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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

No Panic: Cooler Heads Prevail as SEC Casts Shadow on Cooley ICO Event

An event focused on initial coin offerings saw optimism despite SEC guidance that signaled a new era for the novel funding method.

Source

Posted on 26 July 2017 | 4:10 pm

SEC Weighs In on ICO Tokens as Securities; Ether Still Labeled “Currency”

SEC vs ICO tokens

It was only a matter of time before the U.S. Securities and Exchange Commission (SEC) moved in on the “Wild West” world of Initial Coin Offerings (ICOs), which has sent the blockchain world reeling. Yesterday, it finally did with its announcement that virtual tokens like the ones sold by the DAO are securities and now subject to federal securities laws.

The SEC statements reads in part: “federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology.”

The SEC is cautioning investors not only to be aware of the risks but also to ensure that those looking to get involved do their own due diligence as well.

One important distinction that seems to have emerged in the report, however, is that while DAO tokens are securities, Ether itself is still in the clear.

The Report seems to distinguish between Ether, labeled a virtual currency, and DAO Tokens, labeled a security. Market participants may take comfort in this distinction, as it supports the view that not all blockchain tokens are securities under the U.S. Federal Securities Laws. - Devebois & Plimpton LLC

The announcement, nevertheless, is expected to have an impact on token sales. As a result of this recent development, it is important to note that any company looking to raise capital through ICOs in the U.S. will have to take this SEC decision into consideration.

On the legal side, Mark Radcliffe of DLA Piper told Bitcoin Magazine: “Those considering a token offering would be well served to reconsider their plans and ensure compliance in all of these areas, from tip to tail.”

Radcliffe said: “The SEC’s release is most notable on its survey of many of the corollary issues which can be triggered under the federal securities laws when a token is deemed a security, from registration or exemption, whether general solicitation is permissible, to crowdfunding, to after-market trading and even addressed compliance issues under the 1940 Act.”

What Is “The Howey Test”?

The Howey test is the leading definition of an investment contract, referring to the U.S. Supreme Court case SEC v. W.J. Howey Co. Under the Howey test, an investment contract is “a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.”

According to Jaron Lukasiewicz, CEO of stealth blockchain project WORKFLOW and former investment banker, “The standard test is an investment in a business where the buyer has a reasonable expectation of profits based on the efforts of others. It should come as no surprise that the SEC found that buyers of the DAO Token purchased a security.”

He explained that the key feature of the DAO token was indeed an expectation of profit if the investments made by the DAO were successful, and so DAO tokens were expressly sold as an investment.  

Lukasiewicz added: “Unlike a token such as Ether, the DAO token had no other utility.  Many people in the industry at the time were concerned about the DAO for the reasons stated by SEC.”

Marco Santori, partner at Cooley LLP and legal ambassador for the Delaware Blockchain Initiative, shared an excellent summary of the report's key points on Twitter, touching chiefly on the distinction between tokens that are and are not securities.

santori screenshot

Arnold Spencer acts as general counsel for the Coinsource network of Bitcoin ATMs. He summed up the distinction in a succinct analogy:

If you buy an interest in a golf course to make money from the business, it is a financial investment and therefore a security. If you join a golf club to play golf, it is not a financial investment and not a security.

Important — but Not Surprising

Ron Chernesky, CEO of social trading platform investFeed, said that he welcomes the SEC announcement, although he also noted that “before yesterday’s announcement, it was common knowledge that ICOs have been enveloped in a regulatory [gray] area.”

It would appear that that gray area has now shrunk somewhat.

The post SEC Weighs In on ICO Tokens as Securities; Ether Still Labeled “Currency” appeared first on Bitcoin Magazine.

Posted on 26 July 2017 | 3:33 pm

The Big News Behind the BTC-e Arrest and Mt Gox Connection

CoinDesk takes a look at new developments in the Mt Gox case, attempting to provide an easy-to-read overview of the complex events.

