News of the Week

Uber, PayPal and Visa Support Facebook’s GlobalCoin Cryptocurrency

Visa, Mastercard, PayPal, and Uber are all backing Facebook’s new cryptocurrency. The Wall Street Journal reported that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency, a stablecoin that has been developed for half a year. Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency. GlobalCoin is expected to be unveiled on June 18.

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Google Cloud Integrates Chainlink Oracles in Analytics Data Warehouse

The Google Cloud team has integrated Chainlink’s oracle middleware with its BigQuery enterprise cloud data warehouse, allowing for an on-chain and cloud-based interaction with Ethereum decentralized applications and smart contracts. The Chainlink token (LINK) — ranked 24th largest cryptocurrency market cap — is up almost 34% on the day to trade at $1.53, according to CoinMarketCap.

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Amazon’s Purchases with Ethereum Will Be Available through Collaboration Between Clic Technology and Opporty

Two blockchain-focused startups are teaming up to enable Amazon purchases with Ethereum. Crypto payments firm CLIC Technology said it is collaborating with blockchain infrastructure provider and B2B platform Opporty to develop an app-like browser extension allowing Amazon customers to pay for items in ETH token, even though Amazon itself does not accept cryptocurrencies. CLIC Technology is developing a crypto-payment platform called CLICPay, which is now in the pilot phase.

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Competition for Crypto Traders Will Begin on June 20

The World Series of Crypto Trading Contest will begin soon, allowing traders and enthusiasts from around the world to compete in a safe and tamper-free environment to see who is the world’s best crypto trader. The event will take place in Waves DEX, a platform that allows the programming of tokens through smart contracts, and fast exchange thanks to a novel architecture focused on the development of the Web 3.0.

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Bitcoin’s Carbon Footprint Equals to the Whole City of Las Vegas

The virtual currency bitcoin is responsible for the same amount of carbon dioxide emissions as a city like Las Vegas or Hamburg and efforts to reduce its climate footprint should be considered. A study by researchers at the Technical University of Munich and the Massachusetts Institute of Technology, examined how much power is consumed by computers used to generate bitcoins and process transactions. Researchers said they combined the results with the carbon emissions from electricity production in the countries where the computers were located. They concluded that, in late 2018, the entire bitcoin network was responsible for 22-22.9 million tons of CO2 per year — similar to a large Western city or an entire developing country like Sri Lanka.

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Korea’s Largest Bank KB Kookmin Enters the Digital Asset Custody Race

The digital asset custody race is picking up in the East Asian nation of South Korea. KB Kookmin, the country’s largest bank, is about to launch the nation’s first digital asset custody service platform. The financial institution is teaming up with Atomrigs Lab, a blockchain startup. Using MPC technology, Atomrigs Lab has developed Lime, a platform that can be used to secure digital assets.

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