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Coinbase Earned About $2 Billion in Trading Fees Since 2012

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Coinbase

Coinbase

Over the years, crypto exchanges have become the most important part of the entire ecosystem, and among the many exchanges, Coinbase is definitely one of the most influential. It has grown into one of the biggest exchanges in the world and the exchange of choice for millions in the United States, the most important market for any business.

Solid Numbers

The company’s Chief Executive Officer Brian Armstrong recently spoke at Vanity Fair’s New Establishment Summit and stated that the company has notched up $2 billion fees since its inception. The company was established in 2012, and over the years, it has become an integral part of the crypto space.

The event took place on Wednesday, October 23, and Armstrong spoke at length about the way the company goes about its business. While it is true that Coinbase has been a profitable business for a long time, the company remains focused on innovative technology. In addition to the transaction fees it has generated since its inception, the exchange has also managed to remain profitable since as far back as 2017.

Armstrong stated that the company invests the profits in the business. He said, “Most of these profits we’re plowing back into the business to create new products. I sort of think of us as the anti-unicorn unicorn. I want Coinbase to be a company of repeatable innovation.”

>> Bitcoin Sinks to Five-Month Low Following Zuckerberg Testimony

It is particularly important to note that the company remained profitable during a period that coincided with the crypto slump of 2018 and perhaps goes to show that it is a highly resilient business. That was not all that Armstrong. He also spoke about Facebook’s troubled crypto project Libra and stated that the United States should embrace innovations of all kinds. However, the main headline from the discussion was the eye-popping figure in transaction fees that Coinbase has managed to earn since 2012, and it is almost certain that it is going to earn much more in the future.

Featured image: DepositPhotos © dennizn

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Bitcoin (BTC) Soars 10% on Strong Momentum

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Bitcoin

Bitcoin

The coronavirus pandemic has had a highly damaging effect on the capital markets, and eventually, the effect was felt in other asset classes like cryptocurrencies as well. While this did affect the world’s biggest cryptocurrency, Bitcoin has made a remarkable recovery over the past 24 hours.

BTC gained 10% in the last 24 hours, and the total value of the entire crypto market soared by $14 billion. Bitcoin was trading at $6,580 this morning in Singapore, and it seems likely that the cryptocurrency is going to be in focus among traders today.

Rally Across the Board

It should be noted that Bitcoin was not the only major gainer in the crypto market in the past 24 hours. Other than BTC, Ethereum (ETH) soared by 7%, while Ripple (XRP) gained 5%. Ethereum is the world’s second-biggest cryptocurrency by market cap, while XRP is the third-biggest, and this sort of a move suggests that the tide might be turning for the crypto space as a whole.

Earlier in March, the crypto space took a massive beating as it suffered from a damaging sell-off due to the oil price crisis. Back on March 12, the entire cryptocurrency market lost $93.5 billion in value due to the aforementioned sell-off.

>> Is Bitcoin (BTC) a Buy After the Recent Market Sell-Off?

The surprising thing for many crypto analysts has been the fact that Bitcoin, which ultimately is the bell weather of the crypto market, suffered in conjunction with the stock markets. In the past, BTC had been regarded as ‘digital gold’ and as a ‘hedge’ against the equity markets by many experts, a safe-haven stock if you will. However, BTC has not behaved in this manner over the past weeks, and even after the recent rally, it is still trading at a lower level than it was at the start of this year.

Featured image: DepositPhotos © merznatalia

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Crypto Criminals Take in $4.3 Billion in 2019, CipherTrace Reports

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cryptocurrency

cryptocurrency

Cryptocurrency criminals have taken in an estimated $4.3 billion USD in 2019, according to CipherTrace.

CipherTrace, a cryptosecurity company based in Silicon Valley, has released its Q2 2019 Cryptocurrency Anti-Money Laundering (AML) Report, which is a detailed overview of major cryptocurrency thefts, scams, and fraud around the world. The firm’s Q1 report estimated that cybercriminals illicitly obtained more than $1.2 billion USD in cryptocurrency during the first three months of the year alone. To put the severity of these figure in context, last year’s total figure for crypto theft was $1.1 billion USD.

“These thefts only represent the losses that are visible. CipherTrace estimates the true number of crypto asset losses was much higher,” the company’s report notes. Included in the total figure is $850 million USD that iFinex—the company that operates the Bitfinex exchange and the stablecoin Tether—allegedly defrauded from its customers by handing over the funds to a Panama-based “bank” called Crypto Capital.

Exit Scams

One of the most worrying threats to investors in cryptocurrency is the prevalence of “exit scams,” whereby scammers launch a new cryptocurrency based on a promising concept, then they raise the money from investors through an Initial Coin Offering (ICO) before mysteriously disappearing with investors’ funds. One of the most well-known involves QuadrigaCX, the cryptocurrency exchange in Canada that saw its founderthe only person with access to customer fundsmysteriously pass away in India, leaving investors unable to access their invested funds.

