South Korean Beachgoers Can Now Use Bitcoin to Pay for Services

A pilot project run by Bitbeat-affiliate company CIC Enterprise wants to provide crypto payment solutions at two of the busiest beaches of the country for tourists to use. According to ZDNet Korea, the firm partnered with card and cash payments provider Innotech for the token-powered payments solution in the Haeundae Beach System on the beaches of Busan in South Korea famous with tourists. The program will allow people to pay for water sports-related activities, life jackets, and even parasol rentals, among others, with Bitcoin (BTC), Ethereum (ETH), along with MCI…

Read More

Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook

Goldman Sachs is considering creating its own cryptocurrency. Having recently appointed a new head of digital assets, the company indicated a possible collaboration with other companies, including JPMorgan and Facebook. JPMorgan has created the JPM coin and Facebook has proposed the Libra cryptocurrency project. Goldman Sachs’ Cryptocurrency Plan Global investment bank Goldman Sachs has recently appointed a new head of digital assets, Mathew McDermott, a managing director who ran the investment bank’s internal funding operations. He has now revealed that Goldman is exploring creating its own cryptocurrency, CNBC reported on…

Read More

BTC and ETH Crypto Derivatives in Demand, Market Expected to Grow Further

The crypto options market has been evolving rapidly over the second quarter of 2020. According to TokenInsight’s recent crypto derivatives industry report, trading volumes are seeing a 166% year-on-year increase compared to Q2 2019.  The derivative products driving these volumes are futures and options. While futures grow with traders betting on a bullish price sentiment, both open interest and volumes of options have reached all-time highs. All-time highs  On Wednesday, open interest in Ether (ETH) options hit an all-time high of $351 million on Deribit and $37 million on OKEx.…

Read More

Alex Wearn of IDEX – Cointelegraph Magazine

“If you’d asked people in the late 1800’s what they wanted, they’d have wanted a faster horse and buggy. They didn’t know they wanted a car.” IDEX co-founder and CEO Alex Wearn is partial to the Warthog. Driving around in Master Chief’s weaponized vehicle brings back fond memories of playing “way too much” Halo during his college days. Wearn explains that the Warthog is analogous to the upcoming version of IDEX… it overcomes barriers and blasts the competition. But he doesn’t have much time to play video games these days,…

Read More

Bitcoin is Almost as Big as Bank of America

All the speculative capital invested in Bitcoin (BTC) at the moment totals just a few billion dollars shy of Bank of America’s market valuation. Bitcoin’s current market cap sits just over $217 billion, according to Cointelegraph data at press time, while Yahoo Finance shows Bank of America’s market cap holding slightly over $226 billion — a comparison introduced in a recent article from The Next Web.  Bitcoin’s market cap climbing in comparison Although it has endured its fair share of dramatic price fluctuations, Bitcoin’s price has grown substantially in 2020,…

Read More

New Kenyan Digital Tax to Affect Crypto Platforms

Kenya Revenue Authority (KRA) has announced new regulations that compel users of digital marketplaces to pay digital tax. At a rate of 1.5% on gross transaction value, the new tax is expected to take effect on Jan. 1, 2021. According to a report, the KRA will create a special tax unit to track and tax transactions using “data-driven detection.” Still, the report notes that “at this stage, the precise meaning of a digital market place and those who will be impacted by the digital tax is unclear.” Kenya’s Finance Act…

Read More

Ethereum Developers Discuss Potential Ways to Avoid ETC’s Fate

In a Core Devs meeting on Friday, Ethereum (ETH) developers discussed potential measures that could be taken to prevent successful 51% attacks from occurring. The discussion was inspired by this week’s 51% attacks on Ethereum Classic (ETC) — a network that represents the original state of Ethereum where the consequences of the DAO hack in 2016 were not reverted. The original attack, which occurred between July 31 and Aug. 1, was revealed to be a carefully orchestrated attempt at a double-spend that netted over $5 million in ETC to the…

Read More

Major South Korean Bank Joins the Crypto Custody Business

KB Kookmin Bank, one of the largest banks in South Korea, has partnered with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to establish “strategic technology cooperation” on the custody of digital assets. The companies belonging to the partnership state that their inception into the crypto custody business is a response to regulatory changes. These changes encouraged them to look into new business models — specifically ones which rely on blockchain technology. Simon Kim, CEO of the Seoul and San Francisco-based firm, Hashed, stated: “Combining our insight in…

Read More