Connect with us

Market

OKCoin to Integrate Bitcoin’s Lightning Network in Q1

Published

on


OKCoin is the latest crypto exchange to support Bitcoin’s Lightning Network.

Per details shared with CoinDesk, the exchange is in the final phases of integrating the secondary scaling network. It should be live within 3-4 weeks, OKCoin’s team told CoinDesk.

“We have been a bitcoin exchange since 2013 and while we are excited about DeFi and other assets, we know bitcoin is the foundation of the entire industry Bitcoin’s network is often congested and has high transaction fees, particularly during bull markets,” OKCoin CEO Hong Fang told CoinDesk.

The Lightning Network is a technology stack built on top of Bitcoin which facilitates faster and cheaper transactions than Bitcoin’s primary network. 

This integration means OKCoin can lower deposit minimums for bitcoin on Lightning to 0.000001 BTC ($0.004), while the withdrawal maximum is $750. OKCoin representatives told CoinDesk that Lightning Network deposits will show up under users’ regular Bitcoin balances, and that users only have to pay Lightning Network fees (usually pennies) when withdrawing.

OKCoin is one of the members of Blockstream’s Liquid sidechain, another scaling solution, wherein a network maintained by a federation of members like OKCoin processes transactions for a fraction of the cost of Bitcoin’s primary network.

OKCoin’s CEO told CoinDesk that the exchange may “explore other networks” in the future but is focused on implementing Lightning live on the platform first.

Once it’s integrated, the Lightning Network will be available on both OKCoin’s mobile and web applications.

OKCoin is not the only exchange riding the Lightning into the new year.

Moment is building for the Lightning Network’s utility as an instant, cheap on- and off-ramp to exchanges. Bitfinex, which services an international clientele but is closed to U.S. users, was one of the first exchanges to offer Lightning Network deposits and withdrawals. U.S.-exclusive River Financial also offers Lightning functionality for its users.



Source link

Market

GM Stock Up 1%, General Motors to Execute Its EV Plan with Affordable Chevy Bolt

Published

on

By


The Bolt EV will have a starting price of $31,995 compared to the $33,995 starting price of the new 2022 Bolt Utility Vehicle. 

General Motors Company (NYSE: GM) to release two affordable Chevrolet Bolts as part of their plan to become an all-electric vehicle company by 2035. According to the report, the company plans on starting the Chevrolet Bolt below $34,000 and will be an all-electric vehicle. Also, there will be a GMC Hummer EV pick-up later this year at a $113,000 starting price. The Chief Engineer of the company’s battery electric vehicle architecture, Jesse Ortega in a statement said that the representation of the GMC Hummer EV and what the Bolt EV in the body can be represented shows their capabilities.

Meanwhile, GM stock is in the green. Currently, it is 1.69% up, trading at $52.20.

Some of the officials of General Motor refused to comment on the profitability of the Bolt EV. However, the CEO of the company, Mary Barra, and the President of the company, Mark Reuss revealed that the expected next-generation vehicle will be more profitable than the Bolt EV set to be released this year. The Bolt EV will have a starting price of $31,995 compared to the $33,995 starting price of the new 2022 Bolt Utility Vehicle.

The affordability of the vehicle places the company in a better consumer preferential position compared to the Tesla Model 3 which starts at around $37,000 and the $43,000 starting price of the Ford Mustang Mach-E Crossover. Tony Johnson, Director of Chevrolet Marketing believes that the team did marvelously well to deliver superb job driving quality, driving consistency, and driving cost. According to him, the advancement was the contributing factor that resulted in the drastic fall of the starting price.

The Bolt EUV hits 250 miles while the Bolt EV hits 259 miles in full charge. The company’s vehicle that has Ultium Technology will have a 450 mile per charge according to reports. General Motors added some technological features to the model to ensure that they stay competitive. The Bolt EUV, for instance, was integrated with the hands-free supercruise semi-autonomous highway driving system. This will help the driver to be monitored with facial recognition whether he is distracted behind the steering wheel or not while the system is running.

The company has launched a marketing campaign called “Everybody In”. This is a strategy to attract new buyers in their numbers to retain them in the coming years as part of their plan to improve on the adoption of EV. This means buyers will have the opportunity to go for a next-generation EV while they give out their lower-priced vehicles to the company. Ortega explained that they have a plan to keep their customers for a lifetime, and so they seek to delight them by offering them an EV as their needs grow and lifestyle changes.

next Business News, Market News, News, Stocks, Technology News

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



Source link

Continue Reading

Market

Tether Claims to Receive 500 BTC Ransom Note, They Will Not Pay

Published

on

By


Tether alleges it has received a ransom note for 500 BTC. The extortionists have threatened to make documents that are harmful to the Bitcoin ecosystem public.

On Sunday, Tether shared on its Twitter account that it was been extorted. In a thread, Tether stated that they had received a ransom note asking for 500 BTC – worth around $22 million. Tether further noted that the extortionist had threatened to release documents that would be “harmful to the Bitcoin ecosystem.” Tether has been clear that it will not pay. This comes just days after the stablecoin settled a case with the New York attorney general regarding the $850 million loan to Bitfinex.

