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December 2019

South Korea’s Shinhan Bank is Building a Blockchain Security System

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Blockchain Security

Blockchain Security

According to reports, the oldest bank in South Korea, Shinhan Bank, is soon to be the most technologically secure bank. The bank has partnered with two other companies to develop a blockchain-based security solution.

Moving with the times indeed.

South Korea’s Shinhan Bank is Making a Blockchain Security Solution

According to a report published earlier today in TheKoreaTimes, Shinhan Bank signed a memorandum of understanding with two developers: financial technology startup Ground X and blockchain developer Haxlant. The pair have been tasked with developing a blockchain security system for the bank.

More specifically, the two developers will create a Private Key Management System for Shinhan’s banking services.

Ground X and Haxlant will work in tandem utilizing each other’s expertise to develop the security blockchain. Ground X is the blockchain unit of South Korean messaging giant Kakao, and it will create the technology underpinning the blockchain-based platform. Haxlant then will develop the infrastructure to feature an unhackable and secure program for the platform.

Blockchain Security Takes Shinhan Ahead of the Pack

The new blockchain system is expected to begin testing in October. The bank believes its addition will help to encourage other financial institutions to adopt the technology. According to a Shinhan Bank official:

“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the technology to their system. […] Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant.”

>> Veritaseum (VERI) Slumps 60% After Emergency Lawsuit by the SEC

Also this month, Shinhan Bank reported that it has a distributed ledger technology-enabled stock lending platform in development. This platform is being created in conjunction with financial services company Directional.

There’s something to be said for South Korea’s oldest bank taking the biggest leap into the latest technologies. Do you think its involvement in the blockchain space will encourage further adoption from other institutions?

What are your thoughts on this?

Featured Image: DepositPhotos © Pixabay

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Tether Becomes the Most Used Cryptocurrency in the World

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Tether

Tether

Over the past few years, the fiat-backed stablecoin Tether has become the subject of fevered discussions among those in the crypto sphere as well as those outside of it. It is a crypto token that is used across a range of crypto exchanges in order to facilitate trading, and it goes without saying that the stablecoin has become extremely popular among plenty of crypto traders.

Most Widely Used Cryptocurrency

However, data from Coinwidely using cryptocurrency market cap has now shown that Tether is actually the most widely used cryptocurrency in the world. Many believed that the most widely used token must have been Bitcoin, which is the biggest cryptocurrency in the world by market capitalization. But it seems that this is not the case.

It is interesting to note that the stablecoin has a market cap that is a fraction of that of Bitcoin and is, in fact, 1/30th of it at this point in time. However, data from CoinMarketCap has revealed that Tether experiences the highest trading volumes both on a weekly and monthly basis. It is a significant achievement for a stablecoin that is often the subject of extreme debates among members of the crypto community.

The data has revealed that it was back in April this year that the stablecoin managed to surpass Bitcoin by trading volume for the first time in its lifetime and managed to extend the lead since the start of August.

>> $6.4 Million USD Worth of FSN Tokens Stolen in Fusion Network Hack

Its daily trading volume stands at $21 billion per day, according to the data. It is interesting to note that it was back in April that Bitcoin was surpassed. At the time, Bitcoin had been in the middle of its remarkable rally, and so its trading volume was huge.

The monthly trading volume of Tether is higher by as much as 18% compared to that of Bitcoin. In this regard, it is also important to point out that the stablecoin has now become an extremely important part of the whole crypto ecosystem.

Featured image: DepositPhotos © artefacti

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8 Signs That Show That a Crypto Platform is Safe to Trade On

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crypto

crypto

Considering the recent rise in the price value of cryptocurrency, it’s no surprise that the rate of crypto-maniacs yearning to cut their own piece of cake via trading has also increased.

While this idea of ‘crypto trading’ looks lucrative and profitable, keep in mind that there are dozens of scammers masquerading their identity as “trusted crypto trading platforms.”

The “real” question is this: can you confidently identify the right trading platform to invest in? If you’re not completely certain, don’t panic.

Here are 8 signs that show that a crypto platform is safe to trade on.

Top-Notch Security

Having top-notch security simply shows that the exchange has its clients’ and customers’ interest and safety in mind. In other words, the exchange interested in making sure that their customers’ money isn’t easily accessible to hackers.

If you’re a newbie or an expert in crypto trading, I’d advise you don’t skimp on this part. The safety of your entire investment on a crypto platform depends on its security.

Do you know that just a little weakness in security can lead to some serious hacks?

To mention a few, back in 2014, Mt. Gox lost about 850,000 BTC to hackers. However, it was later reported that the majority of them were later retrieved.

In 2016, Bitfinex lost $75 million in funds when hackers got their hands on users’ segregated wallets. Thankfully, Bitfinex has now reinforced its security. In fact, it is rated as one of the biggest exchanges in terms of volume today.

There are many more incidents like these, which is why you have to be very smart in making your choice of platform to trade on.

Meanwhile, here are important security elements a safe trading platform must have:

  • It must offer two-factor authentication.
  • It must provide proof of coins in cold storage.
  • It must make sure users verify their identity and location before depositing.
  • Operators must be willing to provide a swift response to all questions from customers.
  • There shouldn’t be any large difference in cryptocurrency quotes when compared with other leading exchanges.
  • Also, there shouldn’t be a long and persistent backlog of cryptocurrency withdrawal from the exchange.

