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Crypto News Today #41

breaking crypto news

Crypto news that matters.

Welcome to yet another exciting, exhilarating and equally crazy week in crypto.

While the world seems to have come to terms on how to live in spite of COVID as the numbers keep spiking, blockchain and crypto are not losing any steam.

A lot of exciting developments continue to propel this space forward.

Let’s get on with this week’s news.

Massive Twitter hack targets Bitcoin newbies

We keep telling people that there are no free giveaways, especially in the crypto space, unless it is an airdrop.  A colossal coordinated Twitter attack hacked accounts of Elon Musk, Jeff Bezos, Apple, Obama and more.  A message about ‘free bitcoin giveaways’ was promptly posted by the hackers to con the gullible users.  Luckily, and we say that with a sigh of relief, the entire debacle cost around 13 BTCs.  It could have been worse in our mind but glad that it ended with minimum damage.  Twitter issued a statement: “We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools.”  It is unclear whether or not Twitter will bear the loss for investors from this debacle.

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We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools.

Kingdom Trust Appoints Fidelity Digital Assets To Power Bitcoin Custody For Choice Retirement Accounts

Kingdom Trust bitcoinProbably the biggest news this week is Kingdom Trust’s appointment of Fidelity Digital Assets to provide Bitcoin custodial services to the retirement accounts.  Kingdom Trust wants to bring the Fidelity brand confidence to its Bitcoin offering so that the investors feel comfortable and confident about their bitcoin holdings. “For anyone who was considering bitcoin as part of their retirement portfolio, but was waiting for the infrastructure to mature and for familiar names to enter the space, that day is today,” says Ryan Radloff, CEO of Kingdom Trust, in the Press Release.

TATA Consultancy Services launches Quartz to support Cryptocurrency Trading

TCS Quartz BlockchainTata Consultancy Services’ (TCS) new crypto services solution to allow Banks and Investment Firms to invest in crypto services. The announcement on the Bombay Stock Exchange revealed that TCS has launched Quartz, a solution in the crypto space, “the solution is designed to support multiple cryptocurrencies and stable coins, digital currencies linked to fiat currencies, trading venues and public blockchain networks, thus offering choice and flexibility to customers when deciding their trading and investment strategies. Importantly, it can help banks and investment firms offer their customers the ability to transfer payments in the form of ‘digital cash’, and benefit from lower transaction costs and quicker access to liquidity.” 

PayPal hints Crypto initiatives

In a letter sent as a response to the European Commission’s public consultation on building EU Framework for markets in Crypto-assets, PayPal revealed that while it has exited the Libra association it continues to “continue to focus on advancing our existing mission and business priorities to democratize access to financial services.” People are interpreting this statement to mean that PayPal is innovating in the crypto-assets space.  At the minimum, based on the response in the letter, it seems plausible that PayPal may be building on ramps to facilitate any EU guidelines to accommodate Crypto-assets on PayPal. 

Cosco Shipping and Alibaba join hands in blockchain initiative

Cosco Shipping BlockchainCosco Shipping Group, the Chinese state-run shipping company, is the latest to join the growing momentum in digitization through the use of blockchain technology. China Ocean Shipping Group signed a strategic cooperation agreement with China’s e-commerce company Alibaba and its affiliate Ant Group, to jointly promote the development of blockchain technology for shipping logistics,” read the news.  The collaboration will explore the opportunities to utilize blockchain to support the smart shipping and smart ports efforts. 

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

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