TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Messari discovered 2 billion inflation bug in Stellar. Bank of America schizophrenic about blockchain. Twitter takes account, and jokes about reading its DMs. Tagomi exchange receives Bitlicense. Switzerland approves a project to regulate cryptocurrencies, and Louis Vuitton to leverage blockchain for authenticating luxury goods.
Louis Vuitton Owner to Use Blockchain for Luxury Item Authentication
LVM, the owner of Louis Vuitton and other luxury apparel brands, is reportedly launching a blockchain based solution to deal with the authentication of its goods. Codenamed AURA, the blockchain is based in Quorum, a project built by JP Morgan. It will offer customers the ability to track their products up to the origin of the raw materials composing them, in order to verify its authenticity. The project will go live in May or June.
Messari Unveils Stellar 2 Billion Flop While Calls for Clarity Resonate
Messari, a cryptocurrency research institution, found Stellar, a top 10 crypto, faced an inflation bug that let an attack create more than 2 billion XLM and transfer them to exchanges during April 2017. The cryptocurrency created was worth about 10 million dollars at that time. It’s the latest report about fake volume in the cryptomarket, pushing the likes of CoinMarketcap to recognize their numbers and data might not be valid.
Bank of America Tech Chief Skeptical About Blockchain
Bank of American head Cathy Bessant recently stated she remains skeptical and bearish about blockchain tech, even when the bank has one of the most prolific blockchain related patent portfolios. “What I am is open-minded. I haven’t seen one [use case] that even scales beyond an individual or a small set of transactions,” she declared in an interview to CNBC, stating blockchain is tech still in search of a use case.
Twitter Takes Account and Jokes About Reading DMs
Twitter is now sifting through all of @mattnavarra's DMs
— Anthony Quintano (@AnthonyQuintano) March 26, 2019
Twitter reportedly took control of an account and made jokes about reading its DMs. A user identified as Matt Navarra offered willingly his account for others to take it, and the official account of the platform answered with the intention of doing it. While doing it tongue in cheek, it is strange the official account of the platform would lend itself to appear immersed in this kind of privacy situation.
Peter Thiel’s Tagomi Exchange Scores BitLicense
Tagomi, a cryptocurrency institutional exchange backed by venture capitalist Peter Thiel, scored New York’s signature BitLicense to operate freely in the state. This would make Tagomi the 18th company that has been able to obtain this license, rumored to be very difficult to obtain due to the tech and security hurdles the NY Department of Financial Services present to companies applying.
Switzerland Votes to Regulate Cryptocurrencies
The Swiss Federal Council voted in favor of a proposal that would adapt part of their financial laws to cover cryptocurrencies. The proposal passed with a voting score of 99 in favor, 83 against. This could effect development of Switzerland’s most vibrant cryptocurrency communities, Zug.
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