Winklevoss Twins on Their Bitcoin Holdings: ‘Satoshi Probably Has More’

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In an interview (published on Sunday) on Fortune’s online show “Balancing the Ledger”, Cameron and Tyler Winklevoss (collectively known as the “Winklevoss twins”), the founders of digital asset exchange Gemini, talked about Gemini’s first ever marketing campaign (in New York City), the Virtual Commodity Association (VCA), their failed attempt at getting a Bitcoin ETF approved by the U.S. Securities and Exchange Commission (SEC), the Gemini Dollar stablecoin (GUSD), and the size of their Bitcoin (BTC) holdings.

In this article, we take a look at some of the main highlights from this interview with Cameron (President of Gemini) and Tyler (CEO of Gemini). 

Gemini’s Marketing Campaign (“Revolution Needs Rules”)

Tyler Winklevoss:

“So, we are in New York… that’s where we are headquartered… The idea is that companies that build on top of things like Bitcoin should have regulation that is thoughtful, that doesn’t stifle innovation, so that’s kind of the message… And a lot of people believe in the dream of crypto, but they just don’t know how to engage in it without getting burnt, and we’re here to say that Gemini is the place that you can do that. 

The Audience for This Campaign

Cameron Winklevoss:

“Pretty much everybody.”

Tyler Winklevoss:

“We are trying to say that we have the same standards of licensing, compliance, safeguards, and consumer protections at Gemini as you would be afforded in other financial markets.”

“We think that regulation has been a big boon to New York. It’s brought in a lot of companies. Gemini is a New York company not for any other reason but because there is a licensing framework [New York State Depart of Financial Services’ famous BitLicense]  and we could become a trust company. We would have gone to Alaska if that was possible, but it wasn’t. So, we chose New York. So, we think regulation has been a big win for New York state.”

Is There A Need for More Crypto Regulation? 

Cameron Winklevoss:

“The idea if thoughtful regulation. So, we’ve been working on the Virtual Commodity Association, which is an SRO to self-police virtual commodity marketplaces and bring best practices from the equities world and the derivatives world into the crypto world. We are not re-inventing the wheel.”

Will We See the SEC Approve a Bitcoin ETF This Year?

Cameron Winklevoss:

“Hard to predict when, but we’re still very committed to that process. We started about six years, and we’re going to see it through, and if it takes us another six years, so be it. But we understand the Commission’s concerns…. And they’re basically calling for more market surveillance and protections in the marketplace to prevent manipulative behavior and stuff like that. So, Gemini has built a market surveillance team. We have a program in place. We monitor our marketplace… We get the Commission being conservative on that.”

What Is the Appeal of Stablecoins?

Tyler Winklevoss:

“The idea with the Gemini dollar is that we brought dollars onto the blockchain… When you buy things with Bitcoin, you could be overpaying/underpaying depending on how much the price rises or falls.”

Are the Winklevoss Twins the Biggest Bitcoin Owners in the World?

Cameron Winklevoss:

“Satoshi probably has more!” [According to a CNBC report published on 5 December 2017, in April 2013, “the Winklevoss twins had $11 million in bitcoin at $120 a coin”, i.e. around 91,666 bitcoins, which at today’s price would be equivalent to approximately $339 million.]

 

Featured Image Credit: Photo via Pexels.com

What We Know About Google Ads Allegedly Blacklisting ‘Ethereum’ as a Keyword

 

On Jan. 10, Serbia-based smart contract auditing startup Decenter reported that Google has blacklisted keywords mentioning Ethereum (ETH) on its advertising platform, Google Ads.

Google Ads: We can’t confirm that Ethereum is eligible to trigger ads, see our policy

Specifically, the startup tweeted that they saw “a hard stop” on Google Ads containing the keyword “Ethereum” starting from Jan. 9. Decenter also tagged the advertising platform’s official account in the tweet, asking whether they had introduced any new policy changes.

The Google Ads account then replied, stating that cryptocurrency exchanges targeting the United States and Japan can be advertised on the platform, while targeting other countries could be the reason for the ad rejection. While Decenter is based in Belgrade, Serbia, it does not provide services as a crypto exchange.

