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HitBTC Responds To Recent Claims Against Them - After Critics Shared Belief That The Exchange Is Insolvent, Scamming Users...

We have just received this extended response from HitBTC.    If you're catching up, a good summary of accusations can be found here.

*UPDATE* - We have been unable to find any information on the author of this message.  It officially comes from HitBTC - that is verified.  However, the author is someone claiming to named 'Joan Gald' - records of this person existing cannot be found anywhere. 

Even odder - when they shared this message to their blog, they hid the author name of 'GRINDYQUINN' which we located deeper within the blog's post-structure. 


HitBTC's Statement:
Dear Existing Traders, Future Traders, Cryptomedia who know what they are writing about, those who don’t, those who write for money, and those genuinely enjoying the show, we would like to state our position in a clear way with respect to recent write-ups attempting to portray HitBTC in an unfavorable light. We’d like to address some of these issues and provide context into why they happened and what we are doing to develop our product and the way we communicate.
Let’s start with some background:
  1. HitBTC has been in the cryptocurrency market since 2013. We were among the first and one of the most technologically advanced exchanges. When the early crypto enthusiasts built their first matching in Python or JS, we offered our traders a robust high-throughput C++ matching engine.
  2. We are always ready to admit our weaknesses. While focusing on technological and security parts of the product, we have somewhat neglected the Public Communication and PR. We can see that this might have been our major omission. When faced with a trade-off between focusing our company on security of user assets or PR efforts, we have always opted for the former. A day will come when we will achieve both goals.
  3. The Winter of 2017–2018
    • 3.1. The market for digital assets experienced staggering growth during the winter of 2017–2018 which caused explosive growth in the number of our customers. Our technology performed well with this demand showing its superior capability. However, due to the overwhelming demand for our services we encountered major bottlenecks at an operational level. Our Customer Care and Compliance departments were frequently unable to deliver timely responses to clients’ applications and enquiries and a significant number of these cases became public. Substantial investments were made in the aforementioned departments and the issues were solved in successive months. Unfortunately, however, the negative impact to our public perception had already taken place.
    • 3.2. We would like to emphasize that our technology was built by following procedures rooted in the mature financial industry. To ensure the robustness of mission-critical systems, our philosophy dictates that every issue (whether it is daemon lag, lack of 2-step transaction in ADA currency, detection of a transaction stuck in the bitcoin mempool for more than 48 hours due to a low transaction fee, ethereum smart contract vulnerability, etc.) is handled manually and is thoroughly documented. This assures established procedures and workarounds to be in place should the same issue recur. Over the years our dedication to established financial industry practices has guarded us against losses. This a priori more time intensive approach by today has delivered an extremely resilient system, supporting the largest number of assets in the industry without the risks which many platforms may not be able to anticipate.
    • 3.3. Since the beginning of 2018, we have been able to bring the average support response time down to below the 12 hours mark. At the same time, we were the first to create the System Monitor – a tool made available to everyone, and specifically designed to track platform’s performance and status of initiated, pending and completed transactions as well as deposit, withdrawal and trading components status across over 500 assets.
  4. It has always been our core value that the only acceptable mean of expanding our market share is the constant perfection of our product. Apparently, not everyone shares this belief. As a result, besides real cases, which inevitably seem to surface on social media with projects of our scale, we sometimes stumble upon anonymous “cases” and other general allegations lacking substance. We let them slide more often than not since we have always been focused on addressing real cases and foregoing the opportunity of entering into fruitless disputes on the anonymous Internet space.
    To summarize, the combination of technological advancement and self-imposed communication isolation has repeatedly made HitBTC a target for various provocative statements, both genuine and motivated otherwise.
    The following recent articles are a vivid illustration of unfounded claims that were casted against HitBTC:
    • 4.1. “HitBTC failed Proof-Of-Keys” saga,  January, 2019
      CCN article: “Bitcoin Exchange HitBTC Freezes Customers’ Accounts ahead of Proof of Keys Event”
      1. A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article.
      2. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitorwould suffice for these purposes.
    • 4.2. “HitBTC insolvency: by @ProofofResearch” saga, May, 2019
      1. This article’s case claiming delayed withdrawals is based on 3 AML cases and social media gossip. All quoted AML cases  were resolved within 3, 12 and 33 days respectively.
      2. Obviously, a subset of hot wallets’ balances are not representative of exchange’s total assets. This makes the statement in the article look like someone has been motivated to openly harm our reputation.
  5. Since we have touched upon the topic of KYC/AML, let us expand upon it. Against the will of crypto anarchists and early crypto adopters, the crypto market is progressively becoming more like a regular financial market. That makes it the subject to practices common to legacy financial institutions. Among these practices are design and enforcement of prudent AML/KYC policies and procedures.
    • 5.1. Protection of market participants
      To provide some background: One of the main outcomes from The Great Depression was the establishment of a regulatory framework to protect the general public. As a result, markets became more transparent and protective for its participants which entirely corresponds with our values. The cryptocurrency space will go through a similar process. We foresaw the trend of regulation as an essential factor enabling its mass adoption. We have been setting up an institutional grade infrastructure (KYC/KYT/Market Surveillance/AML and other systems) to protect future mass market participants by following best practice from established financial markets.
    • 5.2. Elimination of bad actors
