Image of The Day, 30 of October: CNBC, The Next Web, Hacked and Others
We're presenting "the image of the day". Bitnewstoday.com has chosen the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this day in the most indicative quotes are below!
1. STANDING TALL (CNBC)
Coinbase price remains, despite the crypto plunge
The San Francisco-based company on Tuesday announced a $300 million fundraising round that puts Coinbase's new valuation at $8 billion and makes it one of the most highly valued in the United States. The deal marks a massive increase from its previous valuation, which had been $1.6 billion as of August 2017.
Coinbase plans to use the funds to "accelerate the adoption of cryptocurrencies and digital assets," Coinbase President and Chief Operating Officer Asiff Hirji said in a statement.
The company, the best known U.S. cryptocurrency trading platform, is seen as a poster child for the fledgling industry. Its allure among top venture capitalists has been touted as a positive sign for the future of cryptocurrencies.
2. HARD TIME (The Next Web)
US man faces 5 years in prison for unlicensed trading of over $3.2M in Bitcoin
An American man has fessed up in front of federal court judges, pleading guilty for operating an “unlicensed money transmitting business.” A Department of Justics (DoJ) published a press release yesterday that details how Jacob Burrell Campos has been selling “hundreds of thousands of dollars in Bitcoin to over 1,000 customers” across the United States.
His activities were breaching US Department of Treasury regulations which state that money transfer businesses must be registered with the US Financial Crimes Enforcement Network (FinCEN). He has agreed to forfeit his assets to the sum of $823,357, and faces a maximum of five years in prison.
3. DON’T TEXT AND DRIVE (Daily Hodl)
New Ad From Ripple Mocks Slow Speed of Banks As XRP Platform Launches Instant Crypto Payments Via Text
Ripple just released a new advertisement showing how slow it can be to move money in the digital age. According to the ad, the current financial system is so outdated, banks could better serve their customers by hopping on a plane to transport cash from one place to another.
Meanwhile, a new platform is bringing instant XRP transactions to mobile phone users worldwide by allowing anyone to send and receive the digital asset via text. XRP Text allows users to send XRP to a personal wallet and then instantly send XRP to any mobile phone number, even if the recipient has never used the platform. The platform requires no registration and allows users to start sending XRP with minimal friction.
4. A CHANGE OF HEART (Hacked)
J.P. Morgan believes in Ethereum
Wall Street banking giant J.P. Morgan Chase & Co (JPM) is looking to revolutionize commodities trading through Quorum, an enterprise blockchain solution built on top of Ethereum. The Financial Review reported Monday that the mega bank is preparing to tokenize gold bars through smart contracts embedded in Quorum, thereby enabling fractional ownership.
Meanwhile, a new platform is bringing instant XRP transactions to mobile phone users worldwide by allowing anyone to send and receive the digital asset via text.
XRP Text allows users to send XRP to a personal wallet and then instantly send XRP to any mobile phone number, even if the recipient has never used the platform.
The platform requires no registration and allows users to start sending XRP with minimal friction.
5. RON PAUL VOTES CRYPTO (Market Watch)
Ron Paul thinks that tax-free crypto could help avoid recession
Noted Federal Reserve critic and crypto proponent Ron Paul has, not for the first time, criticized the central bank, saying government-created currency could lead to what he calls a “Fed-created recession.”
The libertarian-leaning economist, who served as a U.S. representative for more than a decade said in a blog post titled “Trump Is Right, the Fed Is Crazy” that the only way to avoid a pending crisis is to abolish the “monetary madness,” which includes the taxing of bitcoin and other cryptocurrencies.
6. UNLIKELY PARTNERSHIP (Bloomberg)
Microsoft becomes Nasdaq partner on blockchain services
Microsoft said its Azure blockchain services will integrate with Nasdaq’s Financial Framework, which offers software for traders, exchanges and clearinghouses to interact with each other. The partnership will create a blockchain system that helps different technologies work together for Nasdaq customers.
Nasdaq Financial Framework plans to offer customers the ability to use different blockchains through one common interface, which the company hopes will ease and accelerate blockchain use and let customers choose which option is best for different situations.
7. EXCEL’S LIGHTNING (Blokt)
A new plugin for Microsoft’s spreadsheet software Excel can help users utilize the Lightning Network to make Bitcoin payments.
Independent Bitcoin advisor to institutional investors, Pierre Rochard recently claimed that he had developed a plugin for Microsoft Excel that could help users in making Bitcoin payments directly. The spreadsheet program’s plugin will use the Lightning Network (LN) to make fast payments in the world’ premier cryptocurrency. Called Neutrino, Rochard’s program lets users enable Bitcoin payments for Excel. It reportedly connects with the Lightning Network to make Bitcoin payments directly from Excel spreadsheets.
Rochard announced his new program on Twitter, saying: “The LND node software now runs from *within* the Excel plugin. With neutrino, that means that a Windows + Excel user can be making and receiving LN payments with a few clicks.”
8. IN ARABIAN HEAT (Venture Beat)
Dubai and IBM offer government-endorsed blockchain platform in UAE
Smart Dubai and IBM have announced the Dubai Blockchain Platform, the first government-endorsed blockchain platform as-a-service in the United Arab Emirates (UAE).
Delivered through an IBM Cloud environment and built in the UAE, the enterprise platform will be a stepping stone for UAE organizations to transition their blockchain testing and development into full production.
9. STORM OVER BRITAIN (The Next Web)
UK mulls banning cryptocurrency assets, says they have ‘no intrinsic value’
As part of a Treasury-led taskforce, the UK’s Financial Conduct Authority (FCA) released details of its investigation into how UK regulators should approach the cryptocurrency industry, mostly by defining the different kinds of cryptocurrencies and their underlying blockchain technology.
Much like the old man who yells at the cloud, the UK government is lashing out at the cryptocurrency industry. Not only does the report reaffirm its view that digital assets (cryptoassets) have no intrinsic value, financial regulators are even considering banning certain kinds. The report ultimately details the actions the UK government is taking to keep the Crown safe from dodgy cryptocurrency businesses and token-peddling fraudsters, while warning the general public to do their own research before investing.
10. TO THE MOON! (THE DAILY HODL)
Bitcoin trading volumes expected to increase as Bakkt ramps up
According to a new report by the Abacus Journal, JP Morgan is preparing to deliver clients to Bakkt, the upcoming cryptocurrency exchange that will launch physically settled Bitcoin futures contracts.
Bakkt, which is backed by Intercontinental Exchange, is scheduled to launch Bitcoin futures on December 12, the day institutional investors are eyeing the next phase in cryptocurrency trading, valuation and integration. Speaking to two staffers at JP Morgan’s global headquarters, Abacus Journal reports that first impressions are in – and they’re very positive about the platform.