Tether Announces Relationship With Deltec Bank in the Bahamas

Tether Announces Relationship With Deltec Bank in The Bahamas News

Tether Announces Relationship With Deltec Bank in the Bahamas


On November 1st Tether said they have established a banking relationship with the Bahamas-based Deltec Bank & Trust Limited.


Tether Limited made a few notable announcements on Thursday, November 1st.

Early in the day on Twitter, the firm confirmed a new banking relationship with Deltec Bank & Trust Limited (Deltec), which has a headquarters in the Bahamas.

In a brief post, Tether wrote that Deltec carried out a “due diligence review of our company” before taking it on as a client. The post also came with an attachment to a letter penned by Deltec confirming the “portfolio cash value of your account with our bank was US$1,831,322,828,” at the close of business on October 31st.

As of press time, CoinMarketCap listed Tether’s circulating supply at 1,776,421,736 UST with a price of $0.98.

Letter Provided ‘Without Liability’

In the letter, Deltec was clear to note the letter with Tether’s portfolio cash value was “based on the information currently in our possession.”

The letter was just signed by “Deltec Bank & Trust Limited” with a quick scrawl, which attracted the attention of some commenters on Reddit.

A few people questioned why a person at the bank would not be willing to attach their name to the holdings report. Tether has been the focus of intense scrutiny and attention amid allegations it does not actually hold the dollar reserves it claims.

Tether asked law firm Freeh, Sporkin & Sullivan back earlier in the year to carry out a review of its holdings. The firm concluded Tether’s “unencumbered assets exceed the balance of fully-backed USD Tethers,” as of June 1st.

However, the law firm noted the review was not conducted with Generally Accepted Accounting Standards. Many question Tether’s holdings claims because they have so far been unwilling to undergo an audit.

Others point to a mid-October Tweet by Cameron Winklevoss, co-founder of the Gemini dollar, who wrote how it is not possible to carry out an audit on a stablecoin since “there is no financial report framework.” Winklevoss argued a 3rd party would have to just attest to the accuracy of an assertion about a 1:1 peg.

A Rigorous Review by Deltec

In the blog post, Tether said Deltec looked over compliance processes, policies, and other procedures, and carried out background checks of company officers, shareholders, and ultimate beneficiaries.

Tether wrote the review process occurred across several months and included an assessment “of our ability to maintain the USD-peg at any moment.”

The company said they are currently registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network and is reviewed by Deltec “on an ongoing basis.”

What do you think of Tether’s new banking relationship? Let us know in the comments!


Image courtesy of Bitcoinist archives, Shutterstock, Twitter (@Tether_to, @whalepool).

OmiseGO Presents an ‘Achievable Roadmap’ to Survive Bear Market

OmiseGo, one of the more promising token, published a roadmap detailing its future map in the coming months on Medium on October 30, 2018. Learning from previous experiences, the blog post stated that instead of revealing plans well in advance, they decided to list their achievements to-date to avoid disappointments.

Surviving the Bear Attack

The altcoin released a blog post under the title “State of the OMG Ecosystem,” that states it was the company’s “experience that the milestone model has led to a cycle of waiting, speculation, frustration, brief excitement upon release, and then recommencement of waiting, with not enough clarity in between.”

Alternatively, they interacted with the OmiseGo community members and listed out smaller, achievable tasks which would be completed towards the end of each milestone. To understand what the OmiseGo blockchain is all about, the company explained that it was made up of key components such as eWallet, Plasma which is a blockchain scalability framework, proof-of-stake consensus mechanism, and a decentralized exchange layer.

What’s in Store?

Plasma, a blockchain Scalability Framework sounds like a “too-good-to-be-true”technology. If OmiseGo manages to pull it off, there won’t be anything like it. According to the post, a Plasma chain can have the functionalities that depend on the whims of a builder or a developer. Usually, all state transactions are traced to a root chain. In Plasma, many transactions can be clubbed together and presented to the root change as one single state transaction.

According to the post, the company has also included a tracker that showed how far each component had been worked upon. For instance, the completed column showed that some boxes had been ticked, such as multiple currencies, Proof of Authority on OmiseGo servers and CLI Watchers. The ‘in-progress’ column included eWallet version 1.1, Synthetic Minds (audit) and Proof of Authority on External Testnet.

Truly Trustless System

Elaborating the new wallet, the company stated that it is entirely free and open source software toolkit, that would enable merchants and users to adopt it seamlessly. It added that once connected to Ethereum and Plasma; users would be able to send and receive cryptocurrencies such as ERC-721, ERC-20, tokenized fiat, among others. Later on, the eWallet will be able to store fiat currencies, in a bid to comply with regulations. At the time of writing, however, it is not clear, what currency would the fiat be in.