Source

Posted on 26 July 2017 | 3:17 pm

Billionaire investor Marks, who called the dotcom bubble, says bitcoin is a 'pyramid scheme' - CNBC


CNBC

Billionaire investor Marks, who called the dotcom bubble, says bitcoin is a 'pyramid scheme'
CNBC
Billionaire investor Marks, who called the dotcom bubble, says bitcoin is a 'pyramid scheme'. Howard Marks warns his clients against investing in digital currencies. His firm Oaktree Capital has $99 billion of assets under management as of June 2017, ...
Billionaire investor Howard Marks says cryptocurrencies 'aren't real'Business Insider

all 12 news articles »

Posted on 26 July 2017 | 3:01 pm

Bitcoin grows up and gets its first federally regulated exchange - Engadget


Engadget

Bitcoin grows up and gets its first federally regulated exchange
Engadget
Bitcoin is set to be given the same financial safeguards as traditional assets. The US Commodity Futures Trading Commission has granted LedgerX, a cryptocurrency trading platform operator, approval to become the first federally regulated digital ...
The first Bitcoin currency exchange has been approved by US regulatorsBusiness Insider Australia

all 2 news articles »

Posted on 26 July 2017 | 1:18 pm

Investor Tim Draper Calls on SEC to 'Grandfather' ICOs Into Compliance

Investor Tim Draper penned an open letter to the SEC today asking for the agency to carve-out exemptions for certain ICOs.

Source

Posted on 26 July 2017 | 1:04 pm

Bitcoin exchange chief arrested amid new questions about Mt Gox theft - The Verge


The Verge

Bitcoin exchange chief arrested amid new questions about Mt Gox theft
The Verge
Greek police have arrested one of the central figures in the Bitcoin exchange BTC-e on suspicion of money laundering. Russian citizen Alexander Vinnik was arrested in Greece at the request of US law enforcement, according to a Reuters report. The ...
Bitcoin Exchange Was a Nexus of Crime, Indictment SaysNew York Times
Bitcoin fraud suspect Vinnik charged by US grand juryBBC News
US indicts suspected Russian 'mastermind' of $4 billion bitcoin laundering schemeReuters
The Register -Ars Technica -WizSec -Reuters
all 53 news articles »

Posted on 26 July 2017 | 12:01 pm

The Fundamental Conflict At The Heart Of Bitcoin - Forbes


Forbes

The Fundamental Conflict At The Heart Of Bitcoin
Forbes
The Economist has a nice piece which highlights the fundamental conflict at the heart of Bitcoin. Miners want the price of bitcoin to keep on rising, because this gives them an incentive to keep mining despite the ever-rising energy cost of doing so ...
Bitcoin Investors Should Not Fear August 1 Chain SplitCoinTelegraph
Amid Chaos, We're About to Get a Whole New Kind of BitcoinGizmodo
5 Things You Need to Know About a Bitcoin ForkInverse
CoinDesk -The Merkle -www.v3.co.uk
all 22 news articles »

Posted on 26 July 2017 | 11:44 am

Feds: Jobless Montco man is no bit player in $50M bitcoin theft - Philly.com


Philly.com

Feds: Jobless Montco man is no bit player in $50M bitcoin theft
Philly.com
Federal investigators – and the unemployed 30-year-old himself – say he pulled off one of the largest bitcoin thefts in the short history of the supposedly fraud-proof virtual currency, stealing the equivalent of nearly $50 million. He also claimed ...

Posted on 26 July 2017 | 10:40 am

$4 Billion: Russian Man Arrested for Alleged Bitcoin Money Laundering Scheme

Authorities have reportedly arrested a man believed to be behind a money laundering scheme orchestrated through bitcoin.

Source

Posted on 26 July 2017 | 8:05 am

Bitcoin Cash: Why It's Forking the Blockchain And What That Means

A group of miners unhappy with scaling proposal Segwit2x have created Bitcoin Cash, an alternative that could fork the bitcoin network on Aug. 1.

