Category: cryptocurrencies

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Vanguard Group Tests Blockchain Platform for Trading Currencies

October 4, 2019

Investor giant Vanguard is testing a blockchain-powered platform that allows asset managers to trade currencies while avoiding the big investment banks.

The Vanguard Group is testing a blockchain-powered platform that will allow asset managers to trade currencies while avoiding the big investment banks.

On Oct. 3, Bloomberg reported that the United States-registered investment advisor group, Vanguard, is going after a piece of the global currency market that handles $6 trillion each day and is dominated by firms such as JPMorgan Chase and Deutsche Bank AG.

A source familiar with the matter said that the newly tested blockchain platform has been operational for over two months while handling several trades already. 

By entering the global currency market, Vanguard could unsettle some of the major investment banks that have ruled the sector for decades. 

Campbell Adams, a former senior currency trader at Deutsche Bank, believes this could happen if enough users join Vanguard’s platform. He said:

“In theory, it sounds great because you can reduce your costs if you can match directly with someone else who has a countervailing interest. Yet it will require a critical mass of users.”

Vanguard, which has over $5 trillion in assets under management, is “currently piloting a project focused on improving the efficiency and reducing the risk of FX hedging,” a spokeswoman for the investment group said, without going into further details.

Banks join JPMorgan’s blockchain network

Cointelegraph previously reported on Sept. 20 that OCBCbecame the first Singapore-based bank to join JPMorgan Chase’s blockchain network and is now one of the 134 banks from the Asia-Pacific region that are participants in the Interbank Information Network (IIN).

Germany’s largest bank, Deutsche Bank, joined IIN in the beginning of September. JPMorgan said it is targeting 400 agreements with banks by the end of 2019, hinting that more leading banks are set to join the network in the near future.

Central Bank Digital Currency Is ‘Inevitable,’ Philly Fed Boss Says

October 4, 2019

Central bank digital currencies are “inevitable,” says Patrick Harker, President of the Federal Reserve Bank of Philadelphia.

Patrick Harker, President of the Federal Reserve Bank of Philadelphia, has claimed central bank digital currencies are inevitable.

However, the financier believes the United States should not lead the way, given the dollar’s role as the world’s reserve currency.

According to a Reuters report on Oct. 2, he told a community banking conference:

“It is inevitable… I think it is better for us to start getting our hands around it.”

Not in the near future

Harker made his remarks in response to a question about the Federal Reserve’s decision to develop its own instant payments system — known as FedNow — that was announced at the beginning of August. He said:

“I am looking at the next five years after that. What comes next? I do think it is something around digital currency.”

As Cointelegraph recently reported, banks at the Federal Advisory Council have told the Federal Reserve that Facebook’s crypto project Libra will potentially create a “shadow banking” system — risking a potential decline in demand-deposit accounts and bank payment volumes.

Andreessen Horowitz Opens School Focused on Crypto Startups

October 4, 2019

Venture capital firm Andreessen Horowitz is opening a school specializing in startups aiming to develop cryptocurrency-related projects.

Venture capital firm Andreessen Horowitz (a16z) is opening a school specializing in startups aiming to develop cryptocurrency-related projects.

Andreessen Horowitz unveiled its Crypto Startup School in an announcement on Oct. 3, saying that it intends to “encourage more tech entrepreneurs to start crypto projects and help crypto-curious builders navigate the idea maze.”

Referring to the so-termed idea maze, the company addressed the importance of good ideas for startups industry, which are eventually “well developed, multi-year plans that contemplate many possible paths according to how the world changes.”

Commenting on the initiative launch, Chris Dixon, a general partner at Andreessen Horowitz, told The Block that the school will be free of charge, adding:

“We are going to run a startup school for crypto-specific startups and what we’ve learned over the last seven years as best practices in this category.”

Blockchain and crypto in education

In recent months, an array of industry players have rolled out education-related initiatives. Most recently, privacy-centric computing network and app ecosystem Blockstack announced a partnership with skills-based online school Lambda School. Students enrolled in the program can reportedly now learn how to code Blockstack apps and earn monthly revenue through its App Mining Program.

Major global crypto exchange Binance introduced its new developer-focused project, called Binance X. The project will reportedly support developers and their initiatives by assisting in education and collaboration on Binance and connecting them with relevant internal programs that help projects progress at different stages of growth.

In late August, Coinbase shared research in which it used rankings from US News and World Report for its list of the top 50 universities. The analysis showed that 56% of the top 50 universities in the world offer one or more classes on cryptocurrency or blockchain tech.

ESET Flags New Latin American Banking Trojan That Targets Crypto

October 4, 2019

Major Slovakia-based antivirus software provider ESET has discovered a Latin American banking trojan that can steal crypto.

Major Slovakia-based antivirus software provider ESET has discovered a banking trojan that can steal cryptocurrencies and is especially widespread in Latin America.

Primary targets

Known as “Casbaneiro” or “Metamorfo,” the newly found malware family targets banks and cryptocurrency services located in Brazil and Mexico, ESET’s editorial arm WeLiveSecurity reports Oct. 3.

According to the report, Casbaneiro uses a social engineering execution method, which displays fake pop-up windows misleading potential victims to enter sensitive information. The capabilities of the malware are typical of Latin American banking trojans that can take screenshots and send them to command and control server, simulate keyboard actions and capture keystrokes as well as restrict access to websites and download and execute other tools, the report notes.

