Day: March 3, 2021

One of the largest aluminum companies will pilot VeChain

One of the largest aluminum companies worldwide will pilot VeChain

Hydro and DNV GL have announced a partnership to leverage the VeChain based solution “Tag. Trace. Trust”. This service, developed by DNV GL, will be implemented by Hydro to enable its customers to verify the validity, reliability, and authenticity of product data with an “environmental profile”.

Hydro is one of the largest aluminum companies worldwide. Headquartered in Oslo, the Norwegian company is operating in more than 50 countries. The Norwegian state controls 34.3% of the company, together with the Norwegian pension fund with a 6.5% stake. Hydro’s yearly revenues are estimated to be around $12.6 billion.

VeChain contributes to a sustainable business model
Initially, the VeChainThor blockchain-based product will be integrated into a pilot on the Hydro CIRCAL and Hydro REDUXA platforms. That way, furniture manufacturer Vestre will be able to test the solution and provide its customers with reliable information about the environmental impact of its entire product supply chain. Bjørn Kjetil Mauritzen, Head of Sustainability for Hydro had this to say about the cooperation:
The aim of the pilot is to test a platform that supports manufacturers and brands to back their sustainability claims with verified data. This will allow them to trace the metal from the factory gates until it reaches the customer.

The integration with “Tag. Trace. Trust” arises from an increase in demand for eco-friendly products, operations, and standards oriented towards sustainability. As such, the partners believe it has become crucial to allow consumers to have access to “quality” data that allows them to verify on their own where and how a product has been produced.

In that way, consumers can make informed purchasing decisions and determine which products follow a sustainable model. Business Development and Sustainability Manager for DNV GL, Lin Jacobsen Hammer, added:

In this way, the aluminium product passport, with its unique digital ID, attached to the product displays key sustainability facts, such as low-carbon aluminium and post-consumer scrap content.

After the pilot with Vestre, the partners will review the results and experience they have had to find a method to standardize the model. Hydro thus expects to roll out the platform to all its customers at some point in 2021. Jørgen Hansson, Project Manager at Hydro said:

Ultimately, this pilot is made possible through the work we have invested in our greener brands in recent years. As a result, we can now explore how new technology can provide the market and the conscious consumer with key data – presented in a way they understand and trust – as a part of our agenda of driving sustainability.

Source – News Flash

PayPal Is in Talks to Acquire Cryptocurrency Storage Firm Curv

PayPal Is in Talks to Acquire Cryptocurrency Storage Firm Curv

PayPal Holdings Inc. is in talks to acquire the startup Curv, which helps companies transfer and store digital currencies.

The talks are early and could still fall apart, according to a person familiar with the matter, who asked not to be identified discussing internal deliberations.

PayPal has been seeking to expand cryptocurrency offerings after the payments giant began providing customers the ability to buy, sell and hold certain digital currencies in its wallet. The firm plans to add those capabilities to its Venmo wallet in the coming months.

New York-based Curv was founded in 2018. The firm says its products are used by dozens of customers including the investment firm Franklin Templeton.

PayPal shares slipped 0.5% to $272.22 at 12:31 p.m. in New York after CoinDesk reported earlier on the talks. Representatives for Curv and PayPal declined to comment.

Source: Bloomberg.com

MicroStrategy’s Bitcoin Buying Spree Reaches $4.45 Billion

MicroStrategy’s Bitcoin Buying Spree Reaches $4.45 Billion

MicroStrategy CEO Michael Saylor announced earlier this morning his firm has purchased approximately 328 more bitcoins for $15 million in cash, bringing the total to $4.45 billion. This latest purchase was made at an average purchase price of $45,710 per bitcoin.

Since the splashy announcement of the company’s first bitcoin purchase last August, MicroStrategy has been aggressively expanding its crypto trove. As of March 1st, the business intelligence company holds 90,859 BTC acquired for $2.19 billion, roughly half the value of the current holdings.

In less than a year, a relatively obscure intelligence software firm has turned itself into what many call a de-facto bitcoin ETF and its CEO Michael Saylor into one of bitcoin’s most prominent evangelists. Other famous bitcoin bulls include Galaxy Digital CEO Mike Novogratz and Twitter and Square SQ +6.7% founder and CEO Jack Dorsey, whose companies also bought hundreds of millions of dollars worth of bitcoin.

