New Head of US Regulator and Former Coinbase Lawyer Invites Banks and Crypto to Collaborate

In a June 4 announcement, the Office of the Comptroller of the Currency (OCC) is looking for banks and crypto firms to weigh in on how the two can interact.  Crypto meets banks The Advanced Notice of Proposed Rulemaking asks banks and industry leaders to respond to a number of questions — notably: “What activities related to cryptocurrencies or cryptoassets are financial services companies or bank customers engaged in and what are the barriers or obstacles to further adoption of crypto-related activities in the banking industry?” Speaking to Cointelegraph, Acting…

‘Satoshi won’t use his coins ever’

The researcher who identified 1.1 million Bitcoins (BTC) that Satoshi Nakamoto mined, said that his research makes him believe that Satoshi was altruistic and will never spend his coins. Sergio Demian Lerner, the designer of the second layer Bitcoin protocol RSK and renowned crypto researchers in the Reddit AMA said that it took him three years to discover privacy flaws in the Bitcoin code that led to the discovery of the Patoshi pattern.  Respects Satoshi’s privacy The Patoshi pattern describes a miner who used a slightly different mining algorithm and…

Revolut Reportedly Fires Dozens of Employees for Coronavirus Cost-Saving Reasons

In an effort to trim expenses, European fintech outfit Revolut has allegedly urged employees to leave, according to staff interviewed by Wired. “Some of the employees allegedly pressured to leave have been left stranded in a foreign country without a job or health insurance in the middle of a pandemic,” describes author Emiliano Mellino, collecting stories from multiple Revolut employees. The company reportedly staffed a great number of employees at multiple locations around the world — Krakow, Poland in particular. The Wired report also notes: “While the Polish government has…

Coronavirus Lockdown Boosts Bitcoin Trading in Russia

On June 4, a new study performed by a number of Russia-based crypto exchanges revealed a significant rise in Bitcoin (BTC) trading across Russia since March amid the COVID-19 lockdown. As RBC reports, representatives from the Russian offices of exchanges like Binance, Garantex, and EXMO, highlighted the growth in the number of users in Russia. This number is relative to the increase in trading volumes from March until June. Boost in registrations from Russia users Gleb Kostarev, head of the representative office of Binance in Russia, explained that the number…

Fed Chair Teases Use of Ethereum-Based Interest Reference Rates

In a May 28 letter to Senator Tom Cotton (R-AR), Jerome Powell, Chairman of the U.S. Federal Reserve, described an interest reference rate based on the Ethereum blockchain, called Ameribor, as effective for some, but not all.  Ameribor is a tool from American Financial Exchange (AFX) that uses the Ethereum blockchain to track interbank lending by minting ERC-721 tokens for each repayment.  The Fed Chair responds on overall interest reference rates  After a Banking, Housing and Urban Affairs Committee hearing in February, U.S. Senator Cotton sent questions over to Chairman Powell.…

Both NXT and Algorand Claim to Have Developed First Proof-of-Stake Chain

Cryptocurrency Algorand (ALGO) claims in its promotional materials to be the first proof-of-stake, or PoS, blockchain, but NXT lead developer Lior Yaffe claimed that his project was first. In a June 3 tweet, Yaffe accused Algorand’s of misleading the cryptocurrency community for marketing purposes, by falsely claiming to be the first PoS blockchain. He wrote: “The algorand marketing machine has misleadingly crowned themselves as the “First Pure Proof of Stake Blockchain.” A bold statement considering that NXT is the first project to introduce a working PoS blockchain after Peercoin pioneered…

Ethereum Community Debates Raising the Block Size Limit, Once Again

Continuing congestion on the Ethereum (ETH) network has led some developers and community members to call for increasing the gas limit, which defines its transaction throughput. Data from Etherscan shows that the average gas price rose more than three-fold since early May, with an average of about 30 Gwei in the last few days.   Source: Etherscan.io According to EthGasStation, this results in an average of a $0.16 fee to send a simple ETH transaction, which uses the least gas possible. ERC-20 token transfers and smart contract calls can cost…

USD Still King as BTC and CBDCs Mount Challenge

The global monetary system has been centered around the United States dollar since at least the end of World War II when the 1944 Bretton Woods Agreement formalized the greenback’s ascent to unchallenged dominance. Control over the world’s reserve currency came hand in hand with a boost to the nation’s already enormous geopolitical influence, as well as the ability to run huge deficits at low cost. Today, a growing chorus of experts believe that the dollar’s hegemony might be in a decline. America’s diminishing share of world trade, the expansion…

What’s Happening in Crypto Markets Right Now? Join Live TA From Big Cheds & Korean Jew Trading

Welcome one and welcome all to this week’s Crypto Markets Live show featuring traders Big Cheds and Korean Jew Trading. Click the link to head over to the YouTube chatroom for your chance to win $100 of Cointelegraph merchandise. All you have to do is guess the price of Bitcoin at 2 p.m. on June 11th. You have until midnight eastern time on Sunday to make your guesses. Big Cheds is a Japanese candlestick trader, newbie helper, author, and founding analyst at Bitcoin Live. He has been trading markets for…

Crypto Integration Brings Thousands of New Users to Popular Chat App

South Korean company, Kakao, announced that its new crypto wallet function surpassed 100,000 users in less than a day in its chat app, KakaoTalk. The feature went live on June 3. According to the internet giant, KakaoTalk’s Klip was launched with support for 11 cryptocurrencies. Nearly 90% of the country’s population currently uses the chat app, and the company hopes to draw them all into the crypto sphere. Klip is a mobile wallet that allows users to experience digital assets like Klay (KLAY), BOX, Pet (BPT), PIBBLE (PIB), HINT, ENT…