coin renders

Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Twitter CEO Jack Dorsey: Bitcoin Should Be Native Currency of the Internet
Twitter and Square CEO Jack Dorsey stood on stage at the Consensus conference, saying Bitcoin should be the cryptocurrency of the internet.

Adware Bundle Makes Chrome Invisible to Launch Cryptojacking Attacks
ZDNet reports, “CPU usage spikes up to 80 percent on infected machines.”

The SEC Launches Phony ICO Site to Promote Scam Awareness
In a bid to raise awareness of potential investment scams in the cryptocurrency space, BlockExplorer’s Tony Spilotro says the U.S. Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy have launched a fake website posing as a luxury travel firm kicking off the pre-sale portion of their initial coin offering (ICO).

Largest Bank in the Philippines Showcases Bitcoin Mining Equipment
The cryptocurrency world is buzzing upon the news The Philippines largest bank is dabbling in Bitcoin. NewsBTC reports, “UnionBank recently demonstrated its cryptocurrency miners at a business conference. That is an interesting development, considering how the world’s leading cryptocurrency is a legal tender in the country.”

PwC China Survey Finds That Most Companies Prefer to Investigate Blockchain Internally
Rebecca Campbell of BlockExplorer reports, “A joint survey by PwC and VeChain has found that most enterprises prefer to setup their own in-house research and development (R&D) teams to investigate the blockchain.”

Image courtesy of Carty Sewill, http://cartyisme.com/

In a bid to raise awareness of potential investment scams in the cryptocurrency space, the U.S. Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy have launched a fake website posing as a luxury travel firm kicking off the pre-sale portion of their initial coin offering (ICO).

The website HoweyCoins.com, is a tongue-in-cheek play on everything your run-of-the-mill bogus ICO offers. From ‘too-good-to-be-true’ promises, to flashy images of champagne bottles and palm trees, to convoluted and often-plagiarized whitepapers, to pre-sale bonus countdown clocks, the SEC’s spoof site has got all of the common enticements found on fraudulent sites.

In a press release titled “The SEC Has an Opportunity you Wont Want to Miss: Act Now!” SEC Chairman Jay Clayton explained the motivation behind HoweyCoins:

“The rapid growth of the ‘ICO’ market, and its widespread promotion as a new investment opportunity, has provided fertile ground for bad actors to take advantage of our Main Street investors,” with Clayton adding:

“We embrace new technologies, but we also want investors to see what fraud looks like, so we built this educational site with many of the classic warning signs of fraud. Distributed ledger technology can add efficiency to the capital raising process, but promoters and issuers need to make sure they follow the securities laws. I encourage investors to do their diligence and ask questions.”

Anyone who clicks on the “Buy Coins Now!” Button will be redirected to educational materials from the SEC warning users of potentials scams and what red flags to look out for. Some of the red flags outlined include celebrity endorsements, claims of guaranteed returns, claims of SEC-compliance, and more.

Even the site name HoweyCoins is an Easter egg referencing the “Howey test” – a test created by the Supreme Court stemming from the SEC v. W.J. Howey Co. case in 1946, aimed at determining whether a financial transaction qualifies as an “investment contract.”

Who knew the SEC was this funny? Still, fraudulent investments are no laughing matter, and the SEC has done a solid job at raising awareness of the potential pitfalls of cryptocurrency investing, all while serving as an entertaining break from the daily grind.

For educational information on how investors can protect themselves, visit investor.gov or use the Buy Coins Now button on HoweyCoins.com.

coin renders

Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Shyft Signs MOU with the Government of Bermuda, Pledges to Invest $10M
Earlier today at Consensus, the Government of Bermuda signed a Memorandum of Understanding (MOU) with Shyft, a blockchain KYC/AML solution. This partnership will build out the island’s regulatory framework and reinforce them as the example to nation states trying to adopt regulation themselves.

Amazon Partners with Start-up Kaleido to Make it Easier for Customers to put Their Services on Blockchain
The tech giant is moving into blockchain with a new partnership with Kaleido, a start-up was born out of blockchain incubator Consensys. CNBC reports, “The company is aiming to give AWS customers an “easy button” to get into the same technology that underpins bitcoin”.

St. Louis Fed President Suggests Bitcoin Could Emerge As A ‘Threat’ To US Dollar In The Future
A story from CoinTelegraph states “A top US policy maker made mostly positive remarks about Bitcoin, also not ruling it out as a potential “threat” to the US dollar, in an interview with CNBC Monday, May 14.” St. Louis Fed president James Bullard stated that crypto is “facilitating trade that would not otherwise occur. Some of that’s illegal, but some of that is avoiding costs that would otherwise be there.”

Tax Collector in Florida Becomes First Government Agency to Accept Bitcoin
WeTalkCoins reports, “a tax collector from Florida announced that its office will start accepting Bitcoin (BTC), and Bitcoin Cash (BCH), using BitPay. The agency will begin working with these currencies during this summer.”

GoTenna Launches a Bitcoin Wallet That Works Without the Internet
New York-based startup goTenna is partnering with Samourai Wallet to launch an Android app that allows users to send bitcoin payments without an internet connection. “Announced Monday,” Coindesk reports, “the txTenna app will enable users to sync up their mobile with a goTenna device, which costs $179 per pair, then toggle the wallet app’s settings to transact offline and send the bitcoin.”

