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Ledger Crypto Wallet Goes Mobile With Bluetooth-Ready Nano X

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The crypto wallet company revealed its new, Bluetooth-enabled Nano X device Sunday at the annual Consumer Electronics Show (CES) in Las Vegas.

The added Bluetooth means that the Nano X can readily be used with mobile devices, which has been a pain point for many users of the company’s current wallet, the Ledger S. Much of the world primarily uses mobile computing, never or very seldom touching laptops or desktop computers.

“The fact that we have a mobile application and it works with the Nano X is really the big evolution of the hardware for this lineup,” Ledger CEO Eric Larchevêque told CoinDesk during a demonstration of the device.

By connecting the Nano X via Bluetooth, it’s possible to have the security of Ledger but with mobile’s form factor, Larchevêque said. (Ledger devices store keys but an external application on a computing device is needed to write and send transactions.)

When we spoke to Larchevêque, he wasn’t ready to commit to a price for the Nano X but he did say that when it goes live, the price of the Nano S will drop (it currently sells for $69.99). According to the Ledger website, more than 1.3 million Nano S devices have been sold.

There’s more to the new device, too. It has a slightly bigger screen, for example. (With such a tiny screen, every extra pixel helps with usability.) The screen is important because Ledger’s approach to security requires that a lot of actions are made on the hardware device itself.

“It’s a more advanced device,” Larchevêque said of the Nano X.

The Ledger Live mobile app will be available on Google Play and iTunes on Jan. 16, according to Ledger.

Many apps

To that end, it also has a lot more memory.

Memory might not seem that important for a hardware wallet. After all, it’s just storing public private key pairs for each cryptocurrency a user holds, right?

Wrong. It turns out that as new tokens make the whole crypto ecosystem more complex, it becomes necessary for different software to interact with different protocols. To maintain Ledger’s high security standards, the company made the decision that each protocol has to have its own app for sending and receiving coins.

“We have lots of third-party developers who are developing applications,” Larchevêque told CoinDesk. “We want to make sure that these applications can only sign transactions for their own private key.”

This has an additional benefit, Larchevêque said. It means that a user with one app open can’t accidentally sign a transaction to the wrong protocol.

The Ledger Nano X can store the apps for up to 100 crypto assets, a six-fold increase over the Nano S.

Vegas, baby

Ledger is making a statement by revealing its new device at CES.

“It’s true that CES is not a crypto show,” Larchevêque said, acknowledging that his company has left the blockchain bubble with this appearance, but he points out that Ledger has gotten into the hands of too many users at this point to still be viewed as a niche device.

CES seems to have welcomed the French company into the broader world of consumer electronics. According to a press release from Ledger, CES awarded the Nano X with its 2019 “Innovation Award in Cyber Security and Personal Privacy.”

source:coindesk

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BBC Journalist Warns Crypto Traders After Losing $30K in Critical Mistake

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A BBC journalist is sharing his story on how he lost $30,000 in Ethereum (ETH) in an effort to try and educate crypto newbies.

Business reporter Monty Munford says he decided to buy the second-largest cryptocurrency by market cap in mid-2017.

“I chose it not for any other reason than it was second to Bitcoin by valuation and looked like it could emulate that 100,000% rise. So in the middle of 2017, I made some investments, figuring that it was a long-term plan and might even become a nest egg for a pension.”

Munford says the experience was “utterly terrifying” and after buying his Ethereum, he read about the frequency of crypto exchange hacks and decided to move his crypto to a wallet for safekeeping.

He chose MyEtherWallet and obtained the private key to his holdings – the string of letters and numbers he needed to access his crypto.

But then came the crucial mistake. Munford says he wrote the private key on a piece of paper and stored it in his Gmail drafts folder, so that he could access his crypto with ease. When the price of Ethereum shot up in late 2017, he decided to check his holdings, only to discover that all of his crypto had been moved to another address.

Munford contacted the US-based blockchain forensics company CipherBlade, and sent the results to Binance.

“The following morning I was contacted by Sussex’s cybercrime unit, my local force, and within a week they had received useful information from Binance. The unit tracked IP addresses to a telecoms company in the Netherlands, but there weren’t any personal identification details to be had – perhaps unsurprisingly.

The investigations continue, and my money remains stolen.”

Crypto thieves likely used a phishing scam to access Munford’s email or used malware to gain access to his computer, monitor his keystrokes and copy/paste his activities. Either way, Munford says he’s telling his story to let others know how careful they need to be with their private keys.

