Coinspeaker Crypto Exchange Bithumb Hacked for $19M EOS By the InsiderIt has also been reported that up to a further 20 million XRP ($6 million) may have been stolen. The last time Bithumb was attacked, it lost approximately $30 million ($14 million of which was later recovered) and was mandated to shutter its deposit and withdrawal services for months.We already wrote of how Bithumb had become a victim of a hack and had to suspend deposits and withdrawals and immediately started transferring all of its assets to cold wallets with a view to prevent further losses.According to Primitive Ventures’ Dovey Wan, who cites data from local blockchain analytics teams, cybersecurity firms, and other sources, Bithumb’s EOS wallet was hacked on Friday, resulting in three million EOS tokens being spirited away. This sum of crypto, for those who are wondering, is currently valued at $12.5 million as of the time of writing.BREAKING 🚨🚨🚨Bithumb is being hacked, at its EOS cold storage level!!! Over 3million EOS has been transferred out 👀👀👀Detail to be reported, confirmed by security firm who’s auditing for Bithumb— Dovey Wan 🦖 (@DoveyWan) March 30, 2019It appears that the private key was stolen through Bithumb’s EOS account g4ydomrxhege, while the hacker’s address is ifguz3chmamg.Wan then tweeted the stolen funds flow in more details, while also confirming that the aforementioned hacker’s address still holds 1.9 million of EOS.With more updates numbers on stolen fund distribution (number of $EOS) and the hacker’s address still holds 1.9Million $EOSEXMO: 662,600Huobi: 263,605Changelly 143,511KuCoin: 96,270CoinSwitch: 38,725$EOS DUMP 👀👀👀— Dovey Wan 🦖 (@DoveyWan) March 30, 2019As more info came in, she revealed that Bithumb’s XRP wallet (rLaHMvsPnPbiNQSjAgY8Tf8953jxQo4vnu) was also hacked and saw 20 million XRP or around $6,000 being transferred out.Wan revised her previous tweet by saying that “only” Bithumb’s hot wallet that was hacked as the cold wallet still seems OK. That said, the total stolen fund still amounts $19,158,000 based on the price as of writing time.It also seems like it’s already too late for EOS to freeze the funds as the hacker can be seen of liquidating the stolen EOS through ChangeNow, a crypto swap platform that doesn’t have KYC procedures.The Incident Involved InsidersOnce the attack was discovered, Bithumb quickly shut down its deposits and withdrawals process. In a statement explaining why it did so, Bithumb judged the “incident involved insiders” who had access to the private keys of the account. It also said it had notified the Korea Internet and Security Agency and the Cyber Police Agency about the hack and was working to get the funds returned.From a preliminary look at the wallet affected, it seems as though this was Bithumb’s hot wallet rather than its cold storage system, which was subject to immense scrutiny during the platform’s last security mishap.The reason why analysts are suggesting this is a hack is due to the distribution of the three million EOS, which was sent to exchanges such as EXMO, Huobi, Changelly, KuCoin, and CoinSwitch. Interestingly, however, there remains 63% of the hacked funds in the attacker’s purported wallet.Per CoinDesk Korea, who has seemingly confirmed the report, Rohan from EOSauthority seems to be sure that Bithumb’s private key pertaining to the aforementioned wallet was stolen. Bithumb has purportedly since contacted fellow trading platforms, authorities, and higher-ups in the EOS ecosystem, as it looks to mitigate the effects on the broader crypto industry.Crypto Exchange Bithumb Hacked for $19M EOS By the Insider
Coinspeaker Why IEO is the Most Efficient Method of Fundraising?None of the most significant inventions were created instantaneously – they required a network of dedicated professionals and thousands of hours of research and development.Have you ever thought about how the first airplane was created? Did the Wright brothers just come up with the perfect measurements by their own? Of course not! They should have done tens if not hundreds of experiments before selecting the best-fitted sizes of both the wings and propeller.Mistakes are an integral component of learning. The same thing happened with fundraising in the crypto industry – first, there was the wheel in form of Initial Coin Offerings, then the car was invented in form of Security Token Offerings and now it is time for airplanes in form of Initial Exchange Offerings. Experts from Platinum explain the difference between them and why IEO is the most efficient method of fundraising.Are ICO and IEO the Same Thing?The year 2018 became crucial for both the enterprise and cryptocurrency sides of the blockchain industry. On the one hand, it proved that blockchain technology is here to stay and be implemented almost universally.It is a pretty strong statement that should be aligned with deeds, that is why it is worth mentioning that just within the United States over 1,000 patents have been published related to digital currency standards, digital currency exchanges, blockchain algorithms and infrastructure, etc.On the following image, you can see the top companies aiming to use blockchain technology shortly.On the other hand, crypto startups began working on developing MVPs, pilots or even on employing their technology in everyday life or at least on the actual use cases such as trade finance, supply chain, and many others.However, the most crucial change was a substantial decrease in the number of investments