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13 – Unlucky For Some But A Big Number For Litecoin

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If you’re superstitious, then you might worry about the number 13, it’s considered as a number that brings with it a wealth of bad luck, from a western perspective at least, I’m not certain of the intricacies behind other connotations of the number 13.

Actually, on that point, is cryptocurrency a good or a bad thing for superstitious people? I’ve never really given it much thought, but I expect many aspects of the cryptocurrency industry may give some superstitious people a bit of a headache.

Back to the point. This weekend rumours erupted about a release date for Litecoin’s ‘smart contracts’, the 13th of April specifically which is just three days from now.

Remember that recently, we saw a marriage between Abra Exchange and Litecoin, in a move set up to help bolster the value of the currency. CEO of Abra, Bill Barhydt said:

“If Abra can attract a significant amount of users it will further drive demand for Litecoin which in turn could reduce the circulating amount of LTC, pushing the trading price up.”

Now unfortunately, many critics are calling the partnership a bit of a failure, generally on the basis that the partnership fizzled out of the news and didn’t really cause any significant changes in the value or perception of Litecoin. Recently, Cami Albert published an article on Crypto Globalist that refers to the Abra partnership as ‘Haunting’ Litecoin’s own Charlie Lee. According to Albert, Lee passed the following comments about the anti-climactic outcome of the Abra partnership:

“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs.”

At present, even since the partnership, and the media buzz around April the 13th, Litecoin stands at little below $114.00, in touching distance of a $120.00 target but still leaps and bounds away. Perhaps April the 13th will actually provide some much-needed luck to the Litecoin team and give the currency the kick it needs to reach $120.00?

The launch of smart contracts within Litecoin is innovative for Litecoin but we should remember that blockchain based smart contracts are not a new concept, so really, how incredible will this announcement be for Litecoin? Some sides are saying that the 13th of April is a huge day for Litecoin and that things will really start to take off, it’s value will his $120.00 and many new people will gain an interest in the currency through Abra. Others however are less optimistic and believe that the Abra ‘flunk’ serves as a demonstration for how Litecoin will behave after the update in a few days, in-short they believe nothing new will change.

Let’s face it, to truly understand the consequences of the smart contract rollout we just need to wait. The 13th of April is only a few days away, perhaps we will see some fluctuation in market value as a result of it, perhaps nothing will change. Let’s wait and see.

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Privacy Crypto Beam Gets Funding from ‘Japanese LinkedIn’ Recruit

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Privacy-oriented cryptocurrency startup Beam has secured an undisclosed amount of funding from Japan’s equivalent to LinkedIn, Recruit Co., Ltd.

Recruit announced the news Monday, stating that the investment was made through its $25 million RSP Blockchain Tech Fund, which was set up last November. Beam confirmed the investment in a Tweet the same day, stating that Recruit invested prior to its mainnet launch last month, adding:

“This investment helps Beam fulfill its mission in Japan too when it comes to deploying a compliant, scalable, and confidential cryptocurrency.”

Recruit said the reason it backed the firm was because Beam provides a blockchain that prevents the exposure of transaction data to third parties, thus protecting user’s information.

Beam went live back in January and became one of the first cryptocurrencies based on Mimblewimble, a protocol that makes transactions confidential and reduces the size of the overall blockchain. Since launch though, the project has faced some technical difficulties. Most recently, its network stopped for a a number of hours before operations were restored.

Through its RSP Blockchain Tech Fund, a venture between Recruit and its subsidiary Recruit Strategic Partners, Inc. (RSP), Recruit said it aims to invest in “promising” blockchain companies.

Besides Beam, Recruit has also invested in four other startups in the blockchain space, according to its website. These include crypto debit cards provider Shift Payments, blockchain identity startup ShoCard, blockchain payments provider Veem and Japanese bitcoin exchange BitFlyer.

 

source:coindesk.

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2 Crypto Startups Unveil Security Token Issuance and Trading Service

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Two crypto startups want to streamline the process of issuing and trading security tokens by providing an all-in-one solution.

Securitize, a Coinbase-backed security token startup, is partnering with OTCXN, a blockchain infrastructure company to develop and offer a digital security offering service. Under the arrangement announced Tuesday, the two companies will help other firms tokenize and sell securities by combining Securitize’s securities compliance platform with OTCXN’s custodial ledger system.

Carlos Domingo, CEO and co-founder of Securitize, told CoinDesk that his firm would create and facilitate the sale the tokens in compliance with the relevant security laws in each client’s jurisdiction.

OTCXN founder and CEO Rosario Ingargiola added that Securitize would create the security tokens on the ethereum blockchain using the ERC-20 standard and handle the initial issuance. A smart contract would be used to enforce investor compliance procedures.

Ingargiola’s company would then provide infrastructure to support secondary market trading of the token, he told CoinDesk.

However, the security tokens themselves would not be traded. Instead, another token representing the securities would be transacted.

Trading without custody

Custodians, such as Kingdom Trust or Prime Trust, would store the security tokens using their specific systems, which may include cold wallets. A digital representation would be the actual object traded on OTCXN’s system, he explained.

“Under the OTCXN model, issuers and investors are able to trade these assets with anyone on the network, no matter what blockchain they are natively issued on, what custodian they use or what exchange client orders are sitting on,” Ingargiola said, adding:

“The blockchain ledgers that are part of the solution we provide to custodians are really just another kind of ledger system which becomes, for assets digitized and being transacted on our network, the real-time golden source of truth. Transactions settle atomically in real-time, on-chain, with finality and cryptographic provability.”

