Visualizing Bitcoin Adoption Across the Globe

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Visualizing Bitcoin Adoption Across the Globe

Bitcoin remains the most popular cryptocurrency in the world today with a network that spans across the globe. But just what the distribution of Bitcoin nodes tell us about the rate of adoption of the top-ranked cryptocurrency on a global scale?

Global Distribution of Bitcoin Nodes

According to a 2019 study by Themetafriend, there are 36 countries in the world with at least one percent of their population as Bitcoin users. This study assumed a relationship between the ratio of Bitcoin nodes in any two countries to that of the number of users in those countries.

Using this ratio, it seems theoretically possible to examine the distribution of Bitcoin users worldwide. The following is an estimate of the number of Bitcoin users in different continents.

Europe and North America

Europe and North America are hardly ever absent from any conversation related to technological advancements. Of the 36 countries where Bitcoin users make up at least one percent of their population, 26 are in Europe or North America.

These nations include Canada, France, Belgium, Belarus, Germany, the U.K., and the U.S. Others are Lithuania, Luxembourg, Norway, Romania, Iceland, Slovenia, and Sweden.

Looking at the current global nodes distribution as provided by Bitnodes, there is a high density of nodes in both Europe and North America. Also, of the top ten countries based on the number of nodes, only three (China, Singapore, and Japan), come from outside Europe and North America.

South America, Asia, and Australia

Back in November 2018, Bitcoinist reported that the total number of public Bitcoin nodes had surpassed 10,000. According to the latest figures from Coin Dance, the Bitcoin network currently boasts 10,071 listening full nodes and with over 61,000 nodes in total, according to other data sources.

Apart from Japan and Singapore, South Korea, Australia and India also have at least one percent of their population as Bitcoin users. China, however, does not fall into this category making India’s presence particularly noteworthy given the similarities in their population figures.

In South America, Brazil, Uruguay, and Argentina have the most BTC users. Venezuela does not appear to rank on a significant scale, however.


In Africa, only South Africa registers any significant number of users. According to the study, the southernmost nation in Africa has between 0.1 and 0.99 percent of its population as Bitcoin users. Places like Angola and Tanzania have between 0.01 and 0.099 percent.

With access to electricity still a luxury in many places on the continent, the results from the study come as no surprise. According to Bitnodes, the highest ranked African nation based on the number of Bitcoin nodes, South Africa, is in the 33rd position (out of 100).

Not the Full Picture of BTC Adoption

The methodology by Themetafriend uses node distribution to determine Bitcoin users. It should be noted, however, that such a methodology might not show the entire spectrum of adopting technology as multifaceted as Bitcoin.

For example, countries in Africa aren’t running Bitcoin nodes (maybe due to inadequate electricity supply and/or lack of hardware), but the three of the top five countries on Google Trends for Bitcoin are from the continent including Nigeria – the country marked in orange (low adoption) on the map.

Bitcoin adoption also involves such aspects as remittance, mining, acceptance for payments, infrastructure support etc. apart from running nodes.

For example, it appears that Venezuelans aren’t running a significant number of Bitcoin nodes, but the country continues to post massive figures on Localbitcoins.

Unsurprisingly, places like China and Iceland where electricity is cheap but using BTC is restricted tend to be the leaders in mining.

Businesses in countries like Japan and the Netherlands meanwhile are taking initiative in accepting BTC for goods and services.

There are more BTMs in the United States and Switzerland, for example, as there is more emphasis on building Bitcoin-based businesses. Meanwhile, Vietnam and the South East Asian region as a whole are more engaged in remittance.

What is the best way to gauge adoption? Let us know your thoughts below!

Images courtesy of Themetafriend, Bitnodes, Google Trends, Shutterstock

P2P Exchange Paxful Saw a 130% Increase in Transaction Volume in 2018


Paxful, a popular peer-to-peer cryptocurrency exchange, has recently revealed that its transaction volume has been steadily increasing since January of 2018, leading to a year-over-year increase of 130.68%, when compared to 2017.

According to data shared with CryptoGlobe, Paxful has seen its users trade over $739 million last year, up from over $320 million in 2017. The figures are notable, as its number of users grew less than 20%, from 759,000 to 906,000 in said period.

This means that during 2017’s bull run Paxful’s users transacted significantly less bitcoin than they did during last year’s bear market, which saw the price of bitcoin drop from a near $20,000 all-time high to about $3,200 before it started recovering, according to CryptoCompare data.

