North America
Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.
USA
Mastercard patents multi crypto blockchain: US financial services giant Mastercard has recently won rights to a blockchain partitioning method that enables it to store different cryptocurrencies on a single blockchain ecosystem.
Mastercard’s patent describes subnets, blockchain division that manages each format independently. Each block created would be hashed with a code that would be applied to all transactions, creating a blockchain that supports different, previously incompatible crypto chains with far fewer resource requirements.
US customs claim crypto-fiat conversions traceable: In a hearing in the US Senate, a US customs official detailed that it is possible to trace fiat-crypto and vice versa transactions using investigative methods.
The official said further that through this, they are “able to disrupt the criminals and dismantle the [transnational criminal organizations]”. He further claimed that there has been a degree of success in tracing drug sales down to the criminals involved.
5 top universities follow Yale by making crypto investments: MIT, Harvard, Stanford, Dartmouth and UNC have made investments into cryptocurrencies following Yale’s lead. The latter made investments from its endowment fund in Paradigm and Andreessen Horowitz, two crypto funds.
With Yale’s choices copied by many universities and institutional investors, it is expected that other universities across the United States will follow suit and invest in crypto.
1Broker allowed to return user funds: 1Broker exchange has recently opened up again, but in a limited capacity, allowing users to withdraw their funds.
The popular crypto exchange came into the view of US officials after an undercover FBI agent was able to acquire Bitcoin with no KYC or AML checks.
The exchange was subsequently shut down on 27 September, through FBI and SEC coordination. Some 50,000 users were left hanging as they could not withdraw their funds.
SEC files subpoena against alleged “pump and dump” ICO: According to the SEC, a subpoena was filed on 5 October at a District Court in California against Saint James Holdings and Investment Company. A penny stock firm Cherubim was committing USD 100 million to launch an ICO for the St James Trust when the order was made.
ICOs are currently banned in the United States.
Giant inflatable rat with Bitcoin graffiti placed in front of Federal Reserve Branch on Wall Street: In a gutsy prank, ex-hedge fund manager Nelson Siers has placed an inflatable rat character with Bitcoin graffiti in front of the Federal Reserve Branch building located on Wall Street, New York.
The rat will remain there for a few days before it is finally taken down. The move mocks the Federal Reserve Bank, one of the most powerful national banks in the world with assets up to USD 5 trillion back in 2017. It is the Goliath of the fiat world and the rat was placed to mock its existence and promote cryptocurrencies.
The bank is sometimes blamed for the financial crisis of 2008, thought to be a stimulant for the creation of Bitcoin, the world’s first cryptocurrency.
Canada
QuadrigaCX continues to face Canadian bank’s bullying: QuadrigaCX, the largest Canadian crypto exchange, saw its USD 28 million funds being frozen by Canadian Imperial Bank of Commerce in July. The battle continues on in the Ontario Supreme Court of Justice, with CIBC asking the court to take control of the funds and decide the real beneficiary of the money.
QuadrigaCX is asking the court to unfreeze its funds as it is legal since it has already credited its customers with Quadriga Bucks. The unexplained freezing of funds shows a friction between the traditional banking and commerce and the rapidly emerging blockchain sector in a tussle to either retain control or disrupt the market.
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