      We respect and understand the inevitable trend of increasing regulation. In our capacity as the largest spot crypto market, we are making extreme efforts to shield our users from bad actors. This coincides with our philosophy and we consider it to be the only way for the mass adoption of crypto to take hold. That is why we have been constantly evolving our processes, and have developed our AIA Policy, structured around AML/KYC procedures that have allowed us to become one of the “cleanest” exchanges in crypto. Years ago our AML team were happy to uncover posts on darknet websites advising to “never use hitbtc”.
  6. Our stance has exposed us to allegations related to or in some way implying “inappropriate suspensions or significant withdrawal delays”. In fact, these allegations always fall in one of the following categories:
    • 6.1. AML cases that indicate suspicious activity on a user account and require a manual check. A Security Officer reaches out to the user and requests the necessary documents – a delay from either side during communication might prolong the verification process.
    • 6.2. Bad actors using fake documents or counterfeit materials for verification purposes. Rarely, it happens that a person on the other side of a confirmation video call (which is a part of our extended AML procedure), shows no signs of affiliation with the account.
    • 6.3. Deposits to the wrong address. If a user accidentally deposits digital assets to the wrong address on HitBTC, we can usually rectify the situation. For example, if a user sends BTC to a USDT address – this is a reversible mistake. Our technical and financial specialists can recover it manually if it’s eligible for retrieval. Naturally, it takes time.
    • 6.4. Victims of phishing. Even though we are always on the lookout for sites mimicking our interface for malicious purposes and initiate their shut down, some of them might escape our attention. We do our best to increase the level of protection of customer accounts. In recent years we have implemented a number of additional security features, such as: one of the first-in-the-industry 2FA confirmations, whitelisted addresses for withdrawals and advanced market surveillance systems.
    • 6.5. Rare cases of account suspension due to a law enforcement request in which we are explicitly prohibited from informing the user in question about the matter.
    • 6.6. Law enforcement requires us to freeze assets without explicit prohibition from informing the user in question. One of the recent public cases.
    • 6.7. A third party request claiming their funds are involved in fraudulent activity – user in question’s account is frozen if we have reasonable arguments to back up the claims and we’re obliged to ask a third party to get law enforcement involved.
    • 6.8. Loss of access to 2FA device requires an extended verification process which shouldtake time due to the security policies that aim to protect users that didn’t lose their 2FA keys, but might have someone pretending to be them.
    • 6.9. A separate category of cases that cause deposit/withdrawal delays on a subset of assets have to do with comprehensive custodial security infrastructure and technical issues of daemons (please refer to 3.2 above). They are an artifact of a large system – given the nature and quantity of assets we support, at any point in time, there are some of them that are down for maintenance. We have custodial SLAs that we are constantly improving, and we are confident that they are at the optimal level of security vs performance within the entire industry. We share necessary statistics transparently in our System Monitor.
  7. We would also like to communicate our position with respect to assets being integrated into and occasionally removed from our platform as this has also caught its share of public attention.
    We are honored to work with a diverse range of blockchains and tokens. Given the fact that the crypto industry was in it’s very early days, some lapses of judgement in assessing our integration partners have occurred despite our best efforts to prevent this. Sometimes, it was that we did not possess a complete understanding of the integration partner’s business; sometimes it was the change of the integrated project’s course over time. As a result, the decision to remove a project from our platform occasionally had to be made. In these circumstances, we inevitably face a tough choice – whether to announce it beforehand, adversely influencing the asset’s price, or carry out the process instantaneously. We considered the second option to be less harmful. Withdrawals for the currency or token that was removed always stay open even after the removal takes place except for cases when the technical team is aware of issues. The vast majority of removal decisions fall into one of the following categories:
    • 7.1. Hacks, security breaches, and critical contract bugs solely on the side of the token or coin issuer. For example:
      • 7.1.1. The MXM Case
        • On March 26, 2019 04:19 UTC MXM had reached out to HitBTC reporting a “critical vulnerability” in their smart contract. We immediately suspended the withdrawals and deposits.
        • On March 28 the team reached out to us again asking to list a fork of their token that had been distributed using a snapshot made on March 25, 19:00 UTC”, 9 hours before we were notified.
        • The resolution proposed by the core team:
          • HitBTC lists a forked token.
          • MXM would send to HitBTC custody tokens of the new contract.
          • HitBTC will exchange the old tokens for the new ones transparently to the users.
        • MXM team sent  the new tokens to our custody.
        • During the audit, our financial department identified a mismatch between the new tokens received and the quantity required for a one to one conversion for our customers.
        • Having reached no consensus with the core team, we decided to remove MXM from the platform.
        • We reversed the transaction of the insufficient amount of tokens transferred to us back to the MXM team.
        • After negotiations, the MXM team solely took responsibility to convert old tokens for our customers. We carefully monitored this process.
      • 7.1.2. The MORPH Case
        • June  20, 2018, a security breach was exploited in the MORPH smart contract by malicious actors, that allows anybody to issue an unlimited number of tokens.
        • June 21, 2018 at 20:06 UTC the MORPH team contacts our sales department with requests to “pause listing”, and “pause trading”, and to be prepared to swap the smart contract with the reason “issues with our smart contract”.
        • No mention of any security breach was made.
        • June 22, 2018 at 10:29 UTC. Following established procedures, our sales department initiated negotiations to support the new smart contact as defined by our standard procedure for any regular business activity involving the resources of our tech team.
        • Independently on June 22, 2018 at 20:46 UTC our AML and security departments’ alarms were set off indicating malicious activity related to MORPH’s smart contract.
        • Transfers from custodial to trading accounts were suspended immediately to prevent fraudulently issued tokens entering our liquidity pool.
