Bitcoin News

Genesis Trading and BitGo to Launch Robust Bitcoin Trading Platform

Bitcoin Security Firm BitGo recently announced to form a strategical partnership with Genesis Trading, the US-based regulated broker-dealer. Following the partnership, both the companies will be focusing on creating a new, robust Bitcoin trading platform for private and institutional investors.

The aforesaid amalgamation brings two distinctive talents together to project safety and accuracy in an emerging Bitcoin sector. While BitGo has been actively instrumental in bringing people an enterprise-grade and insured Bitcoin security platform, Genesis Trading has made a name for being among the few Bitcoin trading platform that are regulated by FINRA and SEC. The latter had traded more than $300 million worth of Bitcoins since April 2013.

On the other hand, the rising influx of new and institutional investors into the mainstream Bitcoin market is definitely adding demands of reliability and security, something that has always been amiss in this digital currency area. By announcing a partnership, both Genesis Trading and BitGo are definitely looking towards becoming the mom-and-pop of this upcoming Wall Street trend.

Brendan M. O’Connor, the CEO of Genesis Trading, believes Bitcoin transactions to go higher in future, something that naturally reasons why they want to create an advanced trading platform at first place. “Our clients require the ability to execute dynamic trading strategies, rapidly access liquidity, and efficiently and seamlessly purchase or sell large blocks of virtual currencies,” he explained.“BitGo’s trustless secure wallet model gives us impregnable security while also retaining the level of flexibility that our clients require.”

“Genesis Trading is taking a bold new approach to digital currency trading,” reciprocated Mike Belshe, CEO and co-founder of BitGo. “We are excited to work with the great team they have assembled as they transform the Bitcoin trading environment.”

AlphaPoint to Power Bitcoin Exchanges with User Verification and AML Facilities

Bitcoin technologist AlphaPoint recently formed a strategical partnership with IdentityMind Global, a step that will allow the AlphaPoint clients to incorporate user verification and anti-money laundering (AML) facilities into their Bitcoin exchanges.

With offices in New York City, San Francisco and Philadelphia, AlphaPoint is among the only few companies whose services are at the centrifuge of evolving Bitcoin regulatory frameworks all across the world.

So far, AlphaPoint has been applauded for offering new Bitcoin trading startups the most scalable, secure and customizable platform solutions; something that has also helped it’s clients to obtain good scores from the regulatory bodies. Howbeit, the company’s older platforms never focused on providing programs that could deliver critical regulatory clearances against money laundering and anonymity crimes.

On the other hand, the services offered by IdentityMind seem like a natural fit to what that is required by AlphaPoint. The Californian-based company, which recently opened a new office in Washington as well, guarantees to provide online businesses a platform where they can meet their “risk management and regulatory compliance solutions” effectively.

“With AlphaPoint, clients have the technology to launch a Bitcoin exchange in days,” AlphaPoint’s Vice President of Operations Igor Telyatnikov said in a press statement.“However, exchanges must also comply with a variety of regulatory requirements to operate legally.”

“Owners must have their own AML program to verify user identities, monitor transactions, and screen against sanctions lists. With IdentityMind’s platform, our customers can leverage the tools they need to comply with regulation all over the world.”

The made-in-heaven match is futuristic in every sense, considering that many of the countries (and states in the US) are still designing their framework for the Bitcoin industry. Once the new and old platforms start integrating AlphaPoint’s “extended” services, the road to regulation for Bitcoin businesses would be smoother, if not the cup of the cake.

Russian Court Begins Trial for Bitcoin Websites Ban

A regional Russian Court recently started a trial related to the blocking of multiple Bitcoin websites at the start of this year.

Soon after facing an unapologetic ban from Russian telecom regulator Roskomnadzor, the owners of both btcsec.com and bitconf.ru filed a motion against the watchdog, implying that there websites were not involved under any sort of activity that involved selling/buying digital currencies. During the time of the ban, Roskomnadzor cited a court order that influenced them to act upon the aforementioned websites. The order, written in Russian, was translated to be something like this:

“Introduction in Russia of other monetary units and production of money substitutes is prohibited. In such circumstances cryptocurrencies including ‘bitcoin’ are money substitutes, contribute to the growth of the shadow economy and can not be used by citizens and legal persons on the territory of the Russian Federation.”

In its defense, bitconf.ru cleared that its domain was only distributing news related to a Moscow Bitcoin Conference. On the other hand, it was btcsec.com that suggested to initiate a court case against the authorities involved in this assumptive unlawful ban. The creator of BTCSEC, Ivan Tikhinov, said that the basis of this entire ban was illicit and therefore deserves to be taken before the law for its flaw.

“One should remember that cryptocurrencies are not banned in Russia for now, and no information concerning them cannot be considered an information forbidden for distribution within the Russian Federation,” he added. “I believe they stand to win.”

