- Indian State Partners with Mahindra to Build ‘Blockchain District’
The government of the Telangana, a southern Indian state, signed a Memorandum of Understanding (MoU) with multinational IT services giant Tech Mahindra to build the country’s first “blockchain district.” The Blockchain District will function as an incubator for domestic blockchain startups and companies to develop real-world applications of the decentralized technology.
- Poor Security Measures of Crypto Exchanges
According to Group-IB, hacked accounts on crypto exchanges rose 369 % in 2017. The main causes are the inadequate security measures and a lack of two-factor authentication, of the 720 accounts that were compromised, one in five had passwords in place with less than eight characters. In the first six months of 2018 more than $1.1 billion in crypto were stolen.
3. Sorry, But Starbucks Will Not Be Accepting Bitcoin
On Friday, August 3, 2018, the coffee retailer announced Bakkt, a joint venture with the Intercontinental Stock Exchange (NYSE’s parent), BCG, and Microsoft, among others. On Saturday, Starbucks corrected the record. “It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks.” They added, “Customers will not be able to pay for Frappuccinos with bitcoin.”
4. Wall Street giant Goldman Sachs considering offering crypto-custody services
Goldman Sachs from his declaration on September 2017 that “Bitcoin is a fraud that will ultimately blow up” to considering offering crypto-custody services. Now, as per the latest report by Bloomberg, the people with the knowledge of the matter, the investment bank, and financial services provider is planning to offer custody services.
“In response to client interest in various digital products we are exploring how best to serve them in this space,” a spokesman for Goldman Sachs said. “At this point we have not reached a conclusion on the scope of our digital asset offering.”
5. “Trading groups” using services such as Telegram, Manipulated Markets to Make $825 Million in 2018”
Some traders are talking up cryptocurrencies, them dumping them, costing others millions the Wall Street Journal claimed in a study released August 5. The WSJ looked at 175 schemes trading 121 different coins, stating “[m]any more such groups exist, potentially adding millions or tens of millions more in activity,” adding that these “operate in private chat rooms, accessible only by invitation, generally overseen by an anonymous moderator.”