n A new project with Overstock for land record data sees Wyoming continue its blockchain integrationn
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Seven EU States Sign Declaration to Promote Blockchain Use
n Seven southern EU member states released a declaration calling on the EU to help promote blockchainn
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Drug Barons, Rogue States and Terror Groups Use Banks Can Blockchain Stop Them
n Fast banking transactions can often be at the expense of compliance, resulting in money laundering and unsavory activity. A blockchain network is aiming to change this SPONSOREDn
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Crypto Exchange OKCoin Expands Trading to 20 More U.S. States
n Crypto exchange OKCoin has extended its trading platform into 20 more U.S. states, saying it has also applied for money transmittal licensesn
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OKCoin Expands Token-to-Token Platform to 20 States
n nn nn Today, September 12, 2018, OKCoin announced that the company will be offering token-to-token only trading in twenty states across the U.S. This announcement of its expansion in U.S. markets comes shortly after OKCoin/OKEx founder Star Xu was questioned and released by Chinese police in connection with an alleged digital currency fraud. OKEx is the second largest global exchange by volume, according to CoinMarketCap, though that volume has been called into
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Two US States Implore Indian Authorities to Seize Property of BitConnect Promoters
n The U.S. states of Arizona and Illinois have asked Indian authorities to seize the property of BitConnect promoters, who are suspected of embezzling .6 billion from investorsn
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World’s Smallest States Attracting Biggest Players in Blockchain
Blockchain technology, which is the backbone to everything crypto and the key to decentralization, has the potential to be implemented in almost every existing industry to enhance security, information sharing, and transparency. Innovators in the tech sector predict its effects will be as far reaching as the development of the internet itself, yet the countries that would seem the obvious choices to embrace and develop the technology, US, UK, Japan, Korea are hindering its progress with regulatory red tape leaving some of the world’s smallest, autonomous regions open to welcome cutting-edge tech companies.
Blockchain Companies Flocking to the World’s Smallest States
City-states with small populations and limited industries see tech companies with major financial backing as a path to future economic growth. While the tech companies get the kind of access to legislators and regulators that would be impossible to reach in countries like the US or Japan.
For instance, the tiny, mountainous micro-state of San Marino has gone into business with Estonian backed Polybius to create a ground-up ecosystem for blockchain innovation. In exchange for the company’s financial investment, the government has given them complete support. Sergio Mottola, executive chairman of San Marino Innovation, was quoted in the BanklessTimes saying,
“The Government of the Republic is willing to take the lead on this transformation and is superbly placed to promote digital innovation through the constitution of a forward-looking legislation and jurisdiction to favor the growing blockchain infrastructure.”
Gibraltar, which already has links to two industries expected to be substantially affected by blockchain, financial services, and online gaming, is well suited for fintech companies to move in. The country is already home to multiple financial institutions familiar with anti-money laundering (AML) and know your customer (KYC) requirements that are becoming de rigor in the cryptocurrency space.
Micro-States Offer Best Incentives to Blockchain Startups
Among this group of ancient states, Malta far and away has opened itself up to companies seeking a safe haven from regulatory restrictions in their home countries. This is in at least partly due to the vision of Prime Minister Dr. Joseph Muscat who is a dedicated believer in the transformative potential of blockchain and cryptocurrency.
Regulatory foot-dragging by countries in Europe and Asia have allowed Malta, and now Jersey, to attract major companies like Binance to set up on their shores where they also enjoy some of the lowest tax rates in the world- around 5%. The Prime Minister expressed his belief in the future of the technology in a speech he delivered in March saying;
“Have any of you ever thought about what gives paper money its value when it’s ultimately just pieces of paper? It is because society attributes value to it. Now some people, who in my opinion are geniuses, are arguing that that value can similarly be attributed to virtual currencies. I have no doubt that it will form the base of a new economy in the future.”
Image from Shutterstock
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Robinhood Rolls Out Commission-Free Crypto Trading to Four US States
Financial services company Robinhood have announced today that their customers in four US states will be able to buy and sell Bitcoin (BTC) and Ethereum (ETH). Those using the Robinhood application in California, Massachusetts, Missouri, and Montana will be the first Robinhood users to benefit from the update. This should make it simpler than ever before for those new to the space to get exposure to digital assets.
