Change of 5.19% for Nxt–id Inc (NASDAQ:NXTD)’s shares shorted was showed. FINRA announced shares shorted of NXTD’s total 2.72M shares.
Change of 5.19% for Nxt-id Inc (NASDAQ:NXTD)’s shares shorted was showed. FINRA announced shares shorted of NXTD’s total 2.72M shares. Previously was reported down change of 5.19% from 2.87 million shares. Previous NXTD’s position will need 11 days to restore. It has 238,000 average volume.
Ticker’s shares touched $1.1099 during the last trading session after 11.21% change.Nxt-ID, Inc. is downtrending after having declined 26.02% since January 23, 2018. NXTD has 288,655 volume or 23.95% up from normal. NXTD underperformed by 26.02% the S&P500.
Nxt-ID, Inc., a security technology company, engages in the development of products and solutions for security, healthcare, finance, and Internet of Things markets.The firm is valued at $28.07 million. It offers World Ventures SmartCard, a smartcard customized for WorldVentures, a travel firm with approximately 500,000 members; and develops NXT SmartPay, a standalone solution with the ability to make payments on various devices through magnetic stripes, as well as through interaction with a terminal through EMC, near field communication (NFC), or barcode functionality.Last it reported negative earnings. The firm also provides Wi-Mag, an antenna and payment technology solution that is embedded in a mobile device to make wireless payments at various point-of sale terminals, which do not require NFC or EMV; and IoT Stamp, a connected electronics module that fits within various devices, including smartcards or watch bands.
For more Nxt-ID, Inc. (NASDAQ:NXTD) news published recently go to: Prnewswire.com, Seekingalpha.com, Livetradingnews.com, Investorideas.com or Investorideas.com. The titles are as follows: “Mastercard and Garmin® Expand Garmin Payâ„¢ Contactless Payments to Maestro European Accountholders – PR Newswire” published on October 30, 2018, “NXT-ID Inc. (NXTD) CEO Gino Pereira on Q2 2018 Results – Earnings Call Transcript – Seeking Alpha” on August 15, 2018, “NXT-ID Inc (NASDAQ:NXTD) Stock To Invest for 2018 – Live Trading News” with a publish date: November 24, 2017, “HomelandDefenseStocks.com defense stocks and security stocks investor research and news for Biometrics stocks, Homeland security , biodefense stocks, cybersecurity stocks – InvestorIdeas.com” and the last “CryptoCorner: ( $NXTD) – Fit Pay’s Flip #Bitcoin Payment Device @FlipToPay to Begin Shipping, Hacked Japanese Exchange Coincheck is Licensed, Indian Bank Orders Clients Not to Use Crypto and 5 New #Crypto ATMS Installed Each Day – InvestorIdeas.com” with publication date: January 11, 2019.
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No, Silicon Valley darling and cryptocurrency unicorn Coinbase hasn’t decided to go public, but Bithumb — the largest bitcoin exchange in South …
US investors may soon be able to purchase shares in the company that owns South Korean bitcoin exchange Bithumb. But should they? | Source: REUTERS/Kim Hong-Ji/File Photo
By CCN.com: US investors may soon be able to invest in one of the world’s largest bitcoin exchanges following its listing on the over-the-counter (OTC) US stock market.
No, Silicon Valley darling and cryptocurrency unicorn Coinbase hasn’t decided to go public, but Bithumb — the largest bitcoin exchange in South Korea and one of the world’s highest-volume crypto trading platforms — could soon find its shares available to retail and institutional investors alike, albeit in a nontraditional way.
Bithumb Will Use Reverse Merger to List Shares in US
According to documents filed with the Securities and Exchange Commission (SEC), US holding company Blockchain Industries has signed a “binding letter of intent” to merge with BTHMB, the Singaporean company that controls Bithumb.