in ICO projects. One of the reasons can be contributed to an increased enforcement focus on crypto fundraising by the almighty SEC. As a result, people began talking about the imminent death of the ICO market. Well, you shouldn’t believe all the gossips and rumors floating around. In reality, ICO transformed into STO and IEO just like a phoenix reborn from the ashes.What is an Initial Exchange Offering (IEO)?Put simply, the IEO is a form of an ICO with “a change in a genetic code”. It is based on the ICO but has some additional features, such a safer way to play with the price of a coin as the offering is conducted on the local exchanges, in whose interest is to eliminate any possible risk of fraud.To be more precise, an Initial Exchange Offering relies on having one or multiple exchanges act as the counterparty. The exchanges are supposed to create a platform where the pool of developers can mint and sell the tokens to individual contributors for a fiat currency or any other cryptocurrency.Thus, IEO is an agreement between the developers and the cryptocurrency exchanges, with predetermined conditions, like the maximum and minimum contribution per individual and a fixed price per token.The main difference between ICO and IEO is that in the latter case, investors do not have to send their Ethereum to a smart contract. Instead, they have to create an account on the platform where the IEO take place. The next step is to fund their exchange wallets with crypto and use those coins to purchase the fundraising company’s digital currency.It makes IEO mechanism immediately tradable, when in case if ICOs investors have to wait months to sell their “belongings”. Also, the exchange is interested in actively marketing the tokens as it receives a percentage of the tokens sold during the offering.Does it Actually Work?That is the “deal-breaker” question, and there is no better way of checking whether something works then by looking at its level of adoption. Apparently, an increasing number of cryptocurrency exchanges began taking into consideration IEO fundraising method.It has been actually pioneered by one of the biggest digital exchanges on the market – Binance, which not so long ago launched its very own IEO platform called Binance Launchpad. At the beginning of 2019, BitTorrent conducted a token sale on Binance Launchpad and was able to raise $7.2 million in just 15 minutes!The second IEO of the Binance Launchpad went even better: Fetch.AI sold tokens for a total of $6 million in less than 25 seconds. This success could not but to intrigue and interest the rest of exchanges to do the same as soon as possible. As a result, the following IEO platforms emerged: Bitmax Launchpad, Bittrex IEO, Kucoin Spotlight, OK Jumpsta made by OKEx, and Huobi Prime.One thing is for sure, IEO’s are rapidly gaining momentum both between exchanges and investors. Besides some obvious reasons like higher levels of liquidity and safety, IEO’s have another feature and is that anyone can become a participant. Whilst in case of Security Token Offerings only institutional and accredited investors can purchase tokens.Why will IEO Replace ICO?The main difference between these two concepts is that cryptocurrency exchanges select projects for IEO. Thus, it is in their interest to choose the most promising and reliable companies. On the other hand, crypto startups will able to save costs by tapping on the existing user base of the exchange.Unlike ICO, IEO empowers security. Taking into account that crypto exchanges risk their reputation, they will not attempt to engage in petty scamming, phishing or fraud attempts. As you can only purchase tokens from the exchange, security is guaranteed, so contributors can be sure the smart contract will not be compromised.Last but not least, IEO eliminates bad practices like price manipulation. Many of you may probably heard that once the token is listed on an exchange, almost instantaneously it experiences a massive sell-off as early investors want to liquidate their position and get a quick profit.No surprise, it will take weeks if not months to recover from such a downward trend. In case of IEO, projects are protected as their coins get listed on an exchange directly, thus, a small number of investors benefit at the expense of a large number of retail investors.According to Binance:“After listing on an exchange, if the price goes up, then a small number of people would have made far more profit than the rest. If the price goes down, that means the small number of holders are selling heavily (potentially taking profit or stop-loss), and all the new investors (buyers) are at a loss.”How to Form Part of an IEO?If in case of ICO investor can send directly their crypto to the projects, IEO participants first have to sign up for an account on the exchange, whitelist and go through Know Your Customer procedure. But before that, it is highly recommended to check if the project he or she intends to invest in is actually conducting an IEO.Don’t forget to check what cryptocurrencies will be accepted during the IEO and send the amount you plan to invest to your account.However, the passage of KYC and the availability of a sufficient amount for investment are not yet a guarantee of success. Demand exceeds supply and not all investors manage to invest in promising projects. Finally, if you are the lucky one, all you have to do is to wait for the start of the IEO and buy tokens.Why IEO is the Most Efficient Method of Fundraising?
