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#Blockchain Study Finds Certain Proof of Stake Networks Vulnerable to Low Cost Attacks

Study Finds Certain Proof-of-Stake Networks Vulnerable to Low Cost Attacks

On Jan. 22, a team of students from the University of Illinois at Urbana Champaign (UIUC) released a unique study concerning the longevity of certain proof of stake (PoS) networks. According to the research, more than 26 PoS blockchains could suffer from vulnerabilities called “Fake Stake” attacks.

Also read: Satoshi’s Bitcoin Whitepaper Is Now Available in Arabic and Hindi

Study Shows Proof of Stake Attacks That Are ‘Simple in Principle’

A team of researchers called Decentralized Systems Lab from UIUC has just released a study that identifies significant weaknesses in certain PoS networks. Sanket Kanjalkar, Yunqi Li, Yuguang Chen, Joseph Kuo, and Andrew Miller shared research which explains the issues threatening PoS cryptocurrencies. According to the students, an attacker with very little or no stake at all can wreak havoc on these types of networks. The researchers say one method of attack essentially causes a “victim node to crash by filling up its disk or RAM with bogus data.” The students are convinced all PoS currencies based on the UTXO of Bitcoin and the longest chain model are vulnerable to these “Fake Stake” attacks.

Study Finds Certain Proof of Stake Networks Vulnerable to Low Cost Attacks
“Given the amount of cross-pollination of ideas and code reuse across cryptocurrencies, we anticipate more vulnerabilities like this in the future — We found there was little uniformity in the security process among these codebases,” explains the latest study on PoS networks. “For example, there was no dedicated security contact for most of them.”

The students highlight five cryptocurrencies: Emercoin, Particl, Qtum, Htmlcoin, and Navcoin which could all theoretically suffer from a vulnerability called “I Can’t Believe it’s not Stake.” Because these coins have adopted Bitcoin’s block propagation method, a bogus message attack can overload a victim node’s RAM. The attacker doesn’t even need any stake to accomplish this method of attack. However, the student’s paper notes that RAM version attacks are still “particularly trivial.” The vulnerability was introduced to these networks when they merged Bitcoin’s “header-first” feature into the PoSv3 codebase. Another issue with PoS is a weakness called the “Spent Stake” attack, which can allow malicious actors to abuse the validation of apparent stake with a method called “stake amplification.”

“To carry out the attack starting from a small amount of stake, the attacker must amplify their amount of apparent stake,” the researchers explain. “For example, even with 0.01% stake in the system, the attacker only needs 5,000 transactions to mine blocks with 50% apparent stake power.”

The authors continue:

After the attacker has collected a large amount of apparent stake, he then proceeds to mine PoS blocks at a past time using the freshly collected apparent stake outputs. Finally, the attacker fills the disk of the victim peer with invalid blocks.

Proof of Stake Design Not Fully Understood by Developers Creating PoSv3 Networks

The UIUC researchers also note that they decided to responsibly disclose these issues to 15 teams that were most likely to be attacked out of all the PoS coins in the top 200 market capitalizations. The team explained that five teams had acknowledged the attacks, three teams started investigating the vulnerabilities, and three teams rebutted the issues. Four development teams did not respond at all to the responsible disclosure and the researchers also remarked that some programmers were very difficult to contact.

Study Finds Certain Proof of Stake Networks Vulnerable to Low Cost AttacksThe report concludes that because “Fake Stake” attacks are so easy, they fundamentally undermine the development team’s design. “Some ideas that make sense in proof-of-work (PoW) do not translate over securely to proof-of-stake — Given the high degree of code sharing from Bitcoin Core as ‘upstream’ among PoSv3 cryptocurrencies, we think this deserves even more scrutiny,” the paper concedes. When they investigated the feebleness tethered to PoS networks they found several projects that were “works-in-progress” and were in the midst of attempting to create mitigations for these known weaknesses.

“This suggests an awareness among PoS developers that the trade-offs and requirements in this design space are not yet fully understood,” the paper concludes.

What do you think about PoS coins that are vulnerable to “Fake Stake” attacks? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Pixabay, and the study “‘Fake Stake’ attacks on chain-based Proof-of-Stake cryptocurrencies.”


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The post Study Finds Certain Proof of Stake Networks Vulnerable to Low Cost Attacks appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2Hwb2Ml Study Finds Certain Proof of Stake Networks Vulnerable to Low Cost Attacks

#USA Crypto wallet BRD raises $15M for Asian expansion

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Mobile cryptocurrency wallet BRD is announcing that it’s raised $15 million in Series B funding.