BTCSEC only listed news and general information on Bitcoin. Quite amusingly, Roskomnadzor could also have been allowed to ban a Wikipedia page for distributing Bitcoin content, if the same logic could be entertained.

The next session of the trial will be conducted on May 15th.

OpenBazaar Version 4 Launched

OpenBazaar, a decentralized P2P marketplace, was recently released in its fourth beta stage — the Portbello — for Linux and OS X.

The non-consumer centric release is more targeted towards individuals having a knack for technicalities, and comes with a no-anonymity clause. So if you want to participate in OpenBazaar beta testing, you can expect a lot of updates and warning alerts from the welcome page. At this stage, there is no anonymity. Therefore, your IP isvulnerable to any detection.

Using OpenBazaar through Tor or other anonymous network is not yet possible because of the dependence on the UDP platform. Enrolled Bitcoins, lists of goods, and added rating also holds the chances of being nulled in the future due to bugs or code changes. With this in mind, the team strongly recommends that you use only a small amount to test the system.

The new release however also comes with a number of benefits, mainly including network and multi-signature stability improvements. Other important enhancements made to the fourth OpenBazar version are the eradication of port forwarding (to simplify the initial setup for users); a startup overview; refund and fee setup options for notaries; and a avatar selection feature.

Not to be confused with illegal marketplaces, OpenBazaar is more like an unwatched area where sellers and buyers are allowed to hide their identities while conducting trades. The website’s creators Angel Leon and Brian Hoffman, in their earlier interview, never neglected the fact that their platform could be used by drug dealers to trade illegal substances/goods. They however thought that it would be a bad idea for dealers to do their dirty business on a P2P network, that too using a public ledger.

OpenBazaar works only in Bitcoin.

Factom Brings Blockchain Technology to Medical Record Company

Bitcoin company Factom recently incorporated blockchain technology into an Indiana-based medical data management company HealthNautica.

The amalgamation between the two companies took place in the wake of HealthNautica’s requirements to secure medical records and audit trails from tampering. Factom, which offers an exact unalterable record-keeping system, seemed like a perfect company to partner with as it utilizes an immutable technology such as blockchain. With blockchain, the records are stored in an unalterable ledger that, at the same time, is very efficient in terms of data extraction as well.

The same is said by the President of Factom, Mr. Peter Kirby, who believes that their company can bring impeccable integrity and privacy solutions for their new partner. “We are excited to insert Factom’s technology into the healthcare industry, as one of our goals while developing this software was to offer a way to ensure the integrity of medical records, while still maintaining patient privacy,” he said. “HealthNautica is a pioneer in digital health records, and we are thrilled to pave the way in the next generation of tamper-proof record keeping and audit trails with them.”

Factom’s technology utilizes the good-old cryptographic methods to secure private medical records from third-party access. It simply encodes the medical data, and creates a digital fingerprint for future verification. However, the added advantage of using the Bitcoin technology in this entire process is wholesomeness. This public ledger system protects private files from getting misplaced between different agencies

“The next step,” added HealthNautica’s board member Andrew Yashchuk,“is educating insurance companies in using the blockchain for their record keeping, so that all parties involved are able to easily verify the accuracy of the claims and further increase efficiency in medical billing processes, while still protecting client confidentiality.”

SpeedyBitcoin Announces Indefinite Shutdown Following Banking Concerns

Ultra-fast Bitcoin trading website SpeedyBitcoin recently announced to closedown following banking concerns.

The so-called bid-adieu first arrived on Reddit, in which the company mentioned that their banking institution was unable to continue providing services to them, a reason that ultimately led them to the point of destabilization. The notice read:

“Unfortunately owing to continued uncertainty in the crypto-financial market sector, our banking institution has been unable to continue to provide service to us.While their decision is regrettable, it is understandable and the service and support they have provided thus far has always met or exceeded our expectations.”

At some points of time, many Bitcoin businesses have discontinued their operations after citing the similar banking issues. They include the Kraken’s parent company Payward Inc., Charlie Shrem’s BitInstant, Coinabul, amongst many others — all of which have fallen prey to banks’ autocratic behavior in past.

Banking executives though have earlier commented that they simply fear in being in a business relationship with companies that might be further associated with illegal activities. Virtual currencies — Bitcoin in particular — have always been rumored as one of the most efficient tools for conducting online crimes, such as drug trafficking, money laundering, etc. According to some reports, banks don’t even wanna include the name Bitcoin in any of their reports in a hope to elude scrutiny.

SpeedBitcoin Promises Return, Meanwhile

However, SpeedyBitcoin never shied away from raising hopes to return, and said they would be looking for a suitable banking facilities to continue their operations all over again. “We continue to work diligently to obtain suitable replacement banking facilities enabling us to resume our service operation,” the company promised.“Should we be successful in our endeavor, we will notify all clients so keep an eye on your email!”