        • A financial control check found that 19,842,265 compromised MORPH tokens had entered our liquidity pool. We contacted the MORPH team and had provided detailed blockchain transaction data, analytics from our security department and data gathered regarding the malicious activity. We want to stress that during future communication we did not disclose irrelevant data that the MORPH team was requesting.
        • The MORPH team refused to provide the requested 19,842,265 new MRPH tokens in order to carry out the contract swap procedure with a 1 to 1 rate.
        • The MORPH team’s values not to admit own mistakes did not align with ours and we made a decision to cease our relationship with them.
        • Following this case, we thoroughly examined and revised our internal smart contract audit processes and KYC procedures for potential partners.
      • 7.1.3. The BNT Case, an example of a core team acting in good faith when resolving their security breach.
        • Bancor experienced a security breach leading to a part of their funds being compromised on July 9, 2018.
        • On 9 July, 2018, the BNT core team moved a part of funds from our custody accounts without our consent*. This action immediately set off our financial control alarm and we closed all deposits and withdrawals of the BNT token.
          *We realize that the vast majority of tokens are controlled centrally by their respective core teams, and we understand the importance of constructive communication with them.
        • After discussion with the core team we have reached mutual understanding. Bancor returned the funds retrieved from our custody on July 12, 2018.
    • 7.2. Although we have been constantly improving our internal processes, in the past, a few cases of insufficient review did occur. Here are the most notable of them:
      • 7.2.1. The XMV Case
        • We made an announcement regarding XMV integration on May 3, 2018.
        • Resources of technical team were engaged and severe technical problems in XMV daemon and network were discovered.
        • In parallel a Due Diligence process was conducted. MoneroV failed to provide the set of required documentation.
        • We rejected XMV integration in early November, 2018.
      • 7.2.2. The AMM Case
        • As mentioned above, in December 2017, our back office was overwhelmed with requests.
        • The malicious activity occurred and some accounts were credited with x106 larger amounts than they actually deposited via the  blockchain.
        • We invested a considerable amount of technical and operational resources into dealing with each customer affected on a case-by-case basis.
      • 7.2.3. The HitBTC, McAfee & MTC Case
        • On May 4, 2018 John McAfee Tweets about the MTC token integration into HitBTC.
        • On June 28, 2018 McAfee Tweets his disdain for exchanges, targeting HitBTC specifically.
          “The crypto exchanges have become the thing that we have originally fought against. Their power is immense. Hitbtc, for example, has increased suffering for millions of poor people who cannot afford the minimum buy-in since it is greater than their monthly income. Boycott them.”
          @hitbtc I will be your worst enemy until you prove that you are aligned with our community and are truly interested in helping the poor. You have not done shit to help access the only free healthcare in the world.”
        • Referring to ambiguous McAffee’s critics about the “buy-in” price (a term from poker), on June 30, 2018 we answered with a Tweet explaining our withdrawal fees.
        • Despite this, John McAfee continued to make significant efforts to create a toxic atmosphere around HitBTC.
        • We have deep sympathy to John’s beliefs that poor people should have access to new technologies, but we see a different way to achieve that – by building a robust infrastructure for future mass adoption.
    • 7.3. The activity of a coin’s core team negatively affects our customers. For example:
      • 7.3.1. The BTCP Case
        • On December 30, 2018, after  persons with malicious intent exploited a vulnerability in the coin’s code, BTCP made the decision to make a hard fork of their blockchain, burning “shielded” and “unmoved” coins.
        • The BTCP team’s decision put in danger the unmoved coins stored in our custody system under Segwit BTC addresses. To “move” and protect them from being burned we had to either import cold custody’s BTC private keys to BTCP daemon or implement the BTCP transactions signature ourselves.
        • As importing keys from the high security segment of our custodial technical infrastructure to any third party daemon fundamentally contradicts our policy, we opted for signature implementation in order to protect our custody funds.
        • Despite our utmost efforts, we were unable to obtain clear documentation from the BTCP team that would have allowed us to implement the P2SH-P2WPKH signature in time.
        • We requested that the BTCP team to compensate us for the loss of coins that were burned based on their conscious decision to proceed with a hardfork.
        • The BTCP team refused to provide any alternatives, that would have prevented damage to the funds in our custody.
        • We decided to remove BTCP from our platform. You can find more details related to the BTCP case on our blogpost.
        • Please note that coin burn did not affect coins deposited to our custodial accounts after the BTCP network launch, so none of customers’ assets were affected. Nevertheless, no airdrop of old coins was held.
Let us summarize the key points mentioned above. We believe in a future filled with self-sustainable Internet and virtual reality economies and we have actively been creating its vital infrastructure for many years. During this course we’ve mastered ways to create both a product that can support millions of users and the technology behind it. We have expended substantial effort in complying with the evolving regulations in the digital asset space including the practices necessary to exclude bad actors and establish fast and secure operations among many other aspects of the business in this industry.
However, by keeping our main focus on the things we consider to be fundamental, we perhaps neglected Public Relations as well as the necessity of reacting to public accusations – both fabricated and genuine. We consider it to be an important part of a public product and we are confident in our ability to convey our values and ideals.
We are constantly on the lookout for public communications talent with or without experience in blockchain technologies. Please feel free to contact us at careers@hitbtc.com. We’d love to hear from you.
Please do not hesitate to contact me at joan@hitbtc.com with any enquiries regarding our values.
Joan Gald
Board Member, HitBTC
Speaking from personal experience as a journalist covering the cryptocurrency industry, I have encountered a case where a reader sent us documentation showing HitBTC was not releasing funds - a large amount too (over $1M USD value).

