The image of the cryptoday
We're presenting "the image of the day". Bitnewstoday.com chose only the freshest and most important news about the digital economy and virtual currencies. Only the most valuable stories from only the proof sources. Each and every event from this list will change the world of the digital economy either way. The most important of today's stories in most indicative quotes below!
Coinsmart Launches Cryptocurrency Exchange for Canadian Tax Payers (news.bitcoin.com)
With the international regulatory drive to tackle tax evasion by cryptocurrency users, combined with a lack of clear guidance from authorities in many places, everyday people are concerned about handling reporting themselves. And where there is a need, companies always pop up to tap the demand with various solutions. The latest example of this comes from Canada, where Coinsmart has set up a new exchange specifically designed to make compliance easier for Canadian taxpayers. An automatically-generated report will account for both fiats to crypto and crypto-to-crypto transactions which will gradually ease up the process of paying taxes.
Bitcoin Tests $7,500 as Crypto-Coins Rally Back to June Levels (bloomberg.com)
Cryptocurrencies extended their rally on Wednesday, with Bitcoin breaking above $7,500 for the first time since June as the market seeks to shrug off some of the security and regulatory concerns that have plagued it for much of the year.
IBM Backs the Development of Latest New Stablecoin, Stronghold USD (news.bitcoin.com)
It seems like a new alternative for Tether (USDT) pops up at least once a week recently. And the latest stablecoin to hit the market involves an interesting supporter, computer technology giant IBM. Stronghold USD is said to be backed one-to-one by fiat US dollars held at the company’s partner bank, the Prime Trust.
The company states that Stronghold USD is pre-approved tokens that are solely designed as a B2B solution for financial institutions, multinational corporations, and asset managers. So the stablecoin is not available for retail customers yet, but it may become available sometime in the coming months.
Mastercard could allow Bitcoin transactions on credit cards (yahoo.com)
Paying for everyday purchases using Bitcoin has moved a step closer to reality after Mastercard won a patent for technology allowing cryptocurrency transactions to be carried out on a credit card.
Up to this date, there were no formal announcements made by the payment business to release such a card, but there is a potential that it can happen in the future.
Wells Fargo Files Patent for Tokenization System to Protect Sensitive Data (cointelegraph.com)
San-Francisco-based bank Wells Fargo has outlined a patent for a tokenization system that would protect data, according to a filing published by the U.S. Patent and Trademark Office (USPTO).
Tokenization, as the patent filing outlines, uses encryption methods to process an originally unrestricted data element into a corresponding restricted token that can subsequently only be retrieved — or ‘detokenized’ — by a specified user.
Bitcoin Mining Giant Bitmain is Tripling its Development Center in Israel (ccn.com)
Bitmain, the Chinese bitcoin mining giant valued at $12 billion, is cementing its presence in Israel by planning to triple its employees at its domestic development center.
In an aggressive expansion of its research and development center in Ra’anana, a city in western Israel, Bitmain is looking to recruit over 40 employees to add its current 15 employees situated in the country.
Crypto Startup Raises $28 Million To Combine Public and Private Blockchains For Enterprises (forbes.com)
Nervos Network, a new blockchain infrastructure aimed at enterprises, announced today that it has secured $28 million in private funding from investors including Polychain Capital, Sequoia China, Wanxiang Blockchain, and Matrix Partners China.
“It is really difficult for a single blockchain to balance different characteristics, for example, decentralization, scalability, and also security,” Nervos co-founder Kevin Wang told Forbes.
To help solve this problem, Nervos Network is broken into layers that Wang says allows it to address security and performance issues simultaneously. Specifically, Wang says the system his company is developing will allow businesses to connect a public blockchain and private.