Connect with us

Blockchain

Fidelity Digital Assets May Delay Adding Ethereum Support Due To Hard Fork Concerns

Fidelity Digital Assets Services (FDAS), a crypto trading and custody division of investment giant Fidelity Investments, will likely delay support for Ethereum (ETH) for a while, a senior executive of the platform has said. Fidelity’s digital asset subsidiary launched this quarter, with its initial plans being to support bitcoin and then ether. However, according to […]

Source link: Fidelity Digital Assets May Delay Adding Ethereum Support Due To Hard Fork Concerns

Published

on

Fidelity Digital Assets Services (FDAS), a crypto trading and custody division of investment giant Fidelity Investments, will likely delay support for Ethereum (ETH) for a while, a senior executive of the platform has said.

Fidelity’s digital asset subsidiary launched this quarter, with its initial plans being to support bitcoin and then ether.

However, according to the digital asset platform’s president Tom Jessop, FDAS will use an internal framework it has developed to evaluate any of the cryptocurrencies that may need to add.

Although FDAS had earlier indicated that it would add ether as well as other cryptocurrencies to the platform, Jessop’s latest remarks suggest that the process may not be that simple and straightforward.

The FDAS chief has said that other than the currently supported bitcoin, the platform has “designs to support other coins over the balance of the year,” although these will be subject to “several criteria.”

These conditions include using the platform’s selection framework that looks at among other things, the client demand for the asset.

Speaking to crypto news outlet Coindesk, Jessop explained that their framework seeks to establish several things about an asset.

For instance, the focus would be on how decentralized the coin is, or whether the coin’s protocol has any “peculiarities” that would dissuade FDAS from launching support or continue to provide access to any given cryptocurrency.

Jessop noted that the platform may list coins subject their market capitalization, because “that’s where the demand.” However, market cap and appearance among the top cryptocurrencies may not be enough to guarantee a coin’s listing on the trading and custody platform.

To this effect, he expounded that reasons may abound that mean refusal to list a coin, which may not have anything to do with client demand for particular crypto.

And that is what Jessop points to in reference to a delay in adding ether, currently crypto industry’s second-largest coin by market cap.

He reportedly told the publication that Ethereum’s upcoming hard fork and other network upgrades mean that “[FDAS] is trying to see how those things work out” first, before a deciding whether or not to add it to the platform.

Ethereum recently activated its Constantinople hard fork that introduced a number of improvement proposals (EIPs), among them one that seeks to cut block rewards. The network has another hard fork called Istanbul set for October this year.

Scaling FDAS over 2019

According to Jessop, the challenge that Fidelity has is to ensure that its FDAS platform protects investors- especially in the wake of the 51% attack that hit Ethereum Classic (ETC) at the beginning of the year.

Moving forward, FDAS has plans that the exec says will see the platform scale its services and add new clients to ensure they cover 90 percent of the U.S. market by the end of 2019. It will nonetheless be in areas where the business has “jurisdictional authority to operate.”

To achieve this, the firm will seek to secure regulatory approvals, including money service business licenses, with operations currently allowed in “a considerable number” of U.S. states.

Notably, also, the investment firm has upped its pursuit for registration as a qualified custodian, which Jessop said was a priority and will likely be granted this year.

Jessop added that the platform’s management team will double up on their efforts to identify and fix any potential bugs in the system.

Meanwhile, Fidelity’s platform continues to attract a significant number of clients from various sectors, including, hedge funds, family offices, crypto funds, and high-net-worth individuals.

FDAS has also attracted exchanges, which are looking to use Fidelity’s platform to offer custody solutions to their clients, with the firm set to see “hundreds of millions” in assets under management brought in via this business channel.

Also on the list of potential clients are pension funds, although that could take a while before many of these funds commit money to the crypto asset class.