They kept delaying it with KYC requirements we deemed invalid.  Valid ID was provided by this user, a passport specifically - which we were able to verify and associate back to the user in question easily. An exchange that does this several times a day, every day, should have been able to do the same without a problem.  Our team's final opinion was that they were deliberately withholding the funds, and the reasons given were false.

Does that prove insolvency? To play devil's advocate - no, it doesn't.  It could be employee incompetence.  But the number of these cases has stacked up.

Ultimately - a 3rd party audit will be necessary at this point.  There's no way around it. The sooner HitBTC opens the books, the better. 

Understandably, delaying this process invites increased suspicion.

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Author: Mark Pippen
London News Desk


Ethereum Hits Wall Street - ETH Trust Will Open On OTC Markets, Making It Easier Than Ever For Stock Traders To Buy...

The Ethereum Trust created by Grayscale isn't new, it's been around since 2017 - what's new is how easy it will be for everyday investors to get into.

Previously, investors would need to be accredited clients of Grayscale (the company that offers it) and start with a minimum investment of $25,000.

Until today - when Wall Street’s self regulatory organization The Financial Industry Regulatory Authority (FINRA) approved the listing of the Ether based trust on OTC markets, meaning anyone who holds stocks can add this to their portfolio by buying shares of the trust, which will trade under symbol 'ETHE'.

Also gone is the minimum investment, opening up participation to 'mom and pop' traders. "The secondary market really opens up the opportunity for any and all investors” says Grayscale's managing director Michael Sonnenshein.

Important note for crypto traders who may not be familiar with traditional markets - unlike trading in futures, a trust actually holds the asset. Meaning Greyscale actually buys and holds Ethereum in order to operate the trust, in this case each share equaling about 0.10 ETH.

So why is this a big deal? Many investors are curious about crypto, but not enough to fully dive in and open an account on an exchange.  Now, they can shares of the trust to their existing stock portfolio.

Sentiment around Ethereum was already indicating high levels of positive speculation that Ethereum is next in line for a strong bull run. All eyes are on $250, a resistance level ETH hasn't been able to break through since Sept 2018. With the exception of a quick spike up, that came right back down, so quickly its was meaningless - but if it can hold above this level; next time the flood gates may open!

