Coin News

Pantera Capital partner and chief technology officer Steven Waterhouse has officially left the VC firm.

The R3 consortium has disclosed that it has worked with over 15 of its member banks to complete two distributed ledger technology prototypes. They demonstrate how the technology can address the key challenges facing the $45 billion global trade finance industry. R3 is a financial innovation firm that leads a consortium partnership with over 50 of […]

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Payment technology company firm NCR has discovered a new security flaw in the upgrade in the credit card chip system in the United States.

The post Security Flaw in Credit Card Chip System Revealed appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Seven supercomputers recently took part in a virtual contest that saw them competing against one another in a bid to find software vulnerabilities.

The post The Future of Cybersecurity May Be with Supercomputers appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

If anyone has learned the importance of cybersecurity, it’s Democratic presidential nominee, Hillary Clinton, according to the founder of Black Hat, a conference for the best of the cybersecurity world.

The post Black Hat Cybersecurity Leaders Prefer Clinton Compared to Trump appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Steptoe & Johnson LLP, a global law firm, has launched a multidisciplinary blockchain practice to help blockchain companies and businesses that are affected by blockchain with the legal issues related to the technology, according to Forbes. The law firm defends companies under government investigation and has worked with blockchain organizations. Steptoe & Johnson is currently defending […]

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Bitfinex is reportedly offering a reward worth up to $3.6m for the recovery of bitcoins stolen from its exchange.

Die-hard fans claim bitcoin is a panacea for the world’s financial ills and will be adopted for everything from bank clearing to stock exchanges. But this future-gazing misses where the use cases are right now - and therefore where the easy wins are for broader blockchain tech.

The Hong Kong-based bitcoin exchange announced today that it will resume trading after halting the exchange following a security breach that saw $65 million worth of bitcoins stolen earlier this month. In an announcement, Bitfinex said that trading will recommence at 16:00 UTC today with exchange trading enabled for all currencies and pairs. Deposits and […]

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The state of California is once again moving forward with legislation that would update its money transmitter rules for digital currencies.

The Internal Revenue Service (IRS) has halted its proceedings of how individuals should report the earnings they make from bitcoin after failing to provide additional guidance to a notice released in 2014, according to the Tax Revolution Institute. In March 2014, the IRS was reported to have released Notice 2014-21 to the masses. Their aim […]

The post IRS At A Standstill with Bitcoin; Users and Tax Professionals Remain in the Dark appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitfinex has announced that it will resume trading and withdrawals, days after it was robbed of more than $60m in bitcoin.

For a third day in a row, Delta is expecting flight cancellations resulting from a Monday computer outage at the airline's Atlanta headquarters.

The second largest airline in the world cancelled roughly 1,800 flights over the first two days of the week and has, thus far, cancelled more than 250 flights on Wednesday.

Although the airline expects operations to return to normal by Wednesday afternoon, Delta cautioned that severe weather on the East Coast may cause further delays.

For passengers flying on Delta, the airline has extended its waiver program — which will allow customers to rebook flights free-of-charge —  to August 21.

In addition, Delta is offering $200 traveler vouchers for those who were delayed for longer than three hours or had their flights cancelled.

The airline's 800-aircraft fleet was effectively crippled for more than six hours on Monday due to the outage. 

"Monday morning a critical power control module at our Technology Command Center malfunctioned, causing a surge to the transformer and a loss of power, Delta COO Gil West said in a statement on Tuesday. "The universal power was stabilized and power was restored quickly."

However, the trouble didn't end there. A Delta spokesperson confirmed to Business Insider Tuesday morning that the airline's backup systems failed to kick in.

West went into detail on why the airlines backup systems didn't function properly.

"Critical systems and network equipment didn’t switch over to backups. Other systems did," West said. "And now we’re seeing instability in these systems."

As a result, the airline is seeing, "slowness in the system that airport customer service agents use to process check-ins, conduct boarding and dispatch aircraft," West added.

In addition, the cancelled and delayed flights have also wreaked havoc on the airline's crew and fleet schedules. Thus, further delays and cancellations have been caused by scheduling difficulties.

SEE ALSO: The airline industry has a massive problem — and there's no real fix

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NOW WATCH: Inside Delta's 2.7 million square-foot facility where they repair and maintain their massive fleet of airplanes

A pair of entrepreneurs has developed a solution to help banks reduce the risks involved in remittances. Route Trading Ltd., launched by Musa Jammeh and Taimoor Iqbal, will introduce Money Router, a software solution, to London, U.K. banks to prevent illicit money transfers. Money Router, to be introduced in September, is designed to improve the safety […]

The post Anti-Money Laundering Software to Help Banks Prevent Illicit Transfers appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The month of July saw a high number of bitcoin transactions in Venezuela with August achieving a new record high as more people turn to the digital currency as the country continues to tackle the inflation of Bolivar. Venezuela is a country that is blighted by hyperinflation. According to the International Monetary Fund (IMF), Venezuela […]

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Russia’s tax agency wants its citizens to report the purchase or sale of digital currencies as currency transactions.

HONG KONG (Reuters) - HSBC <0005.HK> and Bank of America Merrill Lynch said on Wednesday they had created the world's first application using blockchain technology to simplify one of the most cumbersome aspects of trade finance.

The banks joined with Infocomm Development Authority of Singapore to emulate a letter of credit transaction. Letters of credit are one of the most widely used ways to reduce risk between importers and exporters, helping guarantee more than $2 trillion worth of transactions, but the process creates a large paper trail and is time consuming.

By putting the transaction on a distributed ledger, the importer and its bank, together with the exporter and its own bank, can see the data in real time.

Financial services companies around the world have been focusing on developing blockchain technology, with advocates saying it has the potential to save billions of dollars in costs and speed up transaction times. The technology, which underpins the digital currency bitcoin , creates a shared database in which participants can trace every transaction.

Discussions are underway with other banks, corporate clients and shipping companies to further develop the technology, which is in its early stages, said Vivek Ramachandran, global head of product for HSBC's trade finance business.

(Reporting by Elzio Barreto; Editing by Alexander Smith)

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David Seaman, a crypto blogger, has written a blog in the Huffington Post saying that sources have told him authorities are examining Barry Silbert’s role with Ethereum Classic, which Seaman considers a scam. In another Huffington Post blog, Seaman claims CoinDesk, which Silbert’s Digital Currency Group has acquired, is promoting Ethereum Classic. In the interest […]

The post Blogger David Seaman Calls Ethereum Classic a Scam; Questions Silbert’s and CoinDesk’s Roles appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

California is set to follow New York’s lead, but the Bitcoin Foundation wants to stop the state from getting its own version of the BitLicense. The California Bitcoin License bill designated as AB1326 has undergone several changes in the assembly and senate since it was first introduced last year. It is now awaiting a second […]

The post Is California Set to Get Its Own BitLicense? appeared first on CCN: Financial Bitcoin & Cryptocurrency News.