“So I’m left with my fingers burned, feeling like I wandered into a savage bazaar where criminals can pick your pocket at will. And get away with it. Please learn from my mistakes.”

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What Caused the Abrupt Dissolving of Barclays’ 15 Month Relationship with Coinbase Crypto Exchange?

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Latest reports confirm Barclays has ended its relationship with Coinbase, ending one of the crypto’s most fascinating partnerships, in mysterious circumstances.

The exchange replaced the household bank’s withdrawal and deposit functionalities by opening an account with a rising prodigy in U.K’s banking industry, Clearbank. While no official reports have sufficed we look at possible explanations why the two ended their relationship.

BEG reported in March 2018, a highly publicized partnership between Barclays and top crypto exchange, Coinbase, to connect the latter to the U.K. Faster Payments Scheme (FPS). This allowed U.K customers an instant platform to buy and sell cryptocurrencies on the exchange using the British Pound.

Following the dissolved partnership, U.K customers are witnessing slower transactions using the GBP. As at time of writing, neither company has commented on the matter.

Barclays low risk appetite or a mutual goodbye?

While the cause of dissolving the partnership still remains unclear, one insider familiar with the matter claims the bank’s “low risk appetite” for the crypto industry in general caused the split. He said,

“It is my understanding that Barclays’ risk appetite has contracted a little – I’m not sure exactly why or what’s been driving that, maybe there has been some activity they are not happy with.”

The CEO of a crypto company in the U.K further claims the bank does not have the stomach for any crypto company – at least at the moment. He said,

“But it’s about Barclays’ comfort level with crypto as a whole.”

A mutual goodbye…

However, different reports from Coindesk confirms that the two companies came to a mutual agreement to end the partnership citing the partnership had completed its work. This aligns with the recent developments– such as the addition of several cryptocurrencies – seen at Coinbase in the past few months.

Given the strict regulations that Barclays placed on the listing requirements of cryptos, the exchange is now adding quite a number of tokens on its platform following the split with Barclays. However, Clearbank, is not giving the exchange a freepass as it already sanctioned the removal of privacy coin, ZCash (ZEC) from the platform.

Barclays however have been showing signs of leaving the crypto sector with the bank temporarily closing the cryptocurrency trading desk in late October 2018.

Source. bitcoinexchangeguide.

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IAMAI Makes Headway in Indian Crypto Ban Hearing

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Looks like, the tide may turn in favour of cryptocurrency exchanges in India soon. The hearing for the Reserve Bank of India (RBI), Internet and Mobile Association of India (IAMAI) and exchanges started an hour back in the Supreme Court.

Ashim Sood, who is representing the IAMAI explained why banking support was necessary. The court asked, “Can’t you change your bank such as those which aint governed by RBI?” In answer to that, the counsel responded that only foreign banks are there and exchanges use that and there would be a problem with the outward remittance which is hit by FEMA regulation.

The counsel further added that the legality of the RBI circular was in question, since there was no study done by the institution, regarding cryptocurrencies. It further said, “Banking regulation Act prescribes the exercise of power by RBI only for the inner working of the Banks and for the interest of the depositors specifically in their capacity as depositors and not otherwise. RBI taking actions for general consumer interest is beyond legality.”

The judgement summarised by the counsel stated, “RBI cant step out of its powers as set out in Banking regulation Act. Therefore its action against private buisinesses in the form of 6th april circular is illegal.”

Sood further argued that the RBI itself had admitted that it does not have the jurisdiction to speak on the legality of Crypto as it is neither coins nor currency and RBI Act and Payment Settlements Act are not applicable on Cryptos. He added that banning or regulating something must be a legislative action and that the directive to do so, should have come under the legislature and not the RBI.

The judge countered that Section 45 J conferred power on the RBI to formulate policies, but the counsel argued that this was especially for Non Banking Financial Company (NBFC) whereas the case pertained only to banks.

The judge said that there is certain speculation involved when an exchange facilitates two people to buy and sell. The counsel for the IAMAI agreed and said it was similar to commodity trade, share market etc. People have consensus on its value. Currently, the judges are being shown how cryptocurrency regulations are being formulated in other countries such as European Union, China, France, Japan, Mexico, United States of America among others.

The counsel ended his arguments by saying that he knows there are detrimental effects to cryptocurrencies, but so does every technology. The hearing ended at this point and will resume on August 20.

.Source: .cryptopotato

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