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New cryptocurrency-supporting bank launches in beta | Invezz

new cryptocurrency-supporting bank launches in beta | invezz

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A new cryptocurrency-friendly bank, Arival, has just launched in beta.

The bank currently offers accounts for crypto entrepreneurs, with many more options in the pipeline.

The company is partnered with a major bank in Puerto Rico, as well as blockchain analysis firm, Elliptic.

The lack of crypto-friendly banks around the world has become really noticeable in recent years, even though a number of trustworthy financial institutions started providing services to crypto businesses. Some have even refused to serve crypto businesses, even if they were not forbidden from doing it. However, this is beginning to change, and new crypto-friendly banks are emerging.
One example is Arival Bank, which just announced that it is launching in beta. As the first order of business, the bank plans to start providing accounts to crypto startups. To do so, it will use its own sponsor bank, San Juan Mercantile Bank and Trust, based in Puerto Rico.
A bit about Arival Bank
The new crypto-supporting bank was founded by a team of fintech experts, originating from the US and Russia. Their goal is to provide accounts specifically for cryptocurrency entrepreneurs, who are seeing a hard time in finding a bank that would support their businesses.
Alongside …

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After COVID-19, 2020 Could Be the Biggest Year Yet for Crypto Scams | Finance Magnates

after covid-19, 2020 could be the biggest year yet for crypto scams | finance magnates

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Earlier this week, cybersecurity firm Cipher Trace published a report with findings that so far this year, nearly $1.4 billion dollars in cryptocurrency have been stolen by malicious actors.The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets InnovationOn the surface of things, it looks as though the crypto space might be cleaning up its act: while the number is sizeable, the figure is considerably less than the amount of cryptocurrency that had been stolen around the same time last year; both 2019 and 2020 are showing exponential increase in thefts over 2018, when $1.7 billion was stolen through the year.Specifically, CipherTrace’s Q2 report from 2019 revealed that $4.26 billion had been taken in the first six months of the year. The majority of the stolen funds in 2019 were taken in connection with PlusToken, a massive Ponzi scheme based out of China that made off with some $3 billion in crypto coins.However, while scammers have taken quite a bit less this year than they had in 2019, there are some eerie similarities between this year’s crypto scam landscape and last year’s: specifically, most of this years’ stolen funds can be attributed to Wotoken, which–like PlusToken–is shaping up to be another …

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Celsius Network surpasses $1 billion in cryptocurrency deposits since launch in 2018

celsius network surpasses $1 billion in cryptocurrency deposits since launch in 2018

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NEW YORK, June 4, 2020 /PRNewswire/ — Celsius Network (https://celsius.network/), the industry-leading cryptocurrency interest-earning platform, announces today that it has surpassed $1 billion in total cryptocurrency deposits less than 2 years after launching its mobile app. This announcement comes on the heels of Celsius acquiring more than 110,000 active users and after achieving profitability earlier this year.
According to public data available through the Celsius app, the crypto company has also paid more than $17 million in interest rewards to its community of HODLers to date. Celsius has paid out over $12 million in BTC interest, more than all other crypto lending platforms in the industry combined. Over $3 million of the interest distributed has been in the company’s native CEL token, which has also seen significant growth, a new all-time high, and is now part of the CMC top 100 list.
Celsius Network’s mission is to make financial services fair, transparent, and rewarding. Customers can hold 26 of their digital assets using the Celsius app and use their coins as collateral to borrow USD or stablecoins at the industry’s lowest rates. Celsians also earn weekly compounding interest rewards on their assets at some of the highest rates available in the marketplace. Celsius attributes its exponential growth to …

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US Bank Regulator OCC Asks for Public Input on Cryptocurrency Use in Financial Sector – CoinDesk

us bank regulator occ asks for public input on cryptocurrency use in financial sector – coindesk

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One of the federal bank regulators in the U.S., and the only one that charters national banks, is seeking public input on how it regulates new technologies and digital banking activities, including cryptocurrencies and blockchain tools.
In an advanced notice of proposed rulemaking published Thursday, the Office of the Comptroller of the Currency (OCC) said it was reviewing its regulations around digital bank activities to ensure that these regulations “continue to evolve with developments in the industry.”
The notice, one of two published Thursday, was signed by Acting Comptroller of the Currency Brian Brooks, the former chief legal officer of Coinbase who took office at OCC last week. 
In an emailed statement, OCC spokesperson Bryan Hubbard said:
“The request for stakeholder comment is part of the OCC’s commitment to responsible innovation and aligned with our understanding that banks must be able to evolve to meet the needs of the consumers, businesses, and communities that rely on them. Our role is to ensure there is a clear, supportive regulatory framework for banks to do so. The request for comments helps ensure we hear from stakeholders of all kinds on those important issues.”The notice specifically asked what sort of …

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A Picasso artwork was just sold for cryptocurrency – Decrypt

a picasso artwork was just sold for cryptocurrency – decrypt

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A Pablo Picasso artwork, Danse du ventre devant homme impassible, has been sold for cryptocurrency—the first time an entire, original work by the world famous artist has been sold in this way.The artwork, translated as Belly dance before impassive man, was bought from a private seller by a Swiss company called Idoneus, which made the announcement on Tuesday. It states its aim as expanding the value of the luxury asset market. 
“Danse du ventre devant homme impassible” is one of a series of 156 etchings, and was drawn by Picasso in 1971. Image: Idoneus
“According to the research we have done, this is indeed the first time full ownership of an original artwork by Pablo Picasso has been transferred formally with payment in cryptocurrency,” Idoneus CEO Jarrett Preston told Decrypt.  
Preston declined to say how much the firm had paid for the 1971 etching, which is printed on wove paper with the artist’s stamped signature. 
Tokenizing private islands, luxury services and aircraft
The cryptocurrency used to make the payment was Idoneus’s native IDON token. According to Preston, IDON has also been used to pay for other high-value assets, even prior to its first listing on the P2PB2B crypto …