Advisably, it is important you consider the listed safety guide above before putting in your money.

A Large Number of Users Using the Platform

Another practical way to verify the safety of a platform is by the volume of users using it. A larger volume of actual traders can indicate that the platform might be safer to trade on, while a smaller volume may indicate that the platform is either new or not completely safe for users.

As a matter of fact, don’t subscribe to a platform just because you saw its persistent ad or because some sweet-mouthed marketers asked you to. Research the platform and see the number of users currently trading with it; if the number of users is encouraging, then the platform may be worth a try (but it should be an amount you can afford to lose). On the other hand, if the numbers aren’t encouraging, it might be wise to pass on the exchange.

Rock-Solid Online Reputation

Any crypto trading platform with an unshakable reputation shows a great sign of safety.

So, how can one verify if a trading platform has a rock-solid reputation? Well, it’s not too difficult once you know what you’re doing.

You can verify platforms through online reviews—specifically, what different users wrote about them. Bitcointalk and Reddit are great sites to visit for review. It’s best to opt for a trading platform with rock-solid reviews and testimonies.

24/7 Good Customer Service

Trading platforms that provide swift and helpful responses to their customers’ queries are usually worth signing up with.

On the other hand, a platform with customer service that takes days to reply to customer queries is not worth your hard-earned money.

Easy to Use Platform

Yes, a user-friendly crypto trading platform is another positive sign of safety.

Scammers often make their sites confusing for target customers.

In fact, it’s one of the tactics they use to make customers contact them fast.

So, as a newbie with no trading experience, it is advisable to flee from such a platform once you find it difficult to understand the process. Safe trading platforms understand their customers’ wants and make sure the website designs are easy to use.

In choosing trading platforms, one is advised to do the following:

  • Avoid sites where you have to look at support before you understand a thing—it is very frustrating.
  • Avoid platforms with withdrawal processes that aren’t automatic.
  • Also, flee from a platform that experiences multiple breakdowns. It doesn’t seem right, especially when users aren’t updated about it.

Range of Payment Options, Both In and Out

Payment options are another sign of safety. While this might look funny, be aware that crypto trading platforms designed for malicious intentions often provide users with just one payment option. Therefore, be meticulous in making your decision, because there are also some good trading platforms that only offer one option.

Meanwhile, for safety reasons, it’s preferable to go for sites with more than one payment option. The options are typically as follows: credit card, bank transfer, PayPal, and even cash. Still, do your homework before making your choice.

Little or Zero Commissions and Fees

While exchanges have different commission and fees, make sure you opt for the cheapest one. Some of them are very transparent—they reveal how much to pay for deposits, buy, sell, and so on, but others are also discreet about such information.

For safety reasons, flee from platforms that overly charge or add some cunning charges that look like this:

  • Unnecessary monthly “wallet fee,” just for keeping cryptocurrency on the exchange.
  • Ridiculous fees like identity verification, etc.

Engagement in Community Interaction, Educating Both Potential and Existing Customers

This is another sure sign that reveals the true intention of a trading platform. A reliable trading platform should often engage in interacting with crypto communities. The platform will be willing to participate and solve some existing queries in the community. It must be willing to freely educate its customers and contribute positively to things such as crypto events.

In Conclusion

When choosing a crypto trading platform, it is important to keep the above tips in mind. Don’t jump into the trading world just because of FOMO. Make sure you’re equipped with the necessary knowledge so that you’ll have a better chance of succeeding.

The cryptocurrency market is growing at a fast rate, and scammers are also out to use different means to get people’s money.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © artjazz

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SEC Seeks British Assistance in Getting Testimony of Ex-Telegram CIO

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Telegram

Telegram

The Securities and Exchange Commission (SEC) has filed a proposed order with the US District Court for the Southern District of New York to request the British High Court’s assistance in getting the testimony of Telegram’s former chief investment advisor, John Hyman.

Telegram has been embroiled in a longstanding legal wrangle with the SEC over whether two ICOs conducted in 2018 should have been registered with the commission. Between January and March 2018, Telegram raised in excess of $1.7 billion USD from 171 investors, including $424.5 million USD from 39 United States investors, through an unregistered and highly secretive offering and sale of digital assets known as “Grams”. The SEC claims that Grams are a security and so the offering should have been subject to its regulations.

The SEC has now sought the help of the Senior Master of the High Court of England and Wales to compel the company’s former CIO, John Hyman, to testify in the case. The District Court considers that Hyman’s testimony is directly relevant to the case and that he is likely to have information and documents that may be used to support its claims against the defendants. The Court also says that justice cannot be done without Hyman’s testimony.

During his tenure as head of investment, Hyman is alleged to have been in communication with investors in the offering and other potential suitors. He is currently employed at “Gram Vault,” an entity that appears to be “a provider of safekeeping, trading and staking services to investors in the Telegram blockchain.”

>> Bakkt’s Plans for Its Options, Cash-Settled Futures Products

Telegram has continuously denied all the allegations against it, and last month moved to have the entire case dismissed on the grounds of “improper regulation by enforcement.” No resolution to the matter will be reached until next year at the earliest, with two further hearings set for February 18 and 19, with an injunction preventing the release of Grams until April at the earliest.

Featured image: DepositPhotos © prykhodov

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