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Cryptocurrency End of Day Recap

Jul 17, 2018

 

 

  • Mastercard won a U.S. Patent today for a process to speed up cryptocurrency payments. While payments in cryptocurrencies have experienced higher usage lately, there still exists a wide disparity in the processing times. For example, the patent claims that blockchain-based transactions take around 10 minutes to be processed, while fiat payments take mere nanoseconds.1 Mastercard plans to tackle this issue by allowing users to transact in cryptocurrencies that are pegged to a fiat currency, which will use the fiat’s payment rails and security features, but the transactions themselves would represent cryptocurrencies.
  • Korean regulatory think tank Korean Blockchain Association (KBA) has formulated a set of standards and guidelines to govern exchanges in South Korea.  Insiders say however that there are still significant loopholes within these standards, as Bithumb was hacked while it concurrently followed these standards and guidelines. The KBA has already approved 12 exchanges which include DEXKO, UPbit, Bithumb, CPDAX, Huobi Korea, HanbitKO, OKCoin Korea, Korbit, Coinone, Coinzest, Gopax, and Neoframe.
  • Abra, a remittance network similar to Western Union and Moneygram, has integrated the ability for users to instantly purchase Bitcoin (BTC) with debit and credit cards. With every transaction, an Abra teller will receive the cryptocurrency sent from the sender, and give the receiver cash or another type of payment. While many credit card companies like Bank of America and Citigroup have banned cryptocurrency purchases, Abra will be using the company Simplex, integrating the credit card systems with complete fraud protection.
  • Russian firm Qiwi Blockchain Technologies (QBT) has announced its plans to reward its staff with a proprietary cryptocurrency. This token will be tied to the company’s profits and is supposed to incentivize staff.  Up to 50% of the company’s net profits will be allocated to this program, and each token is to be worth ~0.001% of the net profit. A second coin will be used to delegate voting rights among the staff in order to decide the allocation of the bonus reward tokens.

Sources

  1. https://www.coindesk.com/mastercard-wins-patent-for-speeding-up-crypto-payments/
  2. https://btcmanager.com/korean-blockchain-association-gives-12-local-cryptocurrency-exchanges-clean-bill-of-health-insurance-on-the-horizon/
  3. https://btcmanager.com/cryptocurrency-remittance-app-enables-instant-bitcoin-purchase-with-credit-cards/
  4. https://www.coindesk.com/russian-firm-will-reward-staff-with-crypto-tokens-tied-to-profits/