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Japanese Cryptocurrency Exchange Leads National Digital Payments Study

japanese cryptocurrency exchange leads national digital payments study

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Digital asset exchange DeCurret is leading Japan’s three megabanks in a new study group to look into developing a national digital settlement infrastructure.Convening with the oversight of the central bank and the country’s financial watchdog — the Financial Services Agency (FSA) — Decurret said on June 3 that the group would seek to define a “direction for the realization of valuable digital currencies in Japan.”The group will be chaired by the former head of the Payment and Settlement Systems Department at the Bank of Japan, Hiromi Yamaoka.Participants include Japan’s leading banks — MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation — as well as East Japan Railway and other non-financial enterprises.Forging a consensus about Japan’s digital payments futureAs background for the project, Decurret points to the growing expectations about the efficiency and potential of digital currency settlements and the interest in distributed ledger technologies by businesses and some international central banks.Nonetheless, the exchange identifies concerns about privacy protection, crime prevention, and technology risks that still require targeted solutions. The group’s core aims will therefore be to: “Discuss challenges and solutions concerning digital currencies and digital settlement infrastructure, to find a consensus toward their realization, and …

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What Is The Future Of Cryptocurrency Going To Look Like? – About Manchester

what is the future of cryptocurrency going to look like? – about manchester

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It all started in 2009 with the release of bitcoin, which at the time was something new and unknown to most. But now almost everyone has heard of bitcoin and interest in investing in cryptocurrency or starting a career as a trader has grown. Although they do not have a long history, cryptocurrencies have caused a stir and have been attractive to many people.
Teeka Tiwari, a former Wall Street trader turned cryptocurrency expert, recently discussed investing in cryptocurrency, explaining why now is the time to buy bitcoin. For the last six months, Tiwari has been on a world tour investigating a rare cryptocurrency market phenomenon. As an experienced trader, he talks about some exciting aspects of cryptocurrency and has some future predictions that we haven’t heard before.
Bitcoin after the Coronavirus Pandemic
We witnessed bitcoin going down to almost $3,000 during the coronavirus pandemic. However, it didn’t last too long, and it climbed back up, hitting $10,000. There have been different opinions by crypto enthusiasts about whether it is smart to invest in bitcoin after the pandemic, with many saying that this is like a new start.
Tiwari is very optimistic, saying that Coronavirus will send bitcoin price to $100,000 in 2020. …

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SynchroLife Raises $2.6M for Restaurant App That Rewards Reviews with Cryptocurrency

synchrolife raises $2.6m for restaurant app that rewards reviews with cryptocurrency

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Ginkan, the Tokyo-based company behind restaurant discovery and review app SynchroLife, announced yesterday that it had raised a $2.6 million Series A round of funding (hat tip to beincrypto). This round was led by MTG Ventures, and brings Ginkan’s total amount of funding to $3.7 million.

SynchroLife bills itself as a restaurant review platform that combines AI with cryptocurrency. Users that post “high-quality” restaurant reviews and information are rewarded with SynchroCoin (SYC), the platform’s own cryptocurrency. Restaurants can also be on the platform to offer SynchroCoin-based coupons. On its website, Ginkan says its token system will eventually be used as payment at restaurants.

Beincrypto writes that SynchroLife already has more than 210,000 reviews of 100,000 different restaurants. The company uses this growing database of reviews as the basis of its AI to make restaurant recommendations. The SynchroLife app is available in 155 countries and in English, Japanese, Chinese, and Korean.

Restaurant reviewing has definitely gotten more difficult over the past few months, as the COVID-19 pandemic forced dining rooms to close. To adapt, last week SynchroLife expanded its restaurant recommendation and review platform to takeout meals.

There is definitely an opportunity for a new restaurant review platform to capture eaters’ attention. Longtime social …

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Bitcoin’s Flash Rally to $10,400 was “Fake”, Short the Cryptocurrency, Warns Renowned Trader Bollinger | Market Updates Bitcoin News

bitcoin’s flash rally to $10,400 was “fake”, short the cryptocurrency, warns renowned trader bollinger | market updates bitcoin news

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Long time trader John Bollinger has warned that bitcoin’s flash rally to over $10,400 on Monday was fake, adding that losses might be on the way.“This is a Head Fake at the upper Bollinger Band for $btcusd,” tweeted Bollinger, inventor of the Bollinger Bands indicator.A ‘head-fake’ trade happens when an asset price makes a move in one direction, but then reverses course and moves in the opposite direction, according to the know-it-all online dictionary Investopedia.Bollinger Bands define high and low on a relative basis. By definition prices are high at the upper band and low at the lower band.John Bollinger urged investors to trade with caution or to sell bitcoin (BTC) altogether. He sated: “time to be cautious or short.”Bitcoin rallied past $10,400 on June 1 in a brief breakout, possibly spurred by runaway coronavirus spending by governments throughout the world.The dramatic swing may have reflected renewed investor optimism towards a bull run in the wake of Bitcoin’s recent third halving, but faded just as quickly as it started.Some 24 hours later, the price of BTC plunged 17% in a matter of minutes to as low as $8,600 on Bitmex – a flash crash some observers attribute to …

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As Cryptocurrency Use Grows, Worldpay from FIS Helps Crypto Brokers and Exchanges with New Chargeback Indemnification Service from Forter

Information Access and Management (IAM) Platform powers IAM Network - 60,000 + engaged information professionals worldwide.

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FIS™ (NYSE: FIS), a global leader in financial services technology, today announced Fraud Freedom, a new chargeback indemnification service designed f

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