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July 2009

Tether to Launch Gold-Backed Stablecoin

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Tether

Tether

Over the course of the past few years, stablecoins have become one of the most important constituents of the crypto ecosystem, and Tether is certainly the most well-known. The stablecoin is backed by several fiat currencies, and over the years, it has worked as an excellent substitute for fiat currencies for crypto traders.

Key Points to Watch

In a new development, it has now emerged that Tether is all set to launch a new cryptocurrency that is going to be backed by gold. The cryptocurrency in question is “Tether Gold,” and according to reports, it could be launched by the time Christmas comes around this year.

In this regard, it should be noted that the timing of the launch is quite interesting. It is now a well-established pattern that cryptocurrencies often enjoy a rally of sorts during the festive season, and hence, the launch around Christmas could be a strategic move. That being said, any rally in the gold-backed stablecoin can only come about if the project is interesting.

The Chief Technology Officer of Tether, Paulo Ardoino, spoke about the new project: “Current macro-finance uncertainty brings the need for traditional instruments to hedge the risk of our customers, especially in the crypto industry.” He went on to state that gold has been used as a hedge against market risks for a long time.

>> Binance Gets Banned on Weibo as China Continues Crypto Crackdown

That being said, it should also be pointed out that Tether’s new cryptocurrency might not be an entirely novel product. There have been reports that there are other crypto-based platforms that are also working on similar products. For instance, it has been reported that Coin Shares, a company that is involved with stablecoins, has been exploring the possibility of launching a gold-backed cryptocurrency. While it is true that Bitcoin is often referred to as ‘digital gold,’ it could be ‘Tether Gold’ that could prove to be a literal pioneer in that particular field.

What do you think?

Featured image: DepositPhotos © scanrail

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Telegram Hit By New SEC Evidence Showing Token Trading After ICO

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Telegram

Telegram

The SEC has produced new evidence in its case against Telegram, which shows that the company was engaged in trading Gram tokens several months after its initial coin offering (ICO).

Messaging app Telegram has been embroiled in a lawsuit with the US Securities and Exchanges Commission, which alleges that US$1.7 billion raised from the sale of Gram tokens between January and March 2018 should have been registered with the authority because the tokens constitute a security. Telegram has consistently refuted these claims and published a statement last week to address the ongoing case.

However, the SEC has produced damning new evidence, which shows that at least two entities invoiced Telegram for commission from selling Gram tokens in June and July of 2018, several months after its ICO ended. Investment fund Da Vinci Capital and Gem Limited, a Maltese-based firm, which was included in the Paradise Papers, requested commission of $209,783 and $1.1 million, respectively, for “subsequent sales” of Gram tokens.

According to the invoices presented by the SEC, Da Vinci Capital sold over US$2 million worth of Gram tokens to ITI Funds on June 20, 2018. Gem Limited sold US$8.6 million of Grams to Goliat Solutions and a further US$4.5 million to Space Investments Limited on July 2, 2018.

“These documents undermine Telegram’s claimed affirmative defense that the Offering was exempt under Regulation D. First, Telegram either raised more than the $1.7 billion for which it claimed an exemption, or it did not raise $1.7 billion as of March 29, 2018 and the later funds may have been raised through underwriters,” an SEC filing said. Regulation D is intended to prevent purchasers of tokens from acting as underwriters, meaning they essentially sell securities to the issuer for a commission.

>> Chainlink (LINK) is Outperforming Bitcoin: Here are the Key Drivers

The SEC has successfully sought an injunction against Telegram, which will prevent it from launching its TON blockchain and Gram tokens until the case is resolved. Both parties will return to court on February 18 and 19.

Featured image: DepositPhotos © prykhodov

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Ripple XRP Sales Fall 80% to Historic Low in Q4 2019

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Ripple

Ripple

Sales of Ripple’s XRP token fell a huge 80% to a record low in the fourth quarter of 2019, according to the latest market report published by the crypto firm earlier this week.

The blockchain payments company sold a total of US$13.08 million of XRP tokens between October 1 and December 31 of last year, compared to US$66.24 million in the previous three months. The startling drop off in sales has been attributed to a decline in direct institutional sales as well as the fact that Ripple has paused all programmatic sales, which are XRP sales to cryptocurrency exchanges.

The declining sales do not come as a surprise to Ripple after announcing its intention to pause programmatic sales back in June, saying, “In the short term, this means Ripple’s sales of XRP in Q2 2019 will be substantively lower (as a percentage of reported volume) than in the previous quarter—with our stated target of 20bps for programmatic sales of XRP volume likely dropping to less than 10bps. Longer-term, by being more demanding about our expected standards for market structure and reporting, we hope to begin raising the bar industry-wide.”

Programmatic sales made up the majority of Ripple’s sales volumes in the second quarter, coming in at US$144.6 million, before falling to $16.12 million in Q3 as the firm retreated from selling to exchanges. However, global trading volumes also fell slightly in Q4, from $18.23 billion to $17.24 billion on a quarter-over-quarter basis. With the Q4 figures coming in as the lowest the company has posted in three years, XRP has also seen its value decline by 22% in the quarter.

>> BitMEX Introduces XRP Swaps, Delists Two Ripple Derivatives Contracts

XRP is the world’s third-largest cryptocurrency by market cap, behind only Bitcoin and Ethereum, and currently trades for $0.22. It is worth noting that Ripple did not create XRP, but was rather “gifted a portion” of the 100 billion units of XRP in 2012 when it was founded.

Featured image: DepositPhotos © akulamatiau

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LiteLink Technologies Transitions from Trials to Commercial Revenue Subscriptions with Easterday Farms Across the USA with IoT Cold Chain 1SHIFT SensorsLiteLink Technologies Transitions from Trials to Commercial Revenue Subscriptions with Easterday Farms Across the USA with IoT Cold Chain 1SHIFT Sensors

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VANCOUVERFeb. 13, 2020 /CNW/ – LiteLink Technologies Inc. (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in supply chain platforms and logistic IoT sensors, is pleased to announce that Easterday Farms Produce Company (“Easterday Farms“) has transitioned from trials to become a commercial client of LiteLink’s 1SHIFT Logistics IoT cold chain sensors 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.

LiteLink had provided Easterday Farms with its 1SHIFT logistics platform for its dedicated carriers and rail cars for a 45-day trial period, starting December 18, 2019, 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 IoT cold chain sensors.

At the end of the trial, Easterday confirmed the order of 10 1SHIFT cold-chain sensors and subscriptions to capture real-time GPS, temperature, humidity and other in-transit critical data points.

“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.”

“LiteLink is very excited to have Easterday buy our devices and subscriptions after running extensive trials across the USA with 1SHIFT,” said LiteLink CEO Ashik Karim. “At this stage, Easterday has given us the market value and validation we needed to confirm market fit, pricing, and system and device usability. This is just the tip of the iceberg for LiteLink’s growth, and cannot thank Easterday enough for their feedback and transparency. We will continue to focus on scaling our cold chain sensors and platform to the North American agriculture and produce industry. With over 2.2 million farms in the US, and with approximately 193,000 farms in Canada, there is plenty of market share for 1SHIFT to capture.”

To see the 1Shift devices that Easterday purchased, visit: https://1shiftlogistics.com/cold-chain/.

The goal of the 1SHIFT platform is to provide any farm, producer or distributor 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. (CSE:LLT)(FRA:C0B)(OTC:LLNKF) 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.

SOURCE LiteLink Technologies Inc.

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