Crypto 360°

KBA Under Fire After Approving 12/12 Crypto Exchanges The Korea Blockchain Association (KBA) is facing the heat with questions being raised on its approval of 12 out of 12 crypto exchanges that were screened as part of a recently held self-regulatory drive. An industry body with around nearly two dozen cryptocurrency companies in its kitty, the KBA recently completed an in-house inspection of 12 domestic crypt exchanges. The screenings had commenced in May this year. In June and July this year, this self-regulatory drive was carried out via third-party experts that were authorized by the KBA. It is worth pointing out that the inspection did not include any hacking simulation of exchanges. The inspection was merely restricted to interviews held with the exchanges. Post the inspection, these 12 out of the 14 exchanges gained an affirmation for meeting all the general standards that are mandated by the KBA. Some of the key standards include adherence to anti-money laundering norms, adoption of offline or cold wallets, possessing a certain threshold in assets, and more. KBA chairman, Jhun Hai-jin in a recently held press conference in Seoul this Wednesday, admitted that the inspection found a lot of security gaps in these 12 approved exchanges. As reported by CCN, Jun Hai-jin further mentioned that some of these 12 exchanges had a huge gap in the level of handling cybersecurity risks.  He, however, declined to disclose what kinds of gaps were found. Jhun added that the inspection does not guarantee the complete security of these 12 exchanges. He supported his statement by drawing an analogy to the issuing of driving licenses which does not prove the driving credibility of drivers. The KBA also faced criticism for doubling the one-month inspection time period in May and granting time to exchanges that failed to meet the minimum criteria to prepare for the inspection. Out of the 12 exchanges that gained approval, Bithumb was one of them. However, less than a month ago, Bithumb faced a $30 million hack. The post KBA Under Fire After Approving 12/12 Crypto Exchanges appeared first on OWLT Market.

United Nations Puts Blockchain At Next Level The UN Secretary-General has formed a High-Level board on Digital collaboration, which openly places blockchain technology on the program, UN News exposed yesterday, July 12. The board, said to be the foremost of its type, will collect 20 well-known figures from business, civil society and university to undertake the contact of digital technologies on worldwide economies and societies and force ongoing at unparalleled scale and distort pace, in Guterres’ words. Executive Director and Co-chair stressed the prospects, the perils and the unintentional cost of digital transformation, denoting increasing apprehension about both cyber-attacks and supposed election-tampering. The representative measured that the group’s cross-cutting tactic to new expertise such as blockchain and AI would empower it to exploit its collision over the path of its nine-month rule. The Secretary-General has also exposed the panel’s co-chairs as individual U.S. philanthropist Melinda Gates and Jack Ma, the originator of Chinese e-commerce giant Alibaba. Ma commenced blockchain technology through Alibaba associate Ant Financial as untimely as summer 2016. The company has since raised $14 billion for blockchain expansion, and newly productively trialed its first blockchain remittances. With Ma of late affirming that the contact of blockchain on the prospect of users may be far away from our thoughts, his co-chairmanship of the new UN panel depicts a constructive step for the universal broadcasting of the technology. For its part, the UN has long been exploring manifold largely humanitarian utilize cases for blockchain, beginning with its usage of the Ethereum blockchain to transport coupons based on cryptocurrencies to refugees in Syria. The Way Ahead Since then, it has also begun a blockchain-type digital individuality system developed to battle child trafficking internationally. As Cointelegraph reported, this April, the Belgian administration contributed €2 mln to endorse a blockchain scheme by the World Food Programme (WFP), which would allow the UN to utilize the technology to battle hunger in impecunious areas. The post United Nations Puts Blockchain At Next Level appeared first on OWLT Market.

Newly Regulated NDAX Crypto Exchange Supports XRP Trading National Digital Asset Exchange (NDAX) is the newest regulated crypto exchange. This Calgary-based exchanged was recently launched on June 23rd this year. The crypto exchange offers Canadians fiat to XRP trading opportunity. It also promises zero deposit fees for the remaining part of the year. The NDAX crypto exchange completed its stress testing around June 23rd this year. Post the testing, the exchange went officially live. However, NDAX announced a soft launch earlier on 31st May 2018. An interesting thing to note about NDAX is that its entire client held fiat deposits (CAD) are held at a trusted Canadian banking institution in a segregated bank account. The NDAX crypto exchange is designed for both individuals as well as institutions. Presently the exchange is counted as the country’s most advanced cryptocurrency trading platform offering the largest portfolio of digital currencies. Some of the additional benefits offered by this crypto exchange include instant ID verification, low trading and withdrawal fees, deep liquidity for large transactions, and institutional level security. It also facilitates expedited settlement by offering a plethora of options such as bank draft, wire transfer, certified cheque, Interac e-Transfer, and EFT or direct deposit. In terms of security, NDAX mentions that the digital assets of its customers are protected by multi-signature technology with 98% of the assets being held in cold storage. As reported in CryptoGlobe, NDAX is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). This present move of the exchange to support XRP is quite significant as the only other cryptocurrencies that are being supported include Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin (BTC), and Ethereum (ETH). The exchange’s two major competitors, QuadrigaCX and Coinsquare presently do not support XRP thereby providing NDAX with the competitive edge. The exchange is focused towards providing its clients with a world-class experience of buying, selling, and storing digital assets in the most secure, compliant, and simple manner. The post Newly Regulated NDAX Crypto Exchange Supports XRP Trading appeared first on OWLT Market.