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September 2012

Nike to Launch Crypto Called Cryptokicks? Trademark Application Hints Yes

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cryptokicks

cryptokicks

The crypto community has known for a while that Facebook might be issuing its own cryptocurrency. And now, it appears the online behemoth might have a little competition. Reports have surfaced that athletic apparel manufacturer Nike is thinking of doing the same. The Oregon-based company even has a name for its digital currency: cryptokicks.

Nike Cryptokicks Coming Soon?

On April 19, Nike filed a trademark application for ‘cryptokicks.’ The application said cryptokicks could be used by an online community. The application also describes an electronic marketplace for clothing and footwear. While significant news, it is not, in retrospect, surprising, considering Nike has been trying to increase its digital footprint for the last while or so.

Extensive details about Nike’s plans are still unknown; however, submitting a trademark application is a strong indication the company is preparing itself to launch cryptokicks. According to trademark lawyer Josh Gerben, “if you submit things just for the purpose of submitting things, it will tie up the trademark system unnecessarily.” Gerben went on to say that “Nike does not have a history of filings that are speculative.”

>> Samsung Blockchain? Tech Giant Developing Blockchain Network

Based on Gerben’s thoughts, it looks like Nike launching a cryptocurrency is the real deal. But the reality of that will still depend on whether Nike gets the green light. If it does, the company will have rights over the name, but it will still have to launch a cryptokicks commercial product to get the full trademark, according to sources.

Takeaway

In the coming weeks, it will be interesting to see how the market reacts to the news. While some might not want corporations to have their own cryptocurrencies (Facebook being one of them), it’s also important for these companies to stay relevant. And at the end of the day, cryptocurrencies are at the forefront of relevancy.

What do you think about the potential launch of cryptokicks? Let us know in the comments below.

Featured image: DepositPhotos © alexeynovikov

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Basic Attention Token (BAT) Gains 6% After Launch of New Brave Wallet

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BAT

BAT

The enormous rally that was enjoyed by Bitcoin and the wider crypto market during the first half of the year resulted in the emergence of some tokens that people may not have heard of before. One of those tokens is the Basic Attention Token (BAT), which is meant for the Brave browser project.

BAT has not made any significant gains this year and remains a small-cap cryptocurrency, but it is in the news today because it is one of the few tokens that has experienced a rise. The project related to the Brave browser is an interesting one, no doubt, and today, it was announced that the browser in question is going launch its native wallet.

Interesting Development

The wallet in question is going to be known as Crypto Wallet and it going to support Ethereum, in addition to other tokens that have been derived from Ethereum. The news sent the price of BAT higher, and although it is far from its lifetime high, it is a sign that the token is possibly moving in the right direction.

However, it is very important to keep in mind that despite the fact that Basic Attention Token is trading at a much lower price, it is one of the few cryptocurrencies that has a clear use case and that is the factor that cannot be discounted.

>> Alibaba and Tencent All Set to Get First Chinese Government Cryptocurrency

At this point in time, the coin is trading higher by 6% at $0.195, and it is a critical level for BAT. It remains to be seen how the price action will behave in the coming hours before it can be classified as a definite rally. The crypto could eventually be used for making payments online through a browser, and that is something that has huge potential in the years to come. That being said, there are some Fintech startups that are also working on similar projects.

Featured image: DepositPotos © 3DSculptor

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TRON’s CEO Debunks Association with Billion Dollar Ponzi Scheme Scam

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TRON

TRON

While responding to an allegation that Tronfoundation and BitTorrent are involved in a billion-dollar Ponzi-scheme scam that defrauded thousands of investors in China, Justin Sun, TRON’s CEO, says both companies are “fine.” According to the CEO, preparations were being made to launch BitTorrentSpeed on July 8, so people should stop publicizing fake news and pictures.

Justin Sun Says Tronfoundation and BitTorrent are Fine

In a tweet on July 8, 2019, Justin Sun debunked the rumors that began earlier in the day. The CEO claims that Tronfoundation and BitTorrent are fine and plans are currently being made to launch BitTorrentSpeed, an engine that will reward BitTorrent users with BitTorrent (BTT). Sun further outlined that people should stop disseminating fake news and pictures about the blockchain company.

The news, on the other hand, which was circulated by several reputable media outlets, informed that Chinese police raided TRON’s office in Beijing, China. The raid was a result of a Ponzi-like scheme called Wave Field Super Community, defrauding hundreds of thousands of its investors. The scheme began in January this year and ended last week. It is believed that its organizers made away with at least 200 million CNY ($30 million) of investors’ funds.

TRON’s part in all this is that the scam took advantage of the name “Wave Field,” which is usually used to describe the blockchain company in China. As a result of using the same brand name that TRON is known for in China and making claims that the scheme is TRON’s Super Representative, investors were led to believe that it is also owned or supported by TRON.

Sun Refused to Disassociate TRON and BitTorrent from the Scam

Similarly, Justin Sun, who was asked in the past to confirm his company’s relationship with the platform, refused to do so and only spoke up on July 1, 2019, a day after the scam packed up. On the said date, Sun posted on social media platform Weibo warning investors to be wary of Ponzi-like schemes that took advantage of the TRON name. However, he did not outrightly point out Wave Field Super Community as one of them.

There are now claims that TRON’s CEO had refused to publicly disassociate TRON and its other company, BitTorrent, from the scheme because TRX, TRON’s crypto-asset benefitted from it. The company’s cryptocurrency was allegedly purchased and then dumped into the scheme in hopes of making huge returns.

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Single Parent Purportedly Commits Suicide After Loss to Ponzi Scheme

Aside from the loss of funds on the part of investors, it is alleged that a woman named Xia Bing, who was also an investor in the scheme, committed suicide. On July 1, 2019, her photographs and suicide note went viral on messaging website WeChat. The deceased is reportedly a middle-aged single parent who borrowed money from a neighbor to invest in the fraudulent scheme.

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