Welcome to our Daily News article. Here are the most important news of October 19th:
Omise Receives Support from Capital Firm for its Blockchain PayPal Alternative
The Japanese venture capital firm Global Brains announced a new significant investment. The capital firm invested on Omise Holdings; this also includes investors 31VENTURES and SMDV.
Furthermore, the investment aims towards financing Omise’s expansion plans in Japan. It is also intended to support the development of Omise’s financial infrastructure. An infrastructure that has a PayPal-like service and an Ethereum-powered decentralized exchange.
Moreover, the firm said that there is a need to develop an infrastructure for border-less payments. This infrastructure with innovative tools will be OmiseGo’s priority as it expands globally.
According to OmiseGo, global expansion is a key growth driver for businesses around the world. They said that current financial transactions on platforms are built on infrastructures that are not geared to support global commerce needs. They also noted that as global commerce grows, conducting payments anywhere becomes a necessity.
Omise will seek adoption in Southeast Asia as part of their strategy, starting with Japan. The company will leverage on it OMG Network, eWallet Suite, and OMG DEX financial tools. This will enable local businesses and users to conduct daily finance operations from the comfort of their mobile phones.
It will be interesting to see the progress that will come from this investment.
Monero Launches the Revolutionary Bulletproof Update
Monero, the cryptocurrency network with a focus on privacy and efficiency has launched their new update. Monero’s latest network upgrade is a significant protocol change. Besides bug fixes and reduced transaction sizes, the most important new features are the bulletproof and the updated PoW algorithm.
The scheduled protocol upgraded went successfully and Monero compatible Bulletproofs are thus live on mainnet! 🎉
— Monero || #xmr (@monero) October 18, 2018
Bulletproofs will increase the level of security to the platform. They can reduce transaction size up to an 80%, (which translates to 80% reduction of fees.) Also, the speed required to verify a bulletproof is lower than the traditional range proofs. According to Monero, now a fee for a normal Monero transaction is about $0.005 to $0.01.
The developers said that users must upgrade their wallets and nodes as using the old version can cause to lose transactions.
With a new implementation in the world of Monero, the platform will undoubtedly rise in popularity. Even though Monero hasn’t gone through the good news this year, this update puts a big step on Monero becoming incredibly popular. Better privacy, efficiency, and ease of use with the update will be very significant for the users.
At the time of writing, Monero is $103 and has the potential to rise due to this big update.
ICON (ICX) Reveals Relationship With South Korean Government
In a recent post, the Head of Research at Deblock and the VC and accelerator partner at ICON, Markus announced a close relationship with the South Korean Government.
Moreover, he emphasized how vital is government decision in the cryptocurrency industry. According to him, this is the primary reason that the country hosts some of the most successful cryptocurrency exchanges in the world.
According to a Medium post, the business partnerships with Line, Samsung, SK Planet, and Smiligate. All of them being very predominant in their respective industries.
The platform has been partnering with many core government initiatives, such as:
- Educational services
- Healthcare services
- Customer services
- Insurance services
Moreover, this July, the South Korean Government chose ICONLOOP to support the election development. According to sources, ICONLOOP took the position as blockchain technology consultant for ‘Building the Next Generation Election System based on Intelligence Information Technology’, launched by the Korea National Information Society Agency and supervised by Korea National Election Commission (NEC).
However, things have not been fortunate for ICON. ICX, their native token has dropped way down the market cap chart and is currently ranked at 32th with $271 million. Its current price is USD 0.69 which is its lowest level for a year, and this means about 94% down from its all-time highest of over $12.
It is interesting the point by Markus, and the relationship of ICON with South Korea could indeed make the native token price skyrocket. The token has a higher potential now with the new connections.
Binance is Looking to Add New Stablecoins
Binance, the world’s largest crypto exchange is looking to list new stablecoins to the platform. Besides the three stablecoins already added (which include USDT) Binance wants to keep expanding.
With the addition of new stablecoins, Binance will continue to support Tether as well. Even after the loss of its parity with the U.S. dollar on Monday and not fully recovering, said Wei Zhou, the chief financial officer at Binance.
Back in May Binance listed TUSD, following after that being PAX in September. Wei Zhou believes that stablecoin space has a huge potential, and USDT, in particular, has a prosperous future. According to Zhou, this coin will be a linchpin of the crypto markets.
Zhou believes that USDT, as an entity is critical for Binance’s ecosystem right now. The primary reason, Zhou said, is because it offers an alternative for investors to park their assets in something they can relate to.
Binance Expanding to Uganda
Binance has recently expanded to Uganda to work with local institutions for fiat on-ramps, Wei added:
“Rather than hold bitcoin, [institutions] actually prefer to hold more stablecoins, because the dollar is still the default currency in some of these countries. That’s just one use case that we’ve seen that’s different in this part of the world, versus other parts of the world.”
Binance Uganda promises to let Africa harness the power of the blockchain with its safest and effective trading platform.
— Binance (@binance) October 17, 2018
If you missed news yesterday, you can check them here: Daily Cryptocurrency News – 18th October 2018
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