While these digital representations may be what is traded on OTCXN’s system, Domingo added that “you [still] own the security.”

Echoing that point, Ingargiola said: “You don’t have to trust us since we are not the custodian of any assets, nor the counterparty to any trades.”

That being said, the companies are not quite ready to issue security tokens just yet. While OTCXN has its infrastructure solutions up and running, it has not issued any security tokens with Securitize, as the firms are still waiting on regulatory approvals in a number of jurisdictions. There was no immediate timeline on when the companies might receive these approvals.

OTCXN is simultaneously looking to partner with specific broker-dealers or companies with alternative trading system licenses, he said.

 

source:coindesk.

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Judge Appoints Law Firms to Represent QuadrigaCX Customers

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Canadian law firms Miller Thomson and Cox & Palmer will represent as many as 115,000 customers of Canadian crypto exchange QuadrigaCX in the coming weeks.

Nova Scotia Supreme Court Judge Michael Wood ruled Tuesday that the firms would get the nod after nearly a week’s worth of deliberations.

The firms vied for the position against fellow Canadian law firms Bennett Jones/McInnes Cooper and Osler, Hoskin and Harcourt/Patterson Law during a hearing last week in Halifax.

In his ruling, Wood explained that both Miller Thomson and Cox & Palmer have “extensive insolvency and [Companies’ Creditors Arrangement Act] experience,” while Miller Thomson also has experience with cryptocurrency-related proceedings.

He also noted that the firms’ proposal was “thought out carefully with a view to minimizing costs.”

Miller Thomson is now tasked with collecting information about each of the possible creditors, including contact information and claim amounts. While the firms will not be immediately filing a class-action lawsuit due to a stay of proceedings granted at the beginning of the month, they can lay the groundworkfor any future lawsuit.

The stay of proceedings is currently set to expire on March 7, with a hearing planned for March 5 to update the court on what progress Quadriga and its court-appointed monitor, Ernst & Young (EY), have made in their attempts to recover or otherwise raise $196 million – the total amount the exchange owes its users, according to various court filings.

It is possible that Quadriga and EY will file for an extension to the stay, though it is unclear whether Judge Wood will approve it.

Background

QuadrigaCX first hinted at signs of trouble last month, when it announced its founder and CEO, Gerald Cotten, died of complications from Crohn’s disease in December 2018.

The exchange later explained that Cotten was the only individual to know the private keys to Quadriga’s cold storage wallets, meaning no one could access $136 million in cryptocurrencies stored offline.

The exchange filed for creditor protection, giving it a brief reprieve to try to recover its missing cryptocurrencies, unlock a further $53 million in fiat held by payment processors and possibly even sell its trading platform.

So far, Quadriga has not had any success in recovering the frozen crypto, and even lost another 100 bitcoin earlier this month when it “inadvertently” sent them to cold wallets it cannot access. The exchange did not explain how this happened.

While blockchain analysis has hinted at some of the wallet addresses the exchange is using, neither Quadriga nor EY has confirmed which addresses actually belong to Quadriga.

Quadriga Fintech Solutions … by on Scribd.

 

Canadian law firms Miller Thomson and Cox & Palmer will represent as many as 115,000 customers of Canadian crypto exchange QuadrigaCX in the coming weeks.

Nova Scotia Supreme Court Judge Michael Wood ruled Tuesday that the firms would get the nod after nearly a week’s worth of deliberations.

The firms vied for the position against fellow Canadian law firms Bennett Jones/McInnes Cooper and Osler, Hoskin and Harcourt/Patterson Law during a hearing last week in Halifax.

In his ruling, Wood explained that both Miller Thomson and Cox & Palmer have “extensive insolvency and [Companies’ Creditors Arrangement Act] experience,” while Miller Thomson also has experience with cryptocurrency-related proceedings.

He also noted that the firms’ proposal was “thought out carefully with a view to minimizing costs.”

Miller Thomson is now tasked with collecting information about each of the possible creditors, including contact information and claim amounts. While the firms will not be immediately filing a class-action lawsuit due to a stay of proceedings granted at the beginning of the month, they can lay the groundworkfor any future lawsuit.

The stay of proceedings is currently set to expire on March 7, with a hearing planned for March 5 to update the court on what progress Quadriga and its court-appointed monitor, Ernst & Young (EY), have made in their attempts to recover or otherwise raise $196 million – the total amount the exchange owes its users, according to various court filings.

It is possible that Quadriga and EY will file for an extension to the stay, though it is unclear whether Judge Wood will approve it.

Background

QuadrigaCX first hinted at signs of trouble last month, when it announced its founder and CEO, Gerald Cotten, died of complications from Crohn’s disease in December 2018.

The exchange later explained that Cotten was the only individual to know the private keys to Quadriga’s cold storage wallets, meaning no one could access $136 million in cryptocurrencies stored offline.

The exchange filed for creditor protection, giving it a brief reprieve to try to recover its missing cryptocurrencies, unlock a further $53 million in fiat held by payment processors and possibly even sell its trading platform.

So far, Quadriga has not had any success in recovering the frozenrypto, and even lost another 100 bitcoin earlier this month when it “inadvertently” sent them to cold wallets it cannot access. The exchange did not explain how this happened.

While blockchain analysis has hinted at some of the wallet addresses the exchange is using, neither Quadriga nor EY has confirmed which addresses actually belong to Quadriga.

Quadriga Fintech Solutions … by on Scribd

 

.source:coindesk.

 

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