Coinbase Becomes First Cryptocurrency Startup to Go Public

Startup Coinbase, a secure exchange platform that helps people purchase, sell and store cryptocurrencies, has become the first such startup to go public. Shares traded at $381 each, up 52 percent from a reference price of $250, and eventually closed at $328.28, for a company valuation of $85.7 billion, ten times higher than its last private valuation. The San Francisco-based company’s IPO is a landmark for long-time crypto advocates. In its wake, Bitcoin’s value soared to $64,829 and Ether traded at a record-high of $2,487 (which also followed news about upgrades to the Ethereum network). Continue reading Coinbase Becomes First Cryptocurrency Startup to Go Public

PayPal, Visa Enable Streamlined Cryptocurrency Transactions

PayPal announced the launch of Checkout with Crypto, which allows customers to purchase certain items online via cryptocurrencies. The new feature is part of the company’s new unit focused on blockchain and crypto/digital currencies and adds to its current capability for customers to buy, sell and hold cryptocurrency. Bitcoin, Litecoin, Ethereum and Bitcoin Cash are the cryptocurrencies accepted, which are processed with clear conversion rates and no additional fees but only one type of cryptocurrency is accepted for each purchase. Continue reading PayPal, Visa Enable Streamlined Cryptocurrency Transactions

Fidelity Reveals It Will Launch Bitcoin Exchange-Traded Fund

Fidelity Investments plans to launch the Wise Origin Bitcoin Trust, an exchange-traded fund (ETF) that tracks the price of Bitcoin via the Fidelity Bitcoin Index. Fidelity Digital Assets will store Wise Origin’s holdings. The Securities and Exchange Commission, which blocked nine applications for Bitcoin ETFs in 2018, must approve the plan. Fidelity Investments chief executive Abigail Johnson has long advocated the market potential of cryptocurrencies, and Fidelity was one of the first big financial firms to embrace them as an asset class. Continue reading Fidelity Reveals It Will Launch Bitcoin Exchange-Traded Fund

Digital Collage Sells for a Record $69.3 Million at NFT Auction

Non-fungible tokens (NFTs) have been generating headlines, most recently when graphic designer and self-taught artist Mike Winkelmann (also known as Beeple) sold a digital image online at Christie’s auction house for $69.3 million. It was also the most expensive digital asset to ever sell with a “digital certificate of authenticity,” otherwise known as an NFT. The blockchain-based assets differ from cryptocurrencies such as Bitcoin in that each NFT is a “singularly unique marker for the digital asset it tags.” Hence the uproar in the art world over Beeple’s record-breaking sale. Continue reading Digital Collage Sells for a Record $69.3 Million at NFT Auction

Bitcoin Tops $51,000 in Value as Major Firms Support Crypto

Bitcoin’s price surged above $50,000 for the first time yesterday as companies including Tesla, Mastercard, PayPal and BNY Mellon showed support for the cryptocurrency. Tesla bought $1.5 billion worth of Bitcoin and plans to accept it as payment for its cars, while Mastercard added that it too would accept Bitcoin as payment for “some of its products.” Coin Metrics reported that Bitcoin broke the $50,000 metric by rising 3 percent on Tuesday to $50,487, and hitting a fresh record high of $51,715 earlier today. Meanwhile, SEC commissioner Hester Peirce has called for crypto regulation. Continue reading Bitcoin Tops $51,000 in Value as Major Firms Support Crypto

Bipartisan Efforts Underway to Regulate Big Tech Companies

Senator Amy Klobuchar, once an avid supporter of Big Tech companies and now Senate antitrust panel leader, is expected to play a role in bipartisan efforts to impose regulations on those companies’ market power and data privacy policies. Facebook and Google face federal and state allegations of anticompetitive behavior and Amazon and Apple are under investigation for antitrust violations. President Biden and others in his administration have vowed to hold Big Tech accountable for users’ speech on their sites. Continue reading Bipartisan Efforts Underway to Regulate Big Tech Companies

CES: Industry Experts Discuss the Cryptocurrency Landscape

Cryptocurrency entrepreneurs convened in early December to record The Cryptocurrency Landscape session that CES 2021 released today. Panelists discussed how Wyoming has established legal and regulatory protocols for Bitcoin to make cryptocurrency activities compatible with existing banking regulations. They also discussed how institutions and businesses are getting more comfortable with cryptocurrency investments, how online payment services such as PayPal and Venmo have added Bitcoin to their transaction options, and how cryptocurrency’s provable scarcity makes it more attractive to investors and the general public as countries issue more currency to prop up their economies during the COVID shutdown. Continue reading CES: Industry Experts Discuss the Cryptocurrency Landscape