Paxful noted that during the second semester of the year the “amount of trade has doubled,” alongside the transacted volume. At the end of November, the exchange claimed, the transacted volume started peaking. While it could be “related to the holidays,” the exchange notes:

Considering the price of bitcoin, it seems users tend to hold bitcoin or trade smaller values during the bull market and sell more during the bear market.

Notably, publicly available data from Coin.Dance shows that on the week of November 24 Paxful reached an all-time high in trading volume, as it saw $21 million change hands through its platform.

The data Paxful shared with CryptoGlobe further shows that in 2018 Africa saw the highest number of trades, at 17,351. Behind it was North America, with 10,729, followed by Europe with 594.

Users from Nigeria, the US, Ghana, and India transacted the most in USD terms last year. The company’s CEO has earlier this year revealed that bitcoin, the flagship cryptocurrency, has important use cases in developing countries.

Notably, gift cards were the dominant payment method on Paxful last year. iTunes gift cards notably represented the biggest slice of its trading volume at $281.6 million, and were followed by Amazon gift cards ($165.9 million), and the bank transfers ($48.7 million). The least popular payment method was PayPal, as the company’s policy on chargebacks makes it dangerous for some sellers.

When asked about how Paxful managed to thrive during the bear market and keep on growing while various cryptocurrency-related businesses have been struggling, the crypto exchange responded:

The price doesn’t matter. As long as there are people who use bitcoin to translate money. Those in developing countries and countries with declining currency, bitcoin has been their alternative currency.

It noted that while bitcoin’s price has been going down, its platform’s trading volumes have been going up. Per its representative’s words, “bitcoin will always be the best financial alternative.”

SBI Reports Financial Results, Recognizes Ripple for Cross Border Payments

Japanese finance giant SBI Holdings has released its nine-month financial report today, Jan. 31. In the report for the period ending on Dec. 31, 2018, SBI notes Ripple’s potential for cross-border payments.

SBI outlines the implementation of technologies by Ripple (XRP) and blockchain consortium R3 as a major part of its strategy to enable a global standard for financial operations such as international payments and trade finance.

In the section titled “Business Area Separation of Ripple and R3,” SBI featured Ripple as an entity “specializing in international remittance,” while R3 is responsible for developing projects that “are not limited to the financial industry by using smart contract-based technology.”

SBI also emphasized that XRP is the first cryptocurrency that is supported by R3’s Corda Settler. The recently launched decentralized application allows payment obligations on the Corda blockchain to be settled via all global payment systems, both traditional and blockchain-based.

As a part of the strategy to enable a fintech shift, SBI also mentions its new blockchain initiative S coin platform, which it trialed for retail payments in September 2018. The report states that integration of R3’s Corda Settler onto the platform will streamline S coin and enable it to operate globally.

On Jan. 30, Cointelegraph reported on major global banking payments network SWIFT’s plans to launch a Proof-of-Concept (PoC) to allow R3 to link to GPI (Global Payments Innovation) payments from their platform.

Earlier in December, SBI Holdings-founded crypto exchange Vctrade started accepting deposits in major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

Canadian Crypto Exchange Has Lost Access to its Cold Storage

Customers foolish enough to leave funds at the Canadian crypto exchange QuadrigaCX have a lot to be worried about. According to a post by the company’s board of directors, the platform has lost access to the digital assets it held in cold storage.

Whilst the exchange was only small in terms of active daily users, according to figures from Coinmarketcap, the news once again highlights the importance of users taking responsibility for storing their own digital assets securely.

Not Your Keys, Not Your Crypto

Less than a month after billionaire and early Bitcoin evangelist Trace Mayer held the inaugural “Proof-of-Keys“event as a display of monetary sovereignty, a Canadian crypto exchange called QuadrigaCX has committed the ultimate blunder – losing access to its own cold storage.

The QuadrigaCX exchange went offline a couple of days ago. Maintenance issues were cited as the reason behind the downtime. However, it has since transpired that the story is goes deeper than routine work on the site.

According to a post by the QuadrigaCX board of directors, the crypto exchange is facing “significant financial issues” that have impacted the service received by its users. The Nova Scotia Supreme Court will appoint an independent third party, Ernst & Young Inc., to watch over creditor protection proceedings happening next month.

The note from the board goes on to state that efforts have been made to fix liquidity issues hindering the operation of the company. Then comes the really shocking admission – QuadrigaCX cannot access its own cold storage:

“For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets… Unfortunately, these efforts have not been successful.”