Stealing crypto via clipboard

Alongside banks, one of the major targets of Casbaneiro is cryptocurrency wallets. According to ESET, Casbaneiro is capable of monitoring the content of the clipboard and replacing the crypto wallets victims have copied with addresses belonging to the attacker.

As noted in the report, ESET has become aware of only one attacker’s wallet at the time of publication. Reportedly hardcoded in the binary code, the reported wallet has around 1.2 Bitcoin (BTC), worth $9,812 at press time with a total number of transactions amounting to 71, according to Blockchain.com.

Additionally, the newly discovered malware uses multiple cryptographic algorithms, with each one intending to protect a different type of data, the report says.

On Sept. 26, Amerian Internet infrastructure firm Juniper Networks warned users of a new spyware called Masad Clipper and Stealer, which reportedly uses the Telegram app to replace crypto addresses with its own.

Blockchain Firm Secures $5 Million From Investment Company Cosimo

October 4, 2019

Boston-based provider of high-performance blockchain solutions Oneiro secures a $5 million investment from Cosimo Ventures in a Series A funding round.

Oneiro, a blockchain solution company, secured a $5 million investment from Cosimo Ventures.

Total investment of $8 million

In an Oct. 3 press release, Boston-based provider of high-performance blockchain solutions Oneiro announced that it had secured a $5 million investment from Cosimo Ventures in a Series A funding round.

Cosimo Ventures is an investment firm involved in sectors including blockchain, cryptocurrencies and the Internet of Things.

Oneiro’s latest funding round brings the company’s total venture capital investment to $8 million. The company wrote that it plans to use those funds to provide additional services to clients, such as the Axiom Foundation, more efficiently. 

Cosimo Ventures and Oneiro previously joined forces to launch the unpegged digital currency, ndau, which the press release claims addresses certain pain points associated with other stablecoins. Cosimo Ventures managing partner Ciarán Hynes said:

“The Oneiro team has made significant progress this year, and these new funds will allow the team to further develop multiple blockchain technologies, extend into the crypto ecosystem, and accelerate the adoption and use of various blockchain applications, including digital virtual currencies such as ndau.”

Crypto hedge fund leads $5 million seed round

Cointelegraph recently reported that Pantera Capital led a $5 million strategic seed round of decentralized derivatives protocol Vega. The funding round included participants such as Ripple’s investment arm Xpring, Hashed, NGC Ventures, gumi Cryptos Capital, Rockaway Blockchain, KR1, Eden Block, Focus Labs and Greenfield One.

Indian Police Can’t Move Seized Crypto Due to India’s Anti-Crypto Law

October 4, 2019

Indian police have sought a court directive to move $1.2 million seized from a BTC ponzi scheme last year that has been frozen due to the country’s anti-crypto laws.

The police of Pune, a city in the western Indian state of Maharashtra, have sought a court’s directive to transfer 85 million Rupees seized from a Bitcoin (BTC) ponzi scheme last year.

$1.2 million frozen 

In an Oct. 3 article by the Times of India, Pune cyber police explained that the value of 244 cryptocurrency units (worth $1.2 million) was blocked in the bank account of company Discidium Internet, which was hired by the police to convert the seized crypto units into rupees.

The cyber police’s senior inspector Jairam Paygude said that the Central Bank of India was unable to transfer the money to the State Bank of India’s treasury branch in Pune as the account of Discidium Internet was frozen by the Reserve Bank of India (RBI).

Discidium Internet is challenging the validity of RBI’s order, which prohibits dealings in virtual currencies and has requested that the RBI instruct the Central Bank of India to unfreeze the account.

The district government pleader Ujjwala Pawar said that the police request to transfer the money is pending before the sessions court. 

Bitcoin ban and brain drain

Cointelegraph previously reported that the Indian draft “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019”, which proposes a 10-year prison sentence for anyone who “mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies,” is already prompting local crypto businesses to take preemptive measures. Rahul Jain said:

“As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto exchanges to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.”

Investment Firm Files Prospectus for New BTC Futures Fund With US SEC

October 3, 2019

Investment management company Stone Ridge is trying to register a new Bitcoin futures offering with the U.S. Securities and Exchange Commission. Investment management company Stone Ridge is trying to register a new Bitcoin (BTC) futures offering with the United States Securities and Exchange Commission (SEC). The new fund is called NYDIG Bitcoin Strategy Fund and…
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OKEx to Found Crypto Exchange Compliance Self-Regulated Organization

October 3, 2019

A crypto exchange self-regulated organization is being created by crypto exchange OKEx in collaboration with other market participants. Cryptocurrency exchange OKEx announced in a press release shared with Cointelegraph on Oct. 3 the creation of a Self-Regulated Organization (SRO) aiming to standardize crypto exchange compliance practices and policies. A global self-regulatory crypto exchange body Per…
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Binance Integrates Coinfirm’s AML Platform to Comply With FATF Rules

October 3, 2019

Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering compliance. Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering (AML) compliance. New platform for FATF compliance The integration of Coinfirm’s blockchain-agnostic AML Platform will purportedly streamline Binance’s compliance with the AML…
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Bitcoin Drops from $8.4K to $8.1K, Top 20 Coins See Red

October 3, 2019

Crypto markets failed to continue new recovery trend as 19 out of the top 20 cryptos by market cap are seeing losses. Thursday, Oct. 3 — Crypto markets have again failed to continue their recovery as almost all the top 20 coins by market cap are seeing significant losses. Market visualization. Source: Coin360 After climbing to highs…
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