All Sports SOC

Market Cap $ 8.390 MM (#334)
24h Volume $ 666.931 K
Chg. 24h: 9.01%
Algo. score 2.3/5  (#1102)
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Blockfi Launches Interest Bearing Savings Accounts for Cryptocurrencies

On March 4, cryptocurrency-backed USD lending platform Blockfi announced the launch of a new savings program called the Blockfi Interest Account (BIA). Having started as a private beta service, BIAs are now available to the public who can store bitcoin core (BTC) and ethereum (ETH) and receive 6 percent annual interest, paid monthly in cryptocurrency. Also read: An In-Depth Look at Ethereum’s Maker and Dai Stablecoin Blockfi Introduces Savings Account That Earns a Return on BTC and ETH Holdings Cryptocurrency lending company Blockfi has initiated a new service that provides investors with annual interest on stored cryptocurrencies. The Blockfi Interest Account (BIA) enables customers to earn 6.2 percent a year compounded monthly by simply storing BTC or ETH in an account. Last July, Blockfi raised $52.5 million to get the company rolling with a funding round led by Michael Novogratz’ company Galaxy Digital. In August, the lending firm was approved to operate its services in California. According to Blockfi, the newly created BIA savings program was initially launched in private beta and managed to attract $10 million worth of ETH and BTC from retail, corporate, and institutional investors. “The launch of BIA is another significant step in Blockfi’s goal of becoming the go-to provider of financial services for crypto investors,” said Blockfi CEO Zac Prince on March 4. “Lending and borrowing are readily available at the institutional level, and we’re excited to leverage our relationships and capital markets expertise to provide utility and yield on digital assets for all crypto investors.” Blockfi details that the BIA service is available to customers worldwide and the digital assets are held by the Gemini Trust Company in New York. Gemini recently announced its custodial services and completed a SOC 2 Type 1 security compliance review. Blockfi says customers accrue the 6.2 percent on a monthly basis and are able to initiate withdrawals at any time. “As crypto markets mature, greater liquidity will be constantly required to keep markets orderly,” Rene van Kesteren, Blockfi’s chief risk officer stated. “By providing a transparent yield on BTC and ETH, Blockfi will be a key part of the trading and market making ecosystem.” Blockfi Joins a Few Other Startups Offering Compounded Crypto Yields Blockfi is not the only firm offering cryptocurrency investors a yield on BTC and ETH. Last August, the U.S. Commodity Futures Trading Commission (CFTC) regulated exchange Ledgerx launched an interest-bearing BTC savings platform. According to Ledgerx, the program allows clients to gain an annualized return of roughly 16 percent, even when crypto markets are not appreciating. Unlike Blockfi, Ledgerx holds the digital assets and a U.S. bank holds the accrued USD interest. The Ledgerx savings program. Another company headquartered in San Francisco called Compound has developed a platform that creates a decentralized interest rate market for cryptocurrencies. The Compound application uses BAT, ETH, and REP within its protocol that runs on the Ethereum network. The startup received $8.2 million in seed funding from venture capital firms like Andreessen Horowitz, Polychain Capital, and Bain Capital Ventures. Flori Marquez, cofounder and VP of Blockfi operations, believes the startup’s compliance programs set it apart from the competition. The yield earned by BIA customers is generated by Blockfi’s institutional borrowers and from participants from the company’s last fundraiser. Since Blockfi launched, it has also added litecoin and GUSD for crypto-backed loans. “Blockfi’s proprietary risk management system, which automatically initiates margin calls and liquidations to protect our customers’ assets, has a perfect zero-loss performance record since launching in 2017,” concluded the company’s announcement. What do you think about Blockfi’s BTC and ETH savings program with its 6.2 percent annual interest? Let us know your thoughts on this subject in the comments section below. Image credits: Shutterstock, Blockfi, and Ledgerx Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from The post Blockfi Launches Interest Bearing Savings Accounts for Cryptocurrencies appeared first on Bitcoin News.

18 days ago

Don’t Underestimate Samsung Galaxy S10’s Crypto Offering, Millions Will Be Exposed To Bitcoin

