A Reuters report just published reveals that one in five financial institutions is considering trading cryptocurrencies in the next 12 months and 70 percent of those are looking to trade in the next three to six months.
A highly anticipated new exchange is set to offer crypto traders a range of new tools – here’s everything you need to know:
Qurrex, the brainchild of an experienced team of investment managers, is creating a hybrid exchange that will bring new tools and investors to the crypto world. It builds on the strengths of traditional (like NASDAQ or NYSE), centralized (like Coinbase, Binance), and decentralized (like Radar, Melonport, Kyber, etc.) exchanges, creating a hybrid exchange with unequaled broad functionality. Qurrex will provide an unparalleled set of tools that will appeal to experienced and new traders alike.
Qurrex is introducing characteristics to the crypto market that experienced and institutional traders will find familiar. Its exchange features a wide range of technical analysis indicators; these can be arranged to use sequential application, where the output data of one indicator is the input data of another. An embedded API also allows the trader to define an algorithm for constructing an indicator directly in a web terminal window. Qurrex is already testing its platform and looking to introduce the most sought-after types of trade orders, such as: GTC limit order, IOC, GTD limit order (with lifespan), Market Order, FOK Order, Conditional Orders (Stop Order, Take Profit, and Trailing Stop), Post Only, Hidden Order, Scaled Order, One Cancels Other (OCO) Order, Two-Sided Orders.
For the casual trader, Qurrex boasts simple-to-use features. It includes personalized settings and navigation to provide the user with speedy access to information and services. Information from different sources is displayed in a convenient manner, with filtered news feeds, infographics, and an economic calendar. The users of the exchange will be able to see many interactive charts that show the times and prices for orders and open positions they have placed, and they will even able to modify their orders using the drag and drop feature on the chart. The graphic user interface will allow both the Qurrex team and users of the platform, to customize the terminal according to the needs of each type of trader.
One of the most exciting characteristics of the exchange will be social trading. Qurrex is taking social trading to a new level by introducing a full set of tools for the trader. Traders will be able to communicate directly with each other through chat and messenger functions. Social trading will allow traders to have information about market tendencies and others’ motives and results, increasing the degree of transparency for all platform users. All the tools are being developed to be readily available and accessible through its exchange. It will include publishing of trading strategy performance and distribution of trading signals, as well as the creation of a trading signal monitoring system with automatic copying of managing traders’ orders. Through Qurrex traders will have access to detailed and evaluated statistics of trust managers (with over 20 indicators), reliable data and minimal interference by the exchange in the process of selecting an investor from those presenting their strategies, and a mechanism to copy trading signals directly.
Finally, Qurrex offers a range of services on its platform. Users have access to secondary circulation of cryptocurrencies and other digital assets traded as both cryptocurrency and as fiat currency, as well as to services in the primary and secondary public listing of third party tokens (ICO). Its exchange offers the sale of index products and services in the distribution of market information. With the combination of traditional and innovative tools, easy-to-use customizable interface, and spectacular services, Qurrex is re-defining trading in the world of cryptocurrency.
Kraken CEO and co-founder Jesse made headlines recently for his strongly-worded response to the New York Attorney General’s request for information on the Kraken exchange, the largest bitcoin exchange based on euro volume in the world. The NYAG sent out a statement insisting that exchanges be more transparent, and issued 13 exchanges a 34 point
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Make sure you check out the previous round-up here, now let’s go over what happened in crypto this last week. We regret the delay with the weekend round-up but, as they say, better late than never. Price Watch: Bitcoin was up 15% for the second week in a row. The gains come after a slight gain 2 weeks ago. After going
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The Vancouver Police Department (VPD) has warned Canada’s federal government that cryptocurrencies are increasingly being used by organized crime to launder money.
The agency advises that checks and balances are necessary to monitor the digital coins, and pushes for the enforcement of amendments to legislation that would require crypto-related transactions be reported to the Financial Transactions and Reports Analysis Centre of Canada, FINTRAC.
