Japan: SBI Group Sets Up Spin-Off to Manufacture Crypto Mining Chips

SBI will consult with a mining electronics entrepreneur Adam Traidman after forming SBI Mining Chip Co., Ltd. Japanese financial giant SBI Group has created a dedicated subsidiary that will manufacture cryptocurrency mining chips, the company confirmed in a notice on March 22. SBI, which has launched spin-offs covering various aspects of the cryptocurrency industry, now says it wishes to expand its influence in the mining sector through the creation of SBI Mining Chip Co., Ltd. (SBIMC). The company will join industry stalwart manufacturers, chief among which is Bitmain, which released…

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Major Crypto Exchanges Huobi Global and OKEx Launch Support for Tron-Based USDT

Two major crypto exchanges — Singapore-headquartered Huobi Global and Malta-based OKEx — have announced their support for the Tron-based version of stablecoin USDT. Two major crypto exchanges — Singapore-headquartered Huobi Global and Malta-based OKEx — have announced their support for the Tron-based version of stablecoin Tether. The developments were announced in two official announcements, both published on March 21. In early March, blockchain protocol Tron (TRX) and Tether, issuer of stalwart stablecoins USDT and EURT, announced their partnership to issue a TRC-20-based USDT — a term that indicates adherence to…

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Bakkt Delay Due to CFTC Concerns Over Its Planned Custody of Clients’ Bitcoin: WSJ

The CFTC’s delay in issuing Bakkt an approval for its Bitcoin futures is in part due to the fact that Bakkt wanted to hold clients’ funds, according to WSJ sources. Much-anticipated crypto platform Bakkt’s plans to store customers’ Bitcoin (BTC) from its Bitcoin futures could cause further delay on obtaining approval from United States regulator the Commodity Futures Trading Commission (CFTC). The news was reported by the Wall Street Journal (WSJ) on March 21, citing anonymous sources. When Bakkt was first announced back in August, the platform had revealed that…

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Western Union Partners With Stellar Collaborator Thunes for Mobile Wallet Transfers

Financial services provider Western Union is partnering with Stellar collaborator Thunes to enable WU clients to transfer funds directly to mobile wallets globally. Payments giant Western Union (WU) is partnering with Stellar (XLM) collaborator Thunes to enable WU clients to transfer funds directly to mobile wallets globally. The development was announced in an official press release published on March 21. Thunes is the latterly rebranded trading name of TransferTo — a cross-border payments network focused on emerging markets. TransferTo had previously partnered with open source blockchain project Stellar to trial…

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Bitwise Tells US SEC That 95% of Volume on Unregulated Crypto Exchanges is Suspect

95 percent of volume on unregulated exchanges appears to be fake or non-economic wash trading in nature, an analysis from Bitwise Asset Management has argued. 95 percent of volume on unregulated exchanges appears to be fake or non-economic in nature, an analysis from cryptocurrency index fund provider Bitwise Asset Management has argued in a report dated March 20. Bitwise reported its data and claims to the United States Securities and Exchange Commission (SEC) as part of a proposed rule change for its application to launch a Bitcoin (BTC) Exchange Traded…

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Swiss Federal Council Initiates Blockchain Law Consultation Period

As announced in late 2018, the Swiss Federal Council proposed specific adjustments in the existing federal law for the blockchain industry. The Swiss Federal Council has started its consultation period on the adaptation of federal law for blockchain development, according to an official press release published on March 22. By initiating the consultation, the Federal Council intends to improve legal certainty over blockchain applications in order to build a basis for regulatory framework for the industry in Switzerland, particularly in the financial sector. According to the document, the Federal Council’s…

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Bitcoin Price is on the Rise Again

The last few days the exchange rate of Bitcoin (BTC) has been steadily going up and today it has surpassed the $270 USD mark and that may not be the highest point it may reach this time. So you might want to keep a closer look at how things progress, though unfortunately it seems that the peak in price of BTC is not affecting much other coins as Litecoin this time. LTC has been keeping a steady exchange rate for a while now at a little above $3 USD. The…

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Litecoin (LTC) Hashrate Analysis Post Halving

Charlie Lee, the creator of of the popular alternative crypto currency Litecoin, has posted on Reddit a short and interesting analysis on why a few weeks after the first block reward halving the difficulty and price of LTC has returned to the level it was prior to the event. Below you can find his post quoted: After the halving one would expect that either the price will go up or the hashrate must drop. This is because mining is designed with a Nash equilibrium of miner profit reaching 0 over…

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