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

Source link: Fidelity Digital Assets May Delay Adding Ethereum Support Due To Hard Fork Concerns

Source: https://xbt.net/blog/fidelity-digital-assets-may-delay-adding-ethereum-support-due-to-hard-fork-concerns/

Blockchain

President Maduro: Venezuela Seeks Opportunities To Use Cryptocurrency For Global Trade

Published

on

  • Venezuela’s cryptocurrency story continues as the country’s President Nicolas Maduro has presented new use cases. 
  • A recent report informed that the South American nation is studying the possibility of using digital assets in trades alongside the national Petro. 
  • President Maduro has presented new anti-sanctions law in the Constituent National Assembly. In a recent speech, he asserted:

“The anti-sanctions law is the first response to give new strength to the use of petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”

  • The news comes after Maduro suggested last year that his country could adopt cryptocurrency payments.
You Might Also Like:
  • Additionally, Venezuela signed a new tax agreement this summer that enabled the nation to start collecting taxes and fees in the Petro.
  • A study reported by CryptoPotato revealed that digital assets already play an essential role in the country’s struggling economy. Venezuela’s intensifying financial crisis has catalyzed significant interest in cryptocurrencies as people seek opportunities to escape the devaluating national currency.
  • The Bitcoin peer-to-peer volume exemplifies the growing interest in the primary cryptocurrency within the country. As per data from coin.dance, the BTC P2P volume on LocalBitcoins has been continuously surging in the past several months.
Bitcoin P2P Trading Volume LocalBitcoins. Source: coin.dance
Bitcoin P2P Trading Volume In Venezuela on LocalBitcoins. Source: coin.dance
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.


Source: https://cryptopotato.com/president-maduro-venezuela-seeks-opportunities-to-use-cryptocurrency-for-global-trade/

Continue Reading

Blockchain

Leader That Allowed Scams: TRON’s Justin Sun Responds to Claims by Ex-Employees

Published

on

Yesterday The Verge published an elaborate article portraying a picture of Justin Sun’s leadership at BitTorrent post the peer-to-peer file-sharing site’s acquisition by the TRON foundation.

Sun later responded to the ‘false-claims’ made by TRON/BitTorrent’s ex-employees in the article with ‘An Open Letter to Anyone Who Cares to Read’ on Medium.

Claim: Megalomaniac Leader; Response: True Libertarian

In the supposedly expose piece, author

Refuting the above portrayal of his leadership, Sun, in his response, stated that he has devoted his entire life ‘to being a responsible, global citizen’. Adding to this, Justin said that is a true champion of libertarian principles for a significant portion of his life.

I have devoted myself to being a responsible, global citizen throughout my entire life, spending significant portions of my personal and professional life to activities promoting universal values of respect, liberty, equality, and kindness.

The TRON and BitTorrent chief impressed further on his ‘global’ approach to things. He explained that the TRON Foundation harbors a ‘global team of talented contributors and developers’. And that he takes ‘pride in working’ with this global community to make TRON ‘one of the greatest decentralized blockchain protocols’.

You Might Also Like:

Claim: Freedom Suppressor; Response: Upholder Of Human Rights, Individual Values

Dunaway reportedly engaged in conversations with folks who are/were associated with the TRON brand and the work culture. From what he gathered, Justin enforced a draconian company culture, with employees officially following the ‘9-9-6’ norm.

According to the article, TRON’s HR had Slack replaced with its Chinese counterpart DingTalk. The communication platform had an in-built surveillance mechanism that would use ‘Apple Health to count people’s steps’. Also, DingTalk used to ping employees literally all the time.

To this, Sun responded by saying that he has left no stone turned in, establishing a work culture that respects.

diversity and individuality through a culture that cherishes fundamental human values freedom of speech, user privacy, intellectual property protection, kindness, a diversified working environment, and compliance with legal standards.

Justin went on to comment that TRON and BitTorrent operate with a ‘globally collaborative team’. One that upholds and respects the ethos of cross-culture teams. Sun claimed that the folks at TRON folks have ‘worked hard’ to create a collaborative work culture. One that values freedom of speech and individual privacy.

Claim: Suppressed Criticism, Allowed Scams; Response: No Control Over Protocol Functioning

The Verge piece mentioned that ‘decentralization’ was just a facade for what was happening behind the curtains. Justin Sun and his core officials exercised strict control over content moving about and within the TRON network.

