Daily Cryptocurrency News – 1st October 2018

As we start a new week, there are more technologies and improvements in the world of cryptocurrency that we want to keep you updated with.

Here is the most important news of today.

Ripple Launches New Cross-Border Payment Feature as Swell 2018 Arrives

Ripple has just released a new feature for banks and financial institutions for the upcoming Swell conference in San Francisco.

This new technology allows companies that are involved in the Ripple blockchain to be able to settle payments on behalf of other firms. Siam Commercial Bank (SCB) has the first company to adopt this innovative technology.

This technology was designed to help smaller financial institutions to boost their liquidity and lower their fees.

“With multi-hop, financial institutions can connect directly to SCB, which can settle and payout across the region without exchanging currencies multiple times and adding heavy fees. The result is a seamless payments experience into and out of the ASEAN region. For smaller financial institutions which previously could not make payments into ASEAN, multi-hop will democratize access to those countries and make payments easier, regardless of payment size or their financial institution’s pool of liquidity.”

Monero Launches Initiative to Combat Cryptocurrency Mining Malware

The community of Monero just announced that they plan the launch of a new website with the hopes of fighting against cryptocurrency mining malware.

Monero has an ease of privacy and mining coins indeed. However, this also led to disadvantages like vulnerabilities in the security, and attackers have been taking advantage of this especially this year.

“Attackers like Monero for two reasons: 1) it is private, so they do not need to worry about companies and law enforcement tracing what they do with the Monero after they mine it, and 2) Monero uses a Proof of Work (PoW) algorithm that is CPU and GPU-friendly; thus, the infected machines are competitive. These two components are increasingly distinguishing factors for why attackers choose to mine Monero over other cryptocurrencies.”

Goldman Sachs Launches US Dollar Coin (Fedcoin)

Goldman Sachs startup Circle, the Boston-based crypto finance company, has just released their new US Dollar Coin (Fedcoin).

This indeed is the first cryptocurrency released by a major financial institution.

This US dollar coin will be regulated as registered Money Services Business under U.S. money transmission laws, and as a cryptocurrency, it will be regulated under its New York BitLicense.

Circle noted: “Individuals and institutions can enroll in this service to deposit U.S. dollars from bank accounts [and] convert those dollars into tokens usable everywhere the internet reaches (subject to the token’s compliance controls), and redeem USDC tokens and cash out to bank accounts.”

The main goal of this cryptocurrency is to replace the dollar and become its digital version.

As more important cryptocurrencies surge, the future of a digital currency world is imminent.

Users can now pay Litecoin through SMS, CoinText adds supports for Litecoin & Dash

Cointext.io the famous platform that allows anyone to send cryptocurrency through text messages has just added support for Litecoin and Dash. Now at this moment, Cointext.io supports Bitcoin Cash (BCH), DASH, and Litecoin (LTC).

The way the platform works is interesting. A user sends a text message, and the amount will be received by the receiver’s wallet or even by the mobile number. You don’t need to have an internet connection; this allows you to send crypto anywhere, anytime.

According to the founder of Cointext.io:

“CoinText makes sending cryptocurrency as easy as sending a text message. It’s a powerful tool for communities to spread adoption of their cryptocurrency. “

The new currencies implemented by Cointext are captivating and the company has a promising, great potential.

Hotel in China Starts Accepting Payment in Ether Despite Crypto Ban

A new hotel in China is now accepting payment in Ether despite the crypto ban, a decision that could challenge the Chinese regulators.

The Ethereum Hotel, as it is called, became the first hotel in the country that is accepting cryptocurrency. The owners did not talk about how they plan on tackling regulators that are reportedly opening new fronts in its battle against cryptocurrencies like Ethereum.

Image Source: Wealth Management.com, CoinBureau

If you missed the news yesterday, you can check them here: Daily Cryptocurrency News – 30th September 2018

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