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Guest authorNovember 15, 2019
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5min645

Blockchain, the tech that gave rise to the creation of Bitcoin, is arguably the most important innovation to come out of the ongoing fintech boom. As a decentralized, distributed, and immutable ledger, Fortunly attests that its disruptive prowess goes beyond the financial sector.

Imagination is the only limit to the number of blockchain’s feasible use cases. One of its most viable applications is proof of provenance.

As the global “ethical sourcing” movement grows stronger, the pressure on major brands across different industries to join the bandwagon mounts. Blockchain is the logical solution to rendering supply chains more traceable and transparent, which are key characteristics to satisfy the sensibilities of many consumers.

Here are a few brands that are integrating blockchain into supply chain management.

Volvo

As a strategy to stake out a claim for itself in the potentially lucrative worldwide electric vehicle (EV) market, Volvo is partnering with fintech firms to prove to consumers that it does not use child labor to manufacture lithium-ion batteries.

The Swedish automaker, with the cooperation of its battery suppliers, LG Chem and CATL, intends to use blockchain to track the journey of cobalt, a prized raw material for EV battery production, from the mineral’s point of origin to its XC40 Recharge.

Volvo’s move is consistent with the policies of some African countries to promote responsible mining. Nations such as Kenya and Rwanda are bent on reducing the demand for conflict minerals.

Topco

The largest food cooperative in America is adopting the Wholechain traceability system by Envisible. Topco wants to send a message to shoppers that its seafood items, such as shrimp and salmon, are sourced in an ethical and environmentally responsible way.

With the help of the Wholechain mobile application and QR codes, customers can easily learn about how the grocer’s products get from the sea to the store.

Walmart

The retail giant has teamed up with IBM to render its leafy greens seamlessly verifiable with blockchain. Using the IT corporation’s Food Trust platform, Walmart is requiring its vegetable suppliers to indelibly input data onto the blockchain to improve the tracking of goods.

Fonterra

Fonterra is one of the first partners of Alibaba in its blockchain-driven food traceability platform called Food Trust Framework. Thanks to this collaboration, the New Zealand dairy titan is able to bring its tracked goods to Tmall in China.

Martine Jarlgaard

A pioneering blockchain adopter in the fashion industry, designer Martine Jarlgaard has joined forces with London-based startup Provenance to tell the story of her collection. She used blockchain to record her supply chain in detail.

Using the QR code on the verified garment’s label, shoppers could see how the alpaca fabric made its way from a farm to Jarlgaard’s studio.

Helzberg Diamonds

The US jewelry retailer, along with three other parties, has tapped IBM to implement the TrustChain blockchain project. The initiative is designed to prove the legitimacy of its diamonds and gold by forcing supply-chain participants, such as miners and shippers, to build a shared, tamperproof record.

In addition to eliminating counterfeits, Helzberg Diamonds also hopes to capitalize on the tech to identify gems and precious metals coming from conflict areas with less difficulty.

Conclusion

Thanks to blockchain, average consumers are becoming empowered to scrutinize the supply chains of their favorite brands. Hopefully, more influential global corporations will follow the lead of these ethical vanguards to finally solve the many injustices in the world in the near future.

The infographic you can find here: https://fortunly.com/infographics/how-startups-disrupt-the-finance-ecosystem-infographic/

 

Guest Author: Stefan Ateljevic


BrankoAugust 14, 2019

4min669

[14 August, 2019, Douglas, Isle of Man] — Quanta Technology, the world’s first licensed blockchain lottery operator, just recently completed Phase 1 of its Proof of Concept testing by exceeding its benchmark. Through tremendous progress, the Quanta Lab Development team were able to enhance the private Ethereum blockchain platform Quanta is on to be able to process 1235 tickets per second or 2045 simple transactions per second. At the same time, the testing also demonstrated that Quanta has been able to achieve low server costs for a high performing private blockchain infrastructure.

This benchmark is a significant milestone for Quanta and in line with the company’s mission to leverage the gaming industry in the blockchain era. Following Quanta’s current activities in Africa, the ability to process 250 tickets per second is enough to operate a blockchain lottery in the Nigerian market. With this in mind, Quanta’s performance power to process 1235 tickets per ticket exhibits its potential to expand into the rest of Africa.

