Ethereum (ETH)-based chat platform Status is laying off 25 percent of its staff due to the recent cryptocurrency market decline, according to a post published Dec. 11.Founded in 2017 in Switzerland, Status is an open source Ethereum-based mobile app that enables its users to chat, transact, and access decentralized applications (DApps).In the announcement, the startup's co-founder Jarrad Hope said that Status is “much larger than we can sustain” in the environment of the declining market, wherein the company was not prepared for scenarios of ETH dropping over 80 percent since August.“This was compounded by not having solid banking partners due to the difficulty in opening banking accounts for crypto projects until Q2 of this year, and have been hedging since then accordingly,” the announce
Binance Labs, the venture wing of the largest cryptocurrency exchange Binance, has released its first “batch” of blockchain projects from its Incubation Program, according to a press release shared with Cointelegraph on Dec. 14.Binance Labs is an initiative that seeks to help early-stage blockchain and digital assets projects and entrepreneurs through direct investments and technical assistance. The Binance Labs Incubation Program is an onsite program that was launched in August 2018.Following a try-out tour with over 500 applicants, Binance Labs selected only eight projects, each of which received $500,000 in seed funding and access to necessary resources and mentors. Over the course of the 10-week program, seven projects have shipped working products and signed on users, while three of t
Major American cryptocurrency exchange Coinbase has introduced free of charge cash withdrawals to online payment system PayPal, according to an announcement published Dec. 14.From now on, Coinbase’s United States-based customers are able to withdraw their cash balances to Paypal. The service for other countries will reportedly be rolled out some time in 2019.Coinbase and PayPal previously integrated in 2016, when Coinbase added support for the payment platform in addition to major credit cards. At the time, Coinbase users were able to sell Bitcoin (BTC) and have their fiat funds deposited to a PayPal wallet. The integration was subsequently terminated due to technical difficulties.With this move, Coinbase has enhanced its range of services, which has been actively expanding over the past s
The French stock market watchdog, the Financial Markets Regulator (AMF), has blacklisted four crypto-related websites for unauthorized investment offerings, according to an official statement published Friday, Dec. 14.The AMF announcement notes nine companies that are allegedly operating without necessary regulatory approval, including four crypto-related firms.In the announcement, the stock market regulator warns investors about the increasing number of unregistered investment projects, claiming that “new unauthorized actors appear regularly.”The recent blacklist includes such crypto-related websites as iminage.com, elos-patrimoine.com, infoconso.info, and live-crypto.com.net. Elos-patrimoine claims to offer “risk-free” crypto investments, promising “professional support” powered by a “lo
Japanese cryptocurrency exchange Coincheck is facing hurdles as it looks to recover from the colossal $550 million cryptocurrency theft in January 2018. This time, the culprit is the lack of liquidity and positive sentiment in the digital asset market, reported Nikkei Asia Review on December 12, 2018. Businesses Take a Hit with Falling Prices Bitcoin prices continue to fall since a specular run-up in late-2017, which saw the pioneer cryptocurrency reach $20,000 on some exchanges. Since then, digital currencies have taken a spectacular beating, with the most prominent currencies seeing losses of 75 percent on average and ICO tokens plunging to near-zero rates. Denting prices mean crypto-investors and venture funds are feeling the brunt of lighter digital pockets, while blockchain startup...
Jeremy Allaire, co-founder of crypto finance company Circle, told CNBC in an interview Friday, Dec. 14, that Bitcoin (BTC) will be worth “a great deal more” than it is now.When asked about the Bitcoin price in three years, Allaire told Squawk Box host Andrew Ross Sorkin that he does not make “significant price predictions,” while adding, “I think it is certainly going to be worth a great deal more that it is today.”Allaire also stated that while Bitcoin is attractive as a non-state store of value, a slew of other tokens will enter the space, and the bases of their valuations will be diverse. He further explained:“I do not think it's a winner-take-all [situation]. We have the phrase ‘the tokenization of everything,’ and we think cryptographic tokens are going to represent every form of fina
The Swiss Federal Council (Bundesrat) has said that existing financial law in the country suits the blockchain industry, but needs specific adjustments. The government suggested several amendments in an official statement by the Federal Department of Finance (FDF) published on Friday, Dec. 14.In a meeting on Dec. 7, the Bundesrat adopted a report on the legal framework for blockchain and distributed ledger technology (DLT) in the financial sector. The report analyzes relevant framework provisions, outlines the need for measures and proposes concrete steps for developing the necessary legal conditions in the blockchain sphere.Specifically, the report recommend the development of a new and flexible authorization category for blockchain-based financial market infrastructures. It also advocate...
Bitcoin sure peaked everyone’s interest in 2018. While it’s price may have been something of a letdown, the asset itself continued to intrigue members of the public well into the year.Internet Bitcoin Searches Were HighBitcoin has proven to be something of an enigma over the past 12 months. While the currency ultimately reached its peak of nearly $20,000 last December, it has since entered a phase of consistent drops that has caused it to lose over 80 percent of its value. At press time, it is trading for just over $3,300, leading many crypto enthusiasts – particularly long-term investors and hodlers – to sulk and stew in their rooms.But even though the price drops never let up, bitcoin appeared to retain its following. A new Bloomberg report suggests that among the top Google searches for
A blog post published by the University of Oxford Faculty of Law has suggested that victims of a cryptocurrency theft and fraud could potentially recover their funds through legal proceedings in the future. The report cited a Canadian judge’s ruling from September 2018, in which a Singapore-based company Copytrack was authorized to recover 530 ETH mistakenly sent to an investor. The author speculates that this case could set precedent for new claims and may have major repercussions on similar rulings worldwide. Setting a Precedent The case, Copytrack Pte Ltd v Wall, was filed in the Canadian province of British Columbia earlier in 2018, with the first hearing taking place on May 22, 2018. According to the judgment published by the Supreme Court of British Columbia, the controversy first un
American fast food chain Church’s Chicken has started accepting payments in cryptocurrency Dash (DASH) at its locations in Venezuela, according to an official Facebook announcement on Dec. 12.According to Dash News, the cryptocurrency is accepted in all 10 restaurant locations in Venezulea. Dash has also completed its first transaction at Church’s Chicken and uploaded a video of the event on its official YouTube channel. The restaurant claims to be the first global fast food chain to accept payments in crypto.The announcement from Church’s chicken follows some confusion regarding the acceptance of Dash at major fast food vendors in Venezuela. On Dec. 7, PR and media director at DashNews Mark Mason posted a tweet stating that KFC Venezuela would start accepting Dash payments the following w