News Bytes Daily Summary for Friday, April 27th: Ex Paypal CEO Calls Bitcoin a Scam, SEC Chair: BTC not a security, ICO No Longer, Revolut, Supply Chain Initiative

News Bytes for April 27, 2018

Former Paypal CEO Says Bitcoin Is A Scam, And Investors Are “drinking the Kool-Aid”

Bill Harris, the former Paypal CEO, believes Bitcoin is not an effective means of payment. “I absolutely believe that money should be digital, is becoming more digital, and will be completely digital but it doesn’t mean we need a new currency to record that,” said Harris.

Bitcoin Is Not a Security: SEC Chairman

Speaking on Thursday in a hearing before a House Appropriations subcommittee, Securities and ExchangeCommittee (SEC) Chairman Jay Clayton told lawmakers that cryptocurrencies which function exclusively as mediums of exchange are not securities, unlike initial coin offering (ICO) tokens, which are.

New Term Coined for Fundraising Cryptocurrencies: The ‘STO’

Initial Coin Offerings (ICOs) are of the past as Security Token Offerings (STO) becomes the new hot cryptocurrency fundraising buzzword. The rebranding, says the CEO of Overstock, “gives more clarity to regulators.”

Revolut, Europe’s Newest Fintech Unicorn, to Add Bitcoin Cash and Ripple Trading

As the UK-based Revolut closed their latest funding round, raising $250 million and bringing their total valuation to $1.7 billion, the fintech unicorn continued to move full steam ahead by announcing they will add support for bitcoin cash and ripple trading to their mobile app.

Alibaba Pilots Blockchain Supply Chain Initiative In Fight Against Food Fraud

The company has developed a blockchain-based Food Trust Framework as a trusted market for food products distributed through its network. It will begin by shipping products from Australia and New Zealand to China. ZDNet reports, “Alibaba is hopeful that if the pilot taking place in Auckland is successful, the blockchain framework could form the basis of a global supply chain model applied across all of Alibaba Group’s ecommerce markets.”

Carlie Fairchild

Carlie Fairchild is the Publisher of Linux Journal. She’s been actively engaged in the Linux community for two decades and is responsible for setting the magazine’s overall direction. Carlie leads a motley team of geeks and journalists to ensure that Linux Journal stays true to its founding ideologies of personal freedom and open-source technical innovation.

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