From the announcement:
On January 16, 2019, Blockchain Industries, Inc. (the “Company”) entered into a binding letter of intent (the “Letter of Intent”) with BTHMB Holdings Pte. Ltd., a Singapore corporation (“BTHMB”). The Letter of Intent provides that the Company and BTHMB will negotiate the terms of a certain stock purchase whereby the Seller shall sell that certain number of shares of the Company’s Common Stock (the “Sale Shares”) representing a super majority of the Company’s outstanding shares of Common Stock. At the consummation of the transaction, the Company shall become a subsidiary of BTHMB.
The move will see the new entity — dubbed Blockchain Exchange Alliance (BXA) — listed on an OTC market in the US, where its shares will be publicly-quoted. In short, Bithumb will use the “reverse merger” to go public with less scrutiny and red tape than accompanies an ordinary public listing, much as the Mike Novogratz-led Galaxy Digital did in Canada.
“We are thrilled to be part of this important initiative that is expected to bring liquidity, accessibility and expansion to the blockchain industry,” said Patrick Moynihan, CEO of Blockchain Industries. “By working with BXA, we expect to bring more advanced technology and better compliance practices into the public marketplace via a consolidated focus.”
“BXA is a global exchange alliance and the United States is a key factor to any global initiative,” said Byung Gun Kim, CEO of BXA.
By unifying our businesses, we benefit from the focused expertise of Blockchain Industries. As a result, we have tremendous growth opportunities in this region, and we expect quality results from this in North America.
It’s not clear how much BXA shares will be worth once they begin trading on the OTC market. Last October, Kim’s company purchased a 50 percent plus one stake in Bithumb for around $350 million. Since then, the bitcoin price has declined another 45 percent, though global trading volumes have seen a moderate uptick.
Bithumb Wanted to IPO But Didn’t Want to Wait
Per anonymous sources cited by CNBC, Bithumb had wanted to hold a traditional initial public offering (IPO) in Singapore but was too impatient to wait the one or two years the listing process would take.
The reverse merger, in contrast, will provide the company with immediate liquidity in the OTC market, as well as the opportunity, in the future, to fulfill the requirements necessary to list its shares on the New York Stock Exchange (NYSE) or Nasdaq.
However, regulators may have serious questions about Blockchain Exchange Alliance’s plans to allow US retail investors to invest in Bithumb, given that the South Korean trading platform was one of a number of exchanges to suffer hack-related thefts in 2018. Though the $31 million in stolen funds was relatively minor compared to the $530 million hack suffered by Coincheck, Bithumb’s June 2018 breach raised questions about its security policies.
Bithumb has also faced allegations of inflating its reported trading volumes. Last December, a research firm called CryptoExchangeRanks published a report concluding that the firm’s reported volumes are highly irregular, with an unusually large number of trades clustering around the same time period every day.
Bitcoin Exchanges Finally Feel Pinch of Bear Market
Exchanges were the segment of the cryptocurrency industry that seemed most impervious to the bear market since they could make money whether the bitcoin price was going up or down. However, the duration of the downturn has caused daily trading volumes to plunge, forcing even crypto exchanges to think more carefully about their bottom lines.
On Tuesday, CCN reported that Huobi — another of the world’s largest bitcoin exchanges — had confirmed that it had laid off around 100 employees as declining trading volumes threatened profit margins. CEO Weng Xiaoqi stressed that the company remains profitable right now but said that he doesn’t “know how long the bear market will last, so it is still possible that we will struggle to survive.” Huobi, he said, must “plan in advance and spend money carefully.”
Nexon Deal Would Net Tencent Two Crypto Exchanges
Notably, Bithumb isn’t the only cryptocurrency exchange whose parent company’s shares could soon be available to US investors.
As CCN reported, Chinese tech conglomerate Tencent is actively considering a bid for NXC Corp., the South Korean holding company that controls Asian gaming giant Nexon. Through its subsidiaries, NXC owns majority stakes in two cryptocurrency exchanges, the Korea-based Upbit and European trading platform Bitstamp, which is also the world’s oldest bitcoin exchange.