Source

Posted on 26 July 2017 | 7:00 am

South Africans Make Bitcoin Work for Them As Currency, Store of Wealth - CoinTelegraph


CoinTelegraph

South Africans Make Bitcoin Work for Them As Currency, Store of Wealth
CoinTelegraph
South Africa is still an emerging Bitcoin market, but it is growing, as more and more citizens come around it seems the best use of the digital currency is as a store of wealth, especially compared to the failing local currency. It is estimated that ...
WATCH: The dummies' guide to bitcoinTimes LIVE

all 4 news articles »

Posted on 26 July 2017 | 5:56 am

Veritaseum Founder Claims $8 Million in ICO Tokens Stolen

A cryptocurrency project called Veritaseum was the victim of a suspicious hack this weekend, resulting in the loss of millions of $ in stolen tokens.

Source

Posted on 26 July 2017 | 4:33 am

Advertise with Anonymous Ads

Someone Tried to Extort 52 Bitcoins From Trump Advisor Jared Kushner Last Year

Jared Kushner, a senior aide to US President Donald Trump, revealed that the extortionist threatened to release information on Trump's tax returns.

Source

Posted on 26 July 2017 | 4:00 am

Goldman Sachs: Bitcoin May Reach New High Over $3,600

Goldman Sachs has issued a new forecast for the price of bitcoin, finding it will likely remain volatile before testing all-time highs again.

Source

Posted on 26 July 2017 | 3:10 am

ICOs: Foolish Mania or Market Discovery? (They Might Be Both)

As ICO mania subsides, CoinDesk contributor Ariel Deschapell argues the increased experimentation that will result is likely an industry boon.

Source

Posted on 26 July 2017 | 2:38 am

Token Summit Creator: SEC ICO Guidance a 'Breath of Fresh Air'

A prominent figure in the movement to encourage blockchain tokens as a funding method has lauded new SEC guidance for the industry.

Source

Posted on 25 July 2017 | 5:30 pm

'Not a Surprise': Blockchain Industry Saw SEC ICO Action Coming

The SEC's new blockchain token guidelines aren't a surprise to industry commentators.

Source

Posted on 25 July 2017 | 5:04 pm

Some Bitcoin Backers Are Defecting to Create a Rival Currency - New York Times


New York Times

Some Bitcoin Backers Are Defecting to Create a Rival Currency
New York Times
SAN FRANCISCO — For the last two years, rival factions have been vying for control of the Bitcoin virtual currency and its global network of computers and supporters. Now, one of the main camps is preparing to break off and create a competing version ...
Bitcoin, digital currencies retreat from recordsMarketWatch
What Every Bitcoiner Should Know About 'Bitcoin Cash' - Bitcoin NewsBitcoin News (press release)
Bitcoin Price Slides 7% As Bitcoin Cash Emerges - Fork Fears?CoinTelegraph
Motherboard -The Merkle -CryptoCoinsNews -blog - Bitmain
all 25 news articles »

Posted on 25 July 2017 | 4:56 pm

Emin Gun Sirer: SEC ICO Guidance is 'End of Beginning for Blockchains'

A Cornell professor who was at the center of last year's DAO hack has issued new comments on an SEC ruling on the project.

Source

Posted on 25 July 2017 | 4:00 pm

This is what it will take for bitcoin to become a legit currency - MarketWatch


MarketWatch

This is what it will take for bitcoin to become a legit currency
MarketWatch
As the debate rages on whether bitcoin is a legitimate currency or just imaginary money, one Wall Street analyst stripped down the argument to three simple parameters — safety, liquidity and return. These attributes are the hallmarks of reserve ...
Merrill Lynch Plots Bitcoin's Path to Global LegitimacyCoinTelegraph
BofA Says Bitcoin Needs Acceptance to Thrive But That's UnlikelyBloomberg
Bank of America Analyst: Bank Acceptance a 'Crucial Hurdle' for BitcoinCoinDesk

all 7 news articles »

Posted on 25 July 2017 | 3:42 pm

SEC: US Securities Laws 'May Apply' to Token Sales

The SEC said today that the offering and sale of digital tokens "are subject to the requirements of the federal securities laws".

