TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. XRP faces a security claim, according to the SEC framework. Bitex brings crypto remittances to Latin American banks. BitPay introduces KYC measures. Ethereun Foundation changes funding method. Ethfinex rebrands as DeversiFi, and big enterprises are focusing on crypto this year.
XRP Security Claim is First to Leverage SEC Crypto Framework
Disgruntled XRP investors introduced a new claim against Ripple, alleging it support itself in violation of the SEC own cryptocurrency framework, proving XRP is an unregistered security. The case also uses the California “risk capital test” that gives plaintiffs a broader test range than the standard Howey test. This is the first claim of the SEC’s cryptocurrency framework, and the first one Ripple will have to address directly. Ripple must file its answer before September.
Telegram Turns 6 Years Old
“Telegram turns 6 years today,” founder Pavel Durov posted to his personal channel. “Throughout these years, Telegram stood up for freedom and privacy. We defended what we believe in against tyrannies, kleptocracies and corporations. Today, 6 years after launch, Telegram is the third largest global messaging app in terms of the number of countries where Telegram is in top 10 Social Networking apps. Let us celebrate today. Tomorrow we’ll get back to building new features. There’s a lot of exciting work left to do.”
Bitex Provides Bitcoin Remittance Services to 60 Banks in Latin America
Bitex, a cryptocurrency exchange, partnered with Bantotal, a LatAm banking service provider, to allow banks to make remittances or payments using bitcoin. This partnership will enable bitcoin to be used by more than 60 banks in all of Latin America, using the services offered by Bantotal. This will also let customers save money leveraging crypto, due to payments made using this tool being five times cheaper than normal SWIFT transactions.
BitPay Introduces KYC for Payments Over $3K
BitPay, one of the most popular third-party crypto payment managers, introduced KYC requirements on their platform. Called Bitpay ID, this new feature will let the user be identified across all their services, and will be specially required for some operations. Users will have to submit their SSN or their passport number and a picture or a scan of a photo ID. According to a blog post explaining these new measures, this will help the company to “improve our identity verification efforts and reduce payment risk for BitPay’s merchants.”
Ethereum Foundation Allegedly Forcing Devs to Get Own Funding
The Ethereum Foundation, the organization behind most Ethereum-based projects, is allegedly changing the way they are financing devs. According to TrustNodes, the institution won’t be financing more projects directly, even if they have been years in the making. Teams able to get outside financing will be covered 50%, but teams unable to do so will have only three months to wrap up development and move on.
EthFinex Rebrands as DeversiFi, Cuts Ties with Bitfinex
EthFinex, the decentralized exchange wing of BitFinex, is cutting ties with its business partner, and rebranding as DeversiFi as part of a “management buyout.” The firm won’t feature Bitfinex as its biggest shareholder, and will become more of a traditional exchange with a strong institutional focus, instead of being a peer-to-peer decentralized exchange. Its CEO, Will Harborne, declared this was “more than a rebrand; this is about needing more space to grow.”
Big Enterprises Betting on Bitcoin This Year
Consortiums and big enterprises are all about crypto in 2019, according to an article published by Forbes. Out of the ICO distraction, new and interesting uses for blockchain have arisen, and companies from all origins and countries are looking to leverage these. B3i, Energy Web Foundation, Louis Vuitton, Samsung, IBM Food Trust and Walmart, Microsoft, and Ernst & Young, just to name a few, have integrated blockchain in their products to make them more efficient and compelling.
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