TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Binance in talks with Facebook about Libra. Goldman Sachs developing own crypto financial tools. Iran seizes 1,000 mining rigs. Switzerland-based Dukascopy bank issues own cryptocurrencies. Singapore based exchange Bitrue hacked, and Twitch reintroduces BCH (Bitcoin Cash) as a payment method.
Twitch Reintroduces BCH as a Payment Method
Twitch, a leading streaming platform, is adding Bitcoin Cash and BTC again as payment currencies. However, they are processing cryptocurrency payments via BitPay, a third party crypto payment processor. Twitch has done this silently, without making any announcements on the subject. In any case, it could be the result of cryptocurrencies being in the spotlight again due to the latest bull run.
Binance Wants to Work With Facebook’s Libra
Binance, the world biggest cryptocurrency exchange, has been in talks with Facebook about their cryptocurrency project called Libra. Gin Chao, strategy officer of Binance, revealed they are “looking forward to working with Libra as much as we can.” Chao insisted if Facebook does get the adoption they are hoping, Binance would be among the exchanges willing to list Libra. Also, he also confirmed Binance would be interested in becoming a validator for Libra’s network.
Goldman Sachs Researching Crypto-Related Financial Tools
Goldman Sachs revealed they are conducting intensive research on cryptocurrency-related tools to be used in the future, just like JP Morgan. Goldman’s CEO David Solomon declared we must “assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins and frictionless payments.” Solomon recognized these new solutions are part of the new direction of payments, but acknowledged the outcome is still unclear.
Iran Seizes 1,000 Bitcoin Mining Rigs
Just a few days since the state-run power company declared mining from the national grid was illegal, Iran has already confiscated more than 1,000 bitcoin rigs from two facilities. According to reports from an official of the power company, these farms used 1 megawatt. The power consumption of Iran went up by 7% this June, a month where cryptocurrency prices soared. As power is heavily subsidized in Iran, mining is very lucrative and that is why the state is now pursuing those who use the main grid for this purpose.
Switzerland-Based Dukascopy Bank Issues Own Stablecoins
Dukascopy, a Switzerland-based bank, has decided to issue a series of stablecoins (called Dukascash) backed by them. The stablecoins will be built on top of the Bthereum Blockchain as ERC20 tokens. There will be three cryptocurrencies available at launch, and more will come depending on the reception and a public trial: one linked to the dollar, another linked to the euro, and the last one linked to their national currency, the Swiss franc. The white paper offered by the bank is available here.
Singapore Exchange Bitrue Faces $4.5 Million Hack
Bitrue, a Singapore-based cryptocurrency exchange, was hacked June 27, losing $4.5 million worth of Ripple and Cardano. It seems the attackers got hold of the exchange’s hot wallet, exploiting a flaw of the risk control team during routine review processes, letting hackers transact funds with wallets from other exchanges. Bitrue was fast to answer to the worries of their users, and stated all of their funds were insured. Now the exchange is coordinating actions with the local authorities to pursue the hackers and reimburse affected users as soon as possible.
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