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Author: Justin Derbek
New York News Desk


Hotels HACKED! The company building high tech, blockchain powered, sustainable hotels - costing less to operate, and a lot less to rent!

Have you ever imagined a scenario where you can live affordably all year-round in a hotel beachfront resort?

Innovasis Hotels is that place. It’s the amazing new hotel project that is revolutionizing the hospitality industry. Not only in terms of affordable lodging, but also in terms of technology, sustainability, productivity and offering unbeatable fun experiences. Big hotel chains should be afraid. Millenials that are business and tech savvy are about to disrupt the hospitality market.

Innovasis Hotels is the world's first 100% self-sustainable hotel resort. It is completely powered by solar panels and produces its own water that is also processed and re-used. You can even recycle your trash to receive some extra cash using their waste management system. Furthermore, the hotels are fully equipped with modular farms that allows for enough production of food to feed 350 people per day. Through this smart implementation of technology like solar panels, zero waste water systems and advanced data management which drastically lowers operating costs, they’ll be able to offer customers surprisingly affordable prices.

The hotels are built using rapid, scalable, modular construction that is extremely durable and protected against the elements and natural disasters. This makes it possible for the hotel to decrease building time by 50% and provide safe and innovative lodging solutions for guests. No boring concrete facilities here, instead they will use innovative world class construction made from containers. With the first hotel about to be built on Puerto Rico, Innovasis Hotels already have two other resorts in the pipeline for other beautiful locations to be announced at a later date. Additionally, but we are also planning on building urban hotels that offer the same affordable rates and fantastic innovative experience for big city travelers.

Guests are never bored while visiting an Innovasis Hotel.

One of the key aspects of Innovasis hotel resorts is the Playnovate fun parks that will keep guests highly entertained during their stay. This includes things like a giant slip-and-fly, electric jet skis, underwater scooter rentals, VR rooms and much more. For those who like to keep productive and stay up to date with business, the hotels have fully equipped co-working spaces where guests can work undisturbed or network with others. Free open space, breakout rooms for privacy and affordable conference/meeting rooms make this the perfect place to host startup conferences and meetups. It is truly a unique and inspiring place to visit and one that nobody will want to leave. You won’t even have to. The hotel offers four types of accommodation with the cheapest starting from $35 per night, which is something unheard of when staying at beachfront resorts in prime locations around the world. The hotels are a paradise for digital nomads and millennials, a place where staying with us is guaranteed not to break the bank. It is a place where technology is on the forefront, evident by the hotels own cryptocurrency Hotel Coin (HCI) and the welcome acceptance of others like it. Guests will be able to pay for everything in the hotel using the HCI utility token, powered by the Ethereum network and smart contracts. They’re a future-minded company, and are making decisions that will have the best impact on environment and guest experiences alike.

Taking care of the community.

Innovasis Hotels is truly mindful of the local community, not only in terms of leaving a small footprint on the beautiful land they plan to occupy, but also in how they will interact with the locals. The hotels are a place of meetups where once a week the entire community is invited for a large and well promoted farmers market to sell their items. Locals can sell their food, fruits, vegetables or even art, creating a good source of income and a great opportunity for guests to immerse themselves in the local culture. They even plan to have cooking classes where guests can sample amazing food and learn how to make it themselves. By also offering classes where everyone can learn about things like modular farming hydroponics, solar technology and robotics, the goal is to be a place of education for all. Innovasis Hotels is a force for good that is accepted with open arms by the community and government where they plan to operate. They will even establish a medical center, and doctors are invited to stay for free at the hotels in exchange for providing medical and dental care to the community and guests.

Their goal is to revolutionize the hospitality industry and create a place where guests of all types can experience marvelous locations for an affordable price. Knowing how unreasonably expensive most hotel resorts are in prime locations, they want to offer a break from the status quo. You’re invited to learn more about Innovasis Hotels by visiting their website and subscribing to their newsletter. This will keep you updated with the progress they’re making, and you will be the first to know when the hotel is ready to accept bookings.  Innovasis is promising - “You’ve never seen a hotel like this before!”.

Visit www.innovasishotels.com today and get ready for the future.


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Information provided via press release
Distributed by Global Crypto Press Association Press Release Distribution Service for industry.


Eventoken Finishes 2 Sold Out Rounds of IEO Pre-Sales on IDAX! Why They're Now Saying 'It Doesn't Stop Here'...

After two successful rounds of IEO pre-sales for the Eventoken ‘EST’, IDAX is telling it’s users get ready for something even bigger!

