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Chinese startup Cobo raised $ 13 million this week in a Series A financing round led by DHVC and Wu Capital. The Beijing-based company — established by Bihang wallet developer Changhao Jiang and Shixing “Discus Fish” Mao, the co-founder of F2Pool — said it will use the funds to support the international expansion of its two wallet offerings.
Also Read: Civil Fails to Raise $ 8M Minimum in ICO
Cobo has developed two main products: a multi-asset software wallet and a “military-grade” hardware wallet. The new funding round brings total investment in the company to $ 20 million to date. Cobo plans to expand in the U.S. and several Southeast Asia markets, particularly Vietnam and Indonesia.
The company claims that more than 500,000 people have downloaded Cobo Wallet since it was launched earlier this year. It already supports more than 30 major cryptocurrencies and 500 tokens. It also features multiple layers of security, including two-factor authentication, hot-cold servers and hardware security module encryption.
“Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors,” said Judy Yan, managing director of DHVC. “The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit.”
Bank-Grade Cold Storage
The company also announced that Cobo Vault, its hardware product, is now available for pre-order on Indiegogo for $ 479. It features a “bank-grade” encryption chip, as well as a tamper-proof self-destruct mechanism that wipes all stored private keys and data if someone tries to physically force the device open, in addition to other security measures.
Cobo Vault also boasts a 4-inch LCD display with an IP68 waterproof rating. The company claims the product’s MIL STD-810G-certified (U.S. military standard) brushed aluminum case is strong enough to remain intact after being run over by a car. Cobo Vault handles transactions over the air by having users scan a QR code, which changes dynamically.
“With the increasing investment into cryptocurrencies, the only truly safe means of securing crypto is to store it in a cold storage wallet,” said Jiang, the company’s CTO. “Cobo Vault sets a new, groundbreaking standard for cold storage wallets, with the first truly all-around secure hardware wallet designed for holders that can’t risk losing their investment.”
Does anyone really need a military-grade or bank-grade hardware wallet? Share your thoughts in the comments section below.
Images courtesy of Cobo.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
Starting next year, United Airlines will make it more difficult to reach the MileagePlus plans’ most elite status level — Premier 1K — but the carrier is offering a new perk for such top-tier fliers.
Starting Jan. 1, members of the loyalty reward program must spend a minimum of $ 15,000 and accumulate…
On Oct. 8, 2018, the blockchain firm and mining pool Viabtc finished the first high-value initial coin offering (ICO) using the Wormhole protocol and Bitcoin Cash chain. According to exchange data, the Viabtc Token ICO raised US$ 3,700 per second capturing a total of $ 30 million in 2.2 hours.
Viabtc Launches Token Sale and Distribution Phases
The firm Viabtc had recently launched a new token called the Viabtc Token (VIAT) using the Wormhole protocol. The company refers to viat as a value-added service and privilege token that can be used as “gas” or a method of value transfer. When viat was issued on the Wormhole network a fixed supply of 2 billion tokens was set by the developers. On Monday Viabtc raised $ 30 million during the first major ICO issued on top of the Bitcoin Cash blockchain. Then on Oct. 9, Coinex users who trade the viat token will receive an airdrop from the firm’s stash of CET tokens.
Viat will be used for a process called ‘Duo mining’ which gives miners normal pool payouts but also an added payout of viat as well. The viat mining payouts will be released in four phases and will give miners extra incentives to join the pool. The mining pool says that users can invite friends to mine with Viabtc and with a referral link they can receive more payout rewards. Viat owners can also use the currency for discounts toward pool fees and “exclusive customer support.” The tokens will be able to purchase mining accessories, Viabtc souvenirs, and the company’s BTC transaction accelerator.
“[The] Viabtc Token can be used as ‘gas’ and value transfer tool,” explains the mining pool. “We will add more application and privileges to it so that its holders can participate in the planning of Viabtc operations, building and improving Viabtc ecosystem together with the Viabtc team.”
Crypto-Companies Launching Incentive Tokens for Service Discounts Is Trending
Besides trading, viat will solely be used for Viabtc services only in order to bolster the firm within the blockchain industry. The Viabtc Token project is lead by the mining pool’s founder Haipo Yang, and the firm’s COO Huimin Ouyang. Viat will also be subject to a repurchasing plan and a burning process according to the viat ICO’s whitepaper.
“Viabtc will buy back and ‘burn’ viat with 20% of its quarterly revenue at the end of each quarter — This will reduce the total amount of viat steadily on a benign deflation model,” the whitepaper details.
The repurchase details will be announced timely and the ‘burning’ transactions are available for checking on the blockchain to ensure transparency.
Cryptocurrency companies who have created incentive-based tokens for certain services and privileges have done well over the last year. For instance, the trading platform Binance and it’s BNB token has managed to position itself at the top 14 highest market valuation out of 2,000+ digital currencies.
Viabtc’s exchange Coinex and its CET token also use these coins for incentives and CET is currently worth around $ 0.03. According to the trading platform’s data this Tuesday, viat is trading for $ 0.04 per coin and has over a million USDT in trade volume.
What do you think about the Viabtc Token (VIAT)? Do you think there will be more big ICOs using the Bitcoin Cash network? Let us know what you think in the comments section below.
Images via Shutterstock, Viabtc, and Coinex.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.
The post First Major Bitcoin Cash ICO Raises $ 30M in Record Time appeared first on Bitcoin News.