Further, when the startup explained that they are a group of developers doing smart contract security audits, and that they were seeing an error message when trying to use “ethereum development services” and “ethereum security audits” as keywords, the official Google Ads account answered that they were not able to preemptively confirm that the “Ethereum” keyword was eligible to trigger ads.

“We’d recommend that you refer to the ‘Cryptocurrencies’ section of our policy on Financial products and services.”

In the referred section of their policy, Google Ads states that “due to the complex and evolving nature of regulations related to cryptocurrencies and related products and services,” the company only allows advertising mining-related services and cryptocurrencies exchanges. The latter is approved for promotion only in Japan and the U.S., however.

The Google Ads guide then explicitly mentions that ads for initial coin offerings (ICOs) and similar services, along with “ad destinations that aggregate or compare issuers of cryptocurrencies or related products” — such as crypto trading signals — are prohibited.

Blanket ban followed by relaxation: Brief introduction to the relationship between Google and crypto

In 2018, after a lengthy period without regulation, Google’s politics regarding cryptocurrencies became significantly stricter. Specifically, on March 14, the search engine giant updated its financial services policy, announcing that it was going to ban all cryptocurrency-related advertising of all types come June.

To justify its crypto ad ban, Google said that it was protecting its customers from fraudulent offerings, including, but not limited to, “initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.” The company’s executive, Scott Spender, told CNBC at the time:

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”

The move was later described as “unfair” and “troubling” by industry insiders. Interestingly, the news of a crypto ad ban came just days after crypto advertisers using Google Adwords reportedly noticed a drastic drop in the number of views of their advertisements. However, as per Finance Magnates, Google Ads had, at that time, denied any change in their financial services regulations that would block cryptocurrency- or ICO-related advertisements.

Further, on Sep. 25, the U.S. tech giant partly backpedalled on its blanket ban of ads. Google announced it was set to update its ad policy in October, reallowing some crypto businesses to advertise on its platform.

According to the official statement, starting in October, Google would allow registered crypto exchanges to advertise on its Google Adwords platform, targeting the U.S. and Japanese audiences:

“Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October.”

The cryptocurrency section of the Google Ads’ policy has since been updated, but the precise amount and nature of crypto businesses that have since been allowed to advertise there remains unknown.

Decenter: “Ethereum” keywords isn’t working for other companies too, Google Ads is to provide a definite explanation within 48 hours

After communicating with Google Ads over Twitter, Decenter took to Reddit to ask the r/Ethereum subreddit users about the alleged policy changes. In the post, the team specified that they have tested keywords for “ethereum smart contract audits” and “eos smart contract audits” and found that only the EOS-referenced keyword showed ads.

The community largely reacted by criticizing Google’s position as a neutral third party. The top comment reads:

“Google has various political and economic agendas, and they are quite willing to use their various services to promote their preferences. AdSense and YouTube are notorious for this, but there have been some incidents regarding the Play Store as well.”

Other users mostly cited the previous blanket ban and the abundance of scam projects as potential reasons for Google Ads to prohibit such advertisements. Some users reported having problems with other crypto-related keywords besides “Ethereum.” “I have been unable to use the ‘bitcoin’ (or even ‘blockchain’) on my google ads as well,” one of the comments read.

When reached by Cointelegraph, Decenter CEO Andrej Cvoro said that there are other startups which started having difficulties with the “Ethereum” ad keyword this month:

“We are aware of at least five different competitors that used to have Google Ads shown for search phrases such as ‘Ethereum smart contract audit,’ all of which stopped showing at the same time.”

When asked to clarify the names of the companies allegedly dealing with the same problem, Cvoro replied that he was not able to answer that “with certainty”:

“All we know is that there are other companies that used to have their ads displayed for search phrases such as ‘Ethereum smart contract audits,’ which is no longer the case. Due to the intricacies of Google Ads keyword setting mechanism, this does not necessarily mean that these companies had explicitly entered ‘Ethereum’ as one of their keywords, although there is a good chance that this is the case.”

