Signature Bank Income Falls; Bitcoin Sextortion Doesn’t Pay; IBM Blockchain vs Coronavirus

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Signature Bank income falls 30% during Q1 2020. Binance payroll grew 2,000% since its ICO. IBM develops blockchain-based supply chain platform for medical supplies. BitMEX launches bitcoin-settled ETHUSD futures contract. Traveling giant Yanolja will offer crypto rewards, and Sophos find bitcoin sextortion scams are not profitable.

Signature Bank Income Falls 30%

Signature Bank

The net income of Signature Bank, a cryptocurrency-friendly bank, reported a drop of 30% during the first quarter of 2020. Signature Bank, one of the few banks actively providing crypto companies with banking services, attributed this fall to the provision in credit losses due to the coronavirus pandemic. Its income went from $143.5 million in Q1 2019 to $99.6 million in Q1 2020. However, Joseph DePaolo, CEO of Signature Bank stated this was the “the second-best quarter of deposit growth” ever reported.

Binance Payrolls Grows 2,000% Since ICO

Signature Bank

Binance, the world biggest crypto exchange, experienced explosive growth in its payroll, growing over 2,000% since its ICO. Binance saw their payroll grow from 50 employees originally to more than 1,000, according to statements coming from Binance co-founder Yi He. She also stated this was the “best time to recruit outstanding talent,” even amidst the coronavirus pandemic. In contrast, other crypto-related companies like ConsenSys and Bitcoin.com had to resort to laying off staff to preserve profitability.

Blockchain Projects Being Developed to Aid Coronavirus Relief Logistics

Signature Bank

IBM Rapid Supplier Connect, a supply chain technology dependant on blockchain, is being developed to aid companies in replenishing medical equipment faster from a pool of global suppliers. Mark Treshock, IBM’s global blockchain solutions, suggested this technology could cut on vendor vetting and onboarding times from 6 weeks to just minutes, improving this process dramatically. “Blockchain will hopefully help these parties trust each other quicker,” Treshock stressed.

BitMEX launches ETHUSD Futures Contract Settled in Bitcoin

BitMEX, a popular derivative Bitcoin exchange, launched a new ETHUSD Futures contract called Quanto. According to the blog post, Quanto is “the only one of its kind available in the market, and represents significant new trading opportunities on BitMEX.” The particularity of this contract is that its margin balance and settlements will be made in bitcoin, instead of being settled in USD. The first contract is already available on their testnet, and will be launched May 5th.

Traveling Giant Yanolja to Offer Crypto Rewards

Yanolja, one of the biggest travel and accommodation-related companies in South Korea, will reward its users with their own cryptocurrency, called Yanolja Coin. Yanolja Coin launched in partnership with blockchain platform MiL.k Alliance, will be exchangeable for Milk Coin, the native cryptocurrency of the platform. Seokhwan Kang, head of marketing at Yanolja, explained he hopes this new partnership will be able to provide utility to customers due to their other relationships with different stores and service providers in the country.

Sophos Finds Crypto Sextortion Schemes Not Profitable

Sophos, a cybersecurity firm, examined how crypto-paid sextortion scandals are being handled and their effectiveness. According to the report, less than 0.5% of such attacks returned any kind of payment, with only 328 transactions made of more than 50,000 different bitcoin addresses submitted in these scams from September 1, 2019 to January 31, 2020. Attackers were able to profit a total of 50.98 BTC from the whole operation, showing that these attacks are not particularly profitable considering the size of the operation.

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