It’s official, Samsung, one of the most preeminent powerhouses in the technology sector, has formally delved into the crypto space. While the company, headquartered in Seoul, South Korea, has hinted at its involvement with blockchain historically — backing CryptoKitties, experimenting with ASICs, and trialing blockchain — it has yet to release a cryptocurrency product built for the masses. Until now, that is. Meet Samsung’s Blockchain Keystore On Wednesday, at the most important date on the Samsung calendar — Unpacked 2019 — the technology giant unveiled its latest flagship products, the Galaxy S10 lineup. Introduced this year was the S10E, S10, and S10+, which promise to be answers to Apple’s controversial X lineup. While the announcement was the same old, same old, with a flashy keynote, extremely extensive media coverage, and marginal (yet visible) improvements over last year’s phone, something caught the eye of crypto industry participants across the board. According to a press release issued as Unpacked trended on Twitter, the entire S10 lineup will have a blockchain- and crypto-centric feature. The release reads as follows: “Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.” Although the words “crypto” and “wallet” weren’t mentioned, it is believed that this facet of the press release indicates that Samsung likely has a (semblance of a) wallet or private key solution offering ready to ship for S10 users. In fact, according to a South Korean crypto source, a pre-release S10 had a tutorial video outlining a wallet that held Ethereum and Bitcoin. - Samsung now priming their phones with Blockchain tutorials. The wallet integration on the Galaxy S10 has been confirmed... even after they denied it. Trying to keep Apple on their toes? — Korean Cryptocurrency & Blockchain News (@BlockchainROK) February 21, 2019 This confirmation that the so-called “Blockchain KeyStore” exists comes after technology news outlet SamMobile revealed that the company filed for crypto-related trademarks in December, and insiders took to Twitter to leak images of a beta version of a cryptocurrency wallet on a pre-release S10. While this is monumental news in and of itself, what’s interesting is the way in which Samsung may be securing “blockchain-enabled mobile services.” For those who missed the loop, all S10 devices outside of the U.S. proper will utilize the Exynos 9 Series (9820) system-on-chip (SOC). According to information garnered from a company website, the Samsung-built chip will offer “rock-solid security.” How so? Well, the newfangled Exynos SOC utilizes a technology called “physically unclonable function,” abbreviated to PUF, to safely secure and manage data in “perfect isolation.” It wasn’t explicitly stated whether Samsung KeyStore will enlist the use of PUF. But, more likely than not, the blockchain key storage system activated on the to-be-shipped flagship smartphones will feature PUF and secure elements/secure enclaves, used to keep pertinent information sequestered away from cyber-threats, in some capacity. NewsBTC’s Joseph Young even noted that this pro-security offering could be “next level,” quipping that “Apple has a lot of work to do now” in this field. Apple has a lot of work to do now. Some next level stuff by Samsung including crypto private key storage. — Joseph Young (@iamjosephyoung) February 21, 2019 How Big Could This Crypto Offering Be? That’s the question that has been on crypto pundits’ minds since this news broke. In the eyes of Lord of Crypto, a lesser-known trader, this could potentially be the “most bullish news of 2019,” explaining that Samsung, the world’s largest smartphone provider with ~20% market share, will spark notable levels of adoption. Lord even claimed that pundits have “underestimated” the magnitude of this announcement. Potentially most bullish news of 2019 is happening in 10 minutes: Samsung (top selling phones in the world) unveiling new Galaxy S10 It is said to have a native Crypto Wallet built into it Underestimated how big this will be for adoption. Other phones will follow suit — (@Lord_of_Crypto) February 20, 2019 From a cold, hard numbers point of view, this could just be true. Samsung didn’t divulge whether KeyStore or company-branded blockchain offerings of similar caliber would come pre-installed on devices, but millions are still likely to be exposed to the crypto ecosystem in some capacity. Per statistics gathered by Satoshi Flipper, a real estate developer by trade but Bitcoin lover by night, Samsung shipped 70 million units in Q4 2018 alone. All the devices shipped likely weren’t flagships. But, considering the popularity of Galaxy devices, it wouldn’t be nonsensical to claim that a minimum of 25 million individuals will pick up S10 smartphones over the course of the coming year. FACTS: - Twitter has 326 mil

a month ago

Top Trending Cryptocurrency News of The Week: VanECK, Binance and Gemini Among Major Newsmakers