Increase in Police Filings
Police in Metro Vancouver saw a 350% increase in filings related to cryptocurrency from 2016 to 2017. As of January this year, the agency investigated 70 files, calculating a potential for 800 cases by the end of year — a 300% increase over 2017.
Because of these findings, police are growing increasingly worried that organized criminals — both domestic and foreign — will take advantage of the potential anonymity related to digital currencies, specifically to launder money.
The report noted that because of lack of regulation in Canada, services that operate in cryptocurrencies, like Bitcoin ATMs, don’t currently require the collection of customer details and place no limit on the amount of funds that can be transferred from one person to another.
“Given this lack of regulation, it is likely that Canadian organized criminals will use Bitcoin ATMs to launder their cash. However, we will likely also see foreign organized crime taking advantage of the lack of regulations,” the report read. “Any forward-thinking criminals will be exploring cryptocurrency and ATMs as an easier and more profitable alternative.”
According to Coin ATM Radar there are 63 Bitcoin ATMs in Metro Vancouver. Since many are owned by small, independent vendors, police are worried that they don’t follow Anti Money Laundering (AML) and Know Your Customer (KYC) verifications, which require the collection of personal information from users such as government-issued photo IDs and birth dates, the report read.
Bill C-31: FINTRAC Registration
The report accompanied a VPD-authored resolution to be brought before the Canadian Association of Police Governance. The resolution calls for the implementation of government amendments made to legislative Bill C-31, which passed in 2014 but was not brought into force.
Bill C-31 amended the country’s crime and terrorist financing act to include regulations for digital currencies. The bill requires any company wishing to transmit or convert digital currencies to register with FINTRAC, Canada’s financial intelligence unit.
“The lack of regulatory framework allows criminal groups to explore a myriad of ways that they can exploit Bitcoin ATMs and exchanges,” the report read. “They can commit fraud, launder money and turn Canada into a haven for international criminal funds. Implementing the cryptocurrency provisions from Bill C-31 would not eliminate these problems. However, they would restrict them at their source and severely limit their ability to flourish.”
Image from Shutterstock.
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Brazilian cryptocurrency exchange Foxbit has recently revealed that, via the BlinkTrade trading platform, it updated its login process, making it safer for users. The update may be too late, however, as recent reports suggest the company’s poor security allowed hackers to phish users out of an estimated 58 BTC (about $540,000). The 58 BTC estimate
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This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. “Ydentity seeks to show its differential by allowing users to evaluate their needs without giving up their true identity.” Every coin has two sides. As does today’s supremacy
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John Chambers, the former Chairman and CEO of Cisco Systems Inc., famously said that “there are two types of companies: those that have been hacked, and those that don’t know they have been hacked.”
Some notable breaches over the past few years include the 3,000,000,000 email accounts at Yahoo, the 143,000,000 credit files at Equifax, and the 87,000,000 Facebook accounts accessed by Cambridge Analytica.
The reason why these data breaches occur and keep occurring is that data lies on central servers just waiting for hackers to breach the firewall. In Decentralizing Privacy: Using Blockchain to Protect Personal Data, the authors write:
“The recent increase in reported incidents of surveillance and security breaches compromising users’ privacy call into question the current model, in which third-parties collect and control massive amounts of personal data.”
The goal then is to move away from gatekeepers to a decentralized system. However, the decentralized system also presents many challenges. The “Godfather of Bitshares” Stan Larimer says:
“Today, there is no real data security for blockchain-based applications, and there is a huge need in the marketplace for a security layer.”
The real opportunity then lies in securing blockchain-based applications. This leads us to think where this type of technology could exist today and the first place that came to mind is the military. After all, the military needs end-to-end encryption that cannot be hacked.
To meet its needs, the military has relied on Secrata, developed by Topia Technology. It is the only enterprise security platform providing triple-layer encryption and separation end-to-end, protecting against brute force attacks and more innovative security threats. It has offered unparalleled security, flexibility, and performance for US government agencies such as the Air Force, Army, FAA, TSA and other enterprises that have required protection coupled with strict performance metrics.
