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CUTTING BACK: Coinbase has revealed two departmental closures in the last 24 hours. First, the crypto exchange filed to shutter its political action committee (PAC), which did not raise any funds or back any candidates during its 10-month lifespan. The firm also said Tuesday that Coinbase Markets, its Chicago office dedicated to creating sophisticated electronic markets technologies for cryptocurrencies, is closing with the loss of some 30 engineers. The firm said it will consolidate the work being done on matching engines in Chicago with its San Francisco office. Full stories here and here
DEX DEBUT: Binance’s much anticipated decentralized exchange (DEX) has gone live ahead of its planned schedule. The top cryptocurrency exchange by adjusted volume said today that, while trading will begin “at a later date,” users can now create wallets on Binance DEX. A representative also told CoinDesk that trading will launch “as soon as tokens are issued and listed on Binance DEX, and trading pairs are created. We’re expecting this to happen soon, in the next few days.” Full story
IDENTITY DEAL: It started with selling beer, but age verification could crack open a whole industry to cryptocurrency. After a demo of its beer-selling machinery at this year’s South by Southwest (SXSW), Civic is announcing partnerships with six major automated retail companies to bring similar technology to the masses. The six partners control more than a million internet-connected vending machines, according to Civic, although, to start, it expects the tech to be used in 1,000 machines by the end of 2019. Full Story
SECURITY SUCCESS: Crypto custodian BitGo says it has passed an advanced security review by an unnamed “Big Four” firm, claiming to be the first crypto startup to receive this level of certification. Specifically, the company got a SOC 2 Type 2 certification, a standard security audit performed by an outside monitor assuring that a company keeps its security practices in order. “There is no legal requirement for us to do that,” BitGo chief security officer Top Pageler said. “It’s done to legitimize the industry, to let people see that we are treating our work seriously.” Full story
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| GOLDEN CROSS: With bitcoin’s move to five-month highs above $5,600 earlier today, a notable bullish cross of key moving averages has formed for the first time in nearly four years. That said, a continued rally to $6,000 may not happen immediately, as the much-hyped “golden crossover” is accompanied by overbought readings on technical indicators and a drop in long positions. Full story |
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BEST OF THE BEST
SPEED BOOST: Blue Cross (Asia-Pacific) Insurance claims to be the first insurer in Hong Kong to have launched a blockchain solution for medical insurance claims, according to a piece in the South China Morning Post. With transactions validated in real-time, the likelihood of fraud is reduced and claims can be processed more quickly, said Patrick Wan, managing director at the company. Not only that, but the system also saves the firm money by removing the need to reconcile claims across different stakeholders, he added.
THE REST
INSTANT MILES: Blockchain-based smart contracts have given a big boost to the Cathay-owned Asia Miles loyalty program, Forbes reports. Speaking to the news source, Michael Yung, head of digital product and technology at Asia Miles, said that with traditional systems, members might wait months for their bonus miles, but with smart contracts, bonuses can be awarded more or less instantly. “Once we know that a member just spent $1,000 in a restaurant and reached level one, they get the bonus miles then and there,” Yung said.
MINER CONCERNS: After China’s economic planning agency, the National Development and Reform Commission (NDRC), recently proposed that regions “eliminate” the cryptocurrency mining industry, local bitcoin miners are gloomy about their prospects, according to Global Times. "My business will enter a dead-end now if the new policy takes effect," said one going by the surname Zhao. Even if just electricity costs go up as a result, “that would eventually crush me,” he added. |
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WHO WON #CRYPTOTWITTER  |
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