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OKEx

OKEx C2C Platform Adds Ripple (XRP) and Bitcoin Cash (BCH)

OKEx has just listed Ripple (XRP) and Bitcoin Cash (BCH) on its customer-to-customer platform, according to a report released this morning by Cointelegraph. The customer-to-customer platform is the cryptocurrency exchange’s newest venture. At the time of writing, OKEx is the top cryptocurrency exchange by its 24-hour trade volume.

OKEx Adds Ripple (XRP) and Bitcoin Cash (BCH)

OKEx users can now buy or sell XRP and BCH with five supported fiat currencies. The fiat currencies include the British Pound (GBP), Chinese Renminbi (CNY), Vietnamese Dong (VND), Russian Ruble (RUB), and the Thai Baht (THB). The Baht was added to OKEx last week.

All services on OKEx’s customer-to-customer platform will remain the same, as the company has just added the new coins. This new C2C platform allows its customers to place orders with self-selected exchange rates and various payment methods. It also has zero transaction features, which is a big highlight for the platform itself.

This platform differs from the others due to its varying fiat currencies and the option to purchase and sell crypto directly to other users on the platform. Currently, the C2C platform already has Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Litecoin (LTC).

>> Samsung Galaxy S10 Breaks into the Cryptocurrency Space

The cryptocurrency exchange is making a ton of different moves to its platform, including delisting a few. On February 25th, NEO (NEO), Exchange Union (XUC), and QTUM (QTUM) will be removed from the platform.

OKEx is one of the most used cryptocurrency exchanges in the world. The addition of Ripple and Bitcoin Cash to its C2C platform will likely spark interest from investors and may bring more users onto the platform. It remains unknown at this time when more fiat currencies will be supported on the new OKEx customer-to-customer platform. The lack of fiat currencies supported is most likely due to regulation within each country.

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QuadrigaCX

QuadrigaCX Sends All Its Ether and Bitcoin to Ernst & Young Auditor

When QuadrigaCX’s founder Gerald Cotten died last month, he took the private keys to Quadriga’s cold storage wallets with him.

The founder and CEO died from Crohn’s disease in December 2018. He was the only individual to know the private keys that could access $136 million USD in cryptocurrencies stored offline.

QuadrigaCX Creditor Protection

After the fact, the exchange was granted creditor protection by The Supreme Court of Nova Scotia. This meant it could take some time to try and recover the missing cryptocurrencies. It was also going to try to recoup its losses by unlocking a further $53 million USD in fiat currency held by payment processors.

According to CoinDesk: “The company sought to preempt any litigation from customers hoping to recoup their losses, according to the filing.”

What was Canada’s largest cryptocurrency exchange went offline completely in January.

QuadrigaCX and Ernst & Young

Nova Scotia Supreme Court Judge Michael Wood suggested that the company’s hot wallet funds be sent to the safety of new cold wallets maintained by the exchange’s court-appointed monitor Ernst & Young (EY).

Now, a report released today confirms this has happened. According to EY:

“On February 14, 2019, after testing the transfer arrangements, the Applicants successfully transferred the following cryptocurrency to the Monitor […] The Monitor will hold the cryptocurrency in cold storage pending further order of the Court.”

>> Coinbase Wallet Expanding with New Support for Bitcoin Cash

QuadrigaCX’s online wallets, or hot wallets, have been almost emptied and the funds sent to EY. The tally includes 52 Bitcoin (BTC), 960 Ether (ETH), 33 Bitcoin Cash (BCH), 2,000 Bitcoin Gold (BTX), and 822 Litecoin (LTC).

A Bad Situation

A month on from announcing the issue, QuadrigaCX has still had no success in recovering the frozen crypto. It also then made a bad situation worse by losing a further 100 Bitcoin earlier in February when it mistakenly sent them to the cold wallets that it cannot access. It did not reveal exactly how this happened.

What a sudden downfall for QuadrigaCX, the largest crypto exchange in Canada. Is this a clear example of one issue with the security measure of the crypto private key system? What do you think?

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Samsung Galaxy S10

Samsung Galaxy S10 Breaks into the Cryptocurrency Space

Less than 24 hours ago, Samsung Mobile announced the release of its next-generation Galaxy smartphone. The new Samsung Galaxy S10 is beautifully designed, and it includes a new feature that many crypto enthusiasts might appreciate.