The post concludes by stating that QuadrigaCX will update its users following the hearing on February 5.

The number of QuadrigaCX users impacted by the monumental gaffe does not appear to be enormous since the exchange boasted less that $500,000 in exchange volume across all trading pairs over the last 24 hours it was active. However, numbers aside, the news could not have highlight the point championed by Mayer on Bitcoin’s 10th birthday any better.

Crypto exchanges are the riskiest places to store digital currency. They pose all kinds of dangers to users. As far as we are aware, the QuadrigaCX example is the first of a trading platform simply losing access to its own cold storage solution. Much more common is exchanges being hacked – recent examples include South Korea’s Coinrail and Japan’s Zaif.

Another risk to those deciding to cede responsibility of their own finances to an unregulated, largely unheard of company is posed by the exchanges themselves. Indeed, early crypto exchange Mt. Gox famously collapsed due to spectacularly poor management of customers funds.

Being almost entirely unregulated, there is very little recourse if one of these all-too-common occurrences is responsible for you losing your digital assets.

Traders have little choice but to leave some cryptocurrency on an exchange for long enough for it to be considered at risk. However, they can minimise the chances of losing funds by withdrawing after every session and only keeping a small percentage of their total holdings in an online hot wallet.

Meanwhile, investors, or holders, have literally no excuse to entrust their crypto to a potentially shady company that they know very little about the business practices of. Bitcoin and other digital assets have the potential to grant great freedom to the entire planet. However, with such freedom comes responsibility – chief of which is ensuring that you and you alone know the private key to your chosen crypto storage solution.


Related Reading: Japan Creates Regulatory Body to Prevent Cryptocurrency Exchange Hacks

Featured Image from Shutterstock.

Panda Exchange Deploys Hybrid Point of Sale and Crypto ATM in Bogota

The Colombian-based Panda Group has announced the launch of a cryptocurrency point of sale (PoS) terminal called Xeler that also acts as a portable digital currency automated teller machine (ATM). The hybrid solution installed in Bogotá, at the La Tortata sweet shop, allows customers to not only buy baked goods with cryptocurrencies but can also dispense BCH, BTC, and DAI in exchange for Colombian pesos.

Also read: Florida Appeals Court Defines Bitcoin as Money as Espinoza Ruling Reversed

Panda Group Deploys Crypto Payment Terminal That Also Acts as an ATM

Panda Group, a company that operates the cryptocurrency trading platform Panda Exchange, has announced the creation of a new brick and mortar digital currency service. On Jan. 22, Panda installed a new portable point of sale device that allows merchants to accept cryptocurrencies with ease. The company’s first installed Xeler device was deployed at the La Tortata sweet shop in Bogotá, so customers can purchase baked goods with their digital assets. Moreover, the machine also allows visitors to conveniently purchase and sell BCH, BTC, and DAI through its integration with the Colombian exchange. Speaking with, Panda Group’s founder Arley Lozano explained that the machine’s first sale was settled in bitcoin cash (BCH).

Panda Exchange Deploys Hybrid Point of Sale and Crypto ATM in Bogota
La Tortata sweet shop in Bogotá, Colombia where Panda’s Xeler machine is installed.

Lozano further detailed that the company plans to deploy 20 more Xeler devices throughout the region, due to a recent partnership with a well-known chain of pharmacies. The Panda CEO also told that the firm is ready to launch 100 hybrid crypto PoS/ATM devices around Colombia and send some to Venezuela as well. As far as commissions, merchants will only be charged for the use of processing sales and the fees are equivalent to alternative payment processor terminals. The device references cryptocurrency exchange rates from the spot market prices in Colombian pesos and Localbitcoins rates.

Tailored to Meet the Needs of the Latin American Market

The company explained that the Xeler machine is a noncustodial system and merchants are always in charge of their funds. Lozano noted that the Panda team calls the device a “BTM” or a “CTM (crypto teller machine).”

“The Xeler BTM is a device that has the ability to buy and sell cryptocurrencies, in addition to processing payments for products purchased with crypto,” Panda Group explained to “This makes the point of sale process quick and intuitive for both the user and operator, but above all, the system is secure since the interface is built and designed for the safe and reliable handling of cryptocurrencies.”

Panda Exchange Deploys Hybrid Point of Sale and Crypto ATM in Bogota
A receipt of the first bitcoin cash (BCH) sale (left), and a view of the Xeler device interface (right).

