TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Cashaa exchange loses 336 BTC in hack. Coinbase sells analytics software to the Secret Service. Opera will acquire a digital bank in Lithuania. Binance CEO demos crypto card transactions. Blockchain firms applied for PPP loans through crypto-friendly banks, and New Mexico will issue blockchain-based diplomas and certificates.
Cashaa Exchange Loses 336 BTC in Hack
Cashaa, a UK based cryptocurrency firm offering its services in India, lost approximately 336 BTC during a recent hack, according to information provided by the exchange on Twitter. Cashaa held their funds in a wallet provided by Blockchain.com, and executives from the company speculate this wallet was compromised by malware installed in a computer used by employees to make manual transactions and withdrawals. Cashaa decided to stop its crypto services while the authorities investigate the event.
Read.Cash is Bitcoin Cash’s Killer Application
“read.cash has just passed the point where $50,000 in Bitcoin Cash were given out,” the platform’s anonymous creator announced. And while the “majority of tips (50%) were given by our biggest donor Marc DeMesel,” some “907 people […] gave someone a tip on read.cash.” The blogging platform has become Bitcoin Cash’s (BCH) crazy great killer application, showcasing the ease of using BCH as a way to further appreciation and ideas.
Coinbase Sells Analytics Software to the Secret Service
Coinbase, the most important US-based crypto exchange, is providing blockchain analytics software to the Secret Service, as evidenced by records found at USASpending.gov. The contract, signed for a period of four years, lists Coinbase Analytics as provider of the service for the Department of Homeland Security for a price of $183,750. Criticized for this fact, Coinbase CEO Brian Armstrong defended his position, stating the software just “compiled public data,” while saying the issue was not “particularly newsworthy.”
Opera to Acquire a Digital Bank in Lithuania
Opera, the web browser company, will acquire Fjord Bank, a Lithuania-based digital bank to expand its financial service offer. The company, who already offered loans through its apps, will now be backed through a fully digital consumer bank, with its associated guarantees. Krystian Kolondra, EVP of Opera, stated he believes the European fintech scene “needs more and bigger challengers who should provide people with smarter and empowering solutions for their personal finances.” The acquisition is still pending regulatory approval.
Binance CEO Demos Crypto Card Transactions
I am so excited. I love beta testing products…
All real transactions. Audible/Amzn, Grab (Uber replacement), Lazada (Amzn replacement). Merchants accepts fiat, I paid in #BNB, direct from my Binance account.#Binance Card – I think I can finally go from 99% to 100% crypto. pic.twitter.com/8b60A6Cpui
— CZ Binance (@cz_binance) July 10, 2020
Changpeng Zhao, CEO of Binance, gave a sneak peek of the use of the upcoming cryptocurrency based debit card that will be launched by the exchange. Zhao showed a series of payments made to several businesses while testing the card, stating he enjoyed beta testing these kinds of products, declaring he was “addicted” in another tweet. The card will be reportedly issued in partnership with Swipe, a crypto wallet with card issuing capabilities where Binance purchased majority stake earlier this month in order to offer these services.
Blockchain Firms Applied for PPP Loans From Crypto Friendly Banks
Most of the cryptocurrency firms that applied for Paycheck Protection Program loans issued by the government as a way of helping struggling companies to survive through the coronavirus pandemic, did so through cryptocurrency friendly banks. According to data provided by The Block, 8 of these firms applied for the loans on Signature Bank, a financial institution that counts many crypto exchanges on its customer list. Silicon Valley bank was also another favored institution, with 8 firms applying for loans in the bank.
New Mexico to Issue Blockchain-Based Diplomas and Certificates
The Higher Education Department of New Mexico will issue blockchain-based diplomas in partnership with Hyland, a company that offers a complete, no code solution for digital credentialing. These certificates will have the advantage of being quickly verifiable and virtually impossible at faking. “We are truly pleased to make issuing and using school certificates, diplomas, and transcripts easier, quicker, less costly, more convenient and highly secure,” stressed Bogi Malecki, New Mexico director of information technology.
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