“This accomplishment is the result of our unyielding effort to increase the performance of the Quanta Lottery Private Ethereum Blockchain Network,” said Kostas Farris, CTO and Director of Quanta. “Being able to offer a fast and reliable gaming experience to all our players no matter how many there are has always been a goal that we strive for. Now that we have finally executed it, we are ready for our next triumph”

Following the success of this achievement, Quanta will carry this tremendous performance and momentum forward into Phase 2 of its PoC where it is already in progress.

Quanta currently runs a weekly prize draw, the ‘Quanta Prize Draw’, which is regulated by the Isle of Man Gambling Supervision Commission and has a range of prizes and a potential jackpot. Quanta is also the major shareholder of Naija Lottery which is currently one of the biggest game operators in Nigeria.

 

About Quanta

Quanta Plc is an innovative blockchain-oriented company that utilizes smart contracts in order to ensure fully automated and transparent blockchain-powered solutions. Quanta Plc owns Quanta Technology Limited, operator of the world’s first licensed blockchain-based gaming company on the Ethereum platform. Its products, including gaming platform, random number generator, token-centric payment gateway and game wallet are blockchain-powered and certified to ensure utmost trust and transparency in the gaming industry. The company employs Smart Contracts to offer full automation and integrity to lotteries. With the support of QNTU, utility token, Quanta leverages services to strengthen the customer’s engagement. QNTU is currently trading on six renowned cryptocurrency exchanges including Latoken, Lykke, HitBTC, Bit-Z, and BitoPro.

 


BrankoMarch 28, 2019

7min839

It’s no secret that we’re living in a very different world from that of ourancestors. Technology has completely changed how we do things. There’s nowhere that the change is quite as apparent as in the financial services industry, though. We’ve gone from a system of notes and coins as currency, right through to paperless and digital banking. We’re fast moving beyond the point where we even need an actual wallet – with banks developing tech that allows you to use your phone to pay instead of an actual card or cash. 

Fintech Developments

It’s developments in fintech that have made all of this possible. What’s fintech? It’s where technology has been applied in the financial services industry. And while the term “fintech” is new, the concept is not. Way back in 1918, the first example of fintech was launched.

What was this exciting new invention? The wire transfer. It seems pretty tame now, but it was big news back then. Since then, there have been many other advances made. You can see what those were by checking out the infographic below by Carsurance straight after this post.

The Biggest News in the Fintech Industry This Century

It should be no surprise that blockchain tech is now considered the most disruptive fintech innovation of this century. It’s true that this is still a nascent technology, and so we don’t actually know how far things will go. But the fact is that the tech has definitely piqued the interest of the financial services industry. Major banks, who initially expressed skepticism about Bitcoin and its ramifications, seem to have done a complete 360-degree about-face. Many have already spent serious money on developing blockchain-based applications. They’ve acknowledged that there are distinct benefits in using the tech. Blockchain tech:

  • Is more secure
  • Helps to reduce infrastructural costs
  • Reduces the amount of time required to process transactions
  • Helps cut the cost of verifying transactions
  • Reduces the cost of securing data.

Basically, the tech could help banks run leaner operations overall. According to research by the firm Accenture and McLagan, adopting blockchain tech can reduce infrastructural costs by 30% and so save the major banks billions of dollars a year.

Why is Blockchain Considered So Disruptive?

It’s quite simple – it’s a complete departure from everything we thought we knew about internet security. Previously, it was considered better to lock all your data away behind secure firewalls. The idea of distributing that data across a range of different users seemed ludicrous. If we think about it more carefully, though, it’s a plan that is so simple that it is brilliant. By having the data duplicated over several computers, it is safer to keep it because it would be harder to change or delete the records.

So if a hacker wanted to insert her own information, she would have to take over every computer on the network and make the changes simultaneously. Assuming that she was able to do that, we have another security measure in place. Information in the chain cannot be altered or deleted because of the nature of the tech. So let’s say that the hacker was able to somehow get access to all the computers on the network and decided to make changes. Because each block on the chain is linked both to the block before it and the one after it, there’s no changing just one piece of data in the chain. You’d have to somehow go in, delete the chain up to the point where you wanted to start over, and then rebuild every other block afterward.

The security of the system does not just hinge on those two factors, though. The third security feature is that no one can add data without the consensus of the majority of users. So if I somehow managed to go in and delete the chain, I wouldn’t be able to rebuild the links without a verification process being conducted. I’d have to fool at least 51% of the other nodes. This would be a tough sell.