The funding comes from SBI Crypto Investment, a subsidiary of Japanese financial services company SBI Holdings (formerly a subsidiary of SoftBank). BRD said the funding will allow it to grow its product and engineering teams, and to expand in Japan and across Asia.

“SBI Group’s investment in BRD allows us to firmly cement ourselves in the Asian market,” said BRD co-founder and CEO Adam Traidman in a statement. “It shows incredible support for the foundation that we have built in North America and reinforces our proven ability to scale the success we have achieved in the past 4 years. The new investment will ensure our long-term global growth, and we are incredibly excited about collaborating with SBI as a strategic investor and business partner to make that happen.”

It’s surprising to see a crypto startup raising money now, given the broader crypto downturn. After all, BRD bills itself as the simplest way to start buying and storing cryptocurrencies — but does that mean anything if consumers are being scared away from investing?

BRD - App - Wallet Screen

When I asked Spencer Chen, the company’s vice president of global marketing (and an occasional friend of mine), about the industry’s recent challenges, he argued, “The need for a single, global currency still exists.”

“That’s what all got lost in 2018 as the fast-money, traders, and speculators came piling into the crypto space,” Chen told me via email. “It really convoluted the core mission of a natively digital currency. Money that worked just like the open internet. As a company that’s built-to-last and committed to the core mission of crypto currency, there was nothing more frustrating than to witness the many steps backwards the industry at large took in 2018.”

In fact, BRD says it doubled its total install base in 2018, ending the year with 1.8 million globally. It also says it’s currently being used to store the equivalent of $6 billion —mostly in Bitcoin and Ethereum — with a 24 percent increase in monthly active users between in November and December, after it starting accepting stablecoins (namely, cryptocurrencies that are pegged to the value of a fiat currency).

BRD has now raised a total of $55 million. It’s also announcing a partnership with Coinify, allowing users to make cryptocurrency purchases using bank accounts in the European market.

from Startups – TechCrunch https://tcrn.ch/2RMgWxC

#USA Lydia launches shared accounts for its mobile payment app

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French startup Lydia now lets you share your Lydia sub-accounts with other people. The company wants to make it easier to manage money when you’re traveling with friends, sharing an apartment with someone and more.

When Lydia introduced its premium offering back in March 2018, the company completely rethought the way Lydia accounts worked. Users had a single Lydia account and were basically limited to sending, receiving and withdrawing money — it was all about peer-to-peer payments. Now, you can create as many Lydia accounts as you want, move money around, set money aside and top up each account separately.

That was just the first step as you can now share those accounts with other people. This way, you don’t have to create a Splitwise group and track who owes what to whom. Instead of getting your money back after a while, people chip in and top up the shared account directly. Anybody can then safely spend that money.

As always, Lydia is all about getting money in the app and out of the app as seamlessly as possible. When you create a shared account, each user can top up the account using other Lydia sub-accounts, a traditional bank account that you have already connected to the app or a debit card if it’s a small amount.

If your bank account isn’t compatible with Lydia, you also get an IBAN number for this sub-account in particular. So you can initiate a traditional bank transfer from your bank account as well.

Once the account is up and running, anybody can spend money. You can generate a virtual card, add it to Apple Pay, Google Pay or Samsung Pay, and associate it with the shared account. If you’re on a ski trip and buying raclette cheese for your group of friends, you can then pay with your phone and debit the shared account.

If you’re a premium user and have a good old plastic Lydia card, you can also use it in any card reader and associate transactions with your shared account. Some websites already let you pay with your Lydia account directly as well. You can select your sub-account when confirming the transaction on your phone.

You can imagine multiple different use cases for such a feature. This is a good way to share an account with your significant other without switching to the same bank. This could be a way to pay for utility bills with your roommates.

“I use it with my son for instance. I created a shared account, I set up a virtual card and he added it to his Google Pay,” co-founder and CEO Cyril Chiche told me. He can then send him money that he can use instantly whenever he needs to.

This feature will become more valuable over time, when you can pay with your Lydia account in more places. Mobile payment systems, such as Apple Pay and Google Pay, are slowly becoming more widespread. And Lydia has also been working with popular payment service providers to add support for more e-commerce websites.

