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Blockchain.com says ‘Goodbye Big Apple, Hello Miami!’

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    Blockchain.com says ‘Goodbye Big Apple, Hello Miami!’

    Miami Mayor says he wants “a Miami that lasts forever” as he announces Blockchain.com’s move to Miami.

    ajor crypto solutions provider Blockchain.com is moving its U.S. headquarters from New York to  Miami in an attempt to spur aggressive growth over the next few years.

    The $5 billion firm intends to hire 300 new full-time employees in the region over the next 18 months. The news broke a day before the city played host to the world’s largest Bitcoin conference, Bitcoin 2021.

    Miami Mayor Francis Suarez made the announcement at City Hall with Blockchain.com CEO Peter Smith. He explained that not only will the move boost local employment but it will also be an investment in the local science, technology, engineering, and maths (STEM) community via educational programming. Suaraz said:

    “Blockchain.com’s arrival in Miami perfectly encapsulates what the Miami Movement is all about — leveraging Miami’s talent against the world’s top companies in order to build towards our goal of becoming a Miami that lasts forever and a Miami that works for everyone.”

    Blockchain.com cited a key driver of the move was “the city’s welcoming regulatory environment serving as a hotbed of crypto innovation.” The firm’s global headquarters will still be based in Londonn, however, Miami will stand as its U.S. HQ.  Blockchain.com also has offices in San Francisco which will remain.

    Blockchain.com, with a $5 billion post-money valuation, is arguably the biggest blockchain-related scalp claimed by Miami since Mayor Suarez began his intense crypto push. The company services 32 million users across 200 countries.

    Over the last year, Suarez has made it clear that he wants to landmark Miami as the country’s crypto center. Crypto finance firm XBTO Group purchased a new Miami office in April, Scott Minerd from global investment firm Guggenheim Partners and Peter Thiel associate Keith Rabois have also bought property here. FTX crypto exchange secured a 19-year deal for naming rights to the Miami Heat arena, and Borderless Capital announced a $25 million fund for Miami-based crypto businesses on June 2.

    Suarez has also held meetings with the Winklevoss twins, Elon Musk, Twitter CEO Jack Dorsey, and Google CEO Eric Schmidt in an effort to convince them of Miami’s benefits.

    Suarez has demonstrated a personal conviction as well, publicly revealing that he owns Bitcoin and Ethereum, and is planning on “buying the dip”.

    Norton360 antivirus tool will allow its 13 million customers to mine Ethereum

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      underratedcrypto
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      Norton360 antivirus tool will allow its 13 million customers to mine Ethereum

      Cybersecurity firm, NortonLifeLock, has launched Norton Crypto, a tool allowing consumers to “safely” mine cryptocurrency through its Norton 360 product.

      From Thursday, select 360 users will be invited to join Norton’s early adopter program for Ether mining. Norton also plans to open up the mining service to all of its nearly 13 million 360 customers in the coming months. Norton emphasized that its service allows users to mine without requiring them to switch off their antivirus software.

      Speaking to CNN Business, Norton noted it plans to support mining of other “top cryptos that allow our members to get the highest reward for their computing capacity” moving forward, stating:

      “While the company will start slow, with a focus on helping customers safely mine Ethereum, NortonLifeLock is considering adding reputable crypto currencies in the future.”

      NortonLifeLock chief product officer Vincent Pilette expressed pride in his firm becoming the first cybersecurity company offering services allowing miners “to safely and easily turn the idle time on their PCs into an opportunity to earn digital currency.”

      Norton claims to offer superior security features to existing mining protocols, stating: “For years, many coinminers have had to take risks in their quest for cryptocurrency, disabling their security in order to run coinmining and allowing unvetted code on their machines that could be skimming from their earnings or even planting ransomware.”

      To help remedy the purported risks, Norton states miners using its product will receive earnings into Norton’s cloud-based wallet, averting risks of the wallet being lost to a hard drive failure.

