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Crypto News | UPS Invests in Blockchain & Circle Stablecoin Fully Backed

All major cryptocurrencies are seeing red again today. This week has brought higher-than-normal volatility for most of the top digital currencies on the market, making investors scratch their heads. Today, we’ll take a look at the latest trending crypto news.

Crypto News: UPS Invests in Blockchain

Today, the top crypto news is surrounding the logistic giant, the United Parcel Service (NYSE:UPS). It was announced that the investment arm of the shipping company made an undisclosed equity investment in the US enterprise blockchain company, Inxeption. This UPS investment will be used to create innovative new e-commerce solutions for B2B sellers and buyers.

“Inxeption’s technology is attractive to UPS because it helps unlock new efficiencies for customers using B2B e-commerce platforms,” said Kevin Warren, UPS Chief Marketing Officer. “UPS creates alliances and partnerships to gain market knowledge and position the company as the shipper of choice in ecommerce.”

Inxeption began operations back in 2017 and aims to use blockchain technology to improve various processes for businesses. A primary focus for the company is supply chain, something UPS could highly benefit from. This is positive crypto news, considering the number of recent hacks that are driving down investor confidence.

Crypto News: Circle Stablecoin Audit Report Released

Along with the UPS news, the other big crypto news released today was in regards to Circle’s stablecoin (USDC). The auditing firm Grant Thornton released an attestation report yesterday confirming its USDC coin being fully USD-backed.

>> Dragonchain Partnership with Hurify: IoT and Blockchain Merger

This is also great crypto news, as there has been vast skepticism on stablecoins across the board. The report confirms:

“In our opinion, the Reserve Account Information in the accompanying Reserve Account Report as of December 31, 2018 at 11:59 PM UTC is correctly stated, based on the criteria set forth in the Reserve Account Report, in all material respects.”

While this doesn’t speak for all stablecoins, it’s good for investors to know they can trust the Circle stablecoin.

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Dragonchain Partnership With Hurify | IoT and Blockchain Merger

A Dragonchain partnership was announced earlier today. The blockchain leader is partnering with Hurify Digital Markets to revolutionize decentralized IoT and blockchain development.

Dragonchain Partnership

The US’s Dragonchain is a blockchain developer that works across four business areas: enterprise services, entertainment, education, and project incubation/acceleration. The company wants to empower businesses with an enterprise-grade blockchain solution.

Hurify, at its core, is a “global ecosystem for developer communities, entrepreneurs, and IoT solution vendors.” Its members span the globe.

Hurify Digital Markets, then, is an IoT project development platform that uses smart contracts to “support IoT project development and deployment supply chain.” The platform essentially brings together in one place the talent, hardware, and services necessary to enhance IoT development and adoption.

The Technicals

But how will the Dragonchain partnership help its case?

Hurify will use Dragonchain’s smart contracts to provide a safe, blockchain-enabled global database of IoT developers. These developers will have the ability to connect with each other through the blockchain. In this way, Hurify will be able to build and maintain its dynamic global ecosystem.

>> Ripple Update: XRP Private Keys at Risk but CEO Optimistic

Innovation

By paring blockchain with IoT, the businesses are merging two of today’s most forward-moving and innovative technologies. As Filip Hantson, VP of Business Development at Dragonchain, puts it:

“We’re looking forward to working with Hurify on our Dragonchain platform […] Like blockchain, IoT is a young technology that has a massive potential to take the market by storm.”

First of its Kind

The Hurify and Dragonchain partnership will mean a first-of-its-kind launch of the Hurify IoT Marketplace blockchain platform.

According to Mouli Srini, CEO and President of Hurify Digital Markets, the new service has the power to take down barriers that have blocked the development of IoT:

“Dragonchain will enable Hurify to take advanced, multi-level private and public blockchains to the IoT community […] We now have a versatile solution for a range of IoT operational challenges, such as access control, securing data, and scalability; which Dragonchain overcomes with remarkable ease of use for developers.”

What are your thoughts on this? Do you think a Hurify/Dragonchain partnership is a match made in heaven? Let us know!

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Crypto Hack Takes Crypto Exchange Cryptopia Offline

Another crypto hack has plagued the cryptocurrency space. This time, the New Zealand-based Cryptopia found itself at the center of it. The cryptocurrency exchange announced the news via the company’s Twitter this morning, stating it “suffered a security breach which resulted in significant losses.”

Cryptopia Crypto Hack

The exchange’s website is now completely offline, and the company states that it is undergoing maintenance. However, it is more likely that the team at Cryptopia is trying to track down the hacker and figure out how they gained access to the exchange’s system.