Like Ethereum, OmiseGo will also allow developers to build platforms on the ecosystem. Explaining how this would work, the post said, “These exist in the layer between web apps and the blockchain itself, providing the end to end infrastructure for integrating an end-user application, from application to a library to watcher to child chain. The eWallet, as a web app, will also make use of this infrastructure to connect to the blockchain.”

Currently, the demo applications of the integrated libraries are being tested out on the internal testnet. Although the all details about the upcoming projects was not disclosed, but it was made clear that OmiseGo is building a relationship with exchange venues to bring up their volume and liquidity to decentralized exchange.

 

Do you think the “State of the OMG Ecosystem” will help the OmiseGo to survive in a bear market? Let us know your thoughts in the comment, below.

Ethereum Price Analysis: ETH/USD Turned Bullish Above 100 SMA

Key Highlights

  • ETH price traded further higher and broke the $198 resistance against the US Dollar.
  • This week’s followed important bearish trend line was breached with resistance at $197 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip a few points, but it is likely to find support near $196 and the 100 hourly SMA.

Ethereum price is slowly moving higher against the US Dollar and bitcoin. ETH/USD may perhaps recover further towards the $203 resistance in the near term.

Ethereum Price Analysis

After dipping towards the $191 level, ETH price recovered nicely against the US Dollar. The ETH/USD pair traded higher and broke the $195 and $196 resistance levels. Later, there was a short term correction, but the price stayed above the $195 support. The price formed a decent support base near $195 and later started an upward move. There was even a close above the $196 level and the 100 hourly simple moving average.

More importantly, this week’s followed key bearish trend line was breached with resistance at $197 on the hourly chart of ETH/USD. The pair traded as high as $200 and it is currently consolidating gains. An initial support is the 23.6% Fib retracement level of the last wave from the $191 low to $200 high. However, the most significant support is near the $197 level and the 100 hourly simple moving average. Below the 100 hourly SMA, the 50% Fib retracement level of the last wave from the $191 low to $200 high is the next support. On the upside, an initial resistance is near $199 and $200, above which the price could test $203.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is placed nicely above the $197 support and the 100 hourly SMA. However, it won’t be easy for buyers to clear the $203 resistance.

Hourly MACDThe MACD is now back in the bullish zone.

Hourly RSIThe RSI is currently well above the 50 level.

Major Support Level – $197

Major Resistance Level – $203

PR: BTC.com Releases New Ethereum Block Explorer to Support Ethereum Community



This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

BEIJING, P.R. China – BTC.com today announced the launch of their Ethereum block explorer.

Building on the experience of developing and managing one of the famous Bitcoin Block Explorers, BTC.com starts to embrace Ethereum community by supporting foundation capabilities. BTC.com provides mining related service and customized API in the cryptocurrency industry since 2015. It now has the world’s largest Bitcoin mining pool and industry famous Bitcoin explorer.

BTC.com looks to transfer its industry-leading experience to help Ethereum scale its underlying infrastructure. By typing any of the following information: address, transaction hash, block, or token, users can get all the details of a transaction. By clicking bottom “Tokens,” users can check related information of any ERC-20 token.

BTC.com Ethereum Block Explorer features including real-time price and market cap checking. Users can view the latest blocks information, hash rate, and network difficulty on BTC.com Ethereum Block Explorer home page. Besides exhibition these essential data, there are two more boards: Pool’s Distribution, and Transaction Fees. We can see top five miners by blocks in 24 hours.

Of these boards, the Transaction Fees is the one gaining the most attention. In this board shows four indexes: average cost, average gas price, safe cost, and safe gas price. Once users want to initiate a transaction, he can estimate which gas price should be used. BTC.com Ethereum Block Explorer will display the estimated confirmation time for a different gas price.

“We will present more comprehensive data related service for our users,” says Zhong Zhuang, Director of BTC.com. “We are going to provide data insights for miners, investors, media, developers, and entrepreneurs in blockchain data service. We hold a very open cooperative attitude towards various ecological partners and hope to make positive contributions to the Ethereum community through technology and data cooperation.”

Stay tuned, on next version, BTC.com is planning to develop more functions of their block explorer. This version will include uncle bocks information, the complete list of pending transactions and mining pool. Users can view tokens holdings with any address on the blockchain and the new insight data of the real-time hash rate, uncle rates, and orphan rates of mining pools.