Image courtesy of Carty Sewill, http://cartyisme.com/

Bermuda flag

Earlier today at Consensus, the Government of Bermuda signed a Memorandum of Understanding (MOU) with Shyft, a blockchain KYC/AML solution. This partnership will build out the island’s regulatory framework and reinforce them as the example to nation states trying to adopt regulation themselves.

bermuda shyft

Following is the press release:

SHYFT SIGNS MOU WITH THE GOVERNMENT OF BERMUDA, PLEDGES TO INVEST $10M

IN EDUCATION AND ECONOMIC DEVELOPMENT

ST. MICHAEL, Barbados – May 15, 2018 – Shyft (shyft.network) today announced that it has signed a Memorandum of Understanding (MOU) with the Government of Bermuda, led by the Premier of Bermuda, the Hon. E. David Burt, JP, MP. This is part of the country’s vision to establish Bermuda as the blueprint for leveraging cryptocurrency and blockchain technology within a highly regulated progressive framework with emphasis on strong Know Your Customer (KYC) and compliance. Recognizing that Bermuda is becoming a pioneer for technology in the modern world, Shyft has pledged to support local blockchain-based initiatives and build local capacity in the areas of education, job creation and repatriation of Bermuda’s international Workforce.

“The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind. This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process and protocol that we have built with assistance and commitment of modern companies like Shyft with expertise in handling KYC and Anti Money Laundering (AML) compliance. As a result, the country is able to accelerate economic growth, create jobs and attract global interest,” says Premier David Burt. “We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and progressive regulatory Environment.”

“We’re thrilled to announce our investment in Bermuda,” says Shyft Chairman Joseph Weinberg. “Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate. We have a goal of leveraging new technology to make positive and inclusive change. We have found a similar intent and aspiration with the Government of Bermuda.”

MOU Terms and Highlights

  • Pledge to invest up to $10M USD over three years to support the people and government of Bermuda, create new jobs, help re-skill labour, invest in local businesses, education and infrastructure, as well as help repatriate skilled labor back into the country;

  • Collaborate with the Government of Bermuda and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework; and

  • Through the Department of Workforce Development, support the training of Bermudians in blockchain technology and software development.

Shyft is thrilled to support Bermuda’s vision of leading the world in digital asset regulation by leveraging Shyft’s expertise in KYC/AML and blockchain-based identity verification.

As a testament to its strong belief in Bermuda’s position, Shyft has also announced a separate MOU with global data rights company, Trunomi, which was founded in Bermuda. Together, Shyft and Trunomi plan to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to support Bermuda in its vision by implementing an innovative e-ID (electronic ID) framework.

Individuals and enterprises looking to leverage Bermuda’s world-class regulatory framework will not be limited by nationality or geography. The e-IDs that are issued will be globally interoperable, enabling entities to transcend borders and operate globally. “I’m proud to announce that as a result of this partnership and its strong synergies, entrepreneurs, enterprises, and blockchain companies all over the world will be able to leverage Shyft and Trunomi technologies to launch new products and services in Bermuda and globally,” says Bruce Silcoff, Shyft International CEO.

Shyft CEO Bruce Silcoff and Shyft Chairman and OECD Special Advisor Joseph Weinberg are available for interview.

About Shyft

Shyft is building the world’s first modern, secure, multi-stakeholder Blockchain-based digital identity solution that enables KYC/AML attested data transfers. Combining privacy of data with efficiency of attestation, Shyft technology will radically streamline and simplify data collection, reduce cost and minimize the cybersecurity risks inherent in traditional compliance systems, while making the global economy accessible for all, by creating credible reputations for the 3.5 billion consumers who are lacking “identities” by today’s standards. Shyft is building a more financially inclusive future for everyone. If you are interested in working with Shyft and integrating your solution with our platform, please contact us: [email protected]. For more information on Shyft, please visit www.shyft.network.

About Trunomi

Trunomi unlocks the power of customer data using consent and data rights management. The Trunomi platform enables businesses to request, record and immutably prove the legal basis for processing personal data and comply with the highest standard in global data privacy laws. For the customer its provides control and transparency over how their personal data is used. The platform is an enabler of the evolving personal information economy and Trunomi provides key enabling technology for a more flexible, transparent, empowered and customer-driven world. Trunomi was founded in 2013, with offices in Silicon Valley, Bermuda and London. Trunomi has filed six patents for their technology and have raised over $13M in Venture Capital funding from three seed rounds (investors include: Saturn Ventures, Fenway Summer, Fintonia, SenaHill, WorldQuant, CloudScale Capital Partners). For more information, please visit www.trunomi.com

About Bermuda

To learn more about Bermuda’s fintech strategy, please visit fintech.bm

 

coin renders

Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

“See No Bank, Hear No Bank, Speak No Bank”: German Bank Allows Users To Transfer Loans Anywhere In The World Using Bitcoin
According to Reuters, German Radoslav Albrecht founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin. ZeroHedge reports, “Albrecht’s Bitbond uses Bitcoin and other cryptocurrencies to completely bypass the Swift international transfer system which has a monopoly and ultimate veto power on who is in – and isn’t – in the global petrodollar club, to lend money across the globe rapidly and at low cost.”

Winklevoss-Owned Gemini Exchange Becomes First Licensed Exchange to Offer ZCash
Anthony Severino of BlockExplorer reports that Gemini, the New York-based cryptocurrency exchange owned by Tyler and Cameron Winklevoss, will become the “world’s first licensed ZCash exchange”.

Australia To Ban Cash For All Purchases Over $10,000
Australia’s Liberal Party government announced it will be illegal to purchase anything over $10,000 with cash starting July of 2019. The Australian government goes on to say it’s “encouraging the transition to a digital society” and cracking down on tax evasion.

LG CNS Launches its own Blockchain Platform, Monachain
Monachain provides digital authentication, community token, and supply chain management. ZDNet reports, “The service is aimed at enterprise clients and can be applied in finance, public, telco and manufacturing industries, the company said. The platform offers digital authentication, community token, and supply chain management.”

Image courtesy of Carty Sewill, http://cartyisme.com/