Those exchanges would comprise a minuscule portion of Tencent’s nearly $400 billion valuation, but the potential purchase would nevertheless provide investors with low-risk exposure to the cryptocurrency industry.
Do Investors Still Want to Invest in a Crypto Exchange?
Given the hype surrounding Long Blockchain, Riot Blockchain, and other public companies that made dubious blockchain rebrands in late 2017, the report that a major cryptocurrency exchange was going public in the US would have set the market on fire during the historic crypto bull run, perhaps carrying the bitcoin price even further then its current all-time high near $20,000.
However, 13 months into Crypto Winter, is anyone even going to care?
Featured Image from REUTERS / Kim Hong-Ji. Price Charts from TradingView.
Questions still remain about the exact details of the unfortunate occurrence, namely, how much Ethereum (ETH) & other cryptocurrencies were swiped.
Just two weeks into 2019, the crypto market underwent its first exchange hack, with New Zealand-based Cryptopia biting the proverbial dust. And while a week has passed since the “security breach,” the dust hasn’t settled. Questions still remain about the exact details of the unfortunate occurrence, namely, how much Ethereum (ETH) & other cryptocurrencies were swiped.
Cryptopia Hack: A Brief (Not So) History Lesson
If you missed the Cryptopia memo, let me catch you up. Early-morning January 14th, Cryptopia, a former major crypto exchange that is focused on facilitating altcoin trades, suddenly shut down its platform, suspending trading, while citing “unscheduled maintenance.” At midnight (PST) on January 15th, about ~20 hours later, the upstart took to its Twitter page to release a harrowing piece of news.
Through a company letter released in tandem with the tweet, it was revealed that Cryptopia suffered a “security breach,” claiming that the company incurred “significant losses.”
Explaining this sudden shutdown of trading, it was divulged that when Cryptopia’s C-suite and top brass were notified, an immediate shift to maintenance was deemed necessary to “assess damages.” Cryptopia also revealed that it had contacted local police, along with the Commonwealth nation’s “high tech crimes unit.”
Save for a message from a local police unit, who claimed that they were working hand-in-hand with the exchange, Cryptopia has yet to release a follow-up message.
As New Zealand’s authorities have likely pushed Cryptopia to shut its yapper on the matter, speculation has raged about the details of the breach. However, for the most part, this hearsay has been unbacked. But this changed on Monday when a detailed report was divulged outlining the jaw-dropping imbroglio.
Ethereum & What Was Hacked?
Elementus, a New York-headquartered blockchain research unit, took to its company blog on Monday to provide some “overdue transparency” into the debacle. The blockchain researchers claimed that the $3 million to $13 million estimated to have been stolen by hackers is a false claim. Elementus even quipped that the true numbers have been hiding in plain sight, “encoded in a public database called the Ethereum blockchain, which is unfortunately not well designed for human consumption.”
Citing data and information compiled by its proprietary software and researchers, Elementus claimed that over the course of four days, Cryptopia’s core hot wallets, coupled with likely user-assigned secondary wallets, were drained.
Eventually, over $16 million U.S. dollars worth of Ether and ERC20 tokens were revealed to have been stolen by the attackers. $3.57 million of the sum was in ETH, $2.446 million in Dentacoin, $1.948 million in Oyster Pearl, and the list goes on. Other prominent tokens, including TrueUSD, OmiseGO, Sirin Labs, ZRX, and Augur’s REP, were also stolen from Cryptopia’s not so impenetrable system.
Interestingly, the company divulged that the hackers have attempted to siphon stolen funds into other notable exchanges, including Bibox, Huobi, and Binance, the latter of which froze funds upon requests from social media. No reports have been divulged on whether the other exchanges name-dropped have taken action.
Elementus closed off its deep-dive into the Cryptopia case by explaining that oddities of this hack, including the duration and eerie timing of the hack and the numbers of wallets involved.