It’s a radical way of sharing expenses with friends and family members, but it could become the obvious way if Lydia becomes ubiquitous.

from Startups – TechCrunch https://tcrn.ch/2CISnHC

#Blockchain The Daily: Market Cap Metric Attracts Flak, Trust Wallet Does Desktop

The Daily: Market Cap Metric Attracts Flak, Trust Wallet Does Desktop

In Friday’s installment of The Daily, we round up the latest debate over whether market cap should be used to rank cryptocurrencies. Members of the Ripple community are up in arms over new data that suggests their token’s market cap should be billions of dollars lower than currently stated. We also detail the latest update to the Binance-owned Trust Wallet, and take in a dash of drama from crypto Twitter.

Also read: Leaked Images Reignite Expectations for Crypto Wallet in Samsung’s Galaxy

Market Cap Metric’s Shortcomings Exposed

The Daily: Market Cap Metric Attracts Flak, Trust Wallet Does DesktopThe ranking of cryptocurrencies by market capitalization (i.e number of coins in circulation multiplied by price per coin) is a metric that has long been criticized for its inaccuracy. Theoretically, any altcoin can game the system by issuing billions of tokens or by selling a single token for a ridiculously high price on an exchange to make the network appear more valuable than it really is. The shortcomings of market capitalization were hit home on Jan. 24 in research published by Messari which found that the market cap of ripple (XRP) could have been overstated by as much as 46 percent or $6.1 billion. Should ripple’s market cap be updated to reflect the new data, the token would be relegated to third place in the cryptocurrency rankings, behind ethereum.

Ripple Is ‘the Theranos of Crypto’

Holders of ripple were unimpressed with the suggestion to reduce its cap, and the XRP army took to Twitter to voice their displeasure against Messari founder and longtime ripple critic Ryan Selkis. Selkis claimed to have been doxed and threatened by ripple acolytes, and hit back, describing the project as “the Theranos of crypto.” He also called upon Ripple leaders such as CEO Brad Garlinghouse to urge the project’s supporters to show restraint.

Crypto Twitter Influencers Shaken Out

Staying with crypto Twitter (CT), and influencers who shill dubious projects are finding themselves under the spotlight. It’s common practice for popular figures within the cryptosphere to lever their following to promote ICOs and share referral links to platforms such as Bitmex. For followers of these accounts, however, it isn’t always clear what’s being shared as impartial trading advice and what’s a paid promotion. Viacoin developer, trader, and unrepentant troll Romano has taken it upon himself to mercilessly expose the worst elements of CT, waging a one-man campaign against shills.

“This year we will take Crypto Twitter back from these influencers (normies in crypto clothes) who shill every scam for $250,” he tweeted, and has been as good as his word. This week, he focused his rage on the appropriately named “Crypto Shill Nye,” exposing previous business dealings and CT behavior that Romano deemed unethical. His takedown of Nye inspired other Twitter traders to pile in and share other skeletons from Nye’s closet. Crypto Shill Nye, for his part, hit back, claiming that “I have never scammed anyone and I never will,” adding “I am not asking for any money from my followers.”

Trust Wallet Announces Major Upgrade

Trust Wallet, which was purchased last year by Binance, has unleashed a slew of updates lately including new features and coin additions. The mobile wallet, which recently added support for bitcoin cash (BCH) is now to be complemented by a desktop counterpart. Trust 2.0 will comprise a new desktop wallet as well as integrated support for Binance coin (BNB) to facilitate trading on the forthcoming Binance DEX.

The Daily: Market Cap Metric Attracts Flak, Trust Wallet Does Desktop

Trust Wallet users will be able to trade on the decentralized exchange while retaining full custody of their funds. The wallet developer will also be launching a hardware wallet, explaining that “with the rise of Bluetooth, NFC and QR capable hardware wallets, we think now it’s the time to finally bring you this feature.” Trust Wallet, which launched as an ETH-only wallet a year ago, now supports a string of cryptocurrencies including BTC, BCH, LTC and ERC20 tokens.

What are your thoughts on the stories in today’s news roundup? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post The Daily: Market Cap Metric Attracts Flak, Trust Wallet Does Desktop appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2DyLlqy The Daily: Market Cap Metric Attracts Flak, Trust Wallet Does Desktop

#Blockchain PR: Smartrade Launches Cryptocurrency Exchange

Smartrade Launches Cryptocurrency Exchange

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Fixed fees, hundreds of USD trading pairs, world class security

BURLINGTON, Ontario

Smartrade announces the launch and growth of their comprehensive trading platform with friendly for the masses ease of use, that also services advanced investors and trading methods.

Unique to the industry – a USD pairing on nearly each of the 164 assets with an expansion in offerings to increase throughout 2019. What Smartrade offers is the depth and extensive list of 600 trading pairs and support of an equally thorough list of fiat options.