      However, Norton’s claims that existing mining solutions are not vetted appear flawed, with the popular mining software Ethminer having received contributions from 99 different developers since December 2013 — evidencing the code has undergone thorough peer-review.

      Google To Reverse Crypto Exchange and Wallet Advertisement Ban

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        underratedcrypto
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        Google To Reverse Crypto Exchange and Wallet Advertisement Ban

        Google will allow ads related to crypto exchanges and wallets if said entities have registered with FinCEN. The change will come into effect in August 2021.

        Google has lifted its ban on crypto advertisements, stating that it would allow them for exchanges and wallets registered with the Financial Crimes Enforcement Network (FinCEN). Google provided an update on its financial products and services policy in June, stating that the change would come starting Aug. 3, 2021.

        Google lifting crypto ban

        The update states that cryptocurrency exchanges and wallets targeting users in the United States would be allowed to advertise their products if they meet certain conditions. These conditions include registration with FinCEN or a federal or state-chartered bank entity, compliance with state or federal legal requirements, and compliance with Google Ads policies.

        Furthermore, all cryptocurrency exchange certifications will be revoked on Aug. 3, meaning that advertisers must request new certifications via an application form that will become available on July 8.

        However, Google is keen to prevent any opportunity for potentially disingenuous advertising. The platform will not allow ads for initial coin offerings (ICOs), decentralized finance (DeFi) trading protocols, and other ads for the purchasing or trading of cryptocurrencies. This also includes pre-sales, crypto loans, initial decentralized exchange (DEX) offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, and unregulated decentralized applications (dApps).

        Google also will not allow “ad destinations that aggregate or compare issuers of cryptocurrencies or related products.” This list brackets cryptocurrency trading signals, cryptocurrency investment advice, aggregators, and affiliate sites containing related content or broker reviews.

        Google previously banned ads related to crypto, much to the frustration of those within the crypto community, following the massive surge of interest in the space after the 2017 boom. Google was not the only company to clampdown on crypto products, as Facebook too banned related ads on its platform. The latter has also since lifted the ban on crypto ads.

        Mainstream warming up

        Cryptocurrency investors and insiders have long been aggrieved at what they think is a harsh restriction by platforms like Google and Facebook. These two have been predominant avenues utilized by scam projects to defraud investors of their money, so the initial ban is not altogether unjust.

        The decision to ease restrictions is a sign that Google is now one of many companies removing past curbs in crypto. It speaks to the sentiment and outlook on crypto from the mainstream, who are beginning to see it as a legitimate asset class. Numerous governments, financial institutions, private companies, and tech platforms have overall been taking a more liberal stance on crypto.

        With such developments taking place, the crypto market could see a steady uptick in the number of buyers and users in the near future. The rise of DeFi, and especially non-fungible tokens (NFTs), are already pulling in more mainstream adoption.

        Biden Administration Expanding Cryptocurrency Analysis to Find Criminal Transactions

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          underratedcrypto
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          Biden Administration Expanding Cryptocurrency Analysis to Find Criminal Transactions

          The U.S. government is expanding its cryptocurrency analysis in a strategy to find and pursue criminal transactions. This comes in the wake of a rising problem of ransomware involving cryptocurrency, such as bitcoin. “Combating ransomware is a priority for the administration,” said a spokesperson for the White House.

          US Government to Expand Cryptocurrency Analysis

          The Biden administration unveiled its strategy to combat cryptocurrency ransomware in a White House press briefing Tuesday.

          “Combating ransomware is a priority for the administration,” White House Principal Deputy Press Secretary Karine Jean-Pierre said. “President Biden has already launched a rapid strategic review to address the increased threat of ransomware to include four lines of effort.”