They have been preparing tirelessly for EST's two rounds IEO on IDAX Foundation. And it has been nothing short of success! During the first round of IEO they successfully sold 6 666 666 EST tokens and 5 000 000 EST during the second one. Both rounds were accompanied by special offers for IDAX users.

Now,  for those who missed this IEO and those who want more, IDAX has confirmed a token listing on the exchange will follow shortly! Exact details coming soon.

It is a proud moment for both teams, who issued a “thank you” to their community who helped them achieve successful token sale, which ended ahead of schedule as a result of reaching the hard cap.

About IDAX (www.idax.pro):

IDAX is an international exchange platform originating from GBC (Global Blockchain Research Centre). IDAX was founded in 2017, within several month, it gained to be in Top 10 exchanges of CMC rank. IDAX provides users from all around the world with convenient, safe and fast digital cryptocurrency transaction service. After launching Foundation in January 2019, IDAX has raised over $10 million among private investors and is now offering IDAX users the opportunity to support the leading project by EST purchasing. In the past year, many blockchain projects staged so-called public sales of tokens without a concurrent listing on a public exchange, increasing the likelihood of fraud and security problems. As one of the world's leading exchanges, IDAX values every user and uses various ways to create investment value for users, such as selecting outstanding projects and help users participate in project IEO, maintaining our relationship with users from a long term perspective.

About EvenToken(www.EvenToken.io) Event Sponsorship Platform:

EvenToken enables event planners to initiate sponsorship as early as possible through public sponsorship that will incubate even more interesting and meaningful events. In the meantime, sponsors will acquire either tangible or intangible return so that they are entitled to actively participate in the event planners' community. Team members and partners of EvenToken are from Taiwan, Hong Kong, Malaysia, Mainland China, Russia and so on. The core of team has been working in the international MICE industry for many years. Some of them had also worked for the world top 500 companies. The founder, John Sie, is an experienced entrepreneur, right now running the largest off-line ticketing and event planning platform in Asia - Accupass and Huodongxing– which received endorsements from world-class investors such as SAIF, Qualcomm, DCM, Recruit Inc., Tencent, and Ucomune. The users of Accupass have been breaking 30 millions, serving millions of events. Currently the team runs bases in 12 cities in Asia.

Official IEO Website: http://www.idax.pro
Whitepaper: https://www.accupass.com/go/eventokenwhitepaper

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Information provided via press release
Distributed by Global Crypto Press Association Press Release Distribution Service for industry.


How to Buy BTC for Just 10% of its Value on YouHodler...

As FinTech platform YouHodler expands it's services to clients, users are unlocking new, creative ways to take advantage of the crypto market. Take the platform's "buy crypto with fiat" for example. With this method, combined with YouHodler’s 90% LTV, a user can buy BTC for just 10% of its value. Here's how it works in three simple steps.

HOW TO BUY BTC FOR 10% OF IT'S VALUE ON YOUHODLER:

With YouHolder's recently introduced feature, user's can buy BTC, ETH, XRP, XLM, LTC, BCH, BSV, DASH, EOS, BAT, REP and more directly on the platform with fiat (USD and EUR with a credit card or bank wire). Users can get large discounts on crypto purchases. For this specific example, let's see how someone can buy 1 BTC for just 10% of its value using the following three-step method on YouHodler:

For this example, let’s say 1 BTC = $8000


Step 1: Use $8000 in cash to buy 1 BTC on YouHodler (Note: This is temporary capital that will be repaid in about 15 minutes). Alternatively, you could borrow the $8,000 from your traditional business funds to use in this scenario.

Step 2: Use this 1 BTC as collateral on YouHodler. With 90% LTV, you get 90% of $8,000 sent to you in cash or USDT. Use this to pay back the $8000 to wherever you borrowed the original capital from.

Step 3: You now have 1 BTC sitting in collateral that you only paid 10% for ($800). Now, simply wait for the market to rise again before repaying the loan and getting your 1 BTC. You are only responsible for paying back the 1 BTC at its value at the time of the loan. So if it rises to $9,000, $10,000 or beyond, you keep all additional profits.

Note: This can be a risky strategy if the market takes a rapid price drop.

CUSTOMIZE YOUR USER EXPERIENCE WITH MORE TARIFF OPTIONS

While the previous example focused on YouHodler’s 90% LTV tariff option, users should know there are a variety of channels one can access depending on their individual needs. Whether you want quick cash, 8-day loan term with 80% LTV for a long term 120-day loan with more flexibility, there is plenty to choose from to suit your strategy. Customizable tariffs are also available upon request. Considering all available options is an important part of your risk management strategy. Hence, YouHodler always recommends a thorough due diligence process before pursuing any financial activities.

To see the full selection of tariff options and to take advantage of YouHodler’s crypto banking tools, visiting them at YouHodler.com today.