The company also said it will be adding more digital currencies to the platform interface in the future. Moreover, with Xeler’s Xpay payment processor system, businesses can settle a percentage of sales in fiat if they do not wish to experience the volatility of crypto prices. Visitors who want to buy or sell cryptocurrencies must undergo a simple registration process, which is performed directly on the device. After the registration is complete, Xeler users won’t have to register again and they can interact with all Xeler devices in the region. Once a purchase is processed, the cryptocurrencies are sent to the customer’s wallet or if they don’t have a wallet, they can obtain a printed voucher for redemption at a later date.

“Merging these two products (PoS/ATM) is a significant achievement for Panda’s operations,” the company noted. “Panda Group is thinking about the needs that exist in the Latin American market, because the ability to buy or sell cryptocurrencies makes it easier for those people who want to begin their voyage into the crypto world They don’t usually do it because they think they should invest a lot of money but the minimum default amount for using the Xeler device is 50,000 COP ($15).”

What do you think about the Xeler device that allows merchants to sell products for cryptocurrencies but also works as an ATM? Let us know what you think about this subject in the comments section below.

Images credits: Arley Lozano, Panda Group, Xeler, and Pixabay. 

Want to create your own secure cold storage paper wallet? Check our tools section. 

Crypto Exchange QuadrigaCX Files for Creditor Protection

Canadian crypto exchange QuadrigaCX is filing for protection from creditors, a step taken to avoid bankruptcy.

In a statement posted to its website nearly a week after the portal became inaccessible, the exchange announced that it had filed “an application for creditor protection in accordance with the Companies’ Creditors Arrangement Act,” as part of a move to “address” financial issues.

As part of its application, QuadrigaCX is asking the Nova Scotia Supreme Court to appoint professional services firm Ernst & Young to act as independent third party to oversee its proceedings.

The act, according to PricewaterhouseCoopers, allows “financially troubled” companies a chance to “restructure their affairs.” Filing an application is generally done to try and avoid bankruptcy under Canadian law, as well as provide creditors to “receive some form of payment.”

Details of QuadrigaCX’s filing were not immediately available.

The statement continued:

“For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us.”

“Unfortunately, these efforts have not been successful,” it said.

The company plans to release further updates after a hearing, which it is hoping will occur on Feb. 5.

Withdrawal delays

The exchange has been facing issues for some time now, with customers complaining about withdrawal problems with both fiat and cryptocurrencies over the past several months.

The exchange’s problems with fiat withdrawals stemmed – at least in part – with a now-concluded legal battle against the Canadian Imperial Bank of Commerce, which froze much of QuadrigaCX’s funds last year.

A court ultimately ruled that QuadrigaCX should get the funds back, minus a portion, but its payment processor, Billerfy, told CoinDesk that it could not find a banking partner to endorse the drafts, meaning it was unable to send any fiat currencies to the exchange, and therefore the exchange could not process withdrawals.

In an email to customers earlier this month, interim QuadrigaCX CEO Aaron Matthews said the exchange was hoping to process customer withdrawals “within the next two weeks.”

It was unclear why customers encountered delays with crypto withdrawals, although Thursday’s statement suggests that the exchange is not currently in possession of its cold wallets or keys.

QuadrigaCX did not immediately respond to a request for comment.

Nova Scotia Supreme Court image via Hantsheroes / Wikimedia Commons

Japan: IM Giant LINE Signs MoU with Nomura Holdings, Forms Blockchain Alliance

Japan: IM Giant LINE Signs MoU with Nomura Holdings, Forms Blockchain Alliance

Japanese IM giant LINE has signed a memorandum of understanding (MoU) with Nomura Holdings to foster the use of blockchain technology at large, this according to a press release published January 30, 2019.

Blockchain Solidarity

The Nomura Group is a global financial services behemoth which provides services to individual, institutional, and government customers, it was founded almost a century ago in 1925 and at present, the Tokyo headquartered company has assets under management (AuM) worth $473 billion.

Per the press release, the MoU was signed among three entities, namely Nomura Holdings, LINE, and LVC Corporation. Furthermore, the three are contemplating establishing a financial alliance focused on blockchain technology. It is expected that a formal contract will be signed by the end of March 2019.

The press release reads in part:

“The  decision made  by the three parties to execute an  MOU  is based on  their intent  to collaborate  in blockchain  business opportunities  by  leveraging  LINE’s   large  user  base  and  its secure and convenient  UI/UX,  and Nomura  Group’s established financial business know-how.”

Nomura and LINE’s Cryptoverse History

It’s worth highlighting that both the companies have had a bit of a history in the nascent crypto and blockchain industry.

