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June 2008

Blockchain Island Malta to Put All Rental Contracts on the Blockchain

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Malta

Malta

Malta has welcomed cryptocurrency with open arms for the last two years—so much so, that several major crypto-related operations have set up shop there. In a bid to become the world’s greatest blockchain island, the company has brought major Asian exchanges Binance and OKEx, as well as Indian exchange Zebpay to its shores.

Now, the jurisdiction is once again putting blockchain technology to good use and embracing it wholly. The Prime Minister, Joseph Muscat, announced yesterday evening that every rental contract in Malta would be registered on the blockchain.

Rental Contracts on the Blockchain

The decision aligns with reformed rental laws that were finally approved by the cabinet after much deliberating.

According to Muscat, putting all rental contracts on the blockchain assures security and prevents tampering. Additionally, the distributed ledger prevents the possibility of there being contracts in place for which there is no record. Muscat has advocated for blockchain technology before, once calling cryptocurrency the “inevitable future of money.”

He furthers:

“We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives […] This shows how the digital transformation will affect their lives.”

The full details of the proposed rent reform are expected in the coming days.

>> Facebook Wasting No Time Developing Recently Announced Libra Coin

Blockchain Island

Malta has garnered the name “blockchain island.” The reason is that it is a favorable jurisdiction for crypto business due to transparent and fair regulations. By positioning itself as a crypto hub, Malta hopes to enhance its economy and infrastructure by bringing in crypto-related business.

The move into the world of cryptocurrencies first came in July 2018, when the country released a relaxed regulatory framework that was favorable to distributed ledger technologies. Malta offers a tolerant regulatory environment, a burgeoning enthusiastic workforce, and EU membership with easy portals across Europe.

What are your thoughts on putting rental contracts on the blockchain?

Featured Image: DepositPhotos © blunker

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Coinbase Debit Card to be Available in Six More European Countries

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Coinbase debit card

Coinbase debit card

In April, cryptocurrency exchange Coinbase launched its Visa Coinbase debit card in the UK. Coinbase has announced that, as of Wednesday, it will be launching the Visa debit card in France, Spain, Germany, the Netherlands, Italy, and Ireland.

Coinbase Debit Card Showing Strong Adoption

The debit card allows Coinbase account holders to use digital currencies such as Ethereum, Bitcoin, and Litecoin to pay for purchases in retail outlets and online for traders that accept Visa. Zeeshan Feroz, the Coinbase UK CEO, stated that the aim of the card is to make paying with cryptocurrency as easy as using cash.

The CEO said that since the launch of the card in mid-April in the UK, its take up has been strong. He didn’t provide specific figures but did indicate that they had blown past the company’s initial 1,000 cards that it was offering for free.

As indicated previously, the Coinbase debit card is linked to a mobile app in iOS and Android and directly syncs with the Coinbase accounts. It gives users the option of selecting the type of cryptocurrency they would prefer to use in their spending. Equally, the card is also accessible as a physical contactless card that one can use to make a withdrawal of cash from ATMs.

>> Visa B2B Connect: Cross Border Enterprise Payments on the Blockchain

Instead of paying merchants directly with cryptocurrency, the exchange charges users a conversion fee to change fiat money such as the euro into crypto. Coinbase has partnered with PaySafe to offer the debit cards.

Growing Acceptance of Crypto Payments

Cryptocurrency is gaining traction, and a number of start-ups, tech companies, and banks are increasingly accepting the use of crypto payments as a way of making trading easier.

Earlier this year, Binance, one of the largest crypto exchanges in the world that rivals Coinbase, partnered with Simplex to start offering credit and debit card payments. Fintech start-ups such as Square in the US and Revolut in the UK are already offering cryptocurrency trading on their platforms while social media giant Facebook is planning to launch its own digital currency toward the end of this month.

What do you think about this expansion of the Coinbase debit Card?

Featured image: DepositPhotos © LDProd

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uBUCK Technologies Completes First Tranche of Private Placement

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VANCOUVER, British Columbia, Sept. 30, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT) (OTC:LLNKF) (FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that its subsidiary uBUCK Technologies SEZC (“uBUCK”) has closed the first tranche of a non-brokered private placement previously announced on September 23, 2019.

In connection with the placement, uBUCK issued 800,000 preferred shares to a strategic investor at a price of $0.50 per share for gross proceeds of US$400,000. Under the terms of the investment, uBUCK expects a minimum investment of US$1,500,000 will be made in exchange for 3,000,000 preferred shares at a price of US$0.50 per share by June 30, 2020. The investor will also have the option to invest an additional US$2,500,000 for a total of 8,000,000 preferred shares at a price of US$0.50 per share by September 30, 2021

uBUCK intends to use the gross proceeds of the private placement to complete the development of the uBUCK and Streambucks digital wallets, accelerate growth, increase customer acquisitions, and conduct additional product testing.

The private placement is a non-dilutive transaction for LiteLink shareholders.  Completion of additional investments is subject to all necessary regulatory approvals.

The initial investment of US$1,500,000 would give the investor a 6% ownership in uBUCK, and an additional US$2,500,000 investment would result in a 16% ownership in uBUCK, based on the total outstanding equity in uBUCK. The preferred shares come with first rights to dividends of 6% (of the amount invested) and first claims to assets up to the investment in case of liquidation.

About uBUCK Technologies SEZC

Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digital payments and wallets. uBUCK Pay, its online payments platform and pin voucher solution, offers consumers, businesses and merchants a fast, commission-free and highly secure alternative to traditional payments.  Customers can purchase pin vouchers within the uBUCK Pay app or at participating resellers. For details about uBUCK Pay, please visit uBUCKpay.com.

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.

Forward-looking Statement

This news release may contain certain “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 “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 uBUCK, 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 See Disclaimer

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Partnership with Stable Universal & Paxos

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Huobi

Huobi

There are plenty of crypto exchanges in the world, and some of them operate in the stablecoin system. As per the stablecoin system, cryptocurrencies are traded in stablecoin pairs, and Huobi (HT) is such an exchange—or rather, it was, until its most recent announcement.

The company has now announced that its HUSD token will no longer be used in the form of a stablecoin system; instead, it is going to be turned into an ERC-20 token. The ERC-20 token is going to be built in partnership with Stable Universal Limited and Paxos Trust Company, two startups in the crypto space. The press release in relation to this particular development was published on July 17.

Huobi has pointed out that the ERC-20 HUSD Token is going to be backed by the United States Dollar, and the token will be held securely by Paxos. Paxos is a company that is regulated by the New York State Department of Financial Services and, because of this, is 100% secure.

Last but not least, it is important to note that the token will be listed for the first time on the Huobi platform. The change in the system inside the Huobi exchange will take place gradually over the upcoming days. Stable Network will also be involved with third parties and create smart contracts.

>> Altcoins Recovering: Ethereum (ETH) and Ripple (XRP) Lead Crypto Higher

Burning 14 Million Tokens

However, that is not all. Earlier on this week, Huobi (HT) had also announced that it was going to regulate the supply of Huobi Token by burning as many as 14,011,700 tokens. That being said, it is important to note that a burning event is a quarterly event that is performed by the company in order to keep the supply of the token stable.

At the time, when the burning was done, the total supply of Huobi Token stood at 310,318,300. The totality of the burned tokens, however, rose by as much as 116% from the previous quarter and the company attributed it to improvement in market conditions at this point.

Featured image: DepositPhotos © kentoh

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