Crypto Weekly News — November, 27
What important crypto events happened last week?
On November 20, the Ethereum price reached $500, showing remarkably rapid growth. Just three days later, it has broken through the $600 mark, updating its June 2018 high.
Ripple’s XRP token, the third-largest cryptocurrency by market capitalization, continues to show outstanding growth rates. On November 24, XRP set a three-year high when its price on Coinbase hit the $0.90 mark, at one point showing an over 100% gain in a single day. Despite the correction followed, at the end of the week, altcoin’s price showed a significant increase.
Developers John Newbery and Mike Schmidt are launching an independent non-profit organization called Brink. The organization will provide grants and scholarships to support the developers of the Bitcoin blockchain and ecosystem. Newbery has already enlisted the support of the Kraken exchange, which donated $150,000 for the developer training center. Payment service Square Crypto and the Gemini cryptocurrency exchange have agreed to fund scholarships. Brink also found patrons who took over the organization’s maintenance.
Cryptocurrency exchange Binance announced in its blog support for the Spark Airdrop program for XRP token holders, which is conducted by the Flare Network smart contract platform. The airdrop snapshot will take place on 12th December. XRP deposits and withdrawals will be temporarily suspended. Binance noted that airdrop support does not guarantee a later Spark listing.
Projects And Updates
Director of Engineering Jakub Cech in his blog talked about how the work on the Chrysalis update is progressing, in particular, shared news about the successful development of the new wallet, the alpha version of which will be available shortly. By November 24, the team completed work on updating the standard that provides interaction between devices and systems based on IOTA. In August this year, the IOTA Foundation project activated the first phase of the Chrysalis update, which will increase the network throughput to 1,000 transactions per second, and reduce the transaction confirmation time to 10 seconds.
Alfred Kelly, CEO of payment giant Visa, noted that cryptocurrency will soon become an integral part of the Visa network for everyday use. In a recent speech, he noted that as more people turn to digital money during the pandemic, cryptocurrencies are becoming an increasingly prominent player in global transactions, and Visa is looking forward to working with payment flows made with fiat-based cryptocurrencies. Visa also plans to partner with the world’s Central banks issuing their own digital currencies (CBDC). Then Kelly noted they think that the key to mass adoption of cryptocurrency is to make money available to those parts of the world with limited access to traditional finance.
The Ethereum 2.0 deposit contract, released in early November, has accumulated enough funds for the start of the new Protocol. The launch of Ethereum 2.0 activates a proof-of-stake blockchain, called the Beacon Chain, which will work in parallel with the existing Ethereum network. The initial phases of its development will not affect existing users and decentralized applications on Ethereum. To become a validator of the new Ethereum network, a user needs to have 32 ETH reserved on their account.
With the growth of the Cardano network, the developers saw the need to create a tool to help users track information about stake pools and simplify pool selection. Smash became a new stake pools metadata aggregator that now is going to provide users with relevant and valid information. Using Smash, ADA holders can find out such data as owner details, pool name, pool tickers, homepage, and pool descriptions.
Mitsubishi UFJ Financial Group (MUFG), one of the largest banking institutions in Japan, is going to launch its high-speed blockchain-based payment network together with the U.S.-based technology firm Akamai in 2021. Using blockchain MUFG and Akamai hope to provide cheaper payment services. The developers said that in February, a network of the GO-NET’s, their joint venture, will be integrated with payment terminals from electronic device manufacturer Seiko Holdings, as well as with MUFG NICOS, the company credit card issuer.
After this weekend, Americans can no longer transfer money to Cuba via Western Union. The money transfer service announces it has to suspend operations due to late US economic sanctions against the Communist government of Cuba. Remittances to Cuba are believed to be between $2 and $4 billion a year, and the restrictions imposed could have a critical impact on the life of many Cubans. In this situation, cryptocurrency exchanges began to promote themselves as an alternative, offering Cuban Americans to transfer digital currency through crypto platforms on the island.
Ripple-backed company Forte is unveiling a host of new partnerships, aiming to bring blockchain technology and XRP to the $140 billion video game industry. According to their press release, Forte has made deals with Gallium Studios, Monster Ideas, Penrose, and GC Turbo. Partners will use the blockchain-based Forte technology to enable players to manage and control game assets and the economy.
Bitcoin continues to be an increasingly popular asset whose value continues to grow, despite the difficult situation in the world. Former rapper Robert Bryson Hall II, known by his stage name Logic, purchased $6 million worth of cryptocurrency last month. He announced this via his Instagram account. Given that the price of Bitcoin has increased by several thousand over the past month, Logic’s investment is considered to be extremely successful. He has already changed his Twitter nickname — now he asks to call himself Bobby Bitcoin.
This week, security researcher KrebsOnSecurity reported several cryptocurrency platforms using popular hosting provider GoDaddy were attacked over the past weeks. According to KrebsOnSecurity, the attacks started around November 13 on the cryptocurrency trading platform liquid.com. The hosting provider mistakenly handed over control of the account and domain to the attacker. They changed DNS records and took control of several internal email accounts. On November 18, the administration of the NiceHash cryptocurrency mining service discovered that some domain registration records settings were changed without authorization, and email and web traffic is redirecting. The platform temporarily froze their customers’ funds and recommended users update their passwords and the two-factor authentication method.
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Originally published at https://coinjoy.io.