The goal and vision of this platform is to establish a one stop cryptocurrency trading destination, eliminating the reliance on other platforms to wire in and out, or find suitable trading pairs. Smartrade offers easy deposits, fixed fees, transparent trading combined with the peace of mind of painless withdrawal.

Casual investors enjoy a simple interface to execute basic trades, and more experienced traders can access familiar tools for complex trading. All within a 100% secure, transparent platform activity with audited reporting.

Unique to the industry, Smartrade adds training resources for any investor to educate and enjoy all the features trading crypto assets has to offer. With over a dozen security features, 2FA, offline cold wallet storage, measures that are expected of today and tomorrow’s leading exchanges. Users have access to 24/7 live chat support as this secure and trusted platform looks to expand further into equities and new markets in the coming year.

For the next 30 days, at smartrade.com/press new users are offered free trading for 30 days. After that period, low, fixed fees are posted and transparent.

Smartrade is a registered trading platform meeting FinCen and Fintrac guidelines. Users in Canada European Nations and Asia supported at this time. Smartrade is an AppLife Digital Solutions Inc. portfolio company. AppLife Digital is an SEC regulated company.

Cryptocurrencies and digital tokens are high risk investments that may lose some or all value potentially resulting in financial loss. These instruments are intended for high-risk investors and are not suitable for all investors.

Contact Email Address
media@smartrade.com

Supporting Link
https://smartrade.com/press

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Smartrade Launches Cryptocurrency Exchange appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2HG1zCa PR: Smartrade Launches Cryptocurrency Exchange

#Africa Goodwell invests $2m in Kenyan e-commerce platform Copia

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Impact investing firm Goodwell Investments has invested US$2 million into Kenyan e-commerce venture Copia, which specialises in supplying products and services to underserved consumers in rural Kenya.

Launched in 2013, Copia combines technology and local agents to offer a broad product offering and efficient, reliable delivery to “base of the pyramid” consumers.

The service enables rural households to access goods that would otherwise be difficult to obtain without travelling to a major city. Pre-paid orders take on average only two to three days to be fulfilled.

Goodwell acquired an undisclosed stake in the company for US$2 million through its uMunthu fund, which invests up to 50 per cent of its funds in inclusive businesses operating in sectors other than financial inclusion. The uMunthu fund targets companies providing services that matter to low income households, either because they spend much of their income or time in these sectors, or because these offer the best opportunities to improve livelihoods.

With Copia’s service currently covering around 28 per cent of Kenya, Goodwell said there is room for strong growth both within the country, and down the line in several emerging markets in sub-Saharan Africa, Latin America and Asia.

The post Goodwell invests $2m in Kenyan e-commerce platform Copia appeared first on Disrupt Africa.

from Disrupt Africa http://bit.ly/2S7VaUz

#Africa Cape Town’s Future Females launches 5-day startup launch programme

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Future Females, a Cape Town-based initiative dedicated to empowering female entrepreneurs, has launched its “5 Days to Start” programme, which will help 2,000 people turn their ideas into real businesses.

Disrupt Africa reported last year on the launch of the Future Females Business School, a three-month virtual incubator supporting 50 female entrepreneurs in transforming their ideas into proven, profitable businesses.

The initiative is now scaling its impact with the launch of the free ‘5 Days to Start challenge, to support 2,000 entrepreneurs in taking five active steps towards turning their ideas into a real business.

The challenge will take place online, with a video tutorial released each day, accompanied by a workbook for members to put their new knowledge to use and finally get started on bringing their ideas to life. Members will also have access to a private Facebook Group, where they can share their progress and keep up to date with what the other members are doing.

“Our 5 Days to Start challenge will support these entrepreneurs to overcome their internal mindset hurdles and take action to launch their business, with the support of the Future Females team and global community,” said co-founder Lauren Dallas.

The post Cape Town’s Future Females launches 5-day startup launch programme appeared first on Disrupt Africa.

from Disrupt Africa http://bit.ly/2RNwPUx

#Africa This Nigerian startup uses analytics to monitor student performance

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Nigerian ed-tech startup Insight Africa is using its Studylab product to allow teachers and schools to monitor the progress of their students across each subject, while providing video tutorials to help fill gaps.

Studylab is a continuous assessment, feedback, and analytics system for schools, who can sign up on a per-student subscription basis for the platform, which works both online and offline.

Students work on questions provided on Studylab, with the system collecting data on their work and providing visualised reports on the progress of each student across each topic.