Staying true to Japan’s “early-adopter” tag, Nomura Holdings was, in fact, the world’s first crypto asset bank. This came into the limelight on May 15, 2018, when the banking giant released a document revealing its plans to launch a custody and security venture for cryptocurrencies owned by institutional investors.

As for LINE, the IM company has taken significant strides in the crypto world in a relatively short period of time.

BTCManager reported on August 18, 2018, about LINE’s announcement of $10 million cryptocurrency fund which would be utilized to inject money into crypto-based startup ventures. Furthering its commitment to the industry, LINE also put its weight behind cryptocurrency exchange BitBox which went live on July 19, 2018. The Singapore-based exchange is a crypto-to-crypto trading platform which supports 30 cryptocurrencies, including bitcoin, ether, litecoin, and bitcoin cash, among others.

LINE took their involvement in the cryptospace to a new level on September 2, 2018, when they unveiled their own cryptocurrency named LINK which could be used on their enterprise blockchain called “Link Chain.” Notably, the LINK token can be used to avail an array of in-app services provided by LINE.

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Bitcoin (BTC) Holds Steady Above $3,400, But Analysts Still Believe Further Losses Could Be in Store

Following Bitcoin’s recent drop into the $3,400 region, it has been able to hold support above $3,400 for an extended period of time, which may ultimately prove to be positive for Bitcoin’s price action. It is important to note that Bitcoin (BTC) has not yet been able to break above $3,500, which appears to be a relative level of resistance for the cryptocurrency.

Although Bitcoin has held steady in the mid-to-upper $3,400 range, one analyst still believes it will see further losses before finding major buying support and possibly reversing.

Bitcoin Steady Above $3,400, Likely to Continue Consolidating in Near-Term

At the time of writing, Bitcoin is trading down approximately 1% at its current price of $3,450. Yesterday, BTC climbed towards $3,500, but failed to break above this price level, leading it to drop today.

After breaking below $3,550 earlier this week, BTC plunged until it reached $3,400, at which point it bounced and climbed towards its current price levels. Because of this reaction to the low-$3,400 price region, it is likely this is the first major support level BTC has established before its 2018 lows exist around $3,200.

Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s recent price action, noting that BTC still remains in consolidation, and will not revisit its 2018 lows unless it fails to stay above $3,344.

“$BTC daily chart… This chart has been posted for weeks and nothing has changed… Previous support at $3,344 did not break and bounced at the exact support level… Unless this support breaks, Bitcoin will not retest the previous lows… At this time – $BTC remains in consolidation,” he explained.

Some Analysts Are Still Bearish on BTC Despite It Holding Above Support Levels 

Although BTC has been able to hold steady above $3,400, some bearish analysts point to the lack of major buying support and equilibrium on a macro-view as a reason why the cryptocurrency may need to fall further before stabilizing and preparing for an upwards move.

Bitcoin could still see further losses despite its ability to hold support above $3,400.

A popular cryptocurrency analyst, Moon Overlord, recently noted that because Bitcoin was unable to form any major regions of support during its parabolic upwards climb in late-2017, it may see significantly further losses before it finds major buying support.

“I don’t know what the plan for $BTC on the monthly is, where would you even set bids or start buying. It went up so quickly it didn’t build a single support on the way up,” he said.

Late-yesterday, he doubled down on these recent comments, adding that the lack of major buying pressure at BTC’s current price signals that it may still be bearish on large time frames.

“Not sure why more people aren’t talking about $BTC on high time frames, feels pretty bearish to me Where is the buy support / equilibrium Doesn’t seem like people are dying to buy in this range?”

If BTC fails to hold above $3,400 in the near future, it will likely find greater buying support in the low-$3,000 region, which will be an important level for bulls to protect or significantly further losses could be in store.

Featured images from Shutterstock.

6 Philanthropic Projects That Accept Cryptocurrency

Much of the growing interest in bitcoin and other digital currencies has been focused on individual financial gain and buying lambos. For those who would rather utilize their digital assets to effect positive change in the world, however, there is also the ability to donate to charity using crypto. The following philanthropic projects all accept cryptocurrency donations. 

Also Read: Bitcoin Cash Association to Fund Eatbch Charity

Non-Profit Crypto Donations

6 Philanthropic Projects That Accept Cryptocurrency

Given the enormous wealth creation from cryptocurrencies, it only seems right that some of those who got involved early, and were rewarded accordingly, should have a way to pay it back to those less fortunate. There are numerous global organizations accepting crypto donations and using them to make a positive impact. Developing economies have been opening up to cryptocurrencies and many charities have been trialing bitcoin donations.