Thus, according to Cvoro, the ads are still showing for other crypto-related tags, but “Ethereum” does not seem to be working — neither for those companies, nor for Decenter itself. That, the startup’s CEO adds, suggests that Ethereum has indeed been blacklisted:

“For example, ‘X smart contract audit’ phrase will show several different ads for any X, except when X = ‘Ethereum.’ Furthermore, we are currently not able to find a single search phrase involving the term ‘Ethereum’ that shows any ads on Google, which strongly implies that ‘Ethereum’ as a keyword has been blacklisted (intentionally or otherwise).”

Indeed, a Google search for “EOS smart contract audit” seems to bring up a few ads — including Decenter and similar startups — while the search engine does not show any ads when “Ethereum smart contract audit” is googled.

However, Cvoro does not link the blacklisting to the previous Google restrictions regarding crypto-related ads, as his company allegedly did not face such problems with the keyword “Ethereum” even during the time the ban was fully active:

“We don’t think this is directly related to Google’s blanket ban on cryptocurrencies from the last year. That is something that we have been aware from the very beginning of our Google Ads campaign, but none of our ads were directly (and oftentimes not even indirectly) related to cryptocurrencies, so they were going through the manual reviews even when they were initially put on hold by the algorithm. So what is happening now is different in a sense that keywords containing ‘Ethereum’ aren’t passing manual review anymore, which doesn’t seem to be the case for other blockchain-related terms or phrases.”

On Jan. 15, Decenter received an email from the Google Ads team, the company told Cointelegraph. The answer was originally written in Croatian, but the startup has shared their English translation of the brief statement:

“Thank you for sending an inquiry about the status of your Google Ads with key phrases that contain the term ‘Ethereum’ as one of the keywords.

“Due to how sensitive it is to advertise products and/or services related in any way to cryptocurrencies, I have directly contacted the responsible department with a request for a detailed explanation of why your ads are not showing for the mentioned keywords.
Please be patient and I will get back to you with a final solution within 48 hours.”

Cointelegraph will continue to report on the developments of this story further when more information becomes available. Cointelegraph has also reached out to Google for further comment, but the company has not replied as of press time.

The Marshall Islands is Getting Serious About Its SOV Cryptocurrency

sov News teaser

The Marshall Islands is Getting Serious About Its SOV Cryptocurrency


A usual reaction when looking for innovation centers is to turn to Silicon Valley, Tokyo, or New York. Yet, when it comes to cryptocurrency adoption, time and again, we’re seeing the smaller countries pick up the torch. Next in line after Malta, Gibraltar, Lichtenstein, and Switzerland is the Republic of the Marshall Islands, developing their own legal tender called SOV.


SOV was announced back in March of last year, and unlike the pomp and rhetoric behind Venezuela’s Petro, SOV is actually meant to improve the lives of the people of the RMI. It’s not ‘backed’ by barrels of oil or the islands’ main crops of coconuts or bananas either. And now they’re bringing blockchain expert Steve Tendon on board.

A Blockchain Expert to Help Develop SOV

Tendon was the Strategy Lead on Malta’s National Blockchain Task Force advising the Prime Minister’s office on blockchain policy. As Managing Director of ChainStrategies blockchain consulting firm, he authored Malta’s National Blockchain Strategy. This was unanimously approved by the Cabinet of Ministers in April 2017.

Beyond the three laws Malta passed last year regulating exchanges, DLT, cryptocurrency, and ICOs, the strategy lays out six clear pillars to blockchainize the island from public registries to smart governance.

Tendon told Bitcoinist:

The SOV is important for a number of reasons… While other countries have tried or announced similar moves, no one actually succeeded. Succeeding here means gaining acceptance both in the conventional financial markets world as well as in the crypto world.

This is because SOV will effectively be a cryptocurrency, not a central bank issued digital currency. It will be based on blockchain technologies and not on centralized databases under one central authority.

Says Tendon:

If successful, it would build a bridge between the conventional world of old money and the new world of crypto money. It could become the crypto onboarding platform that could see mass adoption by those who so far have not had the knowledge, exposure or opportunity to use crypto.

The Marshall Islands Economy

The SOV is also of greater significance for addressing the pressing financial and environmental challenges that the country faces as an island economy in the Pacific. Moreover, the Marshall Islands will face a severe economic crisis in 2023 when the funding aids from the USA will end. Tendon explains:

The SOV could launch a thriving crypto economy for the country.