What Topia Technology has done is combine its patented security for shredding and encrypting data with the power and transparency of blockchain into its SDFS network. Individuals and businesses will be able to quickly and securely share any digital asset without a central server and with the confidence that each transaction is not only performed in a manner agreed upon by the blockchain, but it will also have the ability to guard against multiple threats.
As part of the launch of the SDFS network, Topia Technology will release a new cryptocurrency token known as TopiaCoin. This token will be used within the SDFS network to pay for services as well as reward users who contribute to the healthy functioning of the Network. As outlined in the white paper, common use cases include:
Secure Messaging dApp using SDFS – A company requiring the need to for secure communication between employees can create a Secure Message application on top of the SDFS network Delivery of Digital Assets for Online Sales – A company that needs to securely process the sale and distribution of digital assets (such as movies, music, or electronic tickets) could use the SDFS network and data layer libraries to streamline the delivery process. Lawyers, CPAs, and other professional service providers need to be able to exchange confidential documents with their customers and clients.
By using TopiaCoin’s Secure Decentralized File Sharing (SDFS) network, developers and manufacturers of the Internet of Things (IoT) devices will be able to build security into their products from the ground up by using the ready-made building blocks provided by the SDFS libraries.
The SDFS network fills the security gap in decentralized systems and enables developers to leverage the decentralized Internet to power their decentralized applications. Through “Secure File Sharing”, the first DApp
Today, April 25th, the third largest cryptocurrency exchange by trading volume, OKEx, announced that all ERC-20 token deposits have been suspended.
The move comes after developers discovered an Ethereum Smart Contract bug called BatchOverflow which permits those who exploit the bug to issue an almost unlimited number of new tokens. In turn, the newly minted tokens can then be deposited into other asset wallets. ‘This makes many of the ERC-20 tokens vulnerable to price manipulations of the attackers,’ the OKEx team wrote.
Ethereum Smart Contract Bug: BatchOverflow
The issue was first reported in a Medium post published by OKEx three days ago. The post explained that the bug is a classic integer overflow issue, which occurs when any operation uses a numerical value outside the range that can be represented with the allocated number of bits. In detailing the problem, OKEx’s post also included a proof-of-concept which showed how an unlimited number of tokens can be generated from any vulnerable ERC-20 contract.
The post reads: “To protect public interest, we have decided to suspend the deposits of all ERC-20 tokens until the bug is fixed. Also, we have contacted the affected token teams to conduct investigation and take necessary measures to prevent the attack.”
It’s still unclear how many ERC-20 tokens are vulnerable to this bug, or which ones specifically are affected. As of today, BeautyChain (BEC) is the only confirmed token to be attacked.
The big fear is that this particular Ethereum Smart Contract bug will permit price manipulations of the vulnerable ERC-20 tokens. Unfortunately, a similar incident occurred in March on the cryptocurrency exchange Binance when attackers manipulated Viacoin (VIA), exchanging users altcoins for VIA and causing the coin’s price to climb.
OKEx and Changelly
“Dear Customers, ERC20 tokens are temporarily unavailable due to an exploit check. We will bring them back, once we are sure there is no vulnerability in deposits received. Follow the updates!”
This news comes just a day after a DNS attack was executed against popular online cryptocurrency storage provider MyEtherWallet (MEW). The security breach occurred at around 12:00 p.m. UTC yesterday and led to the draining of many MEW users funds.
According to an official statement from the MEW team on Reddit, the breach occurred through the hijacking of Domain Name System servers. This caused MEW users to be redirected to phishing sites where control of their funds were unknowingly handed over to the perpetrators of the attack.
Image from Shutterstock.
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Andreessen Horowitz, founded in 2009 by Marc Andreessen and Ben Horowitz, one of the leading venture capital firms active in the cryptocurrency space, plans to launch a separate fund for exchanging crypto assets. The new fund could signal what some see as the next wave of innovation: direct investor involvement in cryptocurrencies, according to Recode. In
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