Samsung Galaxy S10

In the official press release Samsung explains:

“Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.”

That’s right. The new Samsung Galaxy S10 will include storage for private cryptocurrency keys. However, that’s the only information the company released on the phone’s private key storage. It remains unknown how detailed the security is on the phone in storing private keys. However, many phones nowadays store credit card information and account data, such as with Apple Pay.

It may just be that logging into your accounts on unsecured internet networks could pose a risk to exposing your private keys. The same way it is warned to never log into any financial accounts while sitting at a local Starbucks.

>> QuadrigaCX Sends All Its Ether and Bitcoin to Ernst & Young Auditor

Sirin Labs

Still, the company’s new Samsung Galaxy S10 announcement is exciting for the cryptocurrency community and investors. There is a company that has been working on a blockchain phone for years, but the fact that Samsung has now implemented some of these features changes the game. Sirin Labs has been working on Finney for a while now, and it was supposed to be shipped to customers in December of 2018.

Finney came with a hefty price tag of $1,000 but its nothing in comparison to the company’s first blockchain phone, the Solarin. Sirin Labs tried selling the Solarin Phone for $14,000. Yikes! If major phone manufacturers rip off what these smaller tech companies have been trying to accomplish, it could be the end game for them.

Are you planning on purchasing the Samsung Galaxy S10? Let us know in the comment box below!

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ceo interview

Accepting Crypto | Interviewing ERA Timepieces CEO Michael Galarza

ERA Timepieces (www.eratimepieces.com) is a new luxury watch company that has taken haute horlogerie complications and made them accessible to the common man. And with various forms of cryptocurrency now spreading globally, Michael and his team have begun accepting forms of it as payment, making his company the first ever to receive two different types (Bitcoin and Ethereum) for the sale of a watch.

We sat down with Michael to learn more about his thoughts on crypto, his upcoming timepieces, and if he thinks more retailers in his industry along with crowdfunding websites will start accepting various forms of crypto in the future.

What were your original motivations for getting into the timepiece and e-commerce world?

We felt like there was a huge gap in the market. For these complications, you would only be able to get 5- and 6-figure watches, and being from the sourcing and e-commerce world already, we knew there was a way to get these things made for cheaper without the crazy price gouging that goes on in order to fuel crazy celebrity endorsement marketing budgets.

When did you first become aware of cryptocurrency?

I first bought Bitcoin in 2013, when it had a little mini run-up in price

What are your views on cryptocurrency, whether it be positive or negative?

I think cryptocurrencies and blockchain technology, in general, are quite revolutionary and in particular Bitcoin itself, as it’s proven to be quite censorship resistant in spite of many countries’ attempts to ban it. Especially in the fields of finance/accounting, I think it has revolutionary use cases. But 2017 brought in a wave of speculators, and everyone just tried to apply the same dot-com bubble blueprint by trying to slap the label blockchain onto everything to cash in, rather than actually exploring legitimate uses of it.

You currently offer customers a way to pay with cryptocurrency for your watches. Why was including crypto important to your sales plan?

I think offering customers as many payment options as possible is always good, but more than that, philosophically I felt we had to be good participants in the crypto economy by promoting actual use rather than just using crypto as a speculative get-rich scheme.

Which forms of currency have customers been using?

Bitcoin and Ethereum so far, although we accept quite a bit more than that.

Based on our research, you are the first watch company to ever sell timepieces with two different forms of crypto (Bitcoin and Ethereum). How does it feel to be a leader in this fast-changing currency market?

It feels great because that is basically our operational philosophy all along. We saw an inefficient and archaic way of things being done in this industry that we love, and we wanted to do something about it.

You ran a pretty successful crowdfunding campaign for your timepieces (raising over a million dollars). Do you think cryptocurrencies should be offered as a way to contribute to the crowdfunding process in the future on various platforms?

The more payment options, the better, and especially if some of these crowdfunding sites didn’t price gouge on fees. On Indiegogo for example, they take a grand total of 8% of all revenue, on top of 3–5% variable credit card fees. They don’t offer the option for PayPal or any other alternative payment methods too, I assume because they pay nowhere near 3–5% to Visa/Mastercard/Amex and want to skim more off the top.