There’s a humanitarian aspect to the project, as well. The intent is to benefit the people of the Marshall Islands. This is something Tendon comments that conventional legal tender money has never attempted to achieve.

Chief Economist for SOV and former Secretary General of the Bank for International Settlements (BIS), Dr. Peter Dittus said:

We are growing closer every day to support the Marshall Islands with issuing the first digital legal tender and launching a financial services economy around it.

By opening up to the blockchain economy, the RMI plans not only to aid its people but to become something of a crypto-financial powerhouse, setting a leading global example.

What Does Tendon See in SOV?

Tendon explains that working to create the Blockchain Island was certainly an exciting challenge. However, it became clear to him that a national currency like the SOV would never be possible.

Why? Because Malta is a full member of the European Union–and that imposes regulatory constraints. The Marshalls are probably one of the few places where you find both the necessary freedom as well as the motivation to do something like this. If the SOV succeeds it would have macroeconomic consequences, so it is a very ambitious undertaking.

This would be a benefit not only the Marshall Islands themselves, but also Malta and any other jurisdiction, organization, or startup that engages in developing new businesses on top of blockchain technologies.

I see the SOV project as a great way to add even more value to what started off in Malta. The two jurisdictions could effectively cooperate to create new opportunities, leveraging on their respective strengths; and possibly the whole cryptosphere would become stronger because of this.

What do you think about the Marshall Islands’ SOV initiative? Share your thoughts below!


Images courtesy of Shutterstock

ETC Labs Announces Ethereum Classic Core Development Team

ETC Labs, an Ethereum Classic project incubator, has announced the launch of a new core development team, called ETC Core Labs (Jan 15), in a bid to instigate growth and innovation for the Ethereum Classic (ETC) blockchain ecosystem.

Propelling ETC

ETC Core Labs “will be focused on core Ethereum Classic projects, supporting the ETC blockchain, providing tooling for decentralized application development, mining, and services,” as per project announcement, Jan 15.

The new team composed of Constantine Kryvomaz, Michael Collison, Mike Lubinets, Shane Jonas, Stevan Lohja, and Zachary Belford, among others, has also published its proposed project plan in the same announcement.

ETC Labs Core’s Plans

The team’s plan focuses on six key areas: protocol, EVM, data analytics, DApps, education, and design.

For the ETC protocol, ETC Core Labs plans to review Ethereum’s Constantinople upgrade before finishing the ECIP-1045, which will suggest a subset of Byzantine and Constantinople upgrades. Plans to update the Ethereum Virtual Machine (EVM) to be compatible with ETH to support the Byzantine and Constantinople fork are also in the pipeline.

The team also plans to roll out a data analytics tool for the Ethereum Classic blockchain to avoid another 51 percent attack. The team writes:

“In light of the recent 51% attack on Ethereum Classic, sufficient chain monitoring and chain analysis tooling are an immediate priority and we want to get this tooling available as soon as possible,”.

Furthermore, ETC Core Labs wants to make the development of DApps on the ETC blockchain easier by building an easy to use GUI application for developers to deploy their DApps, as well as a blockchain explorer for DApp development.

Additionally, the team is looking to reduce operational costs related to libraries in order to make the ETC DApp development environment more efficient. Overall, the effort will be complemented by the plan to create an easy-to-use smart contract integrated development environment (IDE), and runtime environment.

ETC Core Labs also wants to increase the number of documents available for developers and plans to provide more guides and tutorials to attract more developers to Ethereum Classic.

Finally, the team aims to conduct thorough UX/UI research to make their DApp tools as user-friendly as possible.

Ethereum Classic is a Survivor

Despite remaining in the shadows of Ethereum since the fork, Ethereum Classic has managed to remain relevant in the cryptocurrency market.

Thanks to the launch of the Ethereum Classic Trust by Grayscale Investments (Apr. 2017) and Coinbase’s support of ETC as an asset on its platform, Ethereum Classic is poised to remain among the top cryptocurrency projects in the coming years.

The Ethereum Classic community has also managed to attract initial coin offerings (ICOs) to its platform, as well as a number of decentralized applications despite the heavy competition from other, newer smart contract computing platforms.

With the formation of the ETC Core Labs team and its proposed roadmap for 2019, it will be interesting to see how the Ethereum Classic ecosystem will evolve in the coming twelve months.

