Tech

Two years ago, three individuals filed a lawsuit against Chase Bank NA, the sixth-largest bank globally and a subsidiary of banking giant JPMorgan Chase & Co. The lawsuit was filed because Brady Tucker, Ryan Hilton, and Stanton Smith were charged huge fees for purchasing cryptocurrency, with the allegations that the bank didn't warn them in advance regarding a change in its policy. The allegations put forward in the lawsuit noted that the bank's customers who used their credit cards to…

Digital asset trust and security company BitGo has announced to offer custodial services to India’s leading crypto exchange CoinDCX, through a recent partnership. According to the recent announcement, BitGo has started storing digital assets held by CoinDCX crypto exchange. With BitGo’s protection, CoinDCX believes that the users’ funds with them are completely safe and makes the exchange one of the safest crypto trading platforms in the world. CoinDCX claims that their utmost priority is to ensure that all the security…

COVID-19 pandemic has brought economic difficulties to the world and the poorest individuals are most hit. This is why organizations, firms and individuals are reaching out to those who need help. Companies offering services related to cryptocurrency and some individuals in the cryptocurrency space have been trying their best to help those in need. For example, cryptocurrency companies like Binance, BitMEX and the Stellar Foundation have launched such initiatives. Cryptocurrency exchange based in Mexico, Bitso, has collaborated with the crowdfunding platform Donadora towards the launch of…

Due to the rising number of reports on investment scams related to digital currency focusing Pacific communities, the Financial Markets Authority (FMA) and Commerce Commission in New Zealand have launched an awareness campaign. “We saw the OneCoin pyramid scheme proliferate through Pacific social and community groups. Last year the FMA also reiterated its warning that Skyway Group (or SWIG) may be involved in a scam and was targeting Pacific groups. Investment scams fall under the remit of the FMA, while…

The chief executive of payments company Square and social networking platform Twitter, Jack Dorsey, is mapping out how smartphone features continue to pressure bank branches. The growth of fintech and the expansion of the cryptocurrency space will keep accelerating the digital world of moving money with more onramps, options, integrations and ease of use. This is why the future of local bank branches is questionable and financial professionals are showing concern and suggesting solutions. Dorsey spoke at the 48th Annual…

The biggest bank in the U.S., JPMorgan Chase, is now reportedly dealing with U.S. crypto exchanges Coinbase and Gemini as customers. On May 12, the Wall Street Journal (WSJ) reported that this is the first time the bank has served clients from the cryptocurrency industry. It was reported that both exchange accounts were accepted last month and the bank has started processing transactions. It is noteworthy that the bank is not processing Bitcoin or other crypto transactions on behalf of the exchanges,…

Digital currency companies are responding to anti-money laundering requirements of the Financial Action Task Force (FATF). The latest response to the requirements involved the development of a new messaging standard. The new messaging standard is known as IVSM101. Two months to the end of 2018, the FATF was able to adopt changes to its recommendations to explicitly clarify that they apply to financial activities involving virtual assets (VA). This led to the expansion of the scope of the recommendations to apply to…

Digital currencies have come to stay and governments worldwide are finding means to adopt them for various reasons. Some are seeing digital currency transaction processing as an activity that is likely to pay off in the future. In recent times, Ukraine’s Ministry of Energy and Environment recommended the utilization of the excess power produced by nuclear power plants for processing digital currency in the country. Currently, there is production of excess energy by power plants in the country because COVID-19…

May 7 is the World Password Day. Interestingly, the cryptocurrency space has introduced an enhanced means of getting around insecure passwords and phishing attacks. That is, with this new solution, there is no need to utilize a password which criminals exploit to carry out cyber attacks. This solution is the lnurl-auth protocol which permits signing into a variety of accounts by receiving a QR code with a special message. Users will be able to utilize a public key attached to their wallets…