Coinspeaker Animoca Brands Partners with Formula 1 for a Blockchain GameIn today’s business, some unexpected collaborations can bring really amazing results. A new announcement made by blockchain startup Animoca Brands is just one of this kind.According to the information provided by Animoca Brands, it has signed a global licensing agreement with Formula 1®, one of the most famous and popular car racing brands in the world.Collaboration with Formula 1®The main aim of this partnership is to create a blockchain-powered game based on the world-renowned Formula 1® racing series.The fact of the agreement signing was revealed by Animoca in its recent press release. It also states that according to the data provided by the car racing giant Formula 1® racing events attract the attention of nearly 1.6 billion television viewers from over 180 world’s countries and over 506 million people worldwide can be considered to be real fans of this event brand.The blockchain-powered game that is to be published by Animoca Brands in the framework of the above-mentioned agreement is called F1® Delta Time and it will be based on non-fungible tokens (NFTs).The first phase of the F1® Delta Time game launch is scheduled for May 10, 2019. It is said that the game will have an NFTs-based collectible component as well as a racing one that utilizes NFTs.It is also believed that this collaboration with such a powerful brand as Formula 1® is able to attract the attention of a wide audience to the capacities of blockchain technology as well as to increase the involvement into this sphere.The inaugural FIA Formula One World Championship was held in the 1950s. And at the current moment, Formula 1® runs 21 races in 21 countries across five continents each season. Annually, more than 4 million people attend these events.Yat Siu, co-founder and chairman of Animoca Brands, commented on their new partnership the following way: “Securing a partnership to make blockchain games with Formula 1 – one of the most recognised brands in sport – is a notable achievement. We will leverage Formula 1’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain.”Animonica supposes that the blockchain game will ensure deeper fan engagement and that this initiative, in general, will help Liberty Media that is the owner of F1 to improve fan experience with the help of investments in new technology.Agreement with AtariIt’s also worth mentioning that this partnership is not the first significant one in the history of Animoca. As Coinspeaker has reported earlier, last year the company announced the collaboration with major game developer Atari that is known for having developed such games as Pac Man and Tetris.Under this licensing agreement, Animonica wanted to obtain the rights to build and publish a blockchain-powered version of Atari mobile games “Roller Coaster Tycoon Touch” and “Goon Squad”.Animoca Brands Partners with Formula 1 for a Blockchain Game
Coinspeaker Russia’s Richest Man Proposes to Develop a Palladium-backed CryptocurrencyWhile Russia has been struggling to introduce crypto regulations, the country’s richest man has come forward with a new proposal. Vladimir Potanin, the Russian billionaire has proposed to launch new crypto tokens pegged to the precious metal of palladium.The concept of stablecoins i.e. a crypto token backed by fiat currencies is getting more popular these days. Thus a digital currency backed by a precious commodity can likely be a good consideration. Also, the tokenization of commodities would make it easy to trade them globally. As reported by Bloomberg, Potanin said:“Transactions in tokens are simpler and more convenient. People more and more tend to use decentralized networks and platforms that don’t have the main operator. We want to be active participants of this process.”A Word With the Swiss RegulatorPotanin is the chief of Norilsk Nickel, a nickel and palladium mining company, with over $18 billion net worth. The Russian business tycoon plans to launch several digital platforms, including the one that facilitates palladium-backed crypto trading. Also, Potanin wants to promote the use of cryptocurrencies in Russia under proper regulatory measures.Potanin plans to invest nearly $5-$6 million to launch all the digital platforms. Furthermore, he also estimates that the operational costs of these platforms every year could be millions of dollars. But Potanin notes that “If we succeed, the effect will be enormous.”During a recent interview in Moscow, Potanin said that his company is currently in talks with the Swiss regulators. The Russian billionaire plans to issue the new digital token through the Switzerland-based Palladium fund. Later, he also plans to expand his crypto portfolio expanding the concept to other metals.Besides, Potanin is reportedly working with Russian central bank and lawmakers to create a framework for regulating the crypto trading platforms. For this Russia first needs to pass a law on digital financial assets. The next regulatory hearing is scheduled for April 2019. Potanin hopes for a positive outcome by this summer for him to start his project by the year-end.“The main problem of the draft is that it says that digital platforms should be run by banks and exchanges only,” Potanin said. The Russian billionaire believes this should change. He notes that a digital platform can have utility for several things, and that won’t be always in the interest of exchanges and banks.Banking on the Blockchain RevolutionThe use of distributed ledger technology like blockchain is growing tremendously across different business verticals, especially in the commodities and industrial sector. It looks like Potanin doesn’t want to miss out on the opportunity and stay ahead of the game.The Russian billionaire notes that he has already shared the idea with a few clients and received positive feedback. He says that there’s a healthy appetite for metal-backed digital currencies in Russia.However, when it comes to the adoption of decentralized digital currencies like Bitcoin (BTC), things are not the same. Russian cybersecurity expert and CEO of Kaspersky Labs Eugene Kaspersky calls cryptocurrencies a great idea. However, he doesn’t think that the world is ready for it.Russia’s Richest Man Proposes to Develop a Palladium-backed Cryptocurrency