          Jean-Pierre described that one line of effort targets the “distribution of ransomware infrastructure and actors working closely with the private sector,” while another focuses on “building an international coalition to hold countries who harbor ransom actors accountable.” There is also an effort to review “USG’s ransomware policies,” she affirmed, adding that another line of effort is:

          Expanding cryptocurrency analysis to find and pursue criminal transactions.

          The White House’s principal deputy press secretary further explained that the four lines of effort build on President Joe Biden’s executive order which “outlines five high-priority cybersecurity initiatives that, if implemented, will reduce the risk of cyberattacks including ransomware.”

          Ransomware attacks are on the rise worldwide. In the U.S., several major companies have recently been hit with ransomware demanding payments in bitcoin. JBS, the world’s largest meat producer, has reportedly been dealing with what it called an “organized cybersecurity attack” since the end of May.

          The Colonial Pipeline, which supplies the East Coast with nearly half of its fuel needs, also shut down in May for several days when a ransomware attack locked up some of its systems. The pipeline was back online in less than a week but the company admitted to paying a ransom of millions of dollars in bitcoin.

          Gaming Giant Razer Exploring Crypto

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            underratedcrypto
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            Gaming Giant Razer Exploring Crypto

            Singaporean-American gaming firm Razer is currently mulling over entering the cryptocurrency space, according to CEO Tan Min-Liang.

            During the company’s annual general meeting that took place earlier today, Tan said that his company’s user base was interested in digital assets.

            However, Razer still has reservations about the industry’s environmental impact and graphics cards.

            Our user base is interested in crypto – but we’re concerned about the impact it has on GPUs and the environment. But it’s definitely something we’re exploring right now.

            No RazerCoin

            Still, Razer is “unlikely” to issue its own cryptocurrency, but Tan claims that it may accept “one or more” cryptocurrencies for its hardware and services.

            He claims that he is personally learning about various cryptocurrencies, adding that the crypto space is still in its early days.

            Back in 2018, Razer started offering virtual rewards in return for idle computing power used for its cryptocurrency mining project.

            Kraken Launches Cryptocurrency Mobile App in the US Citing High Consumer Demand

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              underratedcrypto
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              Kraken Launches Cryptocurrency Mobile App in the US Citing High Consumer Demand

              The skyrocketing demand towards cryptocurrency assets has pushed the veteran US exchange Kraken to release a mobile application in the country.

              In another development coming from American exchanges, Coinbase integrated its debit card with Apple Pay and Google Pay.

              Kraken Mobile App Arrives in the US

              Founded almost a decade ago, Kraken is among the latest and most popular digital asset trading platforms. The firm’s latest expansion initiative comes through a mobile application that will enable US-based retail investors to interact with bitcoin and more than 50 other digital assets.

              “This consumer app is our first major foray into supporting wider consumer adoption in a much more simplified, easy-to-use interface,” commented Kraken’s Chief Product Officer – Jeremy Welch.

              The executive further touched upon the recent growth in USD prices in the market, which consequently led to growing demand and users on the exchange.

              “The last five months have been pretty unreal at Kraken. We have seen a surge in new clients and in all-time highs.” – he added.

              The app, which was first launched in Europe, will offer “the lowest fees in the industry,” Kraken claimed. Although it won’t allow credit and debit card payments yet, the veteran exchange plans to introduce such services later in the year.

              It’s worth noting, though, that the app won’t be available to residents of New York and Washington state due to the “cost of maintaining regulatory compliance.”

              Coinbase Card Can Be Used With Apple Pay and Google Pay

              Kraken’s main rival in the US, Coinbase, also outlined a significant milestone this week. The company announced that users will be able to link their Coinbase Cards with Apple Pay and Google Pay to “spend crypto at home and on the go” more easily.

              The exchange will “invite select customers” off the waitlist for the debit card to start earning up to 4% back in various cryptocurrencies. Those who receive the opportunity will be able to make all sorts of everyday purchases through Apple Pay and Google Pay, including groceries, home office goods, and anything in between.

