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Blockchain Supply Chain Initiative Envoy teams up with KYC Hub

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The Envoy Organization will also be able to connect existing clients to the corporate financing network leveraging KYC Hub’s Know Your Customer (KYC) technologies to exploit the anti-money laundering, market monitoring, operations management, and know-how.
Envoy uses blockchain technologies to bring massive efficiency to the global supply chain and trade finance and raised more than USD 13 million from Alcedo Digital Ventures in February 2020.
Lee Tarone, CEO of Envoy Group, said:

Trade finance cannot be truly revolutionized without transparency, trust, and proper due diligence. We are excited to work with KYC Hub who have an arsenal of tools to help us close the $1.5 trillion trade finance gap whilst mitigating against risk and bad actors – the things ultimately holding up the industry today.

Jay Rao, the co-founder of KYC Hub, said,

We are proud to be working with a company who aim to provide a simple and effective solution to its clients, we are very happy to join them in this journey.

In an industry where paperwork means possible fault, fraud and risk – we can automate compliance and manage operational risk for Envoy’s clients using real-time financial crime data. On top of that, we are connected to global data sources and can verify individuals and companies from 180 different countries.

Blockchain Supply Chain Initiative Envoy teams up with KYC Hub

KYC Hub is the latest integration after Envoys have successfully raised and launched $13 million. The firm also announced a partnership with PurpleTRAC, the Pole Star governance solution, earlier this month.

Built on the Corda blockchain platform of R3 enterprise software firm, Envoy accelerates the $17 trillion annual global trade flow to the digital age by reducing inefficiencies and injecting vital and once-indebted liquidity.

Spring Labs Aims To Create Fraud and ID Verification Solutions Using Blockchain Technology

KYC Hub is a UK-based start-up with investment managed by Alcedo Technology Limited, which helps firms mitigate the risk of fraud and financial crime by using AI and data intelligence. KYC Hub’s products include a global KYC and biometric verification solution, corporate verification, and monitoring and AML (Anti Money Laundering / Combating Terrorist Financing Compliance and Risk-Based Approach). The company provides advanced tools such as transaction monitoring, customer risk rating, payment screening, and pattern-based matching.

Source: https://theblockchaincafe.com/blockchain-supply-chain-initiative-envoy-teams-up-with-kyc-hub/

Blockchain

Optimism For Ethereum as Layer 2 Testnet Gets Launched: What Does It Mean?

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Layer 2 scaling developers at the Plasma Group have recently announced the launch of their Optimistic Ethereum testnet, which will be deployed on projects to test much needed scaling solutions.

Essentially, Layer 2 scaling involves taking work off the root chain to process data and transactions faster. The team has built a system called OVM, a fully-featured Ethereum Virtual Machine (EVM) compliant execution environment designed for L2 systems.

The OVM was first tested on Uniswap’s Unipig L2 decentralized exchange launched as a demo in late 2019.

Synthetix The First Guinea Pig

The Optimistic Ethereum testnet will be rolled out in several phases bringing early adopters on gradually so that the team can individually support each project.

On-chain synthetic assets DeFi protocol Synthetix will be the first to trial the scaling solutions offering 200,000 SNX in rewards to their users for participating. The team added that the testnet is currently open for public use, but not yet for public contract deployment as there will be bugs that need ironing out first.

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Phase A of the testing will involve airdropped tokens that will allow participants to mint and burn sUSD, the Synthetix native stablecoin, and claim staking rewards. This will be done using the Görli Ethereum testnet.

Phase B will enable deposits and include an airdrop of Layer 1 Görli SNX tokens to participants who can increase their stakes if they perform a deposit. Phase C will allow withdrawals, and participants must complete a successful withdrawal to receive their testnet rewards on the mainnet.

Optimistic Ethereum is the only generalized L2 solution for Ethereum, which means that it does not require specific functionality to be built to support existing L1 protocols.

Synthetix posted a guide for users wanting to take part in the tests, stating;

“This is a huge milestone for Synthetix, Optimistic Ethereum, and indeed the entire Ethereum space.”

Ethereum Fees Update

A week after the digital dust has settled from the Uniswap airdrop and UNI launch, gas fees have fallen back a little. From a high of almost $12 on September 17, the average transaction fee has fallen back to around $2.75, according to Bitinfocharts.

This is still way too high, though, and it is hoped that many more Layer 2 solutions will be deployed to DeFi protocols over the coming months so that they can remain on Ethereum. The ETH 2.0 scaling upgrade is still at least a year away, so efforts such as Optimistic Ethereum could become its savior until then.

