Blockchain-Powered App Helps Mongolian Herders Trace Cashmere

Toronto-based startup Convergence.tech has successfully concluded a blockchain-based pilot to help Mongolian nomadic herders track and certify sustainable cashmere. The supply chain project, which was conducted with the United Nations Development Program (UNDP), is powered by Convergence.tech’s Ethereum-based traceability platform, Backbone. Convergence.tech chose to focus on cashmere herders for its pilot, as many of these individuals face harsh working conditions and income instability. Moreover, the fashion supply chain lacks transparency, making it difficult for consumers to understand where cashmere products originate. Convergence.tech CEO, Chami Akmeemana, told betakit: “The nomadic community is…

New Data Suggests Bitcoin and Gold Aren’t as Correlated as You Think

Bitcoin’s (BTC) classification has been a controversial and difficult topic for crypto-enthusiasts, investors, and regulators to reach a consensus on. The digital asset has been compared to a currency, a commodity, an investment asset or even said to have no underlying value. However, from the perspective of regulators, Bitcoin has been mostly associated and studied as a commodity, especially in relation to gold. In fact, many times Bitcoin is referred to as the “new gold” or “digital gold.” This week, as tensions between the United States and Iran ramped up,…

Experienced Traders Prefer to Trade on Desktop Computers, New Study Reveals

Cryptocurrency exchanges are used by cryptocurrency holders to store their crypto assets or to trade cryptocurrencies. There are hundreds of exchanges available today, and it can be difficult for cryptocurrency holders to choose which exchange best suits their needs. In fact, most traders use more than one exchange — both to hedge risk and to minimize benefits. How do traders make their decisions? Below, you’ll find some interesting and even surprising insights. How was this survey conducted? In this survey, the BDCenter digital agency teamed up with the sociology department…

Bitfinex Market Manipulation Lawsuit Refiled in New York and Joined by Second Case

An Oct. 10 class-action lawsuit filed against iFinex Inc., the parent company of Bitfinex and Tether, was refiled on Jan. 8 in New York’s Southern District. The lawsuit by Young et al. was followed on the next day by a similar class-action filing by Bryan Faubus. The original lawsuit alleges that iFinex manipulated the cryptocurrency market in 2017 by issuing unbacked Tether (USDT) that was then sold for Bitcoin to increase its price. Plaintiffs argue that the common belief that each USDT represented one real dollar led traders to eagerly…

Facebook’s Zuckerberg Calls for Digital Community Self-Governance

Facebook CEO Mark Zuckerberg said the digital world needs oversight, mentioning government regulation as a potential solution but calling community self-governance “another and perhaps even better way.” “One of the big questions for the next decade is: how should we govern the large new digital communities that the internet has enabled,” Zuckerberg said in a Jan. 9 Facebook post. A post for the coming decade In a rather lengthy post on his social media site, Zuckerberg detailed his focus for the coming decade, singling out several topics, including digital governance…

LedgerX Names Former Chief Tech Officer as New CEO

LedgerX announced Friday that co-founder and former chief technology officer Zach Dexter has been named the new CEO of the bitcoin derivatives company. The company suspended CEO Paul Chou and COO/CRO Juthica Chou last month, with no explanation. The two were also co-founders of the company. Depository Trust and Clearing Corporation vice chairman Larry Thompson was named interim CEO and lead director of Ledger Holdings. In a statement, Thompson said, “since my involvement with the company began, we have kept in close contact with all of the company’s stakeholders including…

SEC Produces Evidence That Telegram Kept Selling Tokens After $1.7B ICO

At least two entities invoiced Telegram for commissions from selling the company’s tokens in the summer of 2018, months after the company’s initial coin offering (ICO), newly released documents show.  The U.S. Securities and Exchange Commission (SEC), which filed the documents Friday in its ongoing court case against Telegram, said the evidence of post-ICO sales undercuts the company’s argument that the offering was exempt from registration requirements. Investment fund Da Vinci Capital and another entity called Gem Limited requested commissions of $209,783 and $1.1 million, respectively, for “subsequent sales” of…

PwC Switzerland Incorporates ChainSecurity Team to Expand Blockchain Audit Tools

PricewaterhouseCoopers (PwC) Switzerland has “hired” smart contract audit firm ChainSecurity’s team, folding the company and its expertise into the Big Four accounting firm, the companies announced earlier this week. In what seems like an acquisition in all but name, the seven technical engineers are joining the accounting firm and to bolster PwC Switzerland’s smart contract audit abilities. After being spun out of the Swiss Federal Institute of Technology in Zurich (ETH Zürich) in October 2017, ChainSecurity has conducted more than 75 smart contract and blockchain audits globally and has had…

China’s Central Bank: Here’s the Latest on the Digital Yuan

The development of a digital yuan, or DECP, has taken a great leap forward, according to the People’s Bank of China, the nation’s central bank. In a statement (in Chinese) Thursday, the bank said the “processes of top-level design, setting industry standards, developing potential functions and integration testing,” were “almost complete.”  The bank said it has been working on the expected two-tiered system that would offer  “controllable” anonymity and the functionality to replace paper cash.  The central bank, which assembled a special task force to conduct research on digital currencies  and…

ANALYSIS: The Global Game of Coins Heats Up

China’s digital currency project continues to move ahead aggressively, with a new paper from the People’s Bank of China suggesting that a core design is complete. Whatever stage of development the currency is actually in, it’s clear that China wants the world to see it as ahead of the curve in the digital currency race.  In other parts of the world, crypto companies face a never-ending game of regulatory arbitrage. Deribit is moving from the Netherlands to Panama, citing a new burden from AMLD5 compliance. In the U.S., New York…