Key highlights VanEck resubmits its Bitcoin ETF application Binance allows buying crypto with credit and Debit cards Merck receives US Blockchain Patent Crypto Crimes peak again Iran reverses its Crypto Ban ICO regulation in Malaysia Gemini passes SOC 2 security audit VanEck resubmits its Bitcoin ETF application With VanEck’s withdrawal of its application, it looked like a dead-end for Bitcoin ETF. But this week bought back all the excitement as VanEck resubmitted its application. What looked like a masterstroke, now with a new application, VanEck has just forwarded its deadline to at least few months which could be enough time for market conditions to improve and most likely Bakkt would have been launched bringing an end to all the doubts SEC has with respect to an ETF. Binance allows buying crypto with credit and Debit cards Binance, the world’s largest cryptocurrency exchange by market cap of $618 million as per the data provided by the Coinmarketcap has just announced that users will be now able to buy cryptocurrencies through their debit and credit cards. The exchange partnered up with the Israel-based payment processing firm Simplex to enable the purchases with Mastercard and Visa. Merck receives US Blockchain Patent Another large global company embraces blockchain and this time it’s the pharma giant Merck. This week, Merck received a patent relating to “crypto-objects ” from the United States Patent and Trademark Office (USPTO). This patent builds upon others that the company has established and combines Artificial Intelligence (AI) with blockchain technology. It this innovation goes through, it is expected to improve the integrity of physical products, in pharmaceuticals, in global supply chains. Crypto Crimes peak again Crypto industry is definitely maturing but the shadow of wrong activities still spreads darkness over the crypto world. According to the latest report released by CipherTrace’s new Cryptocurrency Anti-Money Laundering Report, crypto crime hit a record high. The report said that $1.7 Bn in cryptocurrency was stolen and scammed in 2018 — a dramatic rise in criminal activity, a whopping 3.6 times more than in 2017. Iran reverses its Crypto Ban Well as the acceptance of crypto is raising, more and more countries are moving towards regulaltion. The recent addition to this list is Iran which has taken a complete u turn from banning crypto to now regulating it. The Central bank of Iran had last year banned cryptocurrecy, but now has released an early draft of its regulations on cryptocurrencies. As reported by Aljazeera, the Apex Bank of Iran has announced the suspension of the existing ban on cryptocurrencies with limited restrictions. ICO regulation in Malaysia After Iran, another Asian country is regulating crypto and this time it is the island nation of Malaysia which is regulating cryptos and ICO. Accroding to the recent annocement, the Securities Commission Malaysia has shared plans to regulate the offering and trading of digital assets such as cryptocurrencies and ICOs. The Commission has said that it will soon release guidelines that will establish the criteria for determining fit and properness of issuers and exchange operators, disclosure standards and best practices in price discovery, trading rules and client asset protection. Gemini passes SOC 2 security audit Billionaire Bitcoin investors Tyler and Cameron Winklevoss‘s Newyork based trust reached a new milestone. They have successfully cleared the criteria that fall under SOC 2 review for Service Organization Type 1 as per the American Institute of Certified Public Accountants (AICPA) guidelines. Big 4 auditor Deloitte & Touche LLP (Deloitte) performed an independent evaluation of the security controls maintained at the trust. The post Top Trending Cryptocurrency News of The Week: VanECK, Binance and Gemini Among Major Newsmakers appeared first on Coingape.

2 months ago

Gemini Claims to be World’s First SOC 2 Compliant Crypto Exchange after Deloitte Audit

Crypto exchange Gemini has announced that it has completed its SOC 2 Type 1 examination, and plans to obtain more security credentials by the end of the year. SOC 2 reports are essentially certifications testifying to the processing integrity, security, and/or availability of a service, with a key focus on data confidentiality for end users. The exchange owned by billionaire crypto investment...

2 months ago

Gemini Announces the Completion of Its SOC 2 Review, Says Its a World’s First

New York based cryptocurrency exchange Gemini operated by the Winklevoss twins announced today that it had completed its SOC 2 – SOC for Service Organizations Type 1 examination by the Big Four auditor firm Deloitte & Touche LLP. The exchange has now become the world's first crypto exchange and custodian to have passed this examination.

2 months ago

Deloitte Auditing Firm Conducts Security Compliance Review of Gemini Cryptocurrency Exchange

According to a new post on its Medium Blog, the Gemini cryptocurrency exchange recently completed a Service Organizational Control (SOC) 2 Type 1 security compliance review to ensure that it has met the service criteria set by the American Institute of Certified Public Accountants (AICPA). The audit was done by Deloitte, a ‘Big Four’ auditing firm, which reviewed Gemini’s exchange application, infrastructure, underlying customer database, and its cryptocurrency storage systems that hold the keys of Gemini’s online and offline wallets. (JF)

2 months ago

The ABCC exchange & SOC jointly launched the ABCC Call/P...

The ABCC exchange & SOC jointly launched the ABCC Call/Put option (SOC deliverable version) has entered the prepara…

4 months ago

SOC and Eden Hazard ...

SOC and Eden Hazard

9 months ago

FCoin will list SOC at 4:30 PM on July 2. FCoin announced th...

FCoin will list SOC at 4:30 PM on July 2. FCoin announced that it will launch SOC at 4:30 PM on July 2, while openi…

9 months ago

FCoin will list SOC at 10:00 AM on July 2. FCoin announced t...

FCoin will list SOC at 10:00 AM on July 2. FCoin announced that it will launch SOC at 10:00 AM on July 2, while ope…

9 months ago

SOC official announced that 30 million (originally planned ...

SOC official announced that 30 million (originally planned 20 million) Tokens have been repurchased & put into the…

9 months ago

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