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Source: https://cryptopotato.com/optimism-for-ethereum-as-layer-2-testnet-gets-launched-what-does-it-mean/

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Bitcoin Soon To $11,000? U.S. Market Futures Opened The Week In Green (Market Watch)

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Bitcoin has continued to gradually increase in value and even came close to challenging $11,000 earlier today. Adding some impressive gains from altcoins and the total market cap has increased by $10 billion since yesterday’s dip.

Bitcoin Closing Down On $11K?

As reported yesterday, the primary cryptocurrency hovered mostly between $10,650 and $10,750. Shortly after, however, BTC dipped and marked an intraday low of below $10,600.

The price decrease was shortlived, and BTC started increasing. Firstly, the asset returned to its familiar ground of about $10,750 before exploding to its daily high of $10,950. Since then, Bitcoin has retraced slightly to where it trades as of writing these lines.

Moving on, $11,000 remains as the most critical resistance in BTC’s way up. If conquered successfully, the cryptocurrency could head towards $11,200, $11,360, and $11,530 as possible next resistance levels.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Bitcoin’s increase could be related once again to the events with the US stock futures. The futures contracts on the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average show about 0.3% gains in overnight futures trading.

Chainlink And Cardano On The Move

Ethereum and Ripple have remained relatively stagnant on a 24-hour scale, as both of them are slightly in the red. ETH trades at about $357, while XRP is at $0.243.

By increasing its value with 3.3%, Bitcoin Cash has widened the gap with Binance Coin (-0.3%) for settling in the 5th spot.

The most impressive gains from the top 10 come from Chainlink and Cardano. LINK has increased by 4.5% to nearly $11. ADA has surged by 7% to above $0,10. As a result, Cardano has overtaken Crypto.com Coin (0.7%) for the 9th position.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Double-digit price jumps are evident from a few lower-cap altcoins. Arweave leads with a 33% surge, Swipe SXP (27%), CyberVein (15%), and OMG Network (10%) follow.

In contrast, ABBC Coin has lost the most value (-18%). The Midas Touch Gold (-10%), Yearn.Finance (-9%), and DFI.Money (-9%) are next.

Nevertheless, the cryptocurrency market cap has increased to almost $350 billion after bottoming at $340 billion yesterday.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-soon-to-11000-u-s-market-futures-opened-the-week-in-green-market-watch/

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Grayscale Buys Another $186 Million in Bitcoin: Approaching $6B Crypto Assets Under Management

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Grayscale has enlarged its Bitcoin Trust, as 17,100 BTC were added to Grayscale’s funds at current prices, as the investment is worth approximately $186 million.

grayscale_sep28
Grayscale BTC Trust. Data by Bybt

Crypto AUM Approaches $6 Billion

The total assets under management (AUM) for all Grayscale Investments crypto funds totaled $5.8 billion according to its last market report for the week ending September 25.

The Bitcoin Trust, or GBTC, is by far the largest fund, containing 82.75% of the total investment, or $4.8 billion. Following that is the Ethereum Trust, which has almost $784 million invested, or 13.5% of the total.

The rest is divided into smaller funds for Bitcoin Cash, Ethereum Classic, Litecoin, XRP, Zcash, and a couple more.

Grayscale buys shares for its investors so that they do not have any direct exposure to the underlying asset. Its BTC shares are currently trading at $11.23, and the Bitcoin holdings per share are up almost 46% so far this year.

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The move signifies continued institutional interest in Bitcoin and crypto assets despite having corrected almost 20% since its peak this year. Grayscale also stated that there would be a huge wealth transfer over the next quarter-century, and the younger generation is interested in Bitcoin and crypto;

“$68 trillion will be transferred from older generations to younger generations over the next 25 years. It’s time to pay attention to the behaviors of the next generation of investors.”

Bitcoin Closes Bullish on The Weekly Candle

The weekend has seen Bitcoin grind slowly higher again in an attempt to reclaim the psychological $11K price level.

Analyst Josh Rager has observed the weekly candle close, adding that Bitcoin has up-trended for the third week in a row and remains bullish.

A retest of the monthly high is also a sign that there are more buyers than sellers at the moment though the next level is critical, and BTC must hold the $11k zone to register further gains.

The $150 million KuCoin hack did not cause any significant sell-off over the weekend, which is a testament to how resilient cryptocurrency markets have become to such incidents.

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Source: https://cryptopotato.com/grayscale-buys-another-186-million-in-bitcoin-approaching-6b-crypto-assets-under-management/

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