Robinhood Takes Aim at Coinbase
Robinhood have been in the financial services game since 2013. Whilst, they are new to the cryptocurrency space, their business model should have some of the industry’s largest players afraid. They are actually offering trading of digital assets that is entirely commission free. When compared with the likes of Coinbase’s 1.5 – 4%, this will translate into big savings for users. It’s therefore not surprising that four million users signed up for the Robinhood Crypto waiting list in the first five days of its announcement in January.
The announcement to introduce the cryptocurrency roll out in the four mentioned states was made earlier today via Twitter:
Commission-free Bitcoin (BTC) and Ethereum (ETH) trading is now rolled out and available to investors in California, Massachusetts, Missouri, and Montana. Stay tuned for more updates!
— Robinhood (@RobinhoodApp) April 2, 2018
Whilst the company have only introduced BTC and ETH trading, it’s likely that the functionality will extend to at least 16 more digital assets soon. All Robinhood users can currently track the price of: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk and Dogecoin. For now, there has be no word as to when Robinhood will add additional assets or introduce BTC an ETH trading for the rest of their customers around the world.
Rather than rely on commissions to generate revenue, the Robinhood model instead charges subscription fees for users wishing to trade using borrowed money from the platform. In addition, they also make money from the interest on the money that users store in their accounts. This allows them to seriously undercut existing options in the cryptocurrency industry.
The move into cryptocurrency should bring a lot of new investors into the space. Robinhood already have an established customer base who use the application to trade stocks, ETFs, and options. It therefore seems rational that at least some of these will take up positions in digital assets, particularly given that the company focuses on a younger class of non-accredited investors – a group more likely to understand and see the appeal of cryptos.
The Robinhood application will make it easier and cheaper for potential investors to get familiar with digital currencies – something that is needed for the kind of widespread adoption needed for cryptocurrency to become the groundbreaking innovation that many hope it will do.
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United States Postal Service Files Patent Application for Blockchain-Based Techs
In promising news concerning government adoption of distributed ledger technology, the U.S. Postal Service (USPS) is looking to leverage blockchain in order to build a more secure and efficient identification system. This is according to a patent titled “Methods and Systems For A Digital Trust Architecture,” filed yesterday, March 22nd.
The filing reads: “as more of life’s daily interactions move to online activities, it is apparent that the tools that provide trust to the users are lacking in their ability to adequately provide a desired level of security. Tools that have evolved from physical interactions, like face-to-face communication, and the ability to “go there” to resolve issues, are not possible in a digital environment.”
USPS: Trust and Security
As per the application, in an increasingly digitized world, the agency’s current system doesn’t provide the desired levels of trust and security — it specifically cites concerns such as transaction tampering and insecure messaging. In providing a solution to the security and trust issues that plague USPS users, the agency believes that provisioning a secure digital infrastructure will provide a more secure messaging and authentication service. The filing references the use of email as a form of digital signature, but at the same time recognizes the security limitations of these centralized platforms.
The application reads: “There are many excellent reasons for online interactions to continue as they have been. However, in a multi-party, open source environment, there is also a need for a secure, trusted, and enforceable online environment, to enable greater trust and therefore an expansion of offerings online.”
To combat this, the USPS has proposed a system that leverages blockchain, public and private identification keys, and email integrated into decentralized systems. It also calls for a blockchain component that “may be configured to receive records from the user and add the records to a blockchain.”
Also of note: The Postal Service’s application highlights the use of a “special digital token.” Per the text, the token is used to create a record for the user for inclusion in a blockchain: “The block chaining of a special digital token provides evidence that a specific transaction occurred, and specifically who was involved.”
Yesterday’s application is the first thing to materialize from the Postal Service with regards to blockchain, but it likely won’t be the last: in 2016 a report from the USPS suggested that the mail carrier was considering creating its own cryptocurrency as well as using related technology for supply chain applications.
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Circle Rolls Out Crypto Investment App in 46 US States
Circle made its Invest app widely available Tuesday. It offers commission-free trading of bitcoin, ethereum, and several other tokens.
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