Libra to Be at the Center of the EU’s New Crypto Regulations

Libra will be the focus of the cryptocurrency regulatory framework planned by the European Union’s finance commissioner Valdis Dombrovskis. “Common Approach” Needed, Says Commission VP The former Latvian Prime Minister has been the Vice President of the European Commission since 2014 and said in his bid to be reappointed that the EU needs to take a unified approach to regulating cryptocurrencies. “[…] we must address risks such as unfair competition, cybersecurity, and threats to financial stability. For instance, Europe needs a common approach on crypto-assets, such as Libra. I intend to propose…

State-Owned French Bank Joins Bitcoin Startup’s $8 Million Series A

“We’re convinced that bitcoin is becoming more and more obvious.” That’s not typically what one might expect to hear from a veteran banker at a public institution. But Veronique Jacq of the partially state-owned French investment bank Bpifrance told CoinDesk bitcoin is becoming a staple of the global economy. That’s why Bpifrance just made its first investment in a crypto startup, because the bank wants to play an active role in building bitcoin’s infrastructure. The lightning-focused startup ACINQ raised an $8 million Series A led by Idinvest Partners, with the…

Tiny $217 Options Trade on Bitcoin Blockchain Could Be Wall Street’s Death Knell

The cryptocurrency industry isn’t replacing Wall Street just yet. But inventors and entrepreneurs are working on it, with some initial success, albeit modest. In this case, an option premium of 0.0202 bitcoin ($217 at the time) paid via a smart contract may have just become the proof of concept. The latest target for blockchain disruption is options trading tied to the Standard & Poor’s 500 Index, the main benchmark for U.S. stocks. It’s a massive market, with roughly $400 billion of the options changing hands every day last year, on…

Telegram Finally Confirms It’s Behind TON Blockchain

After raising $1.7 billion last year and maintaining almost complete radio silence since, messaging app Telegram is finally going public with its involvement in the Telegram Open Network (TON). The first mention of TON and its native gram tokens appeared on Telegram’s official website Tuesday morning in the form of a terms of service (ToS) for the token’s wallet app. According to the ToS, Telegram will integrate the wallet into the company’s flagship messaging app and also offer it as a standalone product. “We have no control over the TON Blockchain network and…

Foreign Exchange Giant CLS Admits: No, We Don’t Need a Blockchain for That

Blockchain technology is nice to have, but it’s hardly a must for rewiring the global financial markets.   So says Alan Marquard, chief strategy and development officer at CLS Group, the global utility for settling foreign exchange trades, owned by the 71 largest banks active in that market. Nearly a year ago, it went live with CLSNet, touted as “the first global FX market enterprise application running on blockchain in production,” with megabanks Goldman Sachs, Morgan Stanley, and Bank of China (Hong Kong) on board.  CLSNet was built on Hyperledger Fabric,…

Anti-51% Attack Measures Always Imply Centralization

Bitcoin Core developer Greg Maxwell has criticized the “attractive mystery” that fear of a 51% attack on Bitcoin (BTC) entails, arguing that it betrays a fundamental lack of understanding about the cryptocurrency. In a Reddit post published on Oct. 5, Maxwell argued that any mechanism cooked up to mitigate the threat of a 51% attack always implies centralization and represents a far greater threat to Bitcoin’s integrity. Bitcoin’s fundamental focus As Cointelegraph reported previously , a 51% attack can occur on blockchains that use a proof-of-work (PoW) algorithm and essentially…

Bitcoin’s Dropping Lightning Capacity Might Not Be a Bad Thing

If you’re a fan of bitcoin and the nascent Lightning network, this graph looks disheartening at first glance. Graph of lightning capacity from bitcoinvisuals.com. The orange line is the BTC capacity; the blue line is its dollar value. The lightning network is supposed to be bitcoin’s superhero, taking the cryptocurrency to new heights by tackling its toughest and most obvious problem: if cryptocurrency is ever going to “go mainstream,” it needs to support a million times more transactions than it currently does – which is no easy feat. But by…

Anchorage Becomes First Qualified Gram Custodian Ahead of Oct. 31 Launch

Digital asset custodian of software firm Anchor Labs has stated that it became the first entity qualified to support institutional custody for Telegram’s Gram (GRM) token. Gram to launch on Oct. 31 Anchorage Trust Company, a wholly-owned subsidiary of California-based Anchor Labs, will be the first entity that will enable institutional investors and organizations to hold Gram tokens at launch on Oct. 31, the company’s co-founder and president Diogo Monica announced on Oct. 7. Not registered with the SEC In the blog post, the firm stated that the services will…

Ex-Ethereum Advisor Nerayoff Loses Techstars Deal After Extortion Charges

Startup accelerator Techstars has cancelled its year-old partnership with the firm owned by early Ethereum advisor Steven Nerayoff. Techstars ditches the joint accelerator According to cryptocurrency news outlet The Block on Oct. 8, Nerayoff’s arrest on suspicion of extortion had forced Techstars to reconsider its association with Alchemist, a blockchain advisory startup. The two joined forces in July 2018, creating the Alchemist Blockchain Techstars Accelerator based in New York. Last month, Nerayoff was arrested in connection with the alleged plans to bring down another United States startup. Together with Michael…

Hyundai’s Blockchain Arm to Set Up $10M Fund for Mainnet Launch: Report

Hdac Technology, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group, plans to set up a $10 million blockchain investment fund in 2019. Hdac testnet to launch in November 2019 Hdac will spend the funds to launch its mainnet as well as to develop decentralized applications, support new industry startups and create an ecosystem with a “cryptocurrency compensation system,” Korean outlet The Financial News reported on Oct. 6. Hdac, issuer of Hyundai token (HDAC), is planning to release its mainnet in Q1 2020, the report notes. As…