There are a number of reasons why making aid and humanitarian cryptocurrency transfers is attractive for charities. For example, the speed of delivery and transparency of aid money as it moves down the value chain are attractive, as is the pseudonymity provided to those who would rather not publicize their benevolence.

Recent high profile charitable cause have been introduced by the likes of Coinbase CEO Brian Armstrong, who launched, which distribute funds to those who live in poverty. Armstrong has said he’s always believed in the power of cryptocurrency-funded philanthropy and his new nonprofit is all about empowering, educating, and elevating global communities. 

The Bitcoin Cash Association launched an initiative where $1,000 worth of bitcoin cash is sent to the two Eatbch campaigns in Venezuela and South Sudan every month. The initiative has been feeding the hungry in Venezuela with food purchased with BCH donations. The group has since also started feeding people in South Sudan where citizens in the East African region are suffering from economic turmoil and a lack of daily nourishment.

The Water Project charity provides access to clean, safe and reliable water across sub-Saharan Africa and accepts donations in bitcoin core, bitcoin cash, ethereum, or litecoin. The Water Project also recognizes one of the most important aspects of cryptocurrencies: transparency. They provide an app that allows donors to see how funds are being used. You can even see how much cryptocurrency has been donated and what those funds have been used for specifically.

6 Philanthropic Projects That Accept Cryptocurrency
Red Cross in action.

The Red Cross is known all over the world. The group aims to alleviate human suffering, which they accomplish through multiple projects such as donating blood, being on location when disaster strikes, and training first responders in how to be prepared for emergencies. The Red Cross accepts cryptocurrency donations in the form of BCH and BTC. On the relevant Bitpay page you can donate bitcoin to support the Red Cross.

Save the Children is another nonprofit for philanthropists who are passionate about giving children around the world the opportunity to survive and thrive. The charity’s main focus is on health and education. The group has a presence in the U.S., Africa, Asia, Greater Middle East and Eurasia, and Latin America and the Caribbean. You can view the options to donate by clicking on the Bitpay page where, again, BCH and BTC can be used.

Watsi is building technology to finance universal healthcare by crowdfunding surgeries and providing community-based health coverage. Donors can virtually meet the people that need their help and choose specific patients to donate to their cause.

There are many more non-profit organizations accepting cryptocurrency donations to further their work. This trend has the potential to make a huge difference in the world. The fact that such high profile humanitarian organizations are accepting crypto donations is encouraging for both the adoption of digital currencies and the realization of the vital work they are doing.

Is there a non-profit organisation you are supporting that also accepts donations in crypto? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

CEO of Telecoms Giant Swisscom’s Blockchain Unit Steps Down

The CEO of the blockchain advisory unit of Swiss state-owned telecommunications company Swisscom has unexpectedly left the firm, according to a press release on Swisscom’s website, Jan. 30.

As major local news outlet Swissinfo reported the same day, news of Daniel Haudenschild’s reportedly sudden departure from Swisscom Blockchain came just a day before the executive accepted the position of president of the Crypto Valley Association. Speaking in comments to Swissinfo, Haudenschild said the two moves were unconnected.

The CEO declined to comment further on his decision to leave Swisscom, only mentioning that he would still remain a shareholder in Swisscom Blockchain. When asked about his future plans, Haudenschild declined to give details, telling Swissinfo:

“It is my fundamental belief that blockchain can fix things that are currently broken, such as financial inclusion and proof of provenance.”

Swisscom’s current CDO and head of digital business, Roger Wüthrich-Hasenböhler, is set to take over as acting CEO of the company’s blockchain unit, the press release reports.

According to Wüthrich-Hasenböhler, Haudenschild had played a key role in the establishment of Swisscom Blockchain in 2017, noting in the press release “he made blockchain-based solutions accessible to other companies.”

As Cointelegraph previously reported, Swisscom recently partnered with the Zurich University of Applied Sciences to create a certified e-signature for legally authenticating blockchain-based smart-contracts.

Haudenschild is not the only CEO in the blockchain industry to recently leave their post. Earlier this month, Cointelegraph reported that the CEO of blockchain media firm, Jarrod Dicker, had also stepped down from his position. Dicker left the firm to become vice president of commercial technology and development at the Washington Post, where he previously served as its vice president of innovation and commercial strategy.