A crypto-only crowdfunding platform—especially one that integrates with oracles and milestones with the funds tied up in a smart contract that contributors could vote on releasing—would be useful too in order to combat the rampant fraud from some nefarious creators who run with the money after not being able to deliver on the product.

What is the best advice you have ever been given?

He who has a strong enough “why” can bear almost any “how.”

Do you feel in the future other watch companies or stores that sell items like yours will start accepting Bitcoin and other forms?

I think they’ll begin accepting them when it’s commonplace for everyone to accept them. Most people in this industry don’t want to be pioneers.

Outside of work, do you trade cryptocurrency personally and follow it?

Heavily in 2017, almost non-existent in the current extended bear market.

Where do you see ERA Timepieces in 5 years from now?

With an entire line of amazing timepieces and a reputation for taking complications that others price gouge the affluent for, and making them fairly priced for all.

Anything else you wish to add on the subject of crypto?

In the near term, the most useful attribute of everything in blockchain thus far has been the extreme resilience of Bitcoin, which has been proclaimed dead so many times over a decade but continues to be censorship resistant and immutable even in the face of hard forks and powerful worldwide entities that tried to control it.

Written / Interview By Sarah Kauffberg exclusively for CryptoCurrencyNews.com

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cryptocurrency regulation

SEC and CFTC May Combine Efforts to Regulate Cryptocurrencies

Bitcoin ETFs are a hot topic with the US regulators. The Securities and Exchange Commission, in particular, has been expected to approve some of the applications for some time now, but it looks like they are trying to avoid it at all costs. Furthermore, most of the applications have been either denied or completely ignored without even the slightest hint of feedback. The applications are long overdue, and the applicants are starting to become restless.

However, the SEC had a ‘meeting’ with the other US regulator called the CFTC (Commodity Futures Trading Commission), it has been reported that the two regulators have shared their opinions about the matter and are ready to partner up to tackle cryptocurrencies.

Comments about the Industry

The ‘Crypto Mom’ (Hester Peirce) herself explained the SEC’s stance towards Bitcoin ETFs. She noted that they have been rather reluctant to sign off on the Bitcoin ETF applications they have been receiving. Although it is not the best type of feedback, it is still better than nothing. So now we know that the applications could be far away from approvals.

>> ICO Scams: FBI Seeks to Educate Investors with Red Flags for ICO Fraud

There is one contradiction about the announcements, however. Peirce noted that there are numerous markets that are not regulated by the SEC, but products are still being developed within them. She also noted that the Bitcoin ETF approach seemed a bit merit-based, which was dangerous. However, it is hard to connect the two statements together. If it is as dangerous as any other unregulated industry, then why are other industries still able to operate but cryptocurrencies are kept lagging behind? These are the questions that most Bitcoin ETF applicants are willing to find an answer for.

The CFTC Commissioner, Brian Quintenz, noted on top of Crypto Mom’s announcement that the CFTC has a pattern when dealing with such a predicament. For example, if there is a side that had an application with the CFTC, the regulator has a specified amount of time to reply with either “Yes, we agree, let’s do it,” or with “No, we disagree and here’s why.” If the CFTC fails to make any of these two answers, then the applicant will have the chance to self-certify, meaning that there will be no involvement from the side of the regulator.

Clashing Ideals

Although both of the institutions are trying to regulate crypto assets, they still have a division in the way they look at them. For example, the CFTC is responsible for Bitcoin and Ethereum directly, and the SEC is more in-tune with the ICO (Initial Coin Offering) market. These two are practically inseparable, that’s just basics of cryptocurrency, meaning that no matter what, if a full regulatory framework is introduced from both sides, a joint effort will be required at some point.

>> Cryptocurrency Bull Run: An Improving Economy Encourages Gains

Crypto Mom even mentioned the fact that she and Brian Quintenz are interested in combining their efforts in tackling this “confusing” market. Whether or not a joint effort is announced remains to be seen, but nothing can be certain. If there indeed is a partnership to come, then Bitcoin ETFs can have two options. Either be completely forgotten by the SEC or be more quickly adapted thanks to the CFTC’s ideals.

Featured image: DepositPhotos © hello.artmagination.com

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