Fan Token Platform Socios Secures Key Regulatory License

Socios.com, a blockchain startup aiming to tokenize the sports industry, has secured a major regulatory license allowing it to issue its own payments and loyalty card. Issued by the Estonian Financial Intelligence Unit, or FIU, the new license has been granted to the new Estonia-based entity called Socios Entertainment OU. Announcing the news on July 30, Socios’ partner project Chiliz.net noted that the FIU is the responsible authority for licensing crypto-related firms in the country. Socios’ prepaid fiat-crypto card is “due in the very near future” The new license allows…

5 Years In, Ethereum Network Growth Echoes Nvidia’s Pre-2016 Bull Run

In July 2016, a mere four years ago, Nvidia was a $26-billion company focused on GPU chips and graphic card production. In comparison, the long-standing sector leader was Intel Corp, with a $166-billion market capitalization.  The nearly 40-year old chip manufacturer was a blue-chip Fortune 500 company and at the time, it was likely unfazed by such a small competitor. Nvidia’s previous peak market capitalization occurred in October 2007 as its value approached $22 billion. After the 2008 financial crisis, the stock collapsed over 80% and took nine years to…

US Banks Get Crypto Custody Nod, but Instant Demand Surge Is Unlikely

The Office of the Comptroller of the Currency, a division of the United States Treasury that supervises banking in the country, on July 22, issued an interpretive letter clarifying that nationally chartered banks are allowed to provide cryptocurrency custody services to their customers extended to storing cryptographic keys associated with the currencies.  In its letter, the OCC recognizes the current need for banks and other financial service providers to leverage blockchain technology and provide related services to their customers. In addition to national banks, this permission extends to state banks…

FinCEN Releases Cybercrime Statement In Lieu of COVID-19

U.S. government agency, the Financial Crimes Enforcement Network, or FinCEN, recently put out a notice mentioning the risks and symptoms of internet-related nefarious activities occurring since COVID-19 arose. “Many illicit actors are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic,” FinCEN said in a July 30 statement.  The agency added: “This advisory contains descriptions of COVID-19-related malicious cyber activity and scams, associated financial red flag indicators, and information on reporting suspicious activity.” FinCEN’s statement follows a massive Twitter hack weeks ago FinCEN’s advisory comes after a large-scale…

Australian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto Ads

The Australian Securities and Investments Commission, or ASIC, is asking people to remain cautious about celebrity-endorsed Bitcoin (BTC) scam sites. According to the commission’s public warning, the Australian watchdog has received a number of reports of fraudulent crypto sites that claim to be endorsed by prominent businesses, new sites, and government agencies. Some even appear to have the endorsement of national celebrities like Waleed Aly, Mike Baird, Dick Smith, and Virginia Trioli. Crypto bot scams are active in Australia The ASIC outlined a number of examples as part of their…

Zcash Company Confirms ‘Crypto in Context’ Program as Global Effort

The Electric Coin Company, or ECC, the company overseeing privacy coin Zcash (ZEC), recently unveiled a crypto and financial educational movement called the Crypto in Context program.  “It is a global effort,” the ECC’s growth vice president, Josh Swihart, confirmed to Cointelegraph in a July 29 email. “We’ve already supported pilots for Syrian refugees in Turkey, for Arabic speakers across Europe and the Middle East, and for students in Nigeria,” he added. The movement already has sizeable players on board  In a July 29 blog post, the ECC announced the…

Despite Its Success, Ethereum Doesn’t Get Media Attention It Deserves

Ethereum’s perception in the media has been on a roller-coaster ride since its inception in 2015, but the blockchain and its native Ether (ETH) cryptocurrency are clearly still seen as being in second place behind Bitcoin (BTC). While Bitcoin rose to fame due to the notorious Silk Road darknet marketplace and its price climax of $20,000 back in 2017, Ethereum has had fewer notable interactions with the mainstream media, even though some might reference how it enabled the initial-coin-offering craze and made trading virtual cats a worthwhile pastime. Vitalik Buterin…

China Didn’t Ban Bitcoin Entirely, Says Beijing Arbitration Commission

China, one of the world’s most strict jurisdictions for cryptocurrency trading, has not completely banned Bitcoin (BTC), a local non-profit arbitration organization says. According to a July 30 report published by the Beijing Arbitration Commission (BAC), China’s prohibition of Bitcoin is more nuanced than some have suggested. Bitcoin does not constitute money in China In the report, the BAC clarified China’s legal stance on cryptocurrencies like Bitcoin and outlined major crypto-related activities that are prohibited by the government.  According to the BAC, China prohibits token funding and trading platforms from…

Five Years Later, the Ethereum DApp Ecosystem Looks Exactly as Predicted

Ethereum’s fifth anniversary from the mainnet launch is upon us, marking an important milestone in the long history of the first smart contract platform to reach significant adoption. Following the initial coin offering mania, today’s main narrative behind Ethereum is decentralized finance, an ecosystem that seeks to recreate the financial system from scratch on the blockchain. Ever since Ethereum’s founding, the application layer has been at the center of its value proposition. In a 2014 interview, Ethereum’s co-founder Vitalik Buterin illustrated that Ethereum is not just about the Ether currency,…

Blockchain Is Key to Future ‘Hyperconnected Economy,’ Say Researchers

According to a report by market research firm HFS Research, blockchain technology will play a decisive role in establishing the future “hyperconnected economy.” A report excerpt recently released by HFS for Big Four auditing EY suggests that “we are hurtling toward a hyperconnected economy, and blockchain will provide the way to make it happen.” Blockchain facilitates large-scale collaboration The report explains that entire ecosystems are being developed across the services offered by different organizations. The researchers claim that “no single organization owns the entire customer experience, and competitors and peers…