Recapping the biggest news stories of the week. If you’ve missed the top stories of this week, this post provides a comprehensive look at the stories that made headlines. A lot has happened in the cryptocurrency and blockchain world, Square has won a crypto patent, Iran to lift cryptocurrency ban, Coinsquare to move to the EU market and much more. Here’s an overview of some of this week’s most interesting news and articles:
Square, a financial services, and mobile payment company based in San Francisco, California has won a patent for a Payment Network system that will enable people and retailers to undertake transaction in any currency like bitcoin or other cryptocurrency. The US Patent and Trademark Office (USPTO) has authorized Square’s application which enables merchants to accept cryptocurrencies alongside the conventional payment methods such as fiat, and cash out into a currency of their choice.Square had filed this patent application back in September 2017. According to the patent, the mentioned technology directs the need in the art for a payment service accomplished of accepting a greater diversity of currencies…including digital currencies like bitcoin, ether, etc than a traditional payment system in a transaction between a customer and a merchant, and specifically for a payment service to solve or ameliorate problems.
Atlas Quantum, Brazilian crypto investment platform has been hacked and the data of more than 264,000 of its customers has been leaked. The data includes names, the amount of Bitcoins customers own, telephone numbers and the email addresses of all 264,000. Atlas Quantum is an investment and cryptocurrency trading platform that enables people to include bitcoin to their accounts. Clients can also use it for buying and selling on different cryptocurrency trading platforms. The company has more than 100 employees and manages more than $30 million in assets. one of Atlas’ users who had deposited more than 2 BTC, confirmed that the data is real. Among those whose information got leaked are Rocelo Lopes, the CEO of Stratum coinBR, a crypto services platform. Atlas itself had 792 BTC. The leaked data displays there are 5,813 BTC (about $39 million) deposited on the platform. Company further added that, although hackers managed to leak user data, no funds were stolen. When Atlas Quantum found the leak, it tried to secure the database from further attacks. Some of the platform’s functions were temporarily disabled after the hacking incident.
Canada’s largest crypto exchange platform Coinsquare is all set to move to the EU market. With this move, clients in Europe will be able to trade different cryptos such as BTC, ETH, XRP, etc. on its exchange platform. Coinsquare is one of the leading Canadian cryptocurrency exchanges and according to its website, its platform is 100% proprietary and has never lost a single coin. It is SSL and 2FA enabled, with a 95% cold storage policy on all digital currencies, and company runs multiple encrypted and distributed backups every day. The platform plans to enter the EU market by the fourth quarter of 2018 to offer outstanding and secured services. Company has shown an unrestrained zeal for growth. Its movement to Japan and recently to Europe is seen as an innovative growth and progress. The exchange platform plans to increase by $120 million in its finance and it is also planning to recruit more than a hundred new employees.
Iran, a sovereign state in Western Asia has decided to lift cryptocurrency ban in September. The ban, which was imposed in the month of April, disallows state banks and other financial institutions from dealing with cryptocurrencies. Not only this, Iran has been developing a national cryptocurrency that could allow them to sidestep the crippling economic sanctions by US in place since May. Country’s leading provider of banking systems, Informatics Services Corporations has reportedly been designing and developing the cryptocurrency and has now disclosed its features. The cryptocurrency is rial-backed and is based on Hyperledger Fabric Platform technology. In the month of May, to counter US sanctions, the Iranian government, led by Rouhani, was already considering use of Bitcoin to ease the transfer of money and goods because of Bitcoin’s anonymous and decentralized nature.
Energy Efficiency of Blockchain and Similar Technologies was the topic of the U.S. senate committee hearing last week. It was attended by five industry leaders in related fields to bring their incite on integration of blockchain power grids.The committee was extremely positive for using this growing technology which enables use of unique functionality not yet seen in the energy sector, and strong potential to play a role in individual, small and large scale energy distribution, or redistribution markets. The blockchain technology can be directly applied to energy markets with benefits to cybersecurity and traceability of energy use and energy producers.