Coinspeaker Coinbase Custody Launches Staking Support for TezosCoinbase has been storing crypto for institutional hedge fund clients since 2017, but the new so-called “staking” services will allow those investors to tap into rewards offered by certain types of digital assets running on proof-of-stake networks.They said that they chose Tezos as their first staking asset because of its DPOS architecture coupled with high demand from current clients. The Tezos design was thoughtful from the start about protecting delegated funds. The result is that they can keep client assets in segregated cold storage, where they’re never subject to more risk than non-DPOS assets (e.g., BTC).In their blog post they wrote:“We’re proud to be the first full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto. In the coming weeks, we will add governance support for the Maker (MKR) protocol. We launched Coinbase Custody with a simple thesis: institutions need a regulated and trusted partner to help them store their crypto assets. That approach has helped us scale to more than 60 clients and $600 million in assets under custody. “In staking protocols, investors can put up tokens for bond to help run and secure the network. Those folks are rewarded with additional tokens, allowing users to gain interest on their principal investment.Coinbase Custody will take about 20 percent from the current 8 percent yield, which means that clients will be able to earn around a little over 6 percent annually by staking Tezos.The firm brought on Luke Youngblood to help spearhead its staking efforts. Coinbase’s custody business covers 60 clients and $600 in AuM.One of the main issues that funds and investors in this space face is a dilemma of whether they should stake — with the responsibility of being fiduciaries to their LPs and the complications of supporting staking hanging over their heads. For this reason, many have stayed on the sidelines even though it is estimated that the current staking market represents at least $450M in annual rewards, experts say.Most Coinbase Custody clients are fund managers who act as fiduciaries to their investors.Participating in POS networks has raised an interesting tension for them: to stake or not to stake? Staking avoids deflation, but products to date increased risk. Prior to today, the risk necessary to actively participate in staking has mostly outweighed the return. As a result, many institutional investors have elected to sit on the sidelines.They said from the company:“Coinbase Custody changes this calculus. No other staking provider has our track record of security and regulatory compliance, nor our comprehensive, best-in-class insurance coverage.”Kathleen Breitman, co-founder of Tezos added:“The launch of Tezos staking through Coinbase Custody serves an acute need that existed up until now: a way for institutional participants who rely on a secure, offline custodian to take an active role in the network. Achieving our mission of creating a ‘digital commonwealth’ means facilitating participation for all, and that includes the institutional customers that Coinbase Custody brings to the space.”Sam McInvale, head of product at Coinbase Custody said:“One of the reasons we are starting with Tezos and then following on with other delegated PoS networks is specifically because we can keep our clients’ funds that we will be staking in cold storage at all times.”Continuously On-Boarding World-Class ClientsCoinbase Custody service was opened for all institutional players and businesses in July last year. The company then said that they will continue on-boarding a set of world-class clients that includes leading crypto hedge funds, exchanges and ICO teams.As from the name it implies that the ‘Coinbase Custody’ service is basically a custodian solution for and safe and secure storage of the digital assets. The service is aimed at institutional hedge funds and other big institutional investors who are willing to invest n the crypto space in huge sums.Already in October, Coinbase said they will offer custody service for XRP which has raised doubts whether the exchange is planning for a possible listing of the coin.Until then Coinbase Trust could provide custody services for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP (XRP), Ethereum Classic (ETC), and Bitcoin Cash (BCH).Coinbase Custody Launches Staking Support for Tezos
There probably isn’t a single person not wondering what it feels like to be the Powerball winner. Over time, many lucky people have claimed incredible amounts of money. The most recent Powerball winner was lucky enough to win $768 million. He also however, managed to get himself a tax bill which is outrageous by every standard.
