Chinese Payment Provider LianLian Pay Joins Ripple Blockchain Network

Despite the fact that China plans to crack down on overseas cryptocurrency trading, Chinese payment provider LianLian joined RippleNet, which is a payment service that facilitates cross-border transactions.

According to Coindesk, LianLian Pay announced it will join Ripple’s xCurrent solution. The goal is to provide same-day cross-border transactions for its existing customers.

Since 2003, People’s Bank of China-authorized LianLian has operated as a third-party payment solution for its e-commerce partners, and this new technology will help give customers even more payment options.

CEO of LianLian, Arthur Zhu said, “With RippleNet, we will further enhance that experience by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support.”

This move allows existing RippleNet customers access to the Chinese market, which could be big news for Ripple as well as LianLian. This exciting announcement means that Ripple’s xCurrent solution has over 100 customers, and looks poised to grow even more in the future.

 

Forbes Richest People In Cryptocurrency List Shines Light On Digital Currency

Forbes annually publishes lists of the world’s richest people. For the first time ever, the publication compiled a list detailing the world’s richest people in cryptocurrency.

According to Coin Telegraph, Forbes Editor Randall Lane said with the list the publication aimed to provide “a snapshot of a pivotal moment, part of the transparency needed to pull crypto away from its provenance as the favorite currency of drug dealers and into the adolescence of a legitimate asset class.”

Of course, figuring out the wealth of the world’s richest crypto tycoons wasn’t an easy task compared with its world’s richest people list.

The list contains five categories of crypto rich including “idealists, builders, opportunists, infrastructure players and establishment investors.” To appear on the list, people need at least $350 million in cryptocurrency worth. Not surprisingly, some estimates on the list could be off. Plus, some people may have been left off the list

Forbes staff writer Jeff Kauflin explained it well when he wrote that the “newly minted crypto rich live in a strange milieu that blends paranoid secrecy with ostentatious display.”

A decentralized, encrypted payment system outside of the traditional world financial system certainly comes with a shroud of secrecy. In fact, anonymity drew many investors in the first place.

Of interest, the average age of those on the list is 42 compared with those on the traditional list. The smaller sample size probably accounts for some of the discrepancies, but certainly not all.

Despite the difficulties, Forbes rounded up 19 people to include on its first ever richest in cryptocurrency list. The publication referred to those on the list as Prophets of the Boom.

Alas, most of us don’t appear on the list… this time.

Binance Halts Trading While Denying Hack

It’s happened many times before. An exchange halts trading, and later news or rumors of a hack hits, and people lose lots of money. So far, Binance denies it’s been hacked despite the fact that the exchange halted trading.

Hong Kong-based cryptocurrency exchange is experiencing a prolonged system upgrade, which it says is the reason for the halt in trading. Meanwhile, users are unable to trade or withdraw until 4 a.m. UTC on Friday.

According to Coindesk, the exchange released a statement that said, ”We will allow a 30-minute window where users can cancel open orders prior to trading being opened. We will continue to update every two hours until the upgrade is complete.”

Because news of the outage didn’t come until Wednesday, many customers found themselves in a limbo when it came to trades and withdrawals. Despite many user fears, those who run the exchange vehemently deny that it has experienced any type of hack.

The exchange, which launched in the summer of 2017, is one of the largest in volume trading as much as $500 million a day, so any major issues with Binance could lead to problems overall for cryptocurrency investors.

Could Dark Pool Pave Wave For Huge Crypto Boon?

The cryptocurrency market tends to get spooked when large trades occur. However, one new ICO hopes to change that with its latest blockchain technology.

According to Coindesk, Republic Protocol completed an ICO for its token called REN to the tune of $30.5 million. The goal is to allow for huge crypto trades with less of a downside.

Taiyang Zhang, CEO of Republic Protocol told Coindesk, “One of the biggest problems is there is a huge price slippage with any of these cryptocurrencies, especially when you are trying to trade large amounts.”

REN would allow for a trustless alternative system for crypto trading. Market volatility causes issues for whale traders in that the rest of the market follows causing prices to steeply drop, so of course, a solution to that is beneficial for the market as a whole.

The new platform will allow traders to send specific detailed parameters of a trade to the dark pool. The dark pool works to find the best trades based on a trader’s parameters, or it will decline the trade if it’s not possible. All of this will happen without people seeing what a trader is willing to do.

Zhang said, ”I think what’s really important is it’s provable that no one can see inside this dark pool at all. There’s no information asymmetry. Everyone gets the same information.Where a dark pool could be very handy is, instead of negotiating prices or even trusting OTC (over-the-counter) brokers, it’s a way to place an order trustlessly.”

Plans for the platform to go live in Q3 of 2018. Could you see using the dark pool for large trades?

Gibraltar To Create World’s First ICO Rules

While Initial Coin Offerings (ICOs) have caused issues around the world with government concerns about if they’re securities or not, Gibraltar announced it will create the world’s first set ICO rules.

According to a Reuters report, Gibraltar will introduce regulations for ICOs. Furthermore, these regulations could set the tone for what other countries throughout the world choose to do. So far, the U.S. applied existing securities rules to ICOs while China set a ban on ICOs.

The way an ICO works is that a company offers its tokens in exchange for cash or cryptocurrency investments. Traditional investing gathers funds in exchange for shares in the company as opposed to tokens, which are often called altcoins.

An incredibly popular way to fund ventures, ICOs raised $3.7 billion raised in 2017. This explosion in popularity caused governments and central banks became concerned about protecting ICOs investors.

The Government of Gibraltar along with Gibraltar Financial Services Commission (GFSC) will meet to draft a complete set of ICO guidelines. The regulations will cover the promotion, sale, and distribution of ICOs connected with the British territory.