Anyhow, this case is far from over, but Live Coin Watch will do its best to keep you all in the loop. Stay safe out there.
As part of its commitment to the international crypto community, Coinbase, one of the leading cryptocurrency exchanges in North America announced …
As part of its commitment to the international crypto community, Coinbase, one of the leading cryptocurrency exchanges in North America announced on Jan. 22 that its professional trading and custody platforms are available to its Asian-based institutional clients and high-volume businesses.
The new roll-out supports international (SWIFT) wire transfers which allow Coinbase clients to fund their holdings even without a U.S bank account.
The exchange announced:
“As part of Coinbase’s continued commitment to the international crypto community, high-volume clients across Asia will now have access to Coinbase’s flagship trading platforms for institutions, as well as our dedicated cold storage service, Coinbase Custody.”
Coinbase Moves Towards Institutional Investors
The exchange noted that over the past 12 months, several hedge funds had launched worldwide and another growing number of traditional institutions such as proprietary trading firms, family offices, and endowments are trading digital assets.
As a result, Coinbase has introduced a suite of professional products – Coinbase Pro and Coinbase Custody to better serve these customers and other market participants such as digital assets issuers, exchanges, and miners.
Apart from using Coinbase Prime to deposit, withdraw, and trade USD, the exchange’s Asian clients will have access to Coinbase stablecoin USDC.
The stablecoin was announced in October last year by Coinbase in partnership with Circle as the co-founding members of the CENTRE Consortium.
At the time of the launch, the stablecoin was available to buy, sell, send, and receive in supported jurisdictions, and the exchange promised to add support to more geographies in the future.
Today’s announcement is another step in honoring that promise. Coinbase’s stablecoin is fully collateralized by the USD on a one-to-one ratio.
The exchange allows its clients to redeem the stablecoin for USD or vice versa through Coinbase Prime free of charge.
The exchange is also launching custody services (Coinbase Custody) to approved high-volume customers in Asia, one of the largest and most important markets for cryptocurrencies.
Coinbase Custody is an institutional-grade service designed specifically to store large amounts of cryptocurrencies securely.
Through Coinbase Custody, digital assets are stored offline and protected using cutting-edge security practices.
The secure storage of digital assets is a hot topic because investors have lost huge amounts of money after cryptocurrency exchanges such as Mt. Gox and Coincheck were hacked.
Coinbase’s Expansion to Asia
Coinbase has long foreseen its growth in Asia. In June last year, the exchange launched its offices in Japan and appointed Nao Kitazawa to the position of CEO Coinbase Japan.
Kitazawa is an experienced fintech leader who has previously worked for Morgan Stanley Japan as an investment banker and served as the COO of Money Design, a firm that played an important role in “pioneering automated investment advice platforms in Japan.”
Kayvon Pirestani, who previously led institutional sales at Coinbase New York has been transferred to the Tokyo office and carry on the work that he did in the U.S.
He will lead a team that will provide 24/5 support for the exchange’s range of institutional products and services.
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Japan’s citizens have an expensive habit: paying for things with cash.
Most payments in the world’s third largest economy involve paper bills and metal coins. That sets Japan far apart from China and South Korea, where various “cashless” electronic payment schemes dominate, as well as the West, where credit and debit cards are much more popular.
That means the country also has a lot of ATMs—probably over 200,000—as well as cash registers and fleets of vehicles for moving money around. It all adds up to an estimated $18 billion a year in costs, most borne by the financial industry.
Next year, hundreds of thousands of foreign visitors—most from countries where credit cards and digital payments are second nature—will descend on Tokyo for the Olympics. They’re expected to spend billions of dollars during the event, and Japan’s financial system simply isn’t equipped to handle it. Hundreds of millions could be left on the table.
Prime Minister Shinzo Abe says he wants 40% of payments to be cashless by 2025. In August, the government announced plans to offer tax breaks and subsidies for companies that get on board. And while everything from credit card payments to transactions using QR codes would qualify, some of the country’s biggest financial players think the way to wean Japan off cash lies in the technology that runs Bitcoin.