The lucky winner is a single ticket from the state of Wisconsin. Back on Wednesday, the ticket correctly guessed all six numbers, the odds of which are one in 290 million. There hasn’t been another win since December and the accumulated jackpot was the 3rd biggest in the history of the lottery.
The Powerball winner is presented with a choice between two payment options. He could decide to take an instant cash prize of lower size or receive the full amount over the course of X years. In this particular case, the winner can choose to receive the “lower” amount of $477 million or have the full $768 be paid to him over the course of 29 years. There is unfortunately, one “small” problem. Both of these options are subject to taxes at both federal and state levels.
Tonight's #Powerball jackpot is $750 million—the 4th largest in history. Keep in mind, if someone wins, as much as half the haul will go to taxes, depending on which state they live in. Lotto winners should always consult a tax pro & financial planner before making big decisions. pic.twitter.com/FtkC2lLox5
— H&R Block News (@HRBlockNews) March 27, 2019
This is amount of money is far greater than life-changing. Of course, it’s important to note that the lucky winners don’t take all the winnings. Big daddy government wants his cut, and in this case, his cut is quite large.
The Powerball winner seems to always be the government
At the moment, the highest federal tax rate is 37% and it applies to every major lottery jackpot. There are also state taxes and in Wisconsin that is 7.65%. So, the Powerball winner is going to give 44.65% back in taxes. In order to see just how much that is, let’s look at how much our Powerball winner will receive if he choses to take his money instantly:
In about 90% of the cases, this is the option preferred by the lucky winners. Big daddy government will instantly hit our winner with a withholding tax of 24%. This means that $114 480 000 is lost instantly. The money will never even make it to the account.
There is of course 13% left of the federal tax rate. $62 010 000 are gone as well, and this is assuming the winner has no deductions on their taxable income. We are only left with the Wisconsin tax of 7.65% which is $36 490 500 out of the remaining money.
Now that that’s out of the way we can see that:
Our lucky winner is left with: $264 019 500
The government received: $212 980 500
The reality of the situation is that almost half of the jackpot is gone. $264 million is by no means a small amount of money and can definitely change a lot of lives for the better. If the $212 million however, didn’t go simply disappear into daddy government’s pocket, a lot more can be achieved.
If the state/government put into effect a law that required 30-50% of the taxes collected from jackpots to be used on infrastructure or social programs, the results would be quick and noticeable.
You can also check out:
Twitch Streamer Received 20 BTC Donation in only One Stream
Giga Watt: A Short Existence and a Very Big Lesson
Activision Blizzard Price Share Drop: Refusing to Listen
Swedish Crypto Trader Taxed for 300% of His Total Profits by the STA
The post Powerball Winner is Actually Winning for the Government appeared first on CoinStaker | Bitcoin News.
Coinspeaker Tron Takes Over Blockchain App Store CoinPlay to Enhance TRX EcosystemTRON strives relentlessly to develop the infrastructure for an actually decentralized Internet. The foundation behind the creation of TRX, the 11th top crypto by market cap, announced that they have acquired CoinPlay. With this new acquisition, TRON plans to participate in the aggregation of many blockchain apps and decentralized applications (DApps).The aggregation of these apps and DApps will take place on one platform. Hence, the move will eliminate the needs to search for the apps at conventional app stores. CoinPlay is an online digital coin mining platform designed ideally to help the new miners. TRON Foundation is proactively promoting the blockchain technology targeting mass adoption.Despite TRX ranking below the top 10 cryptos, the Foundation keeps working to enhance the TRON ecosystem. After the purchase of BitTorrent, CoinPlay is a step ahead for TRON since it is the pioneer global blockchain app store. Justin Sun, Tron Foundation’s Founder and CEO, tweeted on March 28 to follow up the announcement on Tron’s blog.Fellow #Tronics: I'm proud to officially announce that #TRON has successfully acquired CoinPlay. From now on, @CoinPlayShop becomes part of TRON ecosystem, together with #BitTorrent, making TRON one of the largest decentralized ecosystems in the world.