About BTC.com
BTC.com spearheads a user-driven and open financial system that has introduced over a million new users across the world to Bitcoin and Bitcoin Cash. Since launching the BTC.com block explorer in 2015, BTC.com has been at the vanguard of Bitcoin data analytics and software development. In 2016, BTC.com led the industry in innovation with the release of an open-source mining pool and wallet, which today play key roles in driving and maintaining Bitcoin’s decentralized ecosystem. BTC.com is aiming to provide the infrastructure for Ethereum and to explore the bigger picture of the blockchain-related products and service currently underway.

For more information about BTC.com, please visit https://btc.com/.
Follow us on Twitter and Telegram at https://twitter.com/btccom_official and https://web.telegram.org/#/im?p=@btccom.

Contact email
Feifei.liu@bitmain.com

Supporting Link
https://eth.btc.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.



John McAfee’s 2020 Presidential Bid to Champion Crypto Industry

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John McAfee’s 2020 Presidential Bid to Champion Crypto Industry

john-mcafees-2020-presidential-bid-to-champion-crypto-industry

When crypto enthusiast and anti-virus programmer John McAfee announced he would be running for the Oval Office in the 2020 elections, his political motives remained unknown. McAfee has now made his motives clear in a recent interview at the Malta Blockchain Summit on Thursday.

McAfee is not new to politics. He tried to gain a Libertarian Party nomination in 2016 but was pipped at the post by Gary Johnson. Could his 2020 bid be any different?

John McAfee Doesn’t Want to be President

The antivirus software programmer gave an interview to CoinTelegraph at this year’s Malta Blockchain Summit. Known for making larger than life statements about the crypto industry, McAfee has made his intentions known in regards to his plans to run in the 2020 elections.

Candidates run for office for all manner of reasons from professional to personal. McAfee has contended that he is doing it just to champion cryptocurrencies and bitcoin. He said that he is not doing it for the fame or the money. He told the crypto news website that:

See, I don’t want to be president. I couldn’t be…no one’s going to elect me president, please God. However, I’ve got the right to run.

Bringing Bitcoin to the Forefront of Politics

McAfee has stated that he is more interested in using the election campaign to shine more light on bitcoin and blockchain in general. He wants to use the election as a platform and an opportunity for the industry to showcase the idea of decentralized cryptocurrencies to the mainstream masses.

Opinions are divided on whether an outspoken crypto proponent such as McAfee standing on a soapbox bestowing the virtues of bitcoin is a good thing for the industry or a bad thing that could backfire.

The McAfee Antivirus software creator also mentioned in the interview he is concerned about the current lack of personal freedom and believes that crypto could help make personal freedom more attainable.

A poll in September on McAfee’s Twitter account asked his Libertarian Party only followers whether or not they would follow him into battle once more if he entered the 2020 election affray under a libertarian banner.

57% of the 7,748 votes said they would follow him in the next election. Jonh McAfee might not want to be president, but only time will tell if his election attempt will prove a positive or a negative for the crypto industry.

IOTA Foundation to Integrate Native Token With Ledger’s Hardware Crypto Wallets

The Germany-based IOTA Foundation will integrate IOTA tokens with Ledger’s hardware cryptocurrency wallets, according to a press release shared with Cointelegraph Nov. 2.

The IOTA Foundation is a non-profit organization that supports the development and standardization of distributed ledger technology (DLT) and is focused on building ecosystems around IOTA in order to facilitate its commercial adoption.

As of November 2017, the Foundation reportedly owned $255 million in tokens as foundation funds, $22 million as the ecosystem fund, and $20 million as unclaimed IOTA from the crowdsale.

After the integration with the IOTA Trinity and Romeo wallets, the Ledger Nano S hardware wallet will allow users to protect their private keys, giving access to their IOTA tokens in a special chip by isolating users’ keys from their computers or smartphones.

This will enable users to validate transactions on their Ledger hardware wallet as part of the security protocol. The Ledger wallet reportedly deploys a similar chip to that which is used for credit cards or passports.

As Cointelegraph has previously reported, Japanese ICT conglomerate Fujitsu announced the launch of an IOTA-based proof-of-concept (PoC) for audit trail processes in the manufacturing industry.  

The company is reportedly looking to use the IOTA protocol as an “immutable data storage medium” for audit trails across “industrial production environments and supply chains” to improve transparency, data trust, and data security.

In June, IOTA and Volkswagen demonstrated a PoC that uses IOTA’s Tangle system for autonomous cars. The PoC enables Volkswagen to use IOTA’s Tangle architecture to transfer software updates “over-the-air” as part of the car manufacturer’s new “Connected Car” systems.