Mitsubishi UFJ Financial Group (MUFG), the country’s largest bank and the fifth largest in the world by total assets, has teamed with American internet company Akamai to build a blockchain-based consumer payment network in time for the Olympics. If they pull it off, it could be the fastest and most powerful consumer payment network to date. They claim that in tests it’s been able to handle more than a million transactions per second, with each transaction confirmed in two seconds or less, and say it could eventually achieve 10 million transactions per second. (Visa’s credit card network, by comparison, handles several thousand transactions per second. Bitcoin tops out at about seven transactions per second, and each transaction can take up to an hour to confirm.) The system is designed to handle all kinds of payments, from automated highway tolls to payment-card swipes to in-app purchases.
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MUFG, which has also tested its own crypto-token, is far from alone. Mizuho Financial Group, a large holding company, has been experimenting with blockchain technology for several years as part of a project dubbed “J-Coin” and plans to release its own digital currency for retail payments in March. SBI Holdings, a big financial-services firm, says it’s building its own token, also for retail payments, called S Coin.
The wager all these companies are making is that Japan’s society is primed to start using digital cash. It is relatively technologically savvy, cryptocurrency trading has been uniquely popular in the country for years, and Japan’s financial regulators are more familiar with blockchain technology than any others in the world. With the government’s pressure to go cashless, and little competition from credit cards and other forms of e-payment, Japan could leapfrog the technology underlying today’s electronic payment networks and go straight to blockchains.
If the experiment works, the country’s economy might be remade. Everything from huge transactions between banks to small retail purchases could be carried out with barely any delay and at a fraction of the current cost; even today’s credit cards would be slow and expensive by comparison.
In the process, Japan will become the world’s biggest test bed for the decade-old idea that a cryptographic ledger and a network of computers can be used to create an electronic form of cash. It might even regain its position as a global leader in both finance and technology—a status it hasn’t enjoyed for decades.
The story of how it got to this moment, however, begins with a catastrophe.
The legacy of Mt. Gox
Long, long ago in cryptocurrency time—which is to say, between 2010 and early 2014—Tokyo-based Mt. Gox was the global online platform for buying and trading Bitcoin. In 2013, it accounted for 70% of all Bitcoin transactions. So when hackers made off with $450 million worth of Bitcoin from the exchange, causing it to collapse, the shock waves were felt worldwide.
The disaster was particularly traumatic for Japan, recalls Aya Miyaguchi, who at the time was working for Kraken, a US-based exchange that was one of the few competitors to Mt. Gox. “For the most part, people did not know anything about Bitcoin,” she says. When the news of the collapse broke, “many in the country panicked,” she says, and the Japanese media panned cryptocurrencies.
This worried Miyaguchi, a native of Japan who moved to the US 10 years ago and now heads the Ethereum Foundation. “I thought the entire ecosystem could be at risk without proper information and education,” she says. She felt a duty to help educate regulators, investors, and the public about cryptocurrency and blockchains.
Just a month after Mt. Gox’s meltdown, Miyaguchi met with Mineyuki Fukuda, an influential lawmaker in Japan’s ruling party who had been given the job of figuring out how to regulate the technology. She was struck by his foresight. “He saw this technology as bringing a potential competitive advantage to Japan,” says Miyaguchi. “We even talked about how we could use crypto for the Tokyo 2020 Olympics.”
Fukuda was not acting in a vacuum. In the late 1990s and early 2000s Japan’s tech industry, once the envy of the world, had lost big chunks of global market share to foreign companies, particularly in South Korea and China. The government was on the lookout for new industries in which the country could compete. Policymakers were particularly concerned about how Japan had fallen behind China in fintech, says Thomas Glucksmann, a former Mt. Gox employee who now runs Asian corporate partnerships for Diginex, a Hong Kong–based consulting firm focused on blockchain technology.
