TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Billionaire investor Paul Tudor Jones hedges bitcoin against inflation. Zoom acquires Keybase to plug security issues. A free Telegram Open Network clone launched by the community. 65% of Bitcoin hashrate is concentrated in China. Coinbase to de-escalate coronavirus response plan, and 1.4 billion USDT issued on TRON.
Billionaire Paul Tudor Jones Hedges Bitcoin Against Inflation
Paul Tudor Jones, a billionaire investor and hedge fund manager, has started to invest in bitcoin as a hedge against perceived coming inflation. Jones declared he spent a “low single-digit” from his $40 billion dollar hedge fund in bitcoin futures. “The best profit-maximizing strategy is to own the fastest horse,” he explained in a letter to investors titled, “The Great Monetary Inflation.” Jones is one of the first big hedge fund luminaries openly declaring his interest in bitcoin after recent actions taken by the Fed in response to the coronavirus pandemic.
Keybase Acquired by Zoom to Plug Security Issues
Zoom, the online video meeting company, announced purchase of Keybase, a cryptocurrency encryption-oriented messaging platform for an undisclosed amount. Zoom, which has been widely criticized for its lack of security and privacy, said this acquisition is part of a plan to strengthen its security offer in the next 90 days. The company stated they will present a cryptographic model this month to offer a private end-to-end encrypted meeting mode for all paid accounts on the platform by the May 22.
Free Telegram Open Network Clone Launched
Free TON, a clone of the planned Telegram Open Network, launched without support of Telegram formally. The network, based in the original code of the official TON network, was forked and launched without the involvement of Pavel Durov, founder of Telegram. More so, the community has now started to distribute its tokens (called TON Crystals) to all interested parties, giving 85% of its supply to its partners and users. The SEC stopped the launch of the network with an injunction on last October.
65% Of Bitcoin Hashrate Concentrated in China
A new mining map developed by the University of Cambridge found there is a heavy concentration of miners in China, with 65% of the hashrate that secures the network coming from the Asian country. Half of this hashrate has its origin in just one province: Xinjiang. In a distant second place, the US accounts for 7.24% of the computing power in the Bitcoin network. The map is based on gathered geo localization of hashers accessing three mining pools (BTC.com, Poolin, and ViaBTC) representing 36% of the global hashrate.
Coinbase De-Escalates Coronavirus Response Plan
Coinbase, an important US-based crypto exchange, plans to de-escalate a series of measures taken to avoid operations (and employees) becoming infected by the coronavirus pandemic. The exchange stated that “employee safety is the main priority of our de-escalation plan,” presenting a schedule planned to be applied differently in each zone. In any case, none of Coinbase offices will return to normal occupation before January 1th 2021, with this date being subject to revision as the pandemic moves forward.
1.4 Billion USDT Issued on TRON
— Justin Sun (@justinsuntron) May 7, 2020
Tether, the main stablecoin supplier of the crypto market, issued more 1.4 billion USDT on the TRON network, according to a tweet by TRON CEO Justin Sun. With these numbers TRON becomes the second most used blockchain by Tether to host USDT tokens, leaving behind Omni, the original tether protocol based on BTC. However, the first blockchain used by Tether is Ethereum, with more than 5 Billion USDT issued as ERC20 tokens. Sun also launched his own stablecoin called JUST recently on Poloniex.
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