Investments in Bitcoin Increase During the COVID Pandemic

Cryptocurrency Bitcoin is on a roll, rising to a record high since the advent of the global coronavirus pandemic. In March it had skidded to below $4,000. This time, however, its growth is not being driven by the same speculative forces that led to its peak of $19,783 in 2017. Instead, American companies and other traditional investors are gravitating to Bitcoin as an alternative asset, similar to gold, that enables them to place part of their financial portfolio outside the influence of governments and the traditional financial systems. Continue reading Investments in Bitcoin Increase During the COVID Pandemic

FTC to Fine Twitter for Using Consumer Data for Targeted Ads

Twitter revealed that the Federal Trade Commission may hit it with a fine up to $250 million for using consumers’ email addresses and phone numbers — collected for “safety and security” purposes — to target ads, something it said it did “inadvertently” between 2013 and 2019. This is a violation of its 2011 agreement with the FTC, in which Twitter agreed that it would no longer mislead consumers by not disclosing other potential uses. Twitter has already received a draft complaint from the FTC. Continue reading FTC to Fine Twitter for Using Consumer Data for Targeted Ads

Prominent Twitter Accounts Hacked for Cryptocurrency Fraud

On Wednesday, scammers launched one of the most audacious attacks in recent memory, posting messages from the Twitter accounts of Joe Biden, Barack Obama, Kanye West, Bill Gates and Elon Musk that if people sent Bitcoin, the famous person would send back double the money. The first attack targeted high-profile cryptocurrency leaders and companies, but soon broadened to include a list of prominent U.S. politicians and entertainment and tech executives. It appears that an internal Twitter account was involved in the attacks, but it has yet to be determined whether an employee was willfully complicit. Continue reading Prominent Twitter Accounts Hacked for Cryptocurrency Fraud

ThiefQuest Is New Ransomware and Spyware Aimed at Macs

K7 Labs malware researcher Dinesh Devadoss discovered a new form of malware aimed at Mac computers. ThiefQuest (originally dubbed EvilQuest, until researchers discovered that’s the name of a Steam game) isn’t simply ransomware but also contains spyware that allows it to exfiltrate an infected computer’s files, search it for passwords and cryptocurrency wallet data, and nab passwords and credit card numbers. Even after a computer reboots, the spyware lingers as a backdoor that could be used for a second-stage attack. Continue reading ThiefQuest Is New Ransomware and Spyware Aimed at Macs

China Launches Test of DCEP Digital Currency in Four Cities

The People’s Bank of China (PBOC), the country’s central bank, introduced a digital currency known as DCEP (Digital Currency Electronic Payment), which it said will share some features of bitcoin and Facebook’s Libra. It’s being internally tested in four large cities — Shenzhen, Suzhou, Chengdu and Beijing satellite city Xiong’an — aimed at improving its functionality and, in part, to prepare for the 2022 Winter Olympics in Beijing. The PBOC started its digital currency research in 2014. Continue reading China Launches Test of DCEP Digital Currency in Four Cities

Facebook Narrows Scope of Proposed Libra Cryptocurrency

Facebook and its partners pulled back their ambitious plans for the Libra cryptocurrency, which was unveiled last June as “a futuristic global money” that could be the foundation of a “new kind of financial system.” In the months since its June debut, the Libra project has encountered a range of obstacles and the scrutiny of regulators. The Swiss-backed Libra Association, citing global opposition to the project, now aims to create a payment network with coins tied to a local currency. Continue reading Facebook Narrows Scope of Proposed Libra Cryptocurrency

Tether, Most Widely Used Cryptocurrency, Is Under Scrutiny

Although Bitcoin accounts for 70 percent of all the global digital assets’ market value, Tether is the world’s most widely used cryptocurrency, said CoinMarketCap, which revealed that Tether, despite the fact that it’s market capitalization is 30 times smaller than Bitcoin, has the highest daily and monthly trading volume. Tether surpassed Bitcoin in April and, said CoinMarketCap, has done so consistently since early August, at about $21 billion per day, with monthly trading volume 18 percent higher than Bitcoin’s. Continue reading Tether, Most Widely Used Cryptocurrency, Is Under Scrutiny

New Cryptocurrency Planned by Messaging App Telegram

Social network Telegram is moving ahead with its plans to issue its own cryptocurrency, dubbed Gram, within the next two months. The 200 million to 300 million global users of its messaging app will also have access to Gram digital wallets. Telegram appears to have the same ambitions for Gram that Facebook has for its Libra cryptocurrency: as a way to move money worldwide. In early 2018, Telegram tapped $1.7 billion from prominent investors including major Silicon Valley venture capitalists to launch the fund. Continue reading New Cryptocurrency Planned by Messaging App Telegram

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