The team also disputed the circulating documents purported to be personnel emails between Tether and Deltec Bank & Trust and others. Some have purported that these documents are proof that the stablecoin is not fully backed by dollars in reserves as it has long claimed. So far the emails have not been confirmed and Deltec Bank is yet to comment. After receiving the ransom note, Tether wrote:

“Today we also received a ransom demand for 500 BTC to be sent to bc1qa9f60pved3w3w0p7snpxlnh5t4uj95vxn797a7. The sender said that, unless they receive the BTC by tomorrow, they will leak documents to the public in an effort to “harm the bitcoin ecosystem.” We are not paying.”

Undermining Tether

The team has argued that the threat could be a simple extortion scheme or a way to undermine it. Basic extortions are popular in the crypto community, at the same time, the Tether project is surrounded by controversy. This has made the case complicated. Some in the community have long suspected that Tether is not fully backed by dollars in reserve. Additionally, academics have argued that Tether manipulated Bitcoin prices in 2017. Coincidentally as Bitcoin surged to reach $20K, Tether’s market cap climbed from $2 billion to $34 billion.

Tether has been key in the crypto market as a stablecoin. Stablecoins allow investors and exchanges to enter and exit cryptocurrencies in times of extreme volatility with ease. Despite such coins being popular, the largest has been Tether. At the time of press, the coin ranks 5th with a market cap of $35 billion. Interestingly, because of this the stablecoins use of entering and exiting from other cryptocurrencies, Tether records the highest daily trading volume on the crypto market. At the time of press, this stands at over $95 billion.

With the team clear that it will not pay, many will be watching closely if there are any controversial documents released that potentially harm the ecosystem. If not, it will be obvious that this was just a way to undermine the project and spread FUD in the market.

next Altcoin News, Bitcoin News, Cryptocurrency news, News

Kiguru is a fine writer with a preference for innovation, finance, and the convergence of the two. A firm adherent to the groundbreaking capability of cryptographic forms of money and the blockchain. When not in his office, he is tuned in to Nas, Eminem, and The Beatles.





Source link

Continue Reading

Market

Walmart Poaches Goldman Sachs Top Talents to Lead Its Fintech Startup

Published

on

By


Walmart is set to venture into the financial system through a new fintech startup to offer its customers and employees a reliable service. 

Walmart Inc (NYSE: WMT) has poached two top Goldman Sachs Group Inc (NYSE: GS) bankers to lead its new fintech startup with Ribbit Capital. The American multinational retail corporation is seeking to diversify its investment portfolio to bolster its deteriorating stock market.

Notably, Walmart stocks have been dropping in the past three months. Whereby according to MarketWatch, they have dropped approximately 15%, 6.7%, and 9.8% in the past three months, one month, and year-to-date.

Apparently, Walmart remains more susceptible to the coronavirus crisis than other e-commerce companies. Notably, the company significantly relies on low-income earners for its sales, and most are struggling to make the ends meet, especially without the stimulus package.

Walmart Focus on Fintech Startup

Walmart is set to venture into the financial system through a new fintech startup to offer its customers and employees a reliable service. Furthermore, with over 12.6 million Americans having reported unemployment status, Walmart expects a deeper crisis in the near future. Customers have “made it clear they want more from us in the financial services arena,” president and CEO of Walmart US John Furner said in a statement.

Moreover, Walmart has a huge database of customers’ information that could benefit its financial market venture. “Walmart’s newly-announced fintech joint venture with Ribbit Capital will provide myriad growth opportunities, with the leveraging of its massive customer base at the center of the initiative,” Moody’s Vice-President and Senior Credit Officer Charlie O’Shea, said in a note to investors. “Walmart has been slowly and tactically expanding its financial service offerings to its customers, and measured expansion of these capabilities makes sense as it will deepen these all-important customer relationships.”

Goldman Sachs will now be deprived of Omer Ismail, the head of Goldman’s consumer bank, crucial services. Besides, David Stark, one of Ismail’s top lieutenants at Goldman, will be joining the unnamed Walmart fintech startup. “Our business has serious momentum and a deep and growing bench of talent,” said Andrew Williams, a Goldman Sachs spokesman. “We wish these two well.”

Walmart’s entry into the financial and banking sector is a threat to traditional and leading firms in the sector. Notably, in addition to the huge market capitalization, the e-commerce giant has a significant number of customers’ databases. Besides, Ribbit is set to bring on board notable expertise to develop the fintech startup. As a result, it is capable of developing a major financial ecosystem in partnership with other industry players that shakes the traditional banking system.

At the tail end of last year, the Federal Deposit Insurance Corp. approved a final rule governing so-called industrial loan companies. As a result, it is now easier for major businesses to seek banking charters while escaping capital and liquidity demands faced by dedicated financial firms.

next Business News, Editor’s Choice, FinTech News, News, Startups

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



Source link

Continue Reading

Trending