Pyramid Schemes

The world of cryptocurrency is also rife with pyramid schemes, with CipherTrace reporting that the biggest single loss of 2019 was the PlusToken scheme, which claimed to have developed a high-tech trading bot that yields 10% interest per month for investors. According to CipherTrace’s report, the PlusToken platform reportedly recruited over 100,000 users and raised over $189 million through membership fees between May 2018 and March 2019. The amount of money held by PlusToken is rumored to be over $2.9 billion.

>> Coinbase UK Drops Support for Zcash: Why? We Don’t Know!

How are the Authorities Responding?

Due to the intangible nature of cryptocurrency, cyber frauds are incredibly difficult for authorities to crack down on. However, in one significant example, the Financial Action Task Force (FATF) announced a new “travel rule”—which the G20 gave its full support for in June—that requires transactions between exchanges to include personal information about the sender and receiver of funds, much like international bank transfers.

Cryptocurrency regulation has now become a priority, particularly given Facebook’s announcement that it will launch its own currency Libra, and with political figures becoming increasingly concerned with blockchain’s potential for global financial disruption.

Featured image: DepositPhotos © sinenkiy

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LiteLink Technologies Commences 1SHIFT Commercial Trials for Rail Freight Transports with Easterday Farms Across the USA

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VANCOUVER, British Columbia, Dec. 18, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in digital freight and logistics platforms as well as payment solutions, is pleased to announce that it has commenced trials with Easterday Farms Produce Company (“Easterday Farms”) of LiteLink’s 1SHIFT Logistics platform for rail freight transports.

Easterday Farms is a fourth-generation, privately held farming, packing and distribution company that serves customers across the United States. The company has 25,000 acres of potatoes, onions, corn and wheat in Washington State’s Columbia River Basin, as well as a repacking and distribution facility in northern Florida.

As per the agreement, LiteLink will provide Easterday Farms with its 1SHIFT Logistics platform for its dedicated carriers and rail cars for a 45-day trial period to track and trace moisture and temperature in real time for long-distance produce transports via dedicated carriers and rail cars with their next generation solar powered sensors.

“1SHIFT is fast and efficient logistics made easy,” said Jesse Harris, the Transportation Manager at Easterday Farms. “The platform’s real-time pricing and innovative programs enables us at Easterday to respond proactively to the changing market needs.”

“We are very excited to enter the rail freight transportation industry through a commercial trial agreement with Easterday Farms, a highly-regarded farming company with a huge presence in the US product industry,” said LiteLink CEO Ashik Karim. “We look forward to providing Easterday with real-time shipment visibility to ensure the safe transport of its produce to its clients across the US.”

“Jesse’s forward thinking and strive to bring unprecedented industry solutions to Easterday caught our attention at the PMA,” added 1SHIFT Head of Customer Success Shanila Karim. “It was refreshing to speak to someone in the food industry whose vision and understanding of how tech can benefit produce made us want to work with him. We are excited to conduct these trials with him.”

The goal of the 1SHIFT Logistics platform is to provide any farm or producer with the ability to deliver their product as safely and quickly as possible by monitoring temperature and moisture levels in real time. 1SHIFT will help Easterday Farms ensure the best path was taken to maximize the freshness and quality of its produce.

About Easterday Farms

Founded in 1958, Easterday Farms is a fourth-generation, family-owned farming, packing and distribution company that serves customers across the United States. The company has 25,000 acres of potatoes, onions, corn and wheat in Washington State’s Columbia River Basin, as well as a repacking and distribution facility in northern Florida.

About 1SHIFT Logistics

1SHIFT is an end-to-end logistics management solution that enables real-time transparency & tracking as well as peer-feedback and regulation. Users can make tactical and strategic decisions based on accurate, real-time data to stay ahead of the competition. 1SHIFT improves resource allocation and efficiency through planning tools and historical analytics, directly improving profitability. The 1SHIFT model was designed to support the mom & pop shops as well as the largest logistics companies in the world with ease.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries. Our flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain certain forward-looking statements and information (together, “forward-looking statements”) within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “will”, “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information.  These forward-looking statements or information may relate to the nature of the business of LiteLink and other factors or information. Such statements represent LiteLink’s current views with respect to future events and are necessarily based upon a number of assumptions and estimate that, while considered reasonable by LiteLink, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties.  Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements.  LiteLink does not intend and does not assume any obligation to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

Please visit the company’s website at litelinktech.com. For a free report on LiteLink Technologies Inc. (CSE:LLT)(OTC:LLNKF)(FRA:C0B) visit microsmallcap.com.

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