Source

Posted on 25 July 2017 | 2:44 pm

Bitcoin slammed by more than 10% to below $2500; Ethereum down big too - CNBC


Barron's

Bitcoin slammed by more than 10% to below $2500; Ethereum down big too
CNBC
Bitcoin fell to its lowest in five days Tuesday amid uncertainty over whether the digital currency will still avoid a split. Bitcoin dropped more than 10 percent to $2,487.13, its lowest since last Thursday when it hit a low of $2,276.16, according to ...
In Bitcoin We Trust???Barron's
Goldman Sachs: Bitcoin May Reach New High Over $3600CoinDesk
What's Holding Bitcoin Back? BofA Has Some SuggestionsInvestopedia
MarketWatch -Lawfare (blog) -Forbes
all 29 news articles »

Posted on 25 July 2017 | 2:41 pm

Ether Prices Drop Below $200 Amid Wider Crypto Market Fall

Ether prices are down more than 11%, dropping below $200 amidst a wider market fall among the world's top cryptocurrencies.

Source

Posted on 25 July 2017 | 2:10 pm

Lamassu’s Zach Harvey Shares Data on the Growing Use of Bitcoin ATMs

Lamassu’s Zach Harvey Shares Data on the Growing Use of Bitcoin ATMs

Lamassu is a bitcoin ATM manufacturer that started in 2013 with the goal of making it “as simple as possible to get bitcoin.” There are now hundreds of these bitcoin ATMs around the world, and one of Lamassu’s co-founders, Zach Harvey, recently shared some data related to how these machines are used at a Bitcoin meetup in Milan.

While a recent article in the New York Post warned bodega owners against putting bitcoin ATMs in their stores due to potential use by darknet market customers, Harvey stated his belief that most of the bitcoin ATM users are using the devices for speculation on the bitcoin price, which he sees as the biggest use case for the digital asset right now.

According to Harvey, Lamassu set up their business in a decentralized, distributed manner where they manufacture the machines in Portugal and then sell them to operators around the world.

“The reason we did this in a way that is more distributed is because we felt the system would be a lot more robust if every one of these individual operators ran the machines themselves, had their own bitcoin wallets from which to send to the end user, had full control over their user data, there would be no single point of failure, and it would also be more in the spirit of Bitcoin,” said Harvey at the recent meetup.

Harvey went on to discuss data related to the use of bitcoin ATMs, problems associated with increased congestion on the Bitcoin network, and a specific example of why he thinks bitcoin is going mainstream.

Who Uses Bitcoin ATMs?

According to Harvey, the people who use bitcoin ATMs are mostly non-tech savvy users who want to get their first taste of digital currency. Harvey added that bitcoin ATMs tend to attract these types of users due to a focus on convenience and user experience. The Lamassu co-founder also claimed that a new user can complete a transaction in 20 to 30 seconds, while someone familiar with the machine can be done in less than ten seconds.

Two of the key selling points of bitcoin ATMs mentioned by Harvey were that users don’t have to go through the process of connecting a bank account with an exchange and the machines can feel like a safer option than meeting up with a random person found on a P2P bitcoin trading marketplace like LocalBitcoins.

According to Harvey, the selling points of bitcoin ATMs are so strong that many people are willing to pay the 10 to 15 percent exchange fees that come with them. He claimed that the more popular bitcoin ATMs get around 50 transactions per day and “sometimes you’ll even have queue at some of the machines.”

“If you’re around a bitcoin ATM, there really is no easier way of [getting some bitcoin],” Harvey later added.

