Category: Crypto News

Unbankd: JP Morgan to Tokenize its Gold Bars on its Own Blockchain

JP Morgan has unveiled plans to tokenize gold bars on its blockchain Quorum. The bank is turning to blockchain to reduce the friction involved in commodities trading.

The tokenization of a commodity like gold reduces the costs and risks for traders. It also permits two parties to complete a transaction without the need of a third party, such as a broker. Quorum even allows people outside of JP Morgan to tokenize their gold.

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Unbankd: Bitcoin is Coming to Ethereum Early Next Year

Introducing WBTC
Announced yesterday, a joint effort between BitGo, Kyber Network, and Republic Protocol has produced Wrapped Bitcoin (WBTC) – a token that runs on the Ethereum network, but is tied to the value of Bitcoin.

This means that for the first time, users will be able to have both the stability and value of Bitcoin while also utilizing Ethereum’s platform to unlock new applications for the world’s oldest cryptocurrency.

However, to make all of this happen, there are moving parts behind the scenes to bring WBTC full circle.

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Unbankd: Tether Burns 500 Million USDT

Burn baby burn
Crypto’s largest stablecoin, Tether (USDT), has just burned 500 million tokens. Tether Ltd., the stablecoin’s issuer, moved the tokens to a wallet where they can’t be removed from, taking them out of circulation.

🔥 What is a token burn? A token burn occurs when a specified amount of tokens are sent to an address where the private keys are unobtainable, thus “burning” the circulating supply and increasing the value of all outstanding tokens. In Tether’s case, this is happening because investors are redeeming their USDT for U.S. dollars.

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Unbankd: Coinbase Goes Two for Two on Announcements

Yesterday, Coinbase made two announcements that only further the platform’s strength in the cryptocurrency industry.

Coinbase received approval to launch custody services in New York
Coinbase will list the USDC stablecoin after announcing a new joint venture with Circle
The two milestones are notable in Coinbase’s mission to help cryptocurrencies reach mass adoptio

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Unbankd: Breaking Down Bakkt’s Upcoming Bitcoin Futures

Yesterday, Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange (NYSE), announced that its new platform Bakkt will be launching Bitcoin futures trading on December 12th.

Previously, Bakkt was set to open up shop in November. Though there was no obvious reason given for the delay, ICE did note that the platform still has “pending regulatory approval.”

However, if all goes smoothly, expect to see yet another entry point for institutions to dip their toes in the crypto market.

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Unbankd: Fighting Centralization with Forks

Sia forks from ASICs
This week, Sia formally announced the code that will activate a hard fork, or rather, upgrade the blockchain to avoid ASIC miners from taking over the network.

The move doesn’t come as a surprise for the $264 million decentralized cloud storage protocol. Actually, it’s a path that multiple other coins in the industry have chosen to make sure that the mining process stays decentralized among participants.

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Unbankd: North Korean Hacking Group has Stolen More Than Half a Billion Dollars

Stolen crypto traced back to North Korea
According to research done by cybersecurity firm Group-IB, a North Korea hacking group is behind a majority of the crypto exchanges hacks that happened over the last couple of years. The group is known as “Lazarus” and is sponsored by the North Korean government.

Group-IB’s research of exchange hackings found that Lazarus is responsible for five exchange hacks since the beginning of 2017. In total, the group was able to steal a whopping $571 million spread between five different attacks on exchanges.

Below is a table displaying all of the exchange hacks of the last two years, noting the ones done by Lazarus:

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Unbankd: Goldman Sachs and Galaxy Digital Invest Up to $15 Million in BitGo

BitGo secures Wall Street
According to Bloomberg, Goldman Sachs and Galaxy Digital have invested up to $15 million into crypto custody startup BitGo.

The new investment brings BitGo’s latest Series B fundraising amount up to $57.5 million and BitGo’s total fundraising amount to $70 million.

The startup hopes the new investment from a Wall Street giant like Goldman Sachs will attract more institutional investors to store digital assets with their custody service.

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Unbankd: Bitfinex Has Relaunched an ‘Improved’ Fiat Deposit Process

On October 5th, crypto exchange Bitfinex announced that it had “processing complications” with fiat deposits and as a result, four days later, Bitfinex temporarily paused the service for customers.

Now, in a blog post released Tuesday, Bitfinex has reopened the fiat deposit service to customers and claims that the new system is “improved and increasingly resilient.”

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