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Information provided via press release
Distributed by Global Crypto Press Association Press Release Distribution Service for industry.


Crypto Takes A GIANT Leap Forward... in Almost Total Silence! Starbucks, Whole Foods, Petco + More Accept It, Right NOW!

Am I dreaming?  This can't be true.

If major retailers were REALLY accepting cryptocurrencies - there wouldn't be a crypto message board, subreddit, or telegram channel where you could avoid hearing about it, even if you wanted to. 
It would be the biggest story of the week! Probably of the month... actually, maybe so far this year.

I bet it's just another Visa or Mastercard debit card that just converts your crypto into USD.

...This is the mental roller coaster I took a ride on, until taking a closer look and arriving at the conclusion i'm still in shock over.

IT'S REAL!

And I just bought my dinner from Whole Foods, in all crypto.

Let's rewind a bit -  technically, I first heard of this last week when a member of the team I sent to cover Consensus (for those unfamiliar, it's a big annual conference centered around blockchain/crypto in NYC) met someone from the company behind this, and going over the team notes afterwards, we all brushed it off.

For good reason - several times now, we've been contacted by marketing people from companies using verbiage like 'Now you can buy that coffee with crypto!' to grab attention, then it turns out to be a debit/credit card that automatically sells crypto to cover any transactions you use it for.

Not only would another one not be newsworthy, but these crypto-funded Visa/Mastercards are kind of awful. The big advantage of accepting and using crypto is freeing both customers and retailers of the hefty fees that feel small at the time, but seriously add up.

Let's use Starbucks, and the fees of a popular credit/debit card processor for example.  The Starbucks store could do 1000 transactions throughout the day, paying about 15 cents each time - that's $150 in fees in a day for 1 store - now imagine having 28,000+ stores just in the US.

Lowering those costs is an appealing idea, but these crypto debit cards typically double the fees, first the exchange of your crypto to USD, then the usual credit card processing fees, and that's why we've come to ignore someone telling us about using crypto in stores.

BUT... IT'S NOT A CRYPTO DEBIT CARD!

The stores involved actually oped-in, and the solution requires access to some of their internal resources.  That's worth noting - these retail giants are actively seeking, and are involved in finding a way to take crypto payments.

The company behind it is called Flexa, and how they're doing it is one of those 'I can't believe someone didn't think of this earlier' simple solutions.  Stores do not pay a processing fee when you purchase something using one of their own gift cards - and Flexa taps into this system.

No, you don't actually purchase a gift card - you're just piggybacking on the payment processing network that handles all of those transactions!

I'm guessing behind the scenes it works like this:  I first sent some Ether to my wallet address in the app, when it came time to pay I held up my phone where a QR code was on-screen, the store scanned it, the bill was a little over $20.

This must be where the QR code the app generated indicated that this is a transaction paying with crypto via Flexa, and the app already verified I have the funds - so the store then instantly generated a $20 gift card,  charged it, and that's it - transaction complete!

The user will have that amount worth of crypto deducted from their wallet, and at the end of the week (or month?) Flexa sends the funds in USD to the retailer in one lump sum. Before, there would have been thousands of those small fees for each transaction, now they're all just... well, gone.

An instant revenue boost for the retailers using it - a big one too!

Starbucks serves 8 million cups per day, if just half of those are on credit/debit card, and those cost them $0.15 per transaction - that represents a $600,000 per day or $18,000,000 per month loss that any company would love to lower.

A BIG ANNOUNCEMENT LIKELY COMING SOON - BUT WHY SO QUIET NOW?

Officially, all this is in beta testing. 

But from what I can see - it's built, it works, and the ability to handle the transactions is live and functional - the App is even in the Apple App Store. (Note: Flexa is the company behind it, but the App is called Spedn)

Unfortunately, while it'sin this beta testing phase you won't be able to get past the home screen without an invite code.

But I was able to get my hands on an invite, no one said I couldn't share these - so here's some screen shots!

 

Suspiciously missing from the list is Starbucks, but it is confirmed to be working at their stores.  This could either be because the announcement is being saved for marketing purposes, but others have speculated that they may be pursuing another solution through their own crypto venture Bakkt.

Current coins supported are Bitcoin, Bitcoin Cash, Ethereum, and Gemini's stable coin

So what's next?

I honestly have no idea, this seems ready to go - and that's why i'm predicting an official public launch is coming literally any day now! 

Looking a bit further into the future, i'm also predicting Square will be providing this same ability to smaller independent retailers, of which they have millions. They can update their point of sale hardware remotely, no new equipment needed.  Their mobile app 'Square Cash' already has the ability to buy and hold Bitcoin, and convert it between BTC and USD - it's practically ready to go already.

