Major crypto/blockchain news of the day summarized in a way that you don’t miss a single news without having to spend a lot of time.
1. Coinbase Patents Automated KYC Enforcement Tool
Cryptocurrency exchange Coinbase has patented a self-learning compliance enforcer that shutters “bad” user accounts. The U.S Patent and Trademark Office-issued patent, published on Nov. 19, describes an automated system and accompanying scoring mechanism that together root out non-compliant user accounts – specifically ones suspected of trafficking in illegal activity. Read More
2. ECB Official Says Digital Currency Could Be an Alternative to Cash
A digital currency could ensure that citizens remain able to use central bank money even if cash is eventually no longer used, a European central banker said. Speaking at a joint conference held by the European Central Bank and the National Bank of Belgium, outgoing executive board member Benoît Cœuré said the bank will examine the potential influences of digital currencies over the existing financial system. Read More
3. HSBC to Track $20 Billion in Assets on a Blockchain Next Year
HSBC bank is planning on tracking roughly $20 billion in assets on a blockchain-based custody platform early next year, Reuters reported Wednesday. According to the report, HSBC intends to move its current paper-based records onto its Digital Vault platform by March 2020, allowing investors to track securities in real-time. The U.K.-based bank will specifically digitize its private placement records, allowing investors to quickly check on holdings. Read More
4. Upbit Promises Swift Reimbursement, Theories Over Missing Funds Swell
On Nov. 27, major South Korean cryptocurrency exchange Upbit announced that 342,000 Ether (ETH), accounting for roughly $50 million, were stolen from its hot wallet earlier that day. Details remain vague, and some users are suggesting an inside job, although experts are skeptical of the theory after analyzing the incident. The platform’s operator has promised to compensate all stolen funds shortly. UpBit is the second “Big Four” exchange in the country to experience a major security breach this year. Read More
5. Bitcoin Price Retains $7.5K After Bullish Breakout Upends Bear Market
Bitcoin (BTC) stayed around $7,500 on Nov. 27 after a surprise bullish reversal took markets $700 higher the previous day. Data from Coin360 showed BTC/USD come down slightly from Wednesday’s local highs of $7,640 to trade just over $7,500 at press time. The largest cryptocurrency took traders unaware during the previous session, jumping from below $6,900 when many braced for further drops. Read More
