the Middle East). Earlier today, Dr. William Schaffner of the Vanderbilt University School of Medicine told CNBC show "Street Signs Asia") during an interview that people were not being careful, which is especially dangerous especially during mass gatherings, and that this was helping the coronavirus to spread:

"I think the second wave has begun. "We’re opening up across the country, but many, many people are not social distancing, many are not wearing their masks." As for BBC News, it reported today that "Beijing has recorded 36 new locally-transmitted coronavirus cases, amid fears of a second wave in the Chinese capital." Apparently, this most recent outbreak "has been linked to the city's largest wholesale market." As of 08:42 UTC on June 15, futures for the Dow, S&P 500, and the Nasdaq were down 2.55%, 2.12%, and 1.73% respectively.

Crypto analyst Mason Jang, who is the Chief Strategy Officer (CSL) at South Korean blockchain analytics startup CryptoQuant says that Bitcoin whales have responded to these worrying developments by rapidly moving their coins to centralized crypto exchanges such as Coinbase and Gemini, as evidenced by the netflows into the hot wallets owned by these exchanges: One crypto analyst/investor that has noticed the return of Bitcoin's correlation with U.S. stocks — something we have witnessed over the past few months during periods of financial market stress — is Matthew Kaye, Managing Partner at crypto-focused investment firm Blockhead Capital,who tweeted on June 12:

Replying to MattDavidKaye

We did not see the melt up that I wanted to see over the weekend. Hedged going into this period of uncertainty. Keep an eye on DeFi.
We've lost the Schiff and Modified Schiff pitchforks. The Gaussian Channel trade is on. mid $8k's or lower are possible. And a few hours ago, Kaye commented:

Replying to MattDavidKaye

We did not see the melt up that I wanted to see over the weekend. Hedged going into this period of uncertainty. Keep an eye on DeFi.
We've lost the Schiff and Modified Schiff pitchforks. The Gaussian Channel trade is on. mid $8k's or lower are possible. Thread over.

According to data from CryptoCompare, between last Thursday (June 11) — the day that U.S. stocks suffered their biggest loss since "Black Thursday" (March 12) — the Bitcoin price has dropped from $9,937, the intraday high on June 11, to where it is now, i.e. $9,121, which means a loss of 8.2%:

Article Produced By
Siamak Masnavi

Siamak received his PhD in Computer Science from University of London in 1992. He has worked as a research scientist, technical author, software developer, and journalist. Since 2014, he has been researching cryptocurrencies and other applications of blockchain technology.

https://www.cryptoglobe.com/latest/2020/06/bitcoin-price-falls-as-concerns-mount-over-a-potential-second-wave-of-covid-19/

Chris Corey

The USDT Supply on TRON Surpasses a Major Milestone

The USDT Supply on TRON Surpasses a Major Milestone


When people think of Tether’s USDT stablecoin, the Ethereum blockchain will be mentioned relatively quickly.

However, it seems as if the USDT issuance on TRON is also on the rise, as its circulation amount surpassed $2.5 billion.It is rather interesting to see how the USDT supply is distributed across different blockchains.

USDT on TRON is on Fire

The original OMNI blockchain has seemingly been surpassed by at least two competitors, at least in USDT issuance volume. Ethereum is clearly the go-to chain for this stablecoin, but competition will arise sooner or later. According to Justin Sun, the issuance of USDT on TRON has surpassed $2.5 billion in terms of circulation amount. A remarkable milestone, although it validates the choice for TRON as an extra liquidity network.

As such, this news will catapult TRON’s blockchain to a whole new level. That said, it is a bit worrisome when stablecoins are the main reason for blockchain use these days.This applies as much to TRON as it does Ethereum. None of the dApps on either blockchain come close in terms of volume or transactions. That is a bit worrisome, albeit the situation will keep evolving at all times. The race between TRON and Ethereum appears to be far from over at this point.

Article Produced By
JP Buntinx

https://nulltx.com/the-usdt-supply-on-tron-surpasses-a-major-milestone/

Chris Corey

Nexo Finance CEO Talks Crypto Lending On Recent Podcast Interview

Nexo Finance CEO Talks Crypto Lending On Recent Podcast Interview


During a recent interview by the Cryptotesters podcast , the Nexo CEO, Antoni Trenchev

provided a lot of insight on the Nexo crypto lending platform. Antoni talked about product offering, digitized gold, potential tax benefits, and more.  With being a regulated entity, the company continues to position itself as a leading decentralized finance ( DeFi ) organization. 

Background Information on Nexo

The Nexo platform provides loans to individuals that are backed by crypto. Their model is quite simple; you give them some of your Bitcoin or Ether and in return, you receive an instant loan. The loan is paid out in Euros, dollars, or any other supported currency. Thus far, the platform has processed over $1.5 billion in loans. The Nexo lending model is radically different from the one used commercial lending institutions. It could represent the future of lending. Antoni Trenchev also discussed several issues in the industry including fierce competition in the sector, what sets Nexo apart, the future of decentralized finance, and much more.

Expanded Product Offering

The basic concept of the Nexo platform is that you undergo a quick KYC process. After that, you deposit your BTC, and then you receive an instant line of credit. To ensure your BTC is secure, they use a third party custody service such as BitGo. The company is also expanding into the gold sector with tokenized gold.