              The initial cashback will be 1% in Bitcoin (BTC) and 4% back in Stellar Lumens (XLM).

              Federal Judge Sides With Ripple, Denies SEC Access to Legal Communications

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                underratedcrypto
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                Federal Judge Sides With Ripple, Denies SEC Access to Legal Communications

                A federal judge has denied the U.S. Securities and Exchange Commission (SEC) access to Ripple’s communication with lawyers.

                The SEC wanted the San Francisco-based company to produce any legal advice it received on whether its offers/sales of XRP violated any securities laws.

                The SEC argues that Ripple is “artfully” pleading a “good faith defense,” which means the case would center on whether the company thought its actions were legal. Such a defense would waive Ripple’s attorney-client privilege on any communication that could shed light on whether it actually believed it was following the law or not.

                Ripple’s lawyers, however, say the company’s legal arguments in the case revolve around the SEC’s “lack of clarity and fair notice” regarding the company’s legal obligations.

                Explains Judge Sarah Netburn,

                “Ripple claims that the SEC’s actions and inactions failed to provide market participants with fair notice that the agency considered XRP a security. In support, it cites to the SEC’s eight-year delay in pursuing enforcement action against Ripple for its alleged securities violations – even after XRP was listed on over 200 cryptocurrency exchanges, billions of dollars of XRP sales transactions had taken place, and Ripple had entered a settlement with the U.S. Department of Justice and FinCEN that described XRP as a ‘convertible virtual currency.’”

                Netburn goes on to argue that such an argument actually revolves around the SEC’s state of mind, not Ripple’s, meaning the payments company has not waived its own attorney-client privilege.

                “Instead, Ripple focuses on the SEC’s failure to provide fair notice to the market about the Commission’s state of mind as to whether XRP qualified as a security. It is not clear that such a defense even requires that a defendant act in good faith… The Court takes no position about whether Ripple’s pleaded defense is cognizable or if it will prove meritorious. I reach only the limited question of whether Ripple put its subjective state of mind or advice of counsel at issue merely by raising the defense, thus waiving its privilege. I conclude it did not.”

                The SEC formally filed a complaint against the payments giant in December, alleging that Ripple’s native asset XRP was an unregistered security upon its launch and remains a security to this day.

                Dental Clinic in Ontario to Accept Cryptocurrency for Its Services

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                  underratedcrypto
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                  Dental Clinic in Ontario to Accept Cryptocurrency for Its Services

                  Southdown Dental, a clinic in Mississauga, Ontario, is introducing a new payment option. Patients will soon be able to pay with cryptocurrency for its services. The dental clinic says it will take digital money for any procedure, from regular checkups to children’s braces.

                  Canadian Dental Clinic Meets Rising Demand for Crypto Acceptance

                  The dental clinic is stepping into the crypto world to address a “growing positive sentiment towards cryptocurrency.” Its management noted the increased use of digital coins in Canada’s consumer and services industry. Cryptocurrency offers users autonomy, reduces transaction fees, and facilitates quick and easy payments, the clinic pointed out in a press release.

                  Southdown Dental provides services to the residents of Mississauga in the Greater Toronto Area, in Canada’s most populous province, Ontario. The clinic, which was established in 1989, takes pride in being an “early adopter of innovations” in the dental field, utilizing the latest available technologies to provide its patients with the best care. The dental clinic stated:

                  Seeing the rise in cryptocurrency usage, Southdown Dental is excited to be part of this movement and to meet the rising demand of Canadians for more cryptocurrency acceptance.

                  The dental center also admitted that many patients don’t have full coverage for some of the more expensive procedures. And in these unpredictable times, the clinic says, they might want to keep their cash in their bank accounts and spend some of their crypto holdings instead. With the exception of the recent market correction, the value of cryptocurrencies has been on rise since last year.