Bitcoin Futures Now Trading At Discount to Exchange Prices

Signs are emerging that the futures market may not be impressed by bitcoin’s recovery from 15-months lows in December – at press time, the cryptocurrency’s spot price is higher than the futures price.

As of writing, the global average or spot price calculated by CoinDesk’s Bitcoin Price Index (BPI) is currently $3,650 – up 16.9 percent from the low of $3,122 reached on December.

Meanwhile, futures contracts are trading below the spot price.

BTC futures

As seen above (CME chart), January futures are reporting a $20 discount (futures price-spot price). Further, contracts expiring in February, March and June are trading at a discount of $30, $40 and $80, respectively.

A futures contract is an agreement between two parties to buy or sell a something at a future specified price and date, allowing for investors to hedge or speculate on the performance of the underlying asset. Hence, BTC futures trading at a discount to spot price (also known as market inversion) is a clear indication that the participants are still bearish.

Put simply, bitcoin’s price in one month, two months and six months from now is expected to be lower than its current price. So, it could be argued that the bear market is alive and kicking.

The outlook would turn bullish if the futures start trading at a premium to spot price. Moreover, that is a classic trait of the bull market.

That said, an unprecedented rise in premium serves as a warning sign of market nearing a long-term top. For instance, BTC futures were carrying a staggering $2,000 premium over spot price in December 2017.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

CME director of equity markets Tim McCourt via CoinDesk archives; Charts by Trading View

Ripple Price Analysis: XRP Moon-sling Depend on Adoption Levels

  • Ripple Price technically bullish
  • Brad Garlinghouse confident of more bank “switch.”
  • Transaction volumes low—averaging 26 million as XRP consolidate

The CEO of Ripple the company is satisfied and expecting the total Bank tally to increase by year’s end. So far 200 banks use the network meaning Ripple controls two percent of SWIFT’s market share.

Ripple Price Analysis

Fundamentals

The Ripple community might be over the top, excited about the progress. However, the truth of is, RippleNet—the underlying ledger that holds together xCurrent, xRapid and xVia—pales in comparison with SWIFT—a 40-year global payment network formed by banks. With enthusiasm, Brad Garlinghouse said banks might be ready to “flip the switch” and enjoy a cheap and convenient system, but at 200 versus 10,000—banks using SWIFT, Ripple has managed to clip a mere two percent of SWIFT’s market share.

What’s more, of the 200 banks, 13 companies are using the xRapid system which leverages on XRP as a liquidity tool. Therefore, all things constant, it appears as if there is an XRP undervaluation and if it remains as it is, speculators think Ripple is the next “Amazon.” The only distinction, in this case, it that it will have a fair valuation and a trillion-dollar capitalization.

Candlestick ArrangementsRipple

With a market cap of $13,349 million, XRP is the second most valuable coin. Nevertheless, it could lose this position more so if there are rapid ETH price gains in the next 24-36 hours—the network is upgrading. However, since candlestick arrangements favor bulls, our previous XRP/USD trade plan is valid.

Notice that XRP found support mid-range, just above 30 cents meaning bulls have the upper hand. For assurance, we shall trade in line with Sep 2018 gains and that demands patience until after there are substantial gains above 40 cents—a key resistance trend line marking the 61.8 percent Fibonacci retracement level marking Sep 2018 high low. Break above should be accompanied by above average volumes.

After that, both sets of traders should aim at 80 cents and later $1.65. On the flip side, losses below 25 cents invalidate our bullish overview.

Technical Indicators

Thus far, our point of reference is Jan 10 bear bar—83 million versus 30 million. Compared to recent averages of 26 million, it is clear that trading volumes are tapering and for gains above 40 cents, supporting volumes should not only exceed 80 million but equal to or above 123 million or Dec 24 volumes.

St. Louis Federal Reserve Predicts ‘Flood’ of Altcoins Will Drive Down BTC Prices

The St. Louis branch of the Federal Reserve bank has published a report seeking to examine the long-term prospects of BTC as an investment. The paper is highly critical of bullish outlooks for bitcoin, asserting that a “flood” of altcoins will deflate the price of all cryptocurrencies relative to fiat currencies over time.