Having said that, Harvey indicated that many of the bitcoin ATMs in the United States include some sort of identity verification due to Know Your Customer and anti-money laundering regulations. The level of identity verification required tends to vary, depending on the amounts involved and where the bitcoin ATM is located.

Harvey also shared data from one of their operators, who owns 14 machines, that indicated these bitcoin ATMs tend to be used for low-value transactions.

“These are people that just want to get the first experience — see what it’s like to get into bitcoin,” said Harvey. “If they really just want to see what it’s about — feel a little bit of the magic of bitcoin — they’re going to start with a low amount.”

“If you look at machine number 13, there’s almost 90 percent of transactions that are under $100,” Harvey added.

According to the data shared by Harvey, 20 to 30 percent of the transactions at these particular bitcoin ATMs are for less than $10.


Screenshot 2017-07-21 at 4.37.14 PM.png


Network Transaction Fees Have an Effect on Bitcoin ATMs

During his appearance at the Bitcoin meetup in Milan, Harvey also discussed the effect that increased congestion on the Bitcoin network has had on bitcoin ATMs. He noted that operators asked for the functionality to add a flat fee or the complete removal of the $5 and $10 transaction amounts when on-chain transaction fees get into the $1–$2 range.

Harvey also noted that roughly 90 percent of the transactions that are usually processed by bitcoin ATMs would become uneconomical if on-chain bitcoin transaction fees reached $10.

Due to demand from their operators, Lamassu plans to add altcoins, such as ether and zcash, to their machines in the coming weeks. These altcoins feature shorter confirmation times, which can be helpful in situations where a user wants to trade their cryptocurrency for physical cash.

“It’s not as secure as a bitcoin confirmation, but it’s more secure than a zero-confirmation of bitcoin,” Harvey said of confirmations on other cryptocurrency networks.

Due to Bitcoin network congestion and poorly implemented fee estimation software on users’ mobile wallets, Harvey noted that some users have had to wait over a day to get their cash out of a bitcoin ATM.

In terms of unconfirmed bitcoin transactions, Harvey stated that not many operators have had issues with accepting them.

Bitcoin Going Mainstream?

Although Lamassu also has machines in North America, Europe, Asia, Australia and New Zealand, Canada has become their most active userbase. According to data shared by Harvey, the Toronto area alone has around 50 Lamassu bitcoin ATMs.

“Several years ago, [this] would have seemed like way too many, and now it’s starting to be something that’s the norm as bitcoin goes more mainstream,” said Harvey of the density of bitcoin ATMs in Toronto.

When sharing data related to the proliferation of Lamassu’s bitcoin ATMs around the world, Harvey showed a screenshot of an email he received from a convenience store owner in Toronto.


Screenshot 2017-07-21 at 4.37.44 PM.png

“Customers are coming into my store, and they’re telling me, ‘Why don’t you have a bitcoin ATM?’” Harvey paraphrased from the email. “Can I please get one placed here?”

This is the same area that already has roughly 50 bitcoin ATMs around it.

Watch the full presentation here.


The post Lamassu’s Zach Harvey Shares Data on the Growing Use of Bitcoin ATMs appeared first on Bitcoin Magazine.

Posted on 25 July 2017 | 12:42 pm

Australian Bitcoin Exchange Raises $815k in Series A Funding

An Australian bitcoin exchange has reportedly raised $815k in Series A funding.

Source

Posted on 25 July 2017 | 10:00 am

Infosys EdgeVerve Expands Blockchain Integration to Sales Platform

A subsidiary of Indian IT giant Infosys is pushing ahead with its plans for blockchain in a bid to create new revenue streams.

Source

Posted on 25 July 2017 | 9:00 am

American Express Brings Credit Card Buying to Bitcoin App Abra

Abra users can now buy bitcoin with American Express credit cards, a move that diversifies its available payment options.

