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Bitcoin News Summary – May 25, 2020

The post Bitcoin News Summary – May 25, 2020 appeared first on 99 Bitcoins.

 40 BTC were sent from an address which originally mined them back in 2009, …

Bitcoin News Summary – May 25, 2020 Read More »

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40 BTC were sent from an address which originally mined them back in 2009, a month after Bitcoin’s launch. While it’s possible that Satoshi himself is moving coins, the evidence suggests some other early miner is the owner. Interestingly, this early address was claimed by Craig Wright as one of his own in his ongoing trial, although he also claimed to have lost access to its private keys.Vintage BTC isn’t the only kind moving – some Bitcoins hacked from Bitfinex in 2016 were moved this week. The coins are worth about a quarter of a million Dollars at the current price. In total, 120,000 BTC was stolen from Bitfinex, worth about $1 billion today.Bitcoiners around the world celebrated the tenth anniversary of Bitcoin Pizza Day. This annual event commemorates one of the first recorded exchanges of Bitcoin for tangible goods; 2 Papa John’s pizzas which were exchanged for 10,000 BTC.

Popular crypto peer-to-peer lending service, BlockFi was hacked. Although no coins were lost, it seems that user data was exposed. Real names, email addresses, and other personally-identifying information was leaked, so if you are registered with the service exercise extra caution going forward.

Statistics show that over 70,000 BTC, a new record amount, were anonymized via the CoinJoin open source mixing service in May. Several popular wallets, such as Wasabi implemented the technique and it seems that financial privacy is of increasing importance in the crypto space.

Before we conclude, this week’s “Bitcoin quick question” is it possible to send a Bitcoin transaction without a fee?

Well, theoretically speaking it is indeed possible to send a Bitcoin transaction without a fee, under specific circumstances and with required technological knowledge.

However, in reality, for most users that’s just not the case.

The fees users add to a Bitcoin transaction are a part of Bitcoin’s mechanism. It incentivizes the Miners, who act as the network’s accountants and security guards, to include your transaction in the next block. In addition, transaction fees act as another layer of protection for the network against spam. If it were easy to send a Bitcoin transaction without fees, a malicious actor could spam the network with repetitive and unnecessary transactions.

There are, however, ways to reduce the fees’ cost, for example, you can use a SegWit wallet. For further details, visit the link in the description below.

Have a question you want us to answer? Just leave it in the comment section below. And if you want to support our videos, consider using the Brave browser for faster, ad free browsing that can also earn you rewards. Just visit the link in the description below.

That’s what’s happened this week in Bitcoin. See you next week.

Source: https://99bitcoins.com/bitcoin-news-summary-may-25-2020/

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Da Vinci Capital Reportedly Requests $100 Million from Telegram for TON’s Failure

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A large investor in Telegram’s failed Open Network (TON) has reportedly requested $100 million in compensation from the company. Otherwise, the investor – Da Vinci Capital – has warned with taking legal actions against the messaging platform.

TON Investor Demands $100M

Telegram’s TON initiative was among the most widely-discussed blockchain-related projects in the past few years. However, the endeavor faced almost immediate backlash from the US Securities and Exchange Commission (SEC) as a US court decided at one point that the native currency – GRAMS – is a security token, which couldn’t be sold in the US or anywhere else.

Telegram attempted on multiple occasions to fight the court’s decision and to prove that GRAMS is not a security. However, to no avail and Pavel Durov, the company’s CEO ultimately had to throw the towel by saying that “Telegram’s active involvement with TON is over.”

Although the company has distanced itself from the failed blockchain project, the problems keep following it, according to a recent report by Forbes Russia. Citing anonymous people familiar with the matter, the coverage said that Da Vinci Capital, an investor in the $1.7 billion initial coin offering, has requested compensation for TON’s failure.

Lawyers from the Moscow-based investment company have reportedly sent a letter of intent to file a claim to Durov, Telegram Vice President Ilya Perekopsky, and other executives and lawyers involved with the project.
The report says that Da Vinci Capital had demanded roughly $100 million as compensation.

Two Weeks to Answer

Forbes’ coverage further explained that Durov and his colleagues have two weeks to transfer the funds or notify the lawyers from the investment company if they decide to reject it.