IOTA Tangle is another type of DLT specifically designed for the Internet of Things (IoT) environment. It is an open-source protocol facilitating Machine-to-Machine interactions, including secure data transfer, real-time micropayments, and other data.

At press time, the IOTA token is trading at $0.47, with a market capitalization of about $1.3 billion according to data from CoinMarketCap.

CryptoKitties Parent Company Wants to Be the Zynga of Blockchain

Dapper Labs, the company behind the world’s first and most successful consumer blockchain product, CryptoKitties, has raised $15 million in financing led by Venrock, in an aim to bring more users to the blockchain, the company announced in a press release on November 1, 2018.

Valuation Doubled in Venrock-Led Fundraising

The company that created one of the most popular consumer blockchain products today is seemingly raking in cash faster than any other Ethereum platform. Dapper Labs, the startup that spun out of parent firm Axiom Zen to continue working on CryptoKitties, has secured $15 million in funding.

The company’s latest funding round was led by Venrock Capital and was joined by Google Ventures, SamsungNEXT and Andreessen Horowitz (a16z), as well as names not normally associated with venture investing, such as the talent agency William Morris Endeavor and e-sports firm aXiomatic.

The newest round of funding follows comes just months after the company secured a $12 million investment by a16z and Union Square Ventures back in March 2018. Altogether, the company has raised $27.85 million to date, but it’s not the only milestone Dapper Labs has crossed in the past months. Back in September 2018, the CryptoKitties welcomed their 1,000,000th virtual Kitty, less than 10 months after the game was created.

Dapper Labs Could Change Blockchain

While CryptoKitties grew to fame in December 2017 as the game that clogged the Ethereum network, accounting for more than 11 percent of its traffic, the company behind it has plans that are much bigger than selling virtual cats.

According to Bloomberg, the company plans on using the newly raised funds to open a  Los Angeles-based U.S. subsidiary and to release additional games and entertainment apps that run on the blockchain, the database technology.

However, the company’s long-term goal is much more ambitious. According to Dapper Chief Executive Officer Roham Gharegozolou, the company aims to emulate in the blockchain world what Zynga became in social gaming.

“We believe that blockchain is going to change the everyday life for everyday people. We see it as a new platform the way social networks were, or the way mobile was a few years ago,” he said in a phone interview.

And it’s not just about the cat for Venrock either. The venture capital firm said that their investment is bet on the human desire to collect rare and valuable items—with blockchain technology being a natural evolution of the collecting industry.

David Pakman, a partner at Venrock, told Fortune that he believes Dapper Labs can become a platform company for the launch of “many, many different kinds of digital collectibles.”

Major Milestone: New York Licenses Bitcoin ATMs, Now Fully Regulated

New York’s chief financial regulator has approved a Bitcoin-based ATM company to receive a controversial Bitlicense, granting them the ability to offer their services in the state.

Coinsource Granted Bitlicense From New York Department of Financial Services

Coinsource Inc., the company behind a wide-number of Bitcoin automated-teller machines across the United States, can now offer their cryptocurrency buying and selling services across the state of New York. The New York Department of Financial Services (NYDFS) granted the company approval to receive a controversial Bitlicense – a license that governs cryptocurrency-related businesses operating in the state of New York.

Coinsource’s ATM operation stretch across 18 U.S. states, and the firm is planning on expanding to all 50 states in the future as it earns additional regulatory approval. The company says its the “world’s largest Bitcoin ATM Network” and boasts about having the lowest rates, fastest speeds, and live support.

The Department of Financial Services’ approval comes after a thorough review of Coinsource’s application. NYDFS superintendent Maria Vullo said the “approval is a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation.”

Does Bitlicense Really Encourage Growth and Innovation? Crypto Companies Say No

While NYDFS is confident that Bitlicense encourages “growth” and “innovation” in the cryptocurrency industry, plenty of businesses and their executives beg to differ. Only twelve of the controversial Bitlicenses have been awarded to cryptocurrency companies in the state. However, many more than that have been forced out, and others outright avoid the state of New York due to NYDFS overextending their control and influence. A total of fifteen companies fled the state after Bitlicense was put into effect, with only a handful of the most prominent companies remaining.

The New York financial regulator has caused much uproar in the industry, and has been compared to an abusive ex by Kraken CEO Jesse Powell.

“NY is that abusive, controlling ex you broke up with 3 years ago but they keep stalking you, throwing shade on your new relationships, unable to accept that you have happily moved on and are better off without them. #getoverit,” he said in a tweet.

Powell was riled up, responding to a report published by the New York attorney general’s office that alleged that Kraken and a pair of other exchanges were operating in the state unlawfully. Kraken later released an official statement on their website suggesting that NYDFS show some “basic respect” to the young, growing industry.

