BitLicense Approval Shines Fresh Light On New York-Crypto Relationship

The recent approval of Genesis Global Trading’s BitLicense application has shone fresh light on New York State’s relationship with the cryptocurrency industry. Although New York is historically a business-friendly center and international financial hub, many industry players have criticized the regulatory requirements enforced by the New York State Department of Financial Services (DFS) through the BitLicense since its release date in 2015. Most of these criticisms were confirmed in a round table held earlier this year by New York State senators Jesse Hamilton and David Carlucci, who invited cryptocurrency companies…

Mastercard Wins Patent for Blockchain Coupon Authentication System

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. Financial services giant Mastercard has won a patent for a system that uses blockchain technology to authenticate coupons. The patent, granted by the US Patent & Trademark Office (USPTO) on May 31, outlines a way for merchants to cut down on coupon fraud and more effectively issue targeted discounts to specific customers. The company first applied for the patent in Nov. 2016. In one potential application of this system, an individual will be assigned a blockchain address, whose…

Japanese Gov’t-Licensed Crypto Exchange Acquired By International Investor for $50 Mln

Japanese crypto exchange BitTrade has been acquired for S$67 mln ($50 mln) by a Singaporean multi-millionaire and entrepreneur, Asia One reported yesterday, May 30. The acquisition will see Mr. Eric Cheng take a 100 percent stake in BitTrade Co., Ltd, one of only 16 domestic crypto exchanges to receive a license from Japan’s financial watchdog, the Financial Services Agency (FSA). Cheng is also acquiring BitTrade’s affiliate company, FX Trade Financial Co., Ltd,  one of Japan’s leading forex trading platforms. As Asia One notes, the investment makes Cheng the first foreign…

IOTA Price Surges 17% for the Day to Headline Widespread Market Rally

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. The IOTA price (MIOTA) surged past other coins’ average daily gains for the day, climbing 17% over its Wednesday level. The project released the beta version of the Trinity Wallet on May 29 and has kept the price momentum since then, as CCN reported. Currently, the IOTA price sits at $1.77. Since May 28 and the announcement of the new wallet, IOTA has increased over 31%. This is calculated from the close of day trading price of $1.35…

Blockchain-Powered Trust Paxos Raises $65 Mln From Investors

Paxos, an American financial technology startup, has attracted $65 mln from investors, including venture capital firms RRE Ventures and Liberty City Ventures, and private equity executive Jay Jordan, Reuters reported May 31. The company was initially founded in 2012 as Bitcoin exchange itBit and later rebranded as Paxos, a business focused on providing services using blockchain technology. Paxos holds a trust company charter in the state of New York, which gives it some of the same privileges as a bank, including the ability to take custody of mainstream financial assets.…

Crypto Payment Gateway to Help Start-ups Increase Adoption of Custom-made Tokens

A company that describes itself as a “pioneer in the digital payments space” has unveiled plans to become the first company to offer payment processing capabilities for transactions involving ERC20-compliant tokens. CoinPayments, which was established back in 2013, says its payment gateway has the potential to help fledgling crypto start-ups increase adoption for their custom-made tokens (ERC20), without the need for each company to code their own payment processing solutions. The feature also means customers who have invested in new tokens could be able to use them on relevant platforms…

US Crypto Exchange Signs Agreement to Offer Fiat-Crypto Trading to Corporate Clients

Seattle-based crypto exchange Bittrex has signed a banking agreement that will allow corporate investors to trade selected cryptocurrencies for fiat, Bloomberg reports today, May 31. Bittrex, which supports over 200 cryptocurrencies and reportedly has over 3 mln customers worldwide, will cooperate with New-York based Signature Bank to launch fiat trading for Bitcoin (BTC), Tether and TrueUSD. Speaking of the new banking deal, Bittrex CEO Bill Shihara is quoted as saying that the process “had been a long path”: “They really do look and pore through the entire business. They want…

Crypto Ecosystem Will Not See Regulation for Years

Kathryn Haun, board member of Coinbase and HackerOne claimed that cryptocurrency and blockchain will not see regulation for years, Techcrunch reports May 31. Haun made her statements on regulation at the Code Conference in California today. Haun drew parallels between the internet and crypto, claiming that the in the early days of the internet, users called for one single regulatory body, which never took place. As per Haun, crypto and blockchain are following the same scheme of the development. She further pointed out that if regulation would have been developed…

Polish Gov’t Invites BitBay to Join Working Group as Exchange Forced to Leave Country

Recently expatriated Polish cryptocurrency exchange BitBay tweeted yesterday, May 30, that the Polish Financial Supervision Authority (KNF) has asked them to join a Blockchain Working Group. BitBay suspended operations in Poland this week after banks refused to cooperate with the exchange, in the wake of the Polish government’s increasingly negative stance toward cryptocurrencies. Although BitBay did not directly address whether they would accept the KNF’s invitation, they wrote in yesterday’s tweet that they “are not abandoning  crypto activity for the Polish community.” Nasza giełda otrzymała zaproszenie z KNF do udziału…

No Evidence Whales are Manipulating Bitcoin Price: Prominent Trader

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. Peter Brandt, a prominent trader and respected technical analyst, believes there is no solid evidence to back up claims that whales and large-scale investors have been manipulating the bitcoin price or the wider cryptocurrency market. Not Futures Market Earlier this week, after various reports that the fall of bitcoin’s value coincided with the launch of CME and CBOE bitcoin futures market in December 2017, Brandt said: “Cryptos. There is no evidence whales have been shorting crypto markets.…