Sian Jones, a senior adviser to the GFSC, said, “One of the key aspects of the token regulations is that we will be introducing the concept of regulating authorized sponsors who will be responsible for assuring compliance with disclosure and financial crime rules.”

Regulations establish disclosure rules so that anybody purchasing tokens will receive adequate and balanced information about the investment.

Other countries like Britain and Singapore look toward creating regulations for ICOs in the near future as well.

In many ways, clear regulations could relieve investors who have had the threat of bans or regulations lingering for months.

Ripple Signs Payment Agreement With UAE Exchange

Ripple, the company behind XRP, signed an agreement with UAE Exchange for cross-border payments.

UAE joined the RippleNet network, which powers real-time international payments using blockchain technology, according to Business Insider.

In a statement, UAE Exchange CEO Promoth Manghat said, “Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience. The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions.”

By 2020, UAE Exchange plans to own 10% of the global remittance market, which is worth $575 billion a year. Currently, the exchange owns about 6.75% of that market with more than 800 branches throughout 30 countries.

This deal doesn’t include UAE Exchange using XRP in its processes. The cryptocurrency is not used in international transfers. Even so, the deal is good overall for Ripple and blockchain technology.

In a statement, Dilip Rao, global head of infrastructure innovation at Ripple, said, ”Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.”

Bitcoin Nowhere Near Its Full Potential According to One Financial Expert

While Bitcoin and cryptocurrency suffered big losses in the past several weeks, recent news for most coins is bullish. In fact, recently, one financial expert said that BTC only reached 1% of its potential leaving plenty of room for profits.

According to SteemIt, financial expert Vincent Launay believes cryptocurrency is in its very young infancy. Of course, others like JP Morgan CEO Jamie Dimon believe that Bitcoin and its crypto siblings are simply a fraud destined for failure.

However, Launay believes we can see BTC’s future by looking at what it stands for today. Currently, the digital currency is a safe haven and a means of payment. As a safe haven, it’s comparable to gold, the dollar, the euro, and the yen.

Currently, the cash deposits in the $150 billion market cap Bitcoin are $12, 500 billion. Currently, the gold market is around $8,000 billion. That means that the $12,500 billion represents only 1% of the possible $150 billion market cap. To achieve just 50% of gold, the price of each BTC must reach $241,000.

That is nearly mind-boggling, and if the cryptocurrency maximizes its potential, those who hold it will become rich beyond their biggest dreams.

Have you invested yet?

Litecoin Founder Charlie Lee Calls Litecoin Cash A Scam

While many people believe Litecoin Cash could be a Litecoin fork or in some other way related to the original Litecoin, the founder of the currency warns investors it isn’t.

In fact, Charlie Lee calls Litecoin Cash a scam that attempts to dupe people by cashing in on the popular Litecoin name according to a Bitcoinist report.

Unfortunately, without any regulation, anybody with the knowledge can create any cryptocurrency and name it whatever they want. This situation leads to confusion and sometimes even straight out scams, and investors end up losing money.

On Twitter, Lee tweeted, “PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin. Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there.”

Typically, when a fork occurs, people who own coins receive some of the tokens associated with the fork as well. This is something investors typically appreciate. Litecoin Cash offers 10 tokens for every one LTC held. However, the catch is, you have to import your private key from your Litecoin wallet into new Litecoin Cash wallet.

And that’s where the possible scam comes in. Is it truly a scam? It’s tough to know for certain.

For its part Litecoin Cash posted the following on its website: “We’re using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. We’re not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though.”

Be aware and keep yourself safe.

Confirmation: Coinbase Reveals It Overcharged, Drained Customer Accounts

The popular cryptocurrency exchange Coinbase accidentally charged its customers as much as 50 times too much on credit and debit cards. In many cases, this unexpected overcharging drained bank accounts or maxed out the credit cards.

More than one customer highlighted the discrepancy it what charges they expected versus what charges actually occurred on Reddit. While it’s often difficult to separate fact from fiction in online crypto forums, in this case, the discrepancies were all too real.

According to a Bitcoinist report, a member of Coinbase’s team took to Reddit to confirm the situation.

Justin_coinbase, an official member of Coinbase’s engineering team, wrote, “We are actively investigating some reports from our customers about unexpected credit or debit card charges appearing on their statements from previous Coinbase purchases. We can confirm that the unexpected charges are originating from our payment processing network, and are related to charges from previous purchases. To the best of our knowledge, these unexpected charges are not permanent and are in the process of being refunded…”

Ultimately, Coinbase is investigating the situation and in an update, another Coinbase team member revealed the issue originated downstream from the service, and that the exchange is working to correct the situation.

Coinbase is a wildly popular U.S. exchange, and more than 13 million registered users use it to trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Crypto Trading Ban? South Korea Minister Says They Won’t

Another day, another cryptocurrency dip based on a possible government ban or new regulation news.

A South Korea lawmaker question about the government’s plans for industry regulation sparked fears of an outright ban, which happened recently in China. However, the country’s finance minister soothed concerns of a ban.

According to Reuters, Kim Dong-yeon said, “there is no intention to ban or suppress cryptocurrency [market].” Instead, he clarified, “Regulating exchanges is [the government’s] immediate task.”

The country recently increased scrutiny of cryptocurrencies and added new rules that forbid the use of anonymous trading accounts, which means that users must become verified using their real names or face penalties for non-compliance.

Because South Korea is one of the world’s biggest bitcoin and altcoin trading markets, concerns of a ban led to a brief crypto selloff amid fears before the country moved to help calm the markets.

This type of near-daily volatility provides investors who can stomach steep drops an opportunity to buy low in hopes that prices stabilize and rise as government positions on crypto become clearer.