TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Tether is rumored to launch on Bitcoin Cash. Ripple CEO criticizes BTC miner concentration in China. Binance launches Binance Cloud services. IOTA mainnet still down after 5 days due to a wallet vulnerability. FCoin exchange declares insolvency, and BitcartCC BCH support.
Tether to Launch on Bitcoin Cash SLP
Roger Ver, executive chairman of Bitcoin.com, hinted to the release of Tether on top of Bitcoin Cash, as a part of the SLP token ecosystem, during an interview with the Cryptofinder Youtube channel. When asked about if he saw stablecoins as being another major use case of the Bitcoin Cash network, Roger stated: “There are already two stablecoins built on top of Bitcoin Cash, but a little birdie told me the world’s biggest stablecoin, Tether, is about to launch on top of SLP as well, so I think this will be a really big deal.”
Ripple CEO Slams BTC Miner Concentration
"China controls the Bitcoin blockchain. There are 4 miners in China that represent the 60%+ of mining capacity and 80% of mining capacity is based in China for Bitcoin and Ether."
– Brad Garlinghouse, CEO @Ripple
#xrp #fintech #crypto #blockchain @firstmove pic.twitter.com/lW8NHFldKu
— XRP_Cro (@stedas) February 17, 2020
Brad Garlinghouse, CEO of Ripple, the company behind the XRP token, called out the centralization of mining power in China. He insisted the BTC network is not really decentralized. “China controls the Bitcoin blockchain. There are 4 miners in China that represent the 60%+ of mining capacity and 80% of mining capacity is based in China for Bitcoin and Ether,” Garlinghouse declared during an interview on CNN. Ripple has been widely criticized for its token being centralized, with the company having control of over 50% of the supply, but Garlinghouse says BTC is not much different.
Binance Launches Binance Cloud Exchange Services
Bloomberg is focused on revenue and numbers, which are hard to predict, but you could look at AWS and Azure…
— CZ Binance 🔶🔶🔶 (@cz_binance) February 18, 2020
Binance, the biggest cryptocurrency exchange in the world, launched Binance Cloud, an innovative service that will allow users to set up their own exchange from scratch using Binance liquidity and expertise. “Theoretically speaking, we can let anyone in the world create their own exchanges, and the demand is huge,” Changpeng Zhao, CEO of Binance, declared about Binance Cloud. Zhao believes Binance Cloud will overtake Binance as the biggest source of revenue in the next five years.
IOTA Mainnet Still Down After 5 Days
The mainnet of IOTA, internet of things blockchain, is still down after 5 days. It was taken down due to the theft of some funds associated with Trinity wallet vulnerabilities. On February 13th, the IOTA operators decided to turn off the Coordinator and stop the mainnet, and the network has not been operative for 5 days. The Trinity wallet has been updated as a part of the remediation plan to render the attacker incapable of exploiting the network again.
FCoin Exchange Insolvent; $130 Million Missing
FCoin, an exchange that adopted a trans-fee mining model (this means paying users with their token for operations), declared it is now insolvent with as much as $130 million missing from its coffers. However, the exchange founder, Zhang Jian, said he could explain in a simple way the reasons why they were insolvent, insisting it was not due to a hack or an exit scam. The problem was “a little too complicated to be explained in a single sentence,” Jian noted. He also mentioned the problem having to do with token issuance to all of their users paired with transactions that might have been the culprit.
BitcartCC Adds Bitcoin Cash Support
— Karol Trzeszczkowski (@KTrzeszczkowski) February 18, 2020
BitcartCC, a BTC.pay server competitor, added support for bitcoin cash payments, they announced in a blog post published on read.cash. The project, described as a “lightweight solution for everything in cryptocurrency sphere,” uses Electron Cash, the popular Bitcoin Cash wallet, to accept BCH payments. BitcartCC also includes its own admin panel that lets merchants and users manage wallets and products offered in the store. BitcartCC declares more features are coming, like product images, categories, discounts, and downloadable content, among others.
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