                  From Regular Checkups to Surgery and Braces – Patients Can Pay for Everything With Cryptocurrency

                  Southdown Dental offers its clients financing, if they need it, different payment plans, and a variety of payment options that now becomes even greater with the addition of crypto payments. The press release did not mention the supported coins but Dr. Kal Khaled, co-owner of the clinic, assured:

                  Whether it is a regular checkup, a surgical procedure, or braces, our patients will be able to choose traditional payment methods or cryptocurrency going forward.

                  “This is an exciting shift to be the first Canadian dental clinic to take the leap into a new territory that will offer our patients new options during a very uncertain time,” added his partner, Dr. Bob Vavaroutsos.

                  According to a report by Canadian local news outlet Daily Hive, quoting Coinmap data, Downtown Dental Hygiene Clinic in Toronto also accepts cryptocurrency. But even if Southdown Dental is not the first in the sector to take crypto, it’s certainly among the pioneers.

                  Coinbase Pro Has Listed Dogecoin

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                    underratedcrypto
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                    Coinbase Pro Has Listed Dogecoin

                    The largest crypto exchange in the U.S. Coinbase has announced today that its lists Dogecoin (DOGE) on the professional trading Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Thursday June 3, if liquidity conditions are met, the exchange announced on Jun 2.

                    “Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” the exchange said.

                    Dogecoin is based on the popular “DOGE” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013.

                    In March, Tesla CEO Elon Musk tweeted that the largest U.S. exchange had to enable Dogecoin trading.

                    In mid-May, Coinbase CEO Brian Armstrong revealed DOGE would be listed in six to eight weeks. It only took 18 days to get DOGE added to Coinbase Pro but the coin is not yet added to the consumer application Coinbase.com.

                    The price of DOGE appears to have responded positively to the news, gaining more than 10% in the last 24 hours, trading at $0.36, according to Coingecko.

                    DOGE has had a phenomenal 2021, as the meme crypto is up 560% over the last 90 days and 12-month stats show DOGE gained 12,500%. The Shiba Inu-meme has dropped in value, after touching an ATH one month ago.

                    Crypto related scams flood Spanish courtrooms

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                      underratedcrypto
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                      Crypto related scams flood Spanish courtrooms

                      Spanish courts have been swamped with lawsuits regarding cryptocurrency scams using Bitcoin and Ethereum-based platforms.

                      Spain is no stranger to the rising popularity of cryptocurrencies, which has attracted the attention of individuals and companies seeking to profit from the trend. Courts of Spain are now being flooded with cryptocurrency scam-related cases that are affecting thousands of citizens. According to local reports, there has been a significant increase in the amounts stolen.  Scammers are always looking for areas or platforms to steal a large amount of money, and they have been successful in Spain.

                       Algorithms Group is one of the Ponzi schemes that was active in Spain

                      One of the biggest scams reported is linked to a company called Algorithms Group, which has scammed more than 280 million euros from more than 300 investors. Javier Biosca, the mastermind behind the scheme, operated as a broker, buying and selling bitcoins and promising weekly returns of 25% on investments. The firm, however, swiftly went sour, and Biosca vanished with the money of investors. According to Emilia Zaballos, a lawyer representing private investors, the scam may have affected 4,000 people.

                      Nimbus, another investment-based Ponzi scheme, is estimated to have defrauded 136 million euros from more than 4,000 investors in the country. The company, which also operated internationally, offered returns to investors for their deposits in cryptocurrencies. Other important companies that are facing similar trials are Kuailian and Arbistar 2.0, Ponzi schemes that also face money laundering charges.

                      There is a need for more organization

                      Emilia Zaballos, the lawyer that is in the Algorithms Group case, states that more organization is needed for facing this kind of scams. She is now pushing for the creation of new courts to deal only with this type of crypto-crime and for more guidance from established institutions in dealing with these structures. So far, national regulators have limited themselves to warn investors about the potential dangers of these investment tools, but they have not taken direct actions against them.

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