Meanwhile, the expert also notes that the cybercriminal(s) had “allegedly used a different operating system from that of the owner of the account.” This according to the expert “should have raised a red security flag for Bittrex.”

Source: Forbes.com 01.03.2021

Crypto Bank Expands in India – Confident Government Will Approve

Crypto Bank Expands in India - Confident Government Will Approve Legitimate Use of Cryptocurrencies

Crypto bank Unicas, a joint venture between Cashaa and United Multi State Credit Cooperative Society, has expanded its operations by opening another physical branch. The bank believes that the Indian government will introduce positive crypto regulation and not impose an outright ban on cryptocurrencies such as bitcoin.

New Physical Crypto Bank Branch Opens in New Delhi
Physical crypto bank Unicas has opened another branch, Cashaa announced last week. Unicas is a joint venture between crypto banking platform Cashaa and United Multistate Credit Cooperative Society. Noting that this will be the first of many branches in the city, the announcement details:

Unicas – the world’s first crypto financial institution with physical branches today opened in India’s capital, New Delhi. Unicas is banking on the Indian government introducing a bill to approve the legitimate use of cryptocurrency.

“We are proud to bring Unicas to the nation’s capital,” Unicas CEO Dinesh Kukreja commented. “Delhi is a key market for us and we look forward to opening many branches to service India’s rapidly growing crypto market in a regulated manner.”

The new branch is located at 611 A Devika Tower, Nehru Place, New Delhi 110019. This location is a short drive from the Parliament of India. The bank is headquartered in Jaipur and currently has one more branch located in Gujarat. According to Cashaa:

Unicas will continue to roll out its branches across NCT, Gujarat and Rajasthan. It plans to open 50 branches in 2021 and 100 branches by the end of 2022.

Customers will have access to a number of cryptocurrencies through Unicas, including BTC, ETH, XRP, and CAS, Cashaa’s native token.

Cashaa CEO Kumar Gaurav opined:

We are very confident that the government will create regulations that will reduce scams related to cryptocurrency, while encouraging its legitimate use. Such regulations will enable India to become a global leader in blockchain technology.

The Indian government is getting ready to introduce the cryptocurrency bill. It seeks to provide a regulatory framework for the digital rupee to be issued by the Reserve Bank of India (RBI) but ban private cryptocurrencies. The finance ministry recently confirmed that the bill is still being finalized. Meanwhile, the governor of the central bank revealed last week that the bank is working on the digital rupee and has communicated its concerns about cryptocurrencies to the government,

Source : news.bitcon.com

‘Computer Fraud’ on Bittrex Exchange; a User Loses 1.3 BTC

Possible 'Computer Fraud' on Bittrex Exchange After a User Loses 1.3 BTC

A Spanish Court has issued an order compelling a division within the country’s police to investigate the possible existence of “computer fraud” on the Bittrex cryptocurrency platform. The order was issued following the filing of a complaint by a Tenerife based Bittrex user who claims to have lost 1.3 BTC (or $58,000) that was stored on the exchange platform.

Cybercriminals Blamed
According to a Spanish media report, the unnamed user’s problems started when initial attempts to access his funds were unsuccessful. However, after gaining access some 48 hours later, the user reports that “the money had literally disappeared.” The user contacted representatives of Bittrex who then “attributed the theft to the actions of cybercriminals.”

Meanwhile, in its February 9 order, the Spanish Court says it wants law enforcement to carry out “a line of technological research that allows the author (of the theft) to be identified.” The court also wants “the Bittrex insurance company” to be involved in the investigation as well as to provide the appropriate insurance policy.

Bittrex Allegedly Culpable
In the meantime, the report also quotes an unnamed “expert” who lists and explains the possible charges facing Bittrex as a result of the user’s loss. In laying the blame for the theft at the door of Bittrex, the expert said:

Bittrex allowed four access attempts before the theft, on May 26, 2020, from different IP addresses, with different locations and with different operating systems, all inconsistent with what was used by the user until that moment and Bittrex did nothing to prevent it.

According to the expert, these “events occurred on three different days from France, Granada, Madrid and a town in Minnesota, in the United States.”

Source – Bitcoin.com