Fukuda decided not to slap down the cryptocurrency industry after the Mt. Gox collapse, but to cultivate it. Instead of immediately creating new rules for blockchain technology, the government set up an industry-led self-regulatory organization. Eventually, Japan rolled out the world’s first (and still only) licensing regime for cryptocurrency exchanges, which went into effect in April 2017.
The authorities were less forgiving after hackers looted half a billion dollars in January 2018 from Coincheck, an unlicensed exchange that was operating under an exemption. Japan’s Financial Services Agency (FSA) launched investigations of the nation’s cryptocurrency exchanges and ordered several of them to fix shoddy security practices. The regulators toughened up licensing, slowing new approvals to a halt; Coincheck, now under new management, finally got its license only this month.
Regulating cryptocurrency without hindering innovation is a challenge for many governments. But Japan seems to be striking a pretty good balance. After the Coincheck incident, the FSA “studied very hard about cryptocurrency and cybersecurity” and wound up better informed than most consultants in the industry, says Oki Matsumoto, chairman and managing director of Monex, Coincheck’s new owner. As with the Mt. Gox fiasco, the government turned the Coincheck hack into a teachable moment.
There’s at least one more reason to think blockchain-based cash can succeed in Japan: retail investors there already love crypto.
The affection apparently stems from their affinity for trading foreign currencies. Japanese traders account for more than half of all global margin trading in the foreign exchange market. Of late, they’ve expanded to cryptocurrency trading, taking advantage of Japan’s bustling (and now regulated) exchange scene. It’s hard to pin down the Japanese cryptocurrency market’s exact size, but it has become Asia’s biggest market since China clamped down on trading in 2017. Analysts at Deutsche Bank say Japanese retail investors were a big reason why Bitcoin’s price shot up to almost $20,000 in late 2017.
Of course, cryptocurrency trading is popular in many countries, yet it isn’t used much in retail payments anywhere. Why should Japan be any different? Its retail sector is decidedly low-tech: most stores don’t even accept credit or debit cards. To shop online, people commonly print out a bar code at home and take it to a convenience store, where they pay in cash.
On the other hand, they aren’t completely averse to electronic payments. Prepaid card services like Suica, which are sold by the country’s major railway companies, are popular. Grocery and convenience stores tend to accept Suica cards, too. Andy Champagne, CTO of Akamai, is convinced that the pieces are in place for Japan to end its love affair with cash. “It’s an extraordinarily technical society, and a society that’s very interested in transacting digitally,” he says. Given the government’s push to go cashless fast, “it’s a unique opportunity at a unique time.”
But even if that’s the case, why blockchains? Today’s cryptocurrencies tend to be volatile unless they’re backed by fiat currency in a bank account. They are difficult to use and keep safe from hackers, and blockchain transactions that turn out to be fraudulent can’t be reversed. Third-party services like exchanges can have big security problems, as the Mt. Gox and Coincheck hacks showed. And the most popular blockchains are slow and require masses of computing power to secure the ledger, which gives them huge carbon footprints.
The systems Japan’s banks are building could change that. MUFG’s blockchain will run on Akamai’s servers. The company is skilled at building proprietary algorithms to deliver web content to users around the world, its core business. That expertise readily translates to running a network that’s more energy efficient, faster, and cheaper to operate than a public blockchain, Champagne says. So much so, MUFG believes, that even payments too small to make sense on traditional credit card networks will be feasible.
Will people in Japan really ditch their cash for blockchains, though? Yoriko Beal, cofounder of HashHub, a co-working space for blockchain startups in Tokyo, is skeptical. The popularity of Suica cards shows that it’s not outside the realm of possibility. But she believes it’s about utility, not about the underlying technology. Suica cards are very useful, so people adopted them, she says: “If MUFG and Akamai are so sure that using blockchain can reduce costs a lot compared to, like, using metro cards, it might happen.”
Keep up with the latest in Blockchain at Business of Blockchain 2019.