“This can allow a teacher, a parent or the student herself to understand areas she is great at, and areas she needs more practice and help to improve. Think business intelligence for education,” co-founder Habeeb Kolade told Disrupt Africa.

“Through this, teachers can be precise in how they help students, and be more judicious with their time, while students get the right attention in the right areas.”

Schools have improved mathematics scores by up to 40 per cent using Studylab, which was launched in its current format in 2017. Kolade said it has been built to assist teachers in adequately helping all students in their care within their limited time.

“Teachers usually have to cater for 30-90 students in a school. What Studylab does is enable teachers to understand areas of strengths and weakness of students, thus enabling them to provide attention to each student in a more precise manner. Thus, we make the work of the teacher more efficient while ensuring no child is left behind in the classroom,” he said.

The self-funded startup has won a host of prizes, including the Etisalat Innovation Prize, and is seeing slow but steady uptake of its product. It is close to releasing version two of its product, for which it has more than 70 schools on a waiting list.

“Schools who already use Studylab have had nothing but great feedback for us, while schools who are just getting to understand the impact of analytics as a tool for precision education towards academic excellence have required a little more patience from us to convert,” said Kolade.

“We understand how this can be and are improving our adoption process to enable us to onboard both schools who embrace new technologies faster and schools who need a bit more time on the learning curve. We are also employing partnerships to help us reach more schools faster.”

Insight Africa is focusing on the Nigerian market for now.

“Our current expansion plan includes taking most of the Nigerian market by expanding across and beyond the states that use our solution. So far, we are represented in about four states. West Africa will be the next stop after this,” Kolade said.

The post This Nigerian startup uses analytics to monitor student performance appeared first on Disrupt Africa.

from Disrupt Africa http://bit.ly/2B3LQY6

#Blockchain Leaked Images Reignite Expectations for Crypto Wallet in Galaxy S10

Leaked Images Reignite Expectations for Crypto Wallet in Galaxy S10

It is a premiere expected by many and crypto enthusiasts have become part of the impatient crowd. The long-awaited 10th anniversary edition of Samsung’s flagship smartphone will reportedly come in different versions, including one with 5G connectivity, which will have up to six cameras, front and rear. According to newly leaked images, it will also feature a cryptocurrency wallet.  

Also read: Review: HTC’s Exodus 1 Is an Impressive Phone With a Basic Crypto Wallet

Users to Import or Create Cryptocurrency Wallet

Galaxy S10 photos that have appeared on social media this week show that crypto functionality is integrated into the phone’s menu under “Samsung Blockchain Keystore.” The native application has been described by Samsung as “a secure and convenient place for your cryptocurrency.”

Users are promised the opportunity to “secure and manage” their “blockchain private key.” Furthermore, the Samsung Pass feature supports biometric authentication for improved security. The app will also allow the owner to either import an existing crypto wallet or create a new one. The interface informs users they can transfer cryptocurrencies from their existing wallets.

According to the leaked images, the Galaxy S10’s built-in wallet will most likely be able to store multiple digital coins as there is a “Supported Cryptocurrencies” section. The one crypto displayed at the time the photo was taken is ethereum.

Samsung’s new flagship lineup will most likely be presented at the upcoming Galaxy Unpacked event which is scheduled for Feb. 20 and will be devoted to the 10th anniversary of the Galaxy S. According to Gizmodo, the phones will be available for preorder from that date and will be released at the beginning of March.

Galaxy S10 to Be Offered in 3 Models

Three modifications of the new Galaxy phone are expected – the regular S10, a cheaper S10 Lite version and the S10+. It’s been reported that the higher-spec models will come with the ‘Infinity O’ display, which has punch-hole cutouts accommodating the front-facing cameras and an in-display fingerprint scanner.

The three versions will be different in terms of screen size – 5.8, 6.1, and 6.4 inches respectively. They will also differ in terms of internal storage, which will be up to 1TB, battery capacity reaching 5,000mAh, and pricing.

The images of the integrated cryptocurrency wallet that were posted on Twitter show a device with a single front camera. That’s likely to be either the ‘Lite’ model or the mid-range S10, both of which have a single-lens selfie camera. The top S10+ version is likely to have two front-facing cameras.

Latest Reports of Crypto Wallet Follow Previous Denial

In December, rumors surfaced that Samsung was developing an application featuring both cold storage for digital assets and a hot wallet for crypto transactions. The news outlet Sam Mobile reported that the app was going to support a number of cryptocurrencies and tokens such as bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), and ethereum-based ERC20 tokens. However, Samsung denied the information, describing it as a speculation.