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM

San Francisco News Desk



US Crypto Traders - Claim Your $25 BTC...


EST has finished the 1st IEO round on IDAX Foundation...

Following a successful first round IEO token sale, selling 6,666,666 EST tokens - IDAX has just given it's users along with Eventoken's supporters the notice to "get ready for round 2", which they have scheduled for May 22nd at 15:00 (UTC +8).

IEOs or 'Initial Exchange Offerings' have been exploding in popularity in 2019, because it allows for fans of a specific project to acquire that project's tokens from a trusted exchange, before it's officially available to the public. Another main draw to the IEO sale structure is that while the buyer is purchasing from an exchange, the price during an IEO sale period remains fixed. Even with the greatly limited supply, and even if demand is high - the first token sold will be priced the same as the last, until sold out.

It will be the final opportunity  for those who missed the first EST token IEO.

The EST project is providing a total of 5,000,000 EST tokens for the May 22nd round, along with a special 8% discount exclusive to IDAX users.

About IDAX (www.idax.pro):
IDAX is an international exchange platform originating from GBC (Global Blockchain Research Centre). IDAX was founded in 2017, within several month, it gained to be in Top 10 exchanges of CMC rank. IDAX provides users from all around the world with convenient, safe and fast digital cryptocurrency transaction service. After launching Foundation in January 2019, IDAX has raised over $10 million among private investors and is now offering IDAX users the opportunity to support the leading project by EST purchasing. In the past year, many blockchain projects staged so-called public sales of tokens without a concurrent listing on a public exchange, increasing the likelihood of fraud and security problems. As one of the world’s leading exchanges, IDAX values every user and uses various ways to create investment value for users, such as selecting outstanding projects and help users participate in project IEO, maintaining our relationship with users from a long term perspective.

About EvenToken(www.EvenToken.io)Event Sponsorship Platform:
EvenToken enables event planners to initiate sponsorship as early as possible through public sponsorship that will incubate even more interesting and meaningful events. In the meantime, sponsors will acquire either tangible or intangible return so that they are entitled to actively participate in the event planers’ community. Team members and partners of EvenToken are from Taiwan, Hong Kong, Malaysia, Mainland China, Russia and so on. The core of team has been working in the international MICE industry for many years. Some of them had also worked for the world top 500 companies. The founder, John Sie, is an experienced entrepreneur, right now running the largest off-line ticketing and event planning platform in Asia — Accupass and Huodongxing– which received endorsements from world-class investors such as SAIF, Qualcomm, DCM, Recruit Inc., Tencent, and Ucomune. The users of Accupass have been breaking 30 millions, serving millions of events. Currently the team runs bases in 12 cities in Asia.

Official Website: http://www.EvenToken.io

Whitepaper: https://www.accupass.com/go/eventokenwhitepaper


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Information provided via press release
Distributed by Global Crypto Press Association Press Release Distribution Service for industry.


Addicted to Crypto!? Inside the hospital rehab facility that just added "cryptocurrency addiction" to it's program ...


Things just got weird. Inside Castle Craig Hospital in Scotland, a rehabilitation facility recently added treatment for "cryptocurrency addiction" as an addition to their gambling rehabilitation program.

 It's intended to help those struggling with "betting specifically on (unstable) digital currencies." 

Render Token On-Board At IDAX!

Many of you were wondering if there’s a place to trade your RNDR tokens, and finally there is one!

"We are honored to be the first exchange to open a RNDR trading pair!" top international exchange IDAX announced today, now launching Render token on the ETH market!

Deposit Start Time: Already opened deposit
Trading Start Time: 14:00, 19th May,2019 (UTC+8)
Withdrawal Start Time: 14:00, 20th May,2019 (UTC+8)

About RNDR
RNDR Token is the first decentralized economic network to convert GPU computing power into 3D assets such as graphics cards. The goal is to create, share and monetize any 3D object or environment through the Ethereum blockchain protocol. Supported by breakthrough cloud rendering technology, RNDR Token creates a distributed global network of millions of point-to-point GPU devices.

Token usage:
At this stage, use the RNDR token: establish the cloud rendering market entry, as an ecological solution, if it can occupy 1–2% of the cloud rendering market share, then the revenue is expected to exceed $10 billion by 2021.

Official website:https://rendertoken.com/
Official announcement: https://idax.zendesk.com/hc/en-us/articles/360028560291-IDAX-will-open-RNDR-deposit-withdrawal-and-trading

Visit IDAX at: https://www.idax.pro

Risk warning: Cryptocurrency investment is subject to high market risk. Please make your investments cautiously. IDAX will make best efforts to choose high quality coins, but will not be responsible for your investment losses.



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Information provided via press release