Final Notes

Blockchain tech is a major disruptor in the financial services industry. Not only because it showed us that there were different ways to do things, but also because it showed us that peer-to-peer transactions are possible. Where it will go in the future is not completely certain, but blockchain tech is here to stay. We’re not sure exactly how much it will change the financial services industry, we just know that it’s going to.

URL: https://carsurance.net/blog/growth-of-fintech/


BrankoMarch 7, 2019

9min1288

Brad Garlinghouse, CEO of Ripple, a California-based crypto start-up focusing on the banking sector, once again used an opportunity to bash a new digital token, issued by the investment banking giant JPMorgan.

“If you give [JPMorgan] a dollar for deposits, they’ll give you a JPM Coin that you can then move within the JPM ledger. Wait a minute, just use the dollar! I really don’t understand – if you’re just moving within the JPM ledger and it has to be dollar-to-dollar, one-to-one backing, I honestly don’t understand what problem that solves,” he said during the Chamber of Digital Commerce’s D.C. Blockchain Summit in Washington on Wednesday.

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Brad Garlinghouse on JPM Coin.

“Just use the Dollar?” ????????????

97 people are talking about this

Previously, Garlinghouse claimed that the JPMorgan’s project “misses the point“: “introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer.”

Meanwhile, in an article titled “The Case Against BankCoin” that he wrote in August 2016, he said that banks really have two options: either set aside all their differences and agree to use the same digital asset (which is not very likely to happen), or “banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”

In either case, some experts still claim that JPM Coin is “a huge slap in the face for Ripple”.

“Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat,” Tom Shaughnessy, principal at Delphi Digital, a crypto research boutique in New York, previously told Bloomberg.

Moreover, as reported, JPMorgan is betting that its first-mover status and large market share in corporate payments, as it banks a large number of companies, will give its technology a good chance of getting adopted, even if other banks create their own coins. “Pretty much every big corporation is our client, and most of the major banks in the world are, too,” Umar Farooq, head of Digital Treasury Services and Blockchain at the bank, told CNBC in February. “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”

Also, Jamie Dimon, CEO of JPMorgan, said recently that JPM Coin “could be internal, could be commercial, it could one day be consumer.”

As reported, there are three early applications for the JPM Coin:

  • International payments for large corporate clients, which now typically happens using wire transfers between financial institutions on decades-old networks like Swift.
  • Securities transactions.
  • The final use for JPM Coin would be for huge corporations who use JPMorgan’s treasury services business to replace the dollars they hold in subsidiaries across the world.

BrankoMarch 6, 2019
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11min917

According to a recent update from Opera Software, the company’s new browser with a built-in crypto wallet, Opera Touch, will soon become available for iOS users.

Although not yet available to the general public, the Norway-based web browser company is currently seeking users to test out its new iOS browser, designed specifically for interacting with so-called “web 3.0” (it focuses on decentralised, peer-to-peer technologies) applications. Interested iOS users can already sign up via Opera’s website, and will then be notified as soon as the browser and crypto wallet is available for testing. Crypto wallet-free version of Opera Touch is already available for iOS users.

Also, the new iOS version comes in addition to the existing version for Android devices that was launched back in December last year.

According to the company, they decided to make the move and introduce the browser wallet and Ethereumdapp (decentralized application) explorer to iOS due to popular demand from the Ethereum community.

Opera further said that they have identified the “difficulty of obtaining cryptocurrencies” as a major hurdle that has slowed down crypto adoption. To mediate this problem, the company has formed a partnershipwith online brokerage company Safello to allow users in Scandinavian countries to easily buy crypto with fiat currency. The company did not say when this feature might become available for users in other parts of the world, however.

New Opera Browser Brings Crypto Closer For iPhone Users 102
Source: gs.statcounter.com

A lack of easy-to-use solutions for crypto has been one of the biggest challenges faced by early crypto adopters, the company further wrote:

“Users were forced to install separate wallet apps which didn’t include full-featured browsers. Setting up such wallets was difficult […] We removed this hurdle by integrating an easy-to-use wallet into our Android browser. Now, we are delivering this seamless experience to iOS users.”

“The next step will be for the Ethereum community to provide relevant dapps for people around the globe to love,” the company added.

Moreover, in February, Opera announced that their browser becomes the main browser on the HTC’s blockchain phone Exodus 1.

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Opera

@opera

We are happy to announce that Opera becomes the main browser on the @htcexodus 1 phone! Now you can enjoy the first ready browser with a built-in wallet on the first mobile device.