Leaked Images Reignite Expectations for Crypto Wallet in Galaxy S10

Then, at the end of last month, a report came out that the Korean conglomerate had filed a trademark titled “Samsung Crypto Wallet.” The news reignited suggestions that the company is indeed planning to integrate the crypto feature in the upcoming lineup of flagship products.

Samsung is not the only smartphone manufacturer with plans for crypto integration. Last spring, Huawei was rumored to be negotiating with Sirin Labs to incorporate a cold storage wallet into its handsets. In November, Sirin Labs launched its own “blockchain smartphone.” This month, HTC started shipping its Exodus 1 model, a device that comes with a built-in hardware wallet. With the Galaxy S series being one of the most popular on the market, Samsung’s new phones are likely to raise awareness about cryptocurrencies and potentially increase adoption.

Smartphones are believed to provide a more secure platform to store cryptocurrencies than personal computers. In an article published by Samsung last summer, IT consultant and security expert Joel Snyder argued that mobile devices are more suitable for storing digital assets as they utilize Trusted Execution Environments. TEEs have separate memory and storage, isolated from the rest of the phone and its operating system.

Do you think the new Galaxy S10 smartphone will feature a cryptocurrency wallet? Share your expectations in the comments section below.


Images courtesy of Shutterstock, Twitter.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Leaked Images Reignite Expectations for Crypto Wallet in Galaxy S10 appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2sKVVVp Leaked Images Reignite Expectations for Crypto Wallet in Galaxy S10

#Blockchain New York Regulator Grants Licenses to Robinhood Crypto and Libertyx

New York Regulator Grants Licenses to Robinhood Crypto and Libertyx

Robinhood Crypto and Libertyx have been granted licenses by the New York State Department of Financial Services. Robinhood is now authorized to offer the buying, selling and storing of seven cryptocurrencies. Meanwhile, Libertyx has become the first Bitlicensee to allow customers to use debit cards to purchase BTC from traditional ATMs in New York.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Robinhood Crypto

New York Regulator Grants Licenses to Robinhood Crypto and LibertyxThe New York State Department of Financial Services (NYDFS) has approved the virtual currency license applications of Robinhood Crypto Llc and Moon Inc., dba Libertyx. Robinhood has also received a money transmission license. To date, the NYDFS has approved 16 companies to offer crypto services in New York. The regulator’s announcement reads:

[NY]DFS has authorized Robinhood Crypto to offer services for buying, selling, and storing seven virtual currencies, including bitcoin, ether, bitcoin cash, and litecoin.

Robinhood subsequently tweeted: “We just received our Bitlicense and money transmitter license for NY. Expect us to roll out crypto there over the coming months.”

New York Regulator Grants Licenses to Robinhood Crypto and Libertyx

The platform also supports real-time market data for BTG, DASH, LSK, XMR, NEO, OMG, QTUM, XRP, XLM, and ZEC. While noting a plan to support the buying and selling of additional cryptocurrencies, the company emphasized on its website that “supporting market data for individual cryptocurrencies does not necessarily mean we plan to add buying and selling.” Furthermore, the platform “doesn’t support ICOs at this time,” its website describes.

In addition to New York, the service is currently available in Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Wisconsin, Wyoming, and Washington state.

New York Regulator Grants Licenses to Robinhood Crypto and Libertyx

Libertyx

Libertyx CEO Chris Yim described the review process to obtain a Bitlicense as “extensive,” the NYDFS quoted him as saying. The regulator elaborated:

In New York, Libertyx, which will provide consumers the sale of bitcoin through debit terminals, is the first [NY]DFS virtual currency licensee to allow customers to use debit cards to purchase bitcoin from traditional ATMs.

New York Regulator Grants Licenses to Robinhood Crypto and Libertyx

The company launched its first bitcoin ATM in 2014 and has been growing its network of stores where people can buy BTC. “Today we have thousands of local stores where you can walk-up and purchase bitcoin instantly,” reads its website. “Our network includes local store cashiers, standalone debit kiosks, and traditional ATMs.”

What do you think of Robinhood Crypto and Libertyx obtaining licenses to operate in New York? Let us know in the comments section below.


Images courtesy of Shutterstock and the NYDFS.


Need to calculate your bitcoin holdings? Check our tools section.

The post New York Regulator Grants Licenses to Robinhood Crypto and Libertyx appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2B0CUTq New York Regulator Grants Licenses to Robinhood Crypto and Libertyx