This involved allegedly paying a Redditor to ‘erase negative posts’. Which later drew the ire of the community.

Free speech is part of the ideology of decentralization, where ideas flow without gatekeepers. Tron started deleting any post it wanted.

The article also claimed that TRON’s administration team was silent and allowed the perpetration of scams on the network. While this happened, scammers and the scammed continue to grow in numbers while the management did nothing to interfere.

Justin, in his Medium post, said that he and the entire TRON administration team function sans control. Even though the team at TRON works to upgrade the platform, they do not exercise any censorship/regulation.

…we have no control or discretion over what applications use the protocol, what data is transmitted, or how its community members use it.

Sun went to add that he and his team are proud of TRON and BitTorrent’s achievement over the years. He went to quote that both have collectively ‘served 2 billion users around the world. These include ‘numerous enterprises, universities, and governments’.

Lastly, the TRON and BitTorrent boss struck down all claims made by ex-employees Lucasz Juraszek, Richard Hall, and Cong Li. Justin declared that the TRON foundation’s legal counsel has submitted all the requisite proofs and evidence pieces to the court. “We believe the decision will speak for itself”, he said.

BTT and TRX’s price didn’t seem to undergo any correction following the release of the bitterly scathing Verge piece. On the contrary, BTT is actually up 2.3% in the last 24 hours.

Featured image courtesy of QZ.com

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.


Source: https://cryptopotato.com/megalomaniac-leader-that-allowed-scams-trons-justin-sun-responds-to-claims-by-ex-employees/

Continue Reading

Blockchain

Ethereum Price Analysis: Will ETH Surpass 2019 Highs Towards $400?

Published

on


ETH/USD – Bulls Struggling To Pass 2019 Highs

Key Support Levels: $350, $336, $325.
Key Resistance Levels: $364, $378, $390.

Ethereum pushed higher last week to reach the 2019 highs at around $364 over the weekend. Unfortunately, it has not been able to overcome this resistance in the past four days of trading as bearish divergence popped up on the short term charts – highlighted in our last analysis.

For now, Ethereum is finding strong support between $350 and $355; however, it is looking increasingly likely to break this support soon as the short-term bearish divergence continues to play out.

ethusd-sep30
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

If ETH does penetrate back beneath $350, the first level of strong support lies at $336 (100-days EMA). Beneath this, additional support lies at $324 (.618 Fib), $320, $310, and $300.

On the other side, the first level of resistance lies at $364 (2019 highs). Above this, resistance is expected at $378 (bearish .382 Fib), $390, and $400.

The Daily RSI did dip beneath the mid-line to suggest that the sellers are battling to gain control of the market momentum.

ETH/BTC – Bears Continue To Face Resistance at Falling Trend Line

Key Support Levels: 0.033BTC, 0.032 BTC, 0.0315 BTC.
Key Resistance Levels: 0.0337 BTC, 0.0347 BTC, 0.0352 BTC.

Against Bitcoin, Ethereum continues to face the resistance at a falling trend line that has dictated price action during September. Each time ETH attempted to break above this falling trend line, the coin was rejected and headed lower.

On Monday, ETH attempted to push beyond the March 2019 support at 0.0337 BTC but could not pass it. As a result, ETH moved sideways this week and has returned to the falling trend line. Here, it can be expected that ETH should be heading lower – especially with the daily RSI flattening out in the bearish territory.

Ethbtc-sep30
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the trend line rejects the sellers, the first two levels of support lie at 0.033 BTC and 0.032 BTC. Beneath this, support lies at 0.0315 BTC (100-days EMA & downside 1.414 Fib Extension), 0.0311 BTC (.618 Fib Retracement), and 0.0305 BTC.

On the other side, if the bulls can penetrate the falling trend line, the first level of resistance lies at 0.0337 BTC (March 2019 Support). Above this, resistance lies at 0.0347 BTC, 0.0352 BTC, and 0.0361 BTC (March 2019 High).

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

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/ethereum-price-analysis-will-eth-surpass-2019-highs-towards-400/

Continue Reading

Trending