45 people are talking about this

As reported, phones with crypto- and blockchain-related attributes are flocking in, and so are the news about them. The Samsung Galaxy S10 does have a cryptocurrency wallet built in – but also support for dapps. Meanwhile, Pundi XHTC and Electroneum have also announced more news recently.


BrankoMarch 5, 2019

5min891

Parity’s co-founder and CEO Jutta Steiner hinted about a possibility to restore 500,000 frozen ETH (USD 63,6 million). According to her, the latest Ethereum Constantinople upgrade made this even more possible to accomplish.

Parity is a blockchain developer building decentralized web technologies such as Parity Ethereum client, Parity Substrate framework for building blockchains, the Polkadot network, which tackles blockchain interconnectivity issues, as well as other novel instruments.

A hack which occurred in 2017 led to the freezing of millions of dollars worth of Ethereum. A hacker under pseudonym “devops199” discovered a vulnerability in Parity’s multi-signature master contract and exploited it to freeze the funds. However, it seems the funds may finally be reimbursed, although it’s not clear when.

“The CREATE2 upcode that was added as a part of Constantinople hard fork doesn’t directly fix the frozen funds issue. However, it shows and appreciates that effectively the tooling that we had at the time when we created multi-sig wallet library wasn’t sufficient to prevent bugs from happening. So basically if that functionality CREATE2 existed at the time, there wouldn’t have been a vulnerability. So wouldn’t it be the right thing to do to also fix the issues that arose when we didn’t have the tooling?” Steiner said in the latest Fortune’s episode of “Balancing the Ledger.”

Parity developers have been trying to restore those 500,000 ETH for years. Now that the necessary hard work has been successfully implemented, Parity is a step closer to solving the longstanding issue. But what are the other steps that need to be taken?

“It doesn’t automatically mean all the teams that had stuck funds get the funds back. It still requires another hard fork where that particular state change is made, but it gives a much more solid argument to why it’s the right thing to do and recover the funds,” Steiner said.

Switching chains

While it remains unclear what exact course of action Jutta Steiner had in mind during the interview, one possible method that has surfaced the web recently is by utilizing Edgeware, a smart contracts platform and a parachain on Polkadot. It is set to launch this summer.

Fundamentally, Edge looks like a copy clone of Ethereum but with some differences in its governance structure. Thus, all EVM (Ethereum Virtual Machine) smart contracts can be reportedly moved to Edgeware. In this way, the stuck ETH would remain where it is, but all frozen funds would be reimbursed on the new chain.

“Each user will have their own lockdrop contract — unlike other launches where a single massive smart contract runs the distribution,” says Thom Ivy, a representative from Edgeware, as reported by Trustnodes. The lockdrop contract also looks at the Locked parameter in the smart contract, so the frozen Parity funds would qualify for receiving 91 million edge tokens for 500,000 ETH if the funds were locked for at least six months.

While this information remains to be confirmed, it is also unknown why users and dapp (decentralized application) developers would prefer to switch to a brand new chain with little infrastructure. However, the discussions of such event taking place have been going on for a while. For example, the Reddit user DCinvestor remains skeptical about community switching over.

At the moment, there is a new token sale being held to fund the further development of Parity’s Polkadot project. Steiner has affirmed the fundraiser has nothing to do with the frozen funds issue.
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Watch the whole interview with Jutta Steiner below:


UrbanMarch 4, 2019

3min1132

The South Korean government will team up with a consortium of domestic companies to funnel a combined USD 7.7 million into three blockchain projects – a used car trading platform, a financial services project and a platform for charity donations.

Per KiNews and iNews24, the Ministry of Commerce, Industry and Energy and the Korea Internet Development Agency (KIDA) will provide USD 4 million in funding, with the remainder coming from 24 private sector consortiums comprising some of the country’s biggest conglomerates and banks, as well as crypto exchange operators, domestic venture companies and blockchain startups – making for a total of 80 companies.

The ministry and KIDA held consultation meetings with the consortiums beginning in December last year, and concluding at the end of January 2019. The parties say they are aiming to conclude all necessary contracts by mid-March, with a view to starting work on the projects before the end of the month.