However, if Telegram fails to answer in the provided timeframe, Da Vinci Capital has the right to take the matter to court.

Apart from these allegations, Telegram recently negotiated funding round to raise at least $1 billion in a private bond placement to accredited investors from Russia, Europe, the Middle East, and Asia. Those bondholders would be able to convert debt into shares at a 10% discount to the offering price if Telegram decides to go public in the next five years, revealed the conditions of the round.

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Source: https://cryptopotato.com/da-vinci-capital-reportedly-requests-100-million-from-telegram-for-tons-failure/

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ChiliZ To Expand Operations, Will Invest $50 Million in the US

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Following milestone partnerships with sports teams in Europe, ChiliZ have their eyes set on conquering the United States. The fintech platform will open a new office in one of the world’s major commercial cities, New York.

ChiliZ To Set Up New York Office

Maltese blockchain giant, ChiliZ is scaling up operations after securing several partnerships with top European sports franchises. Reuters reported earlier today that the fan engagement platform would open an office and invest $50 million in the United States. According to its chief executive, Alexandre Dreyfus, the move should bring the firm within reach of top United States sports outfits. He told Reuters :

“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues”

On launching Fan tokens, ChiliZ has made headway through its subsidiary, Socios. It has partnered with football behemoths like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, and Atlético de Madrid to launch branded fan tokens. These permit owners to engage in club polls, access VIP rewards, and partake in chat forums.

The company currently has offices in Malta, France, Turkey, Korea, Switzerland, and South America. It had earlier announced that it would open offices in New York and Madrid. With the New York office inching towards reality, Chiliz is undoubtedly advancing towards global growth.

Aims To Double Up on 2020 Revenue

Speaking further about the expansion, Dreyfus boasted about his company’s capacity to generate returns for its partners in the sports and entertainment industry. He said:

“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million.”

Revenue from the company’s partnership with seven-time European champions AC Milan proves Dreyfus is not bluffing. The Italian football giant launched its token ($ACM) on Binance on February 24th. Within hours of the launch, over $6 million was generated as trading volume hit $50 million in the first 30 minutes.

Big Market For ChiliZ?

For Joseph Edwards, Enigma Securities head of researcher, there is no better time to seize the initiative. He opined that the soaring interest in NFTs indicates a big market. He elaborated further that NFTs bridge the gap between fans and their subject of interest, especially as Covid-19 caused a disconnection.

“Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,”

NBA Top Shots seems to be a perfect example. The NFT platform has continued to gain momentum as interest surges. It reached a record-breaking $231 million in sales over the past 30 days.  Perhaps, ChiliZ is taking a cue from this to target the American sports market.

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Source: https://cryptopotato.com/chiliz-to-expand-operations-will-invest-50-million-in-the-us/

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Crypto services firm BCB Group raises $4.5M led by North Island Ventures and Blockchain.com Ventures

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BCB Group, a crypto payment/trading services provider, today announced it has closed a $4.5 million investment round. The strategic funding was co-led by North Island Ventures and Blockchain.com Ventures; with participation from Pantera, L1 Digital, and Pack Capital.

As a dual regulated institution, BCB Group offers an end-to-end suite of payment processing, cryptocurrency trading, and custody. Services are accessible through a unified API-enabled platform; allowing clients to access a full range of crypto-asset products in one place.

Funding

The proceeds of the round will be used to fund investments in several new initiatives…

These initiatives include: BCB Treasury, a service designed to help companies interested in investing in bitcoin as a treasury asset. BCB Yield Accounts, a product offering clients a return on their positions. And BCB Wealth Partners, a comprehensive crypto service for private wealth clients.

“There’s so much more we want to offer our clients; and many untapped regions we’d like to be in to help those markets grow via reliable payments and market infrastructure. This funding round comes at a very exciting time for BCB Group and will be transformative for our client experience.”
– BCB Group Founder and CEO, Oliver von Landsberg-Sadie

Previously, back in March 2019, BCB Group received funding from NKB Finance and a private investor in a $1 million seed round; which brought the company much-needed talent in engineering and operations.

Source: bcbgroup.io

Source: https://www.cryptoninjas.net/2021/03/02/crypto-services-firm-bcb-group-raises-4-5m-led-by-north-island-ventures-and-blockchain-com-ventures/

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