Digital Asset ATM Provider Coinsource Acquires Bitlicense

Coinsource announced on Thursday that it has become the first digital asset ATM provider to be granted a Bitlicense in the state of New York. The company joins 12 other organizations that have already received the license for virtual currency businesses from the New York Department of Financial Services (NYDFS).

Also read: Anypay Provides BCH Invoices That Can Be Paid by Sending a Text

Controversial Permit

Digital Asset ATM Provider Coinsource Acquires BitlicenseCoinsource, a Texas-based cryptocurrency ATM operator, has made a lot of headway over the years, with 200 BTC-dispensing ATMs across the U.S. and 40 kiosks in the state of New York. The company applied for the Bitlicense in the summer of 2015, but it and other businesses have been able to operate over the years by using provisional licenses.

The Bitlicense was created in 2015 and has been controversial since the day it was introduced. However, because New York is one of the world’s biggest financial centers, large cryptocurrency companies such as Circle, Coinbase and Bitflyer have already secured approval to offer their services in the state. Coinsource will be the 12th company to be granted the Bitlicense and the first crypto-ATM provider to be permitted to operate legally in the state.

“Coinsource is the first and only company that operates Bitcoin Teller Machines (BTM) to receive a New York virtual currency license,” Coinsource CEO Sheffield Clark said. “All New Yorkers — from the people that are unbanked to the people who own the banks — can use our kiosks in their neighborhood retail locations to buy bitcoin instantly in a convenient and familiar way.”

Digital Currency ATMs Offer Greater Accessibility  

Digital Asset ATM Provider Coinsource Acquires BitlicenseA large number of customers use BTC-dispensing ATMs as an alternative to online exchanges, which often have issues such as long transaction delays and poor customer service support, Clark said, adding that Coinsource also expands access to digital assets. “This is a landmark day for Coinsource, but an even more important win for New Yorkers,” he stated.

Digital currency-based ATMs have become extremely popular over the past year, with thousands now installed throughout the world, according to Coinatmradar.com, an analytical cryptocurrency data website. Beyond the Coinsource machines throughout New York, several other companies operate cryptocurrency ATMs across the state, such as Pay-O-Matic and Coinbtm.com.

What do you think about Coinsource getting the Bitlicense to operate in New York? Let us know what you think in the comments section below.


Images via Shutterstock, and Coinsource.


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Brazilian Tax Regulator Publishes Draft on Cryptocurrency Taxation

The Department of Federal Revenue of Brazil (RFB), which administers tax collection in the country, is seeking to receive monthly reports on crypto assets operations, according to a document released by the RFB Tuesday, Oct. 30.

In the paper, the RFB has announced that Brazil-based crypto exchanges are now obliged to send them detailed reports on all crypto-related operations on monthly basis. For instance, the companies have to reveal the amounts of transactions and the identity of the customers.

Moreover, both legal entities and individuals residing in Brazil are now obliged to report all the transactions they have carried out at foreign crypto exchanges if they surpass $10,000 Brazilian reals ($2,700) per month.

The RFB’s draft on crypto taxation also sets a range of fines for those who fail to report their transactions. For the delay of a tax declaration, citizens will have to pay up to 1,500 Brazilian reals ($400). In case the information provided is insufficient or false, the RFB could charge up to 3 percent of transaction value as a fine as well.

The tax watchdog has already opened a public consultation to receive proposals on the new regulation: notes will be accepted from Oct. 31 till Nov. 19.

In the explanatory note, the regulator states that such measures have been taken due to the significant growth of the crypto industry in the country. According to the RFB, the number of crypto exchange clients has already exceeded the number of users registered at B3 — the Brazilian stock exchange based in Sao Paulo. In its turn, the daily volume of transactions conducted by five major Brazilian crypto exchanges surpasses 8.3 million reals (around $2.2 million).

The regulator’s draft follows a move by Brazilian banks to close some crypto-related accounts, which led to a probe launched by local antitrust agency CADE. The investigation was initiated on the request of the Brazilian Blockchain and Cryptocurrency Association (ABCB) following several complaints from crypto industry.

CADE has sent a questionnaire to ten Brazilian crypto exchanges targeted by the bank’s decision. The companies were requested to explain how their business functioned in Brazil.

In late October, the Federal District Court of Brazil forced major banks Banco do Brasil and Santander Brasil to reopen the accounts for local crypto exchange Bitcoin Max. The judge ruled that the banks’ decision to close the crypto-related accounts was “abusive conduct” violating consumer protection rules.