The three projects will all be led by private sector companies, and are as follows:

  • A blockchain-powered used car servicing platform proposed by (and to be led by) the Hyundai Group’s Hyundai AutoEver subsidy. AutoEver specializes in vehicle sales over the internet. Blockchain startup Blocko, ABC Solutions, a software and services provider and another Hyundai subsidy, Hyundai Glovis(a logistics specialist), will also take part in the project.
  • A decentralized charitable donation platform proposed by (and to be led by) e4net, a software company. Participants in the project include Dunamu, one of the Kakao Group’s blockchain subsidies, and the operator of the Upbit exchange, the Child Fund, a children’s charity, and blockchain startup Inoblock.
  • A financial and educational services platform proposed by (and to be led by) SK Telecom. Participants in the project include Coinplug, operator of the CPDAX cryptocurrency exchange, major commercial banks Hana and Woori, as well asLG’s internet arm, LG U+. Blockchain startups Haechi Labs and Koscom will also be taking part in the project, as well as another SK subsidy, internet platform developer SK Planet.

UrbanMarch 3, 2019

11min808

New Zealand-based troubled cryptocurrency exchange Cryptopia failed to reopen on Monday due to unspecified reasons.

“We were aiming to get the site live today however, we have had a slight delay and are aiming to have the site live tomorrow,” the company tweeted, promising more updates “as this progresses.”

Their clients reacted:

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See ???????????????? Esomojumi Michael ????????????????‘s other Tweets

hanish bh@hanish_B

Ready to be patient for few days but when you come again make your exchange secure top notch , thanks for frequent updates

See hanish bh’s other Tweets

Last Thursday, Cryptopia, which was closed in January following the hack which cost users an estimated USD 23 million, announced that they aim to reopen their site “as read-only” by Monday. A day ago, the company, which reportedly has more than 1.4 million users, said that “worst case 9.4% of our total holdings was stolen” and they are “securing each wallet individually to ensure the exchange is fully secure when we resume trading.” Also, Cryptopia asked their clients to refrain from depositing funds into old Cryptopia addresses “as a result of the new wallets.”

The company claims they have “transitioned 24% of all wallets to our new secure servers. Once the read only site is online, we will be keeping users up to date on which wallets have been checked and secured via the coin info page.”


UrbanMarch 2, 2019

9min913

Rebrands are tricky. Coca Cola disastrously rebranded itself as ‘New Coke’ in 1985, forcing lovers of its original formula to launch a campaign calling for the immediate return of its old branding and taste. Other rebrands in recent memory – Gap, MasterCard, Tropicana – have been no less shambolic, creating the impression that companies shouldn’t really ever take the plunge.

Meanwhile, in cryptoland, the likes of Kraken, ShapeShift, Zcash Company, and Litecoin have rebranded in recent months, while other projects – such as RailBlocks/Nano and Antshares/NEO – have done something similar over the past year or so.

Such moves vary in terms of how much rebranding is involved. Nonetheless, they all indicate that crypto is maturing, and that the industry is making increasingly concerted efforts to entice mainstream customers.

Signs of maturation

It’s no secret that 2018 was something of a comedown for the industry after the dizzying highs of 2017. This is a large part of the reason why, in 2019, many crypto-related companies and projects have turned to rebranding, since it’s one obvious strategy for increasing the willingness of investors and the general public to adopt crypto.

“One would be forgiven for thinking that Bitcoin and other cryptocurrencies were doomed after the hype of 2017 subsided and we entered the current bear market,” says Simon Dingle, a Bitcoin analyst and author of In Math We Trust: The Future of Money.

“However, nothing could be further from the truth,” he tells Cryptonews.com. “Bitcoin is alive and well, and great progress has been made on the project since the beginning of 2018. The network has actually grown in terms of computing power during this time, and great progress has been made in protocol scaling solutions like the Lightning network, which now has an order of magnitude more nodes connected than at this time last year”

Despite this growth, Dingle acknowledges that somethings needs to be done not only to encourage greater adoption, but to counter the negative perceptions surrounding crypto.

“There is a still a general misunderstanding of cryptocurrency in the mainstream, and misinformation being spread about, for example, Bitcoin’s use of electricity – but the war is being won behind the scenes,” he says. “It now faces the challenging gap between early adopters and mainstream adoption, and is on course to leap over this chasm in style.”

Meanwhile, Mati Greenspan, a crypto analyst at eToro, tells Cryptonews.com that the recent wave of rebranding is largely about overcoming the negative stereotypes surrounding crypto.

“The crypto industry is currently going through a process of gentrification as it prepares for a wider audience,” he says