Also Read: Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

Economic Research Arm of St. Louis Federal Reserve Assesses Bitcoin’s Prospects

St. Louis Federal Reserve Predicts 'Flood' of Altcoins Will Drive Down BTC PricesThe St. Louis Federal Reserve has published a paper that seeks to assess the prospects of bitcoin as a long-term investment.

According to the paper, the bullish argument for bitcoin core is that it will appreciate “indefinitely” due to its “capped supply and an ever-growing demand.” The bearish case for bitcoin, the St. Louis fed asserts, is that “Bitcoin’s price will fall to zero, as it’s an intrinsically worthless asset.”

Ultimately, the paper predicts that the future price action for bitcoin is likely to remain bounded between the aforementioned “extremes.”

St. Louis Fed Argues ‘Ever-Expanding’ Altcoin Supply Will Diminish Bitcoin Prices

The St. Louis Federal Reserve describes the bitcoin bull scenario as “too optimistic,” emphasizing the expectation that the “ever-expanding supply of alternative cryptocurrencies” will drive down the price of BTC relative to fiat currencies.

The paper asserts that the bullish outlook for bitcoin “assumes that the nominal exchange rate between bitcoin vis-a-vis other cryptocurrencies will adjust in proportion to their relative supplies,” adding that “Bitcoin is expected to appreciate relative to its competitors or, equivalently, its market capitalization share will stay constant over time.”

St. Louis Federal Reserve Claims Bitcoin ‘Has No Fundamental Value’

St. Louis Federal Reserve Predicts 'Flood' of Altcoins Will Drive Down BTC PricesThe bearish outlook is predicated on the assertion that “Bitcoin has no fundamental value” and that the market will “recognize this fact” sooner or later.

While appearing to make concessions for the possibility that bitcoin will not crash down to zero, the paper notes that “one can accept that bitcoin trades above its fundamental value without claiming that its fundamental value is zero,” adding that “many securities trade above what might be considered their fundamental value.”

In concluding, the paper asserts that the price dynamic of an unbacked asset will likely produce significant volatility and is “inherently unforecastable.” While the St. Louis Federal Reserves adds that the price of bitcoin is “not likely” to fall to zero, the paper repeatedly emphasizes the authors’ expectation that the proliferation of altcoins “is likely to place significant downward pressure on the purchasing power of all cryptocurrencies, including bitcoin.”

What is your response to the St. Louis Federal Reserve’s predictions regarding the long-term outlook for bitcoin? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia


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Blockchain Adoption in IoT Industry More Than Doubled in 2018: Survey

Blockchain adoption in the Internet of Things (IoT) industry more than doubled over the last 12 months, a survey conducted by major Dutch cybersecurity firm Gemalto reveals Jan. 15.

According to the survey, firms in the IoT industry are increasingly turning to blockchain tech, with adoption of blockchain more than doubling from 9 to 19 percent in the past 12 months.

Gemalto reportedly surveyed 950 information technology (IT) and business decision makers globally. According to the survey data, 90 percent of the companies think that IoT device security is a significant consideration for customers and 79 percent are requesting more robust government-issued security guidelines.

The report notes that — while presumably waiting for governments to intervene with regulation — the industry is turning to blockchain as a potential solution. Nearly a quarter (23 percent) of the respondents believe that this technology “would be an ideal solution for securing IoT devices.”

Furthermore, 91 percent of organizations that aren’t currently using blockchain technology declared that they’ll likely consider adopting it in the future.

Jason Hart, CTO, Data Protection at Gemalto stated in the survey summary:

“Businesses are clearly feeling the pressure of protecting the growing amount of data they collect and store. But while it’s positive they are attempting to address that by investing in more security, such as blockchain, they need direct guidance to ensure they’re not leaving themselves exposed.”

Gemalto, according to the press release, is the global leader in digital security, operating in 180 countries and reporting €3 billion (about $3.4 billion) in revenue in 2017.

As Cointelegraph reported in September last year, blockchain consortium R3 has deployed a digital ID application developed by Gemalto on the latest version of its blockchain platform, Corda.

In October 2017, Cointelegraph reported that Amazon Web Services suites at both Gemalto and Aviva had been hacked to mine cryptocurrency.