Source

Posted on 25 July 2017 | 7:58 am

Bad Karma: Community Objects to “Opportunism” of Buddhism on the Blockchain

Lotos

Last week, startup company Lotos published its new project on Reddit aiming to create a decentralized religious community, supporting Buddhism and meditation, based on the Ethereum blockchain. According to the company’s white paper, the community’s structure will be segmented into three parts: “an off-blockchain software platform” connecting the teachers and the students; “an internal economy supported by ERC20 tokens purchased by subscription fees and a central banker smart contract;” and “a website and
database backend connected to the network with Swarm.”

The ERC20 compatible Karma (KRM) token will be used for on-platform exchanges and for crowdfunding the development of the platform. In addition to that, if users are able to grow the network, they will receive KRM as a reward.

The company believes they can create a blockchain-based community by combining science and religion in a radical way. There is even a statement from Tenzin Gyatso, the 14th Dalai Lama, included in the whitepaper:

“If scientific analysis were conclusively to demonstrate certain claims in Buddhism to be false… then we must accept the findings of science and abandon those claims.”

The Lotos community will be divided into two parts: students and teachers. Teachers will be either elected or assigned by the company’s owner. They offer religious services for the students including “facilitating student retention and progress,” creating content for the network and “recruiting” new students. The teachers will earn Karma tokens for their activities.

On the other hand, the students can freely register into the community, although, for a price. Lotos will allow students to join “temples” and classes but they have to pay KRM tokens to do so. Furthermore, there is “Karma-gated” content, which is only available if certain students pay a flat monthly subscription fee. Students can also earn KRM bonuses if they meditate, the more regular their activity is, the more bonuses they can earn, the whitepaper detailed.

When Lotos published its whitepaper in the Ethereum community on Reddit, they received hard criticism. Most of the users argue that Buddhism does not comply with materialism.

“I think ‘searching meaning beyond materialism’ and material ‘reward of spiritual practice’ don't mix together very well. Just a thought,” one user wrote.

“Dude what you are doing is not Buddhism it's Opportunism. Buddhism is about Simplicity, you are leading people into Complexity. Basically with your System people's Incentive to meditate IS TO MAKE MONEY (NOT LIBERATION),” another user wrote on Reddit.

Others in the community suspect that the whole project, which is planning to launch an ICO, is a scam or some sort of money grab.

“Here's the problem man: you are coming out with an ICO right at a time when the inherent corruption in ICOs is very much a public thing. I like the idea of a decentralized meditation app, I really do. However the fact that you are doing an ICO for ‘decentralized religion’ on something that isn't non-profit ESPECIALLY BUDDHISM screams scam, and I believe it is one. If this is really your passion to help people around the world learn to meditate and become spiritual, you wouldn't have a for-profit business model. Without a non-profit, you really don't have a leg to stand on when it comes to spirituality,” a user named “PJBRed27” said about the project.

Surprisingly, it seems the negative opinions on the project made Lotos change some of the concepts of the project:

“We are changing direction a bit now:

  1. Remove ICO mention from all marketing material / stop the crowd-fund campaign and work on building our community.

  2. Start playing the slow and steady ‘snowball going down a mountain’ game.

  3. Write blog posts at least once per week, each post highlights one of the community's biggest concerns with our project (like why we need ERC20 tokens).

  4. This also gives us time to find both blockchain and buddhist advisors.

  5. Move away from 'Buddhist’ to ‘Secular Meditation’.”

The post Bad Karma: Community Objects to “Opportunism” of Buddhism on the Blockchain appeared first on Bitcoin Magazine.

Posted on 24 July 2017 | 2:14 pm

Mastercard and Cisco Join Enterprise Ethereum Alliance

Mastercard

The Enterprise Ethereum Alliance (EEA) was recently joined by 34 new members, including Mastercard, Cisco, Scotiabank and the Government of Andhra Pradesh, bringing the total membership of the consortium to over 150 organizations.