The initial hack figures are said to be around 19,000 ETH tokens, worth just over $2.4 million. With previous crypto hacks, these figures have been initially blown out of proportion and often are off from the final, more accurate figures. In addition to the ETH, it has been rumored that 48 million Centrality (CENNZ) tokens have also been transferred from the site to unknown wallets.

The good thing about this crypto hack is that Cryptopia revealed it to investors immediately, rather than trying to hide it. It seems the team at Cryptopia is quickly working on damage control, but it remains unknown at this time when we’ll get official hack numbers.

>> Malaysia Regulates Cryptocurrencies: Traders Must Comply With New Rule

Investors aren’t pleased and are all voicing their opinions on why this occurred.

Crypto Hack Backlash

One investor tweeted:

Another felt that its focus on too many altcoins was its downfall.

Still, hacks have happened to a number of exchanges and are a big reason why cryptocurrency hasn’t made its full push mainstream. Until cryptocurrency exchanges get a consistent handle on security and can prove security over a long period of time, institutional investors won’t come close to owning or using digital currencies.

Crypto hacks like this are not giving investors confidence in crypto.

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Malaysia Regulates Cryptocurrencies | New Rules that Must be Followed

Malaysia regulates cryptocurrencies as of today. The new rules affect both digital coins and ICOs (initial coin offerings). Though welcomed by many, the repercussions for those who don’t comply are deemed particularly harsh.

What will this mean for trading?

Malaysia Regulates Cryptocurrencies

The country’s Minister for Finance, Lim Guan Eng, announced that the order to regulate cryptocurrencies and initial coin offerings as securities has come into force—effective today, January 15th.

Launching an unauthorized ICO or exchanging in cryptocurrencies without approval could result in a 10-year jail term and a $2.4 million USD fine:

“Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10mil [$2.44 million].”

Ouch.

Pro Crypto

Despite the harsh repercussions for illegal trading, Malaysia is predominantly pro cryptocurrency. The minister stated:

“The Ministry of Finance (MOF) views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries. In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses and an alternative asset class for investors.”

Trading

So what does this mean for traders as Malaysia regulates cryptocurrencies?

An official framework will be launched by the end of Q1 this year. This will detail the exact regulatory requirements for launching an ICO and trading on digital exchanges in the country. In general, crypto services and exchanges must obtain authorization from Malaysia’s Securities Commission. This body will work with the central bank to ensure compliance.

>> Russia to Avoid US Sanctions with $10 Billion Bitcoin Investment

As stated above, without official approval, traders face serious charges if caught.

The Capital Markets and Services Order 2019

Called ‘The Capital Markets and Services Order 2019,’ the next few months will prove crucial as traders and exchanges work to comply with the new relevant securities laws and seek approval by the commission.

India also recently regulated cryptocurrency. It spent most of 2018 implementing regulations for crypto services in its country.

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Russia to Avoid US Sanctions with $10 Billion Bitcoin Investment

According to a Russian economist with ties to the Kremlin, the superpower is preparing a massive $10 billion USD investment in Bitcoin to replace its US dollar reserves. Russia’s Bitcoin investment is a step to minimize US sanctions on the country.

Russia’s Bitcoin Investment

Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, said the Bitcoin investment was a step taken to avoid US sanctions on Russia.

Ginko believes that Russia’s decision to hold Bitcoin as a reserve currency instead of the US dollar is a move being made to “protect [Russia’s] national interests” in light of a possible interruption of “US nominated payments flows for Russian oil and gas.”

Russia’s Bitcoin investment is expected to begin in February. Mr. Ginko furthered:

“[The] Russian government is about to make a step to start diversifying financial reserves into Bitcoin since Russia [is] forced by US sanctions to dump US Treasury bonds and [take] back US dollars […]These sanctions and the will to adopt modern financial technologies lead Russia to the way of investing its reserves into Bitcoin.”

US Sanctions Behind the Bitcoin Investment?

US sanctions have hit the Russian rouble hard. Now the superpower wants to replace some of its US dollar reserves with the world’s largest cryptocurrency by market cap.

>> Are Stablecoins the Future? The Winklevoss Twins Seem to Think So!

Recent US sanctions on Russia came after the poisoning of former Russian military officer Sergei Skripal in London. The former Russian military officer was a double agent for the UK’s Intelligent Services. Two active Russian military intelligent officers attacked Sergei and his daughter Yulia, with a nerve agent.

Russia and Crypto

Cryptocurrencies are very popular in Russia and even receive approval by the country’s President Vladimir Putin. According to Ginko, the cryptocurrency industry accounts for 8% of Russia’s GDP.

The Bitcoin investment is not the only sign of ‘de-dollarisation’ by the country. It has recently bolstered its supply of the euro, Chinese renminbi, and Japanese yen.

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