U.S. stocks ended mixed Tuesday, with retailers sinking after Amazon said it will raise hourly wages for U.S. employees and smaller companies continuing to stumble. Several big industrial companies rose, pushing the Dow Jones industrial average to a record high.
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Turkey’s central bank sharply raised rates—defying President Recep Tayyip Erdogan’s demand to cut them—in an attempt to counter the country’s economic problems and reverse growing investor aversion to emerging-market economies.
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Higher bag fees are officially a thing.
Within a week of JetBlue increasing the fees it charges some passengers to check luggage, United Airlines, Air Canada and WestJet all announced higher bag fees, with other carriers expected to join the movement soon.
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Wallet solution Mycrypto has raised $ 4 million to build a platform allowing users to create new wallets, the full details of which are in this edition of The Daily. Also, the wallet advertised by software guru John McAfee, Bitfi, is removing the ‘unhackable’ claim from its branding, an Islamic crypto exchange applies for a license in Malta, and Eminem’s new album features bitcoin.
Mycrypto Raises $ 4 Million to Create New Wallets
Popular ethereum interface Mycrypto has raised $ 4 million in a funding round led by Polychain Capital. The money will be used to build a platform that allows users to create new wallets as well as buy, sell and trade cryptocurrencies.
The news comes after the team recently launched a desktop app with which clients can manage or use their cryptocurrency without online resources or protocols and secure their funds outside an exchange. The platform is non-custodial, does not hold customers’ funds or personal data, and users are in control of their private keys.
“We’re dedicated to designing an experience that can further simplify how people can access and store cryptocurrency and are thrilled to see the overwhelming support we’ve received from our partners, investors, and community,” Mycrypto CEO Taylor Monahan commented.
Bitfi Withdraws ‘Unhackable’ Claim for McAfee’s Wallet
The team behind crypto wallet Bitfi, which has been advertised by cyber security ‘expert’ and entrepreneur John McAfee, has announced it will no longer describe its product as “unhackable”. The statement follows the release of evidence by a group of researchers showing the wallet has been compromised, BBC reported. Earlier this month, security experts claimed they had successfully sent signed transactions with the wallet and someone had even managed to establish root control over the device.
Bitfi had previously offered a bug bounty of $ 250,000 to anyone who managed to hack the wallet. One of the conditions was that the cryptocurrency be removed from the wallet. The group claimed to have hacked it once before but Bitfi and McAfee refused to accept the presented evidence as the digital assets had not been withdrawn.
Important announcement from Bitfi: pic.twitter.com/SD4ZCJxvLn
— Bitfi (@Bitfi6) August 30, 2018
In a post on Twitter, Bitfi explain they’ve hired an experienced security manager who is confirming vulnerabilities identified by the researchers. A comprehensive public announcement acknowledging and addressing these issues is expected next week. “Effective immediately, we are closing the current bounty programs which have caused understandable anger and frustration among researchers,” the statement reads.
The company also declares that “we will be removing the ‘Unhackable’ claim from our branding which has caused a significant amount of controversy,” acknowledging that “while our attention has always been to unite the community and accelerate the adoption of digital assets worldwide, we realize that some of our actions have been counterproductive to that goal.”
Islamic Crypto Exchange Applies for License in Malta
A new cryptocurrency trading platform, aiming to attract listings from sharia-compliant fintech startups, has applied for a digital exchange license in Malta, the crypto-friendly island which is an EU member state. The company, named Huulk, is also planning to establish partnerships with several European exchanges, Reuters reported, quoting its CEO, Ibrahim Mohammed.
The move will allow Huulk, which is part of the Onegram Group, to host trades of digital assets as well as stocks and commodities according to its chief executive officer. Malta-based Bianchi Holdings Ltd. is expected to become an equity partner in the business, Mohammed noted.
The exchange intends to list around 20 Islamic fintech firms, some of which operate in Muslim-majority countries like Turkey and Malaysia. Onegram, which has sold approximately $ 400 million worth of gold-backed digital tokens so far, also plans to list on the exchange its own sharia-compliant cryptocurrency.
Bitcoin Featured in Eminem’s ‘Kamikaze’ Album
Cryptocurrency is surely moving closer to mainstream acceptance and its more frequent occurrence in different contexts and spheres of human interaction attests to that. The latest example comes from Eminem’s new album, “Kamikaze”.
“Remember everybody used to bite Nickel, now everybody doing bitcoin,” goes the lyrics of the ninth track on the album, “Not Alike”, which features rapper and songwriter Royce Da 5’9′ who is singing the line. “Kamikaze” comes out just months after the release of Eminem’s previous project, “Revival”.
Undoubtedly, last year’s skyrocketing prices put cryptocurrencies in the spotlight of media and public attention. The crypto-craze led to a number of mentions of bitcoin not only in songs, but also in movies and television series.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
Images courtesy of Shutterstock.
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The post The Daily: Mycrypto Raises $ 4 million, Islamic Crypto Exchange Sets Foot in Malta appeared first on Bitcoin News.
An estimated 2,975 people died in the six months after Hurricane Maria as a result of the storm, with the elderly and impoverished most affected, according to a long-awaited independent study ordered by the US territory’s government that was released Tuesday. The findings contrast sharply with the official death…
The cost of checking a bag on a flight is starting to take off.
JetBlue Airways has quietly increased the cost of checking the first and second checked bag for passengers who buy the carrier’s cheapest airfares.
The New York carrier raised the fee, starting with flights booked on or after Monday,…