On July 18, 2017, the Enterprise Ethereum Alliance published a press release claiming that — with the 34 new members and the total size of 150-plus participants — the EEA became “the world’s largest open-source blockchain initiative.” According to the consortium, which focuses on developments on the Ethereum blockchain, the newest members of EEA represent a “wide variety of business sectors, including technology, banking, government, healthcare, energy, pharmaceuticals, marketing, and insurance, as well as a number of fast-growing Ethereum startups.”

The main concept of the nonprofit is to “build, promote, and broadly support Ethereum-based technology best practices, open standards, and open source reference architectures.”

There was a bit of confusion in the Ethereum Reddit community since Mastercard was not listed among the new members in EEA’s press release. However, Andrew Keys, head of global business development at ConsenSys, cleared up the issue.

“Mastercard is indeed a new member of EEA. They asked not to be in the press release document but approved being on the EEA official website. They may be doing their own communications on this,” he wrote.

CEOs and representatives of many of the newly joined members of the EEA expressed their gratitude and commitment toward the project.

“As Fintech Valley Vizag in Andhra Pradesh aims to become a vital financial technology hub, it is working on adopting more robust systems that are cost-effective. With security issues all over the world, there is no doubt that blockchain technology is set to be the biggest disruptor not only in the financial world, but also [in] a number of online and offline sectors. We are keen on integrating blockchain technology into governance and look forward to our collaboration with Enterprise Ethereum Alliance and provide market access to the community,” J. A. Chowdary, special chief secretary and IT advisor to the chief minister at the Government of Andhra Pradesh (India), stated.

“OTP Bank keeps focusing on innovative technologies. Nowadays we think that the most valuable asset is the trust between the bank and the customers. Blockchain technology gives several advanced solutions in [the] security industry. OTP Bank has chosen Ethereum as a partner, because we consider it a state-of-the-art blockchain technology. Via joining the Ethereum community, OTP will be able [to] achieve its goals smoothly. Through the common standards and best practices evolving in Ethereum Enterprise Alliance, our IT systems will be more secure and highly developed,” László Popovics, head of IT innovations at OTP Bank — the leading bank in Hungary and one of the largest independent financial service providers in Central and Eastern Europe — wrote.

The Enterprise Ethereum Alliance was formed in late February by a group of financial institutions, blockchain startups and innovators. The consortium — with J.P. Morgan and Intel as the most prominent names among the founding members — aims to standardize blockchain tech for enterprise settings. At the time of the EEA’s launch, the participants created a reference architecture for their project, called “EntEth 1.0,” which has a stronger focus on privacy.

Excluding Mastercard from the list, the newest members of the Enterprise Ethereum Alliance include:

2Advise; Amalto Technologies; Antibiotic Research UK (ANTRUK); Aquilon Energy Services, Inc.; ASSETH; BLOCKO Inc.; Bloq; Cisco Systems; Cybersoft Digital Services Corp.; Enter Corporation Co., Ltd.; Equities.com, Inc.; Finclusion Labs, Inc. (WeTrust.io); Government of Andhra Pradesh; HashCash Consultants; HEAL Alliance; iEx.ec; Lazarski University; Loyyal Corporation; MadHive; Mattr; NetObjex Inc.; OTP Bank Plc.; QIWI Blockchain Technologies LLC.; Revelry; RISKebiz; Scotiabank; Streami Inc.; Talkcrypto.org; Technical University of Munich; Texcent Asia Pte Ltd; TIS R&D Center, Inc.; TokenCard/Monolith; Ventured and Ypse IT Solutions.

The post Mastercard and Cisco Join Enterprise Ethereum Alliance appeared first on Bitcoin Magazine.

Posted on 24 July 2017 | 2:06 pm

Bitcoin reaches new all-time high: $ 3,000

Posted on 12 June 2017 | 1:06 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

July 27, 2017 -
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