#TRX https://t.co/1Sufen2aVh— Justin Sun (@justinsuntron) March 28, 2019More About CoinPlayCurrently, CoinPlay positions itself as a leader in the blockchain application storage industry. It aims to provide the best, most comprehensive, suitable and updated blockchain apps gallery. At the moment, it is hard to vet the source for safe blockchain apps download and CoinPlay has a solution. TRON and CoinPlay agree on offering better user experience for all blockchain stakeholders and practitioners in the industry.TRON decided to acquire CoinPlay to continue its efforts of building a decentralized internet. Thus, the two firms target to offer an exquisite user experience in the entire blockchain industry. CoinPlay currently features several blockchain applications and decentralized apps. With this acquisition, users can now download blockchain software and games quickly and easily.It is also worth noting that TRON and CoinPlay are also trying to provide multi-platform and multi-currency support. Sun added that:“TRON recently completed its MainNet upgrade v. 3.5. As a blockchain-based entertainment ecosystem, we will continue focusing on content and entertainment. The recent acquisition of CoinPlay aims to better serve the blockchain industry. The year 2019 will be the year of exponential growth for the TRON ecosystem.”TRON Latest Partnerships and AcquisitionsSince the start, the TRON ecosystem has gained remarkable growth and accumulated considerable momentum. Several weeks ago, TRON acknowledged a new partnership with Tether (USDT). The partnership was made to help in the issue of USDT coins that are backed by the US dollar on a 1:1 rate. Soon, the USDT will move from the OMNI platform transitioning into a TRC20-based USDT coin.The CoinPlay acquisition follows the purchase of BitTorrent, a major peer-to-peer (P2P) client. BitTorrent is also the operator of the wide-ranging torrent client Utorrent. We published in June 2018 that TRON took over the company for $140 million. The company designs distributed technologies. These technologies keep intelligence at the edge, scale efficiently, and ensure that creators and consumers remain in control of their content and data.We also announced in January 2019 that BitTorrent launched its Tron-based token BTT. The new BitTorrent Token (BTT) will be entirely issued in the framework of Project Atlas. Additionally, the token will optimize network speed and offer faster downloads.Recently, we also noted that BitTorrent is preparing to release its public beta version for decentralized social media app BitTorrent Live. The launch of this social media app may take place in Q2 2019.Tron Takes Over Blockchain App Store CoinPlay to Enhance TRX Ecosystem
Coinspeaker Ripple-Powered MoneyTap Receives Investing from 13 Leading Banks, Announces SBI HoldingsIt seems that the crypto community is no longer surprised by Ripple‘s efforts to promote its products, in particular XRP-powered xRapid and xCurrent. Products backed by Ripple’s blockchain technology also enjoy popularity, and the recent announcement from Japanese SBI Holdings, known as Ripple’s supporter, testifies that.According to SBI Holdings, MoneyTap, the remittance mobile app powered by Ripple, is receiving investments from 13 banks. They are Atago, Kiraboshi, Keiyo, San-in Joint, Shiga, Shimizu, Shinsei, Suminobu SBI Net, Suruga, Hiroshima, Fukui, Hokuriku, and even Seven Bank, a top class bank and the country’s largest convenience store ATM provider with over 25,000 ATMs in operation.Launched in October 2018, MoneyTap offers carrying out money transfers between banks as well as between individuals via smartphones. To perform instant payments, the app requires only a bank account, phone number or QR code. MoneyTap works on both Android and iOS.The first institutions to use the app were SBI Net Sumishin Bank, Suruga Bank, and Resona Bank, all of them are members of the Japan bank consortium.The developers stated:“Money Tap is a safe, real-time and comfortable app that allows users to transfer money between individuals directly and can deposit money directly from a bank to a bank account 24 hours a day, 365 days a year. In addition to the bank account number, we also have a remittance function that uses a mobile phone number or QR code (* 2, 3) to specify the remittance destination, and by combining this with biometric authentication such as fingerprints, the user experience (UX ) and security.”It is notable that the app does not use XRP, but employs xCurrent for powering payments in real time with lower domestic transfer and ATM fees.Ripple is Taking On Indian Market Partnering with Federal BankRipple’s xCurrent and xRapid are the most popular products that spark interest in the company’s activity and attract investors. The latter has recently brought a new partnership to Ripple. On March 28, the company signed a collaboration deal with Federal Bank Ltd. in India. As a result of the partnership, the Federal Bank will take part in cross border remittance via the Ripple network.According to Mr. Shyam Srinivasan, Federal Bank MD & CEO, they see xRapid as a platform that ‘ensures cross-border transactions much safer and secured’. Moreover, as Srinivasan said, the Federal Bank is crucial to India’s remittance industry, and due to this role, it is ‘only natural’ for them to bring in ‘the latest technology,’ which is what led them to Ripple.Federal Bank, with its 70-years history and over 1200 branches, is not the first Indian bank to join the Ripple network. Earlier, Ripple partnered with Yes Bank, Axis Bank, IndusIND, and Kotak Mahindra.XRBP — a New Interface for Easy Access to the XRP LedgerRipple community and XRP supporters want this currency to be the future of money, that’s why they make significant efforts to constantly improve the technology. Recently, Dev Null Productions, a software production agency, released XRBP — the tool that allows easy access to the XRP Ledger.Announcing XRBP – The Ultimate Interface to the #XRP Ledger!Now available on github:https://t.co/KGk28LskruRead about it on the Dev Null Blog:https://t.co/cJtUhFhYfpGet it while it's hot!!!