For tokenized gold, the platform is working with PAX Gold, a platform that has tokenized gold. With the tokens, you have the physical ownership of the gold that is stored in a vault in London. The main benefit is that you have the security offered by gold and the transferability offered by tokens. Once you send the tokenized gold to Nexo, they instantly process a loan for you, and the funds are sent to your local bank. Earlier this year, Visionary Financial outlined how Nexo Finance was “filling the gap” with gold backed lending. At the time, Nexo had purchased more than $5 million in “PAX Gold” , which is a token offered on the Paxos network. This gave Nexo the ability to service the increasing demand it was seeing within its user base for tokenized gold.

A Great Way to Hold Onto Your Gold

The Nexo CEO explained that during the recent halving event, they saw an influx of borrowers. Many of them wanted to liquidate some of the BTC holdings without having to lose their BTC. As a result, they took loans against their BTC, which they can always recover later.

The Tax Benefits

Antoni Trenchev delved into the tax benefits of borrowing against your crypto assets instead of selling them. He explained that if you are a US citizen, the tax obligations of selling the BTC for a profit are 40-44%. However, when you borrow against your BTC, you can write off the repayments as part of your tax obligations. In general, borrowing against BTC instead of selling the assets outright is more tax efficient. With itemized deductions being eliminated from previous tax plans, many individuals continue to search for ways to mitigate their overall tax obligations. This is one method that may be possible for digital asset investors. It’s always important to speak with a tax professional to assess the overall situation.

Earning Interest on Your Cash

Besides offering loans, Nexo also allows you to earn interest. The platform allows users to earn interest on USD, EUR, GBP, and many stablecoins. These high yield interest accounts give users the ability to earn 8% interest on their own “cash.” In a recent report by Visionary Financial, it was outlined that the Ethereum network is being fueled by stablecoin growth. More investors across the globe are interested in stablecoins based on the economic uncertainties and the low interest rate environment. As economies push closer to negative interest rate environments, this pushes investors out of traditional cash. With stablecoins nowhere near negative rates, it creates pent up demand as a mechanism to store liquid assets.

The Nexo platform is creating a sustainable model of finance and opening up opportunities to the far-flung parts of the world. As a result, people in remote areas with limited access to financial services can access these services with the click of a button. They currently offer loans in 45 currencies, which is part of their goal to be as inclusive as possible.

Article Produced By
Visionary Financial

We are an independent media organization focusing on Cryptocurrency and Blockchain. Aside from bringing you the latest news from around the globe, we also focus on industry analysis. We bring our readers diverse content to appeal to all digital asset enthusiasts.

https://nulltx.com/nexo-finance-ceo-talks-crypto-lending-on-recent-podcast-interview/

Chris Corey

Bitbengrab is the 247 Arbitrage Trading Opportunity Traders Crave

Bitbengrab is the 24/7 Arbitrage Trading Opportunity Traders Crave


Cryptocurrency trading has indeed evolved this past decade

– from being a space where looking for fellow traders was highly dependent on chat forums to becoming one of the most ubiquitous activities in finance as adoption frequently tends towards new horizons. As a result, there are numerous exchanges around the world – based on region, competitive service offerings, and possible ease-of-use. One thing to note is that these cryptocurrency exchanges are almost always asynchronous in their price data as the oracles that feed these them the data lag and oftentimes deviate from ‘global standards’ and exchanges aren’t always quick to react to these changes. This gives rise to arbitrage trading opportunities where traders can buy and sell assets from one exchange to another leveraging the price differences to make a profit. Sometimes, these trades are risky as the profits are negligible and could result in net losses for traders. At other times, it could be that big break the trader has been waiting for.

Here comes Bitbengrab, the seamless arbitrage trading platform

The UK-based Bitbengrab company has a team that comprises of expert traders and programmers with decades of experience on their side. They have designed the trading platform to become the go-to service point for traders seeking to take advantage of price differences that occur on dozens of cryptocurrency exchanges with just a few clicks. This absolves the trader of the daunting task of navigating through multiple exchanges to manually monitor these arbitrage opportunities.

How does it work?

Basically, Bitbengrab uses libraries to connect to multiple exchanges and fetch price data and order books at intervals, and after collecting the data tries to find price differences between multiple market pairs and exchanges. Once this is done, in a few easy steps, the trader is presented a wide range of arbitrage opportunities and can decide to either trade them manually or automatically with the trader’s exchange API connected.

Currently, Bitbengrab supports 29 exchanges with plans to add more in the future. The platform requires its users to have an account on the respective exchanges where these trades will be carried out, and enough balances to execute the trade should the trader decide to go with the API option. Once the exchange API has been linked to Bitbengrab, all the user needs to do is set permission for balance and trade as the platform doesn’t require permission for withdrawal or deposits – hence, funds are safe.

To Bitbengrab, true arbitrage trading means risk-free trading and therefore focuses on the trader to ensure that all possible scenarios to maximize profit are presented. How to begin using Bitbengrab First, users have to sign up with Bitbengrab, and by making payments through the CoinPayment gateway, they can subscribe to any of the following access plans:

  • 0.03 BTC for 1 month
  • 0.0285 BTC for 3 months (with 5% discount)
  • 0.027 BTC 6 months (with 10% discount)
  • 0.024 BTC for a whole year (with 20% discount)

Secondly, traders need to connect their exchange API(s) to the platform, and then view and manage all the opportunities available right from the Bitbengrab dashboard. Another important feature of the platform is that it’s so easy to use and can serve new and inexperienced, and savvy traders alike. A video guide has been provided to aid with the setup and begin trading in a few minutes.

Article Produced By
James Woods

Cryptophile, Tech Geek, and an avid developer.

https://nulltx.com/bitbengrab-is-the-24-7-arbitrage-trading-opportunity-traders-crave/

Chris Corey