— /dev/null productions (@DevNullProd) March 27, 2019Using XRBP, you can connect to Ripple servers to read and write data into the XRP Ledger. The program will be compatible with all ‘Rippled servers, or third-party servers powered by the XRP Ledger technology.The developers explained:“XRBP allows the developer to read and write data to/from the XRP network in real time, synchronizing ledger data including accounts, transactions, objects, and more. Data is presented via both synchronous and asynchronous mechanisms with multiple-connection load balancing and fault tolerance baked in behind the scenes.”Announced on March 27, XRBP has already met approval from the XRP community, members of which congratulated the Dev Null team on Twitter.Ripple-Powered MoneyTap Receives Investing from 13 Leading Banks, Announces SBI Holdings
Coinspeaker India’s Federal Bank Partners with Ripple to Use XRP for Cross-Border PaymentsThe announcement states that the new partnership will allow the Federal Bank to participate in cross border remittance via the Ripple network.The announcement adds that the Ripple platform offers “safer and secured” cross border transactions for the bank, and the partnership was confirmed by CEO Shyam Srinivasan and Senior VP John Mitchell of Ripple.The private sector bank has entered into this partnership with Srinivasan saying that the Federal Bank is crucial to India’s remittance industry. Considering this major role, he added that it is “only natural” for them to bring in “the latest technology,” which is what led them to Ripple.With Ripple, and as a pioneer in using advanced technology, the Indian lender has also launched a new app targeting the NRI community to receive OTPs and alerts for transactions in their accounts with Federal Bank instantly and securely.Srinivasan said:“The app solves the problem of delayed delivery of OTPs and alerts and it is available in both Android and iOS platforms.”He estimated that remittances to India in 2018 would far surpass $70 billion. According to the World Bank forecast, India would retain its position as the world’s top recipient of remittances in 2018 with its diaspora sending a whopping $80 billion back home. He said the Indian banking sector witnessed another year of robust growth with a credit growth of 14 percent and deposit growth of 10 percent.Shares of Federal Bank rallied more than 2 percent intraday on March 29 after the announcement. The share touched its 52-week high of Rs 105 and 52-week low of Rs 67.05 on 9 May 2018 and 4 October 2018, respectively.At 1319 hrs, Federal Bank was quoting Rs 95.90, up 2.51 percent on the BSE.13 Leading Banks Joining Ripple XRP Powered MoneyTap AppJapanese financial giant SBI says 13 banks are investing in MoneyTap, the company’s Ripple-powered mobile payments app.MoneyTap launched in October of last year, giving customers at a consortium of banks the ability to make instant domestic payments requiring only a bank account, phone number or QR code. The app utilizes Ripple’s xCurrent to power payments in real time with lower domestic transfer and ATM fees.According to SBI Holding, the 13 banks which will be investing in Money Tap includes: Ehime Bank, Kiraboshi Bank, Keiyo Bank, Sanin Joint Bank, Shiga Bank, Shimizu Bank, Shinsei Bank, Sumishin SBI Net Bank, Suruga Bank, Hiroshima Bank, Fukui Bank, Hokuriku Bank and Seven Bank.Of particular note is the inclusion of Seven Bank, which is owned by Seven & i Holdings, a major distribution company. Seven Bank is the country’s largest convenience store ATM provider, and has over 25,000 ATMs already in operation. It also has ATMs in the United States and Indonesia.MoneyTap Co. Ltd in an acknowledgment statement aired that since the API connection support service “Fintech Platform” created by the SBI group would be used to handle the Money Tap application, it will be supporting the introduction of the service by financial institutions.XRP Ledger Gets New Interface Software XRBPThe XRP community and the developers in the ecosystem have been persistent to increase the viability of XRP and in turn the XRP Ledger. In the latest series of developments, Dev Null Productions, a software production agency, released XRBP, an interface that allows easy access to the XRP Ledger.From the company, they said they are pushing Ripple because they’re wanting it to be the future of money.Announcing XRBP – The Ultimate Interface to the #XRP Ledger!Now available on github:https://t.co/KGk28LskruRead about it on the Dev Null Blog:https://t.co/cJtUhFhYfpGet it while it's hot!!!— /dev/null productions (@DevNullProd) March 27, 2019The XRP Ruby interface’s code includes an XRBP library and a new web socket connection to s1.ripplecom. The platform keeps interchangeability and customizations as its core ideology which resulted in plugins that offer multiple features. The existing plugins provide users the ability to automatically timeout inactive connections and reestablish the link between broken servers.Ripple Insider on XRP Beating BitcoinA former NASA employee who worked at Ripple from June 2013 to May 2018, self-declared former Ripple “Graybeard” Bob Way, explained that the company’s start was based on the notion that someone should create a better Bitcoin.“I don’t want to sound like I’m a Bitcoin hater, because I’m a Ripple lover – and people think you’re one or the other. But, Bitcoin, when I discovered it, was the most amazing, awesome thing in the world, because they solved this really hard problem which is how to do peer-to-peer money without some central authority. So the idea was just, ‘Hey, we’re just a bunch of people. Let’s make our own money,” Bob Way said.* To learn more about XRP coin, Ripple Labs company and their innovative solutions, please check out our awesome “What is Ripple?” guide.India’s Federal Bank Partners with Ripple to Use XRP for Cross-Border Payments
Coinspeaker Montex Market: Crypto Exchange to Protect Against Major Threats in TradingAny novelty brings its own threats – and cryptosphere is not an exception. With 500 exchanges currently operating on the crypto markets, only a small fraction delivers potent protections against the major pitfalls. Montex Market stands out, enabling heightened security, protections and unique services among other providers globally.Cryptocurrencies Bring Both Benefits, As Well As ThreatsMany traders across various markets have come to understand the true value of correct risk management strategies, as it’s these very practices that help bring sustainable yield over the long term. Dealing with virtual currencies, traders face a suite of cardinally new threats. It’s paramount for an exchange to openly accept arising threats and deliver effective solutions.The Montex Market team has developed trading experiences to address various threats head-on:Trader’s Computer Was Stolen and Exchange Account May Become CompromisedThreat: A criminal might access an exchange account and withdraw funds.Solution: Primarily, users should use a password and fingerprint authorization function. On its part, Montex Market enables users to create multiple accounts and connect them to specific devices. In just a few minutes, the user will be able to deactivate the account via the remote control function.Trader’s Credentials Were Leaked and Exchange Account Might Get AccessedThreat: One is the biggest benefits the industry offers is that all transactions are done electronically, but, on the flip side, stolen credentials can open the way to traders’ wallets. The attacker will input credentials from another device and access the account.Solution: Traders can easily connect their devices and accounts. In this way, even if the credentials get stolen, hackers will never be able to access the trading account.The Exchange Was Hacked and Funds Were Moved From Users’ WalletsThreat: Hackers might attack an exchange, access private keys for users’ accounts at an exchange, and then transfer funds to their own accounts. Exchanges don’t assure the due level of security for private keys, stored on their servers.Solution: Montex Market has developed its own wallet, downloadable as a mobile app. At Montex Market, private keys always stay in traders’ hands. Although validity of the approach has born many arguments, it enables absolute protection against hacking attacks on servers.Even if the Montex exchange has been hacked, attackers won’t have anything to steal, as, without access to private keys, they won’t be able to do any damage to traders’ wallets. Decentralization, achieved in this way, might become the new standard for crypto-exchanges of the future, clearly putting Montex ahead of the curve.Crypto Cuts Out Middlemen, Who Might Have Otherwise Consulted TradersThreat: Disintermediation, i.e. elimination of intermediaries due to use of blockchain and cryptocurrencies, helps streamline processes, reduce fees and transact globally. But the trade-off is the lack of consultants to turn to when challenging questions arise about the best course of action.Solution: At Montex Market, a unique function enables traders to purchase stocks in startups with ETH or MON, exchange’s native token. The transactions executed on the exchange, with no need to engage other stakeholders, like banks, lawyers, accounts, etc.The team recognizes the need to assure that presented startups are of the highest quality and provide traders with sufficient data about businesses. The curated list brings together carefully selected startups from East Asia and globally, each of which is accompanied by a suite of useful materials, including financial statements, business plans and short videos, enabling traders to make educated judgments based on hard facts.Montex Market is set to continue developing unique functions with plans to roll out binary trading with crypto, as well as a debit/withdrawal card from an EU bank. Clearly, the efforts, taken by Montex Market to address major threats to crypto traders, will guide the exchange on the journey to win popularity among traders globally.Contact customer support in Telegram Group in Japanese, Chinese or English. Sign up for free to experience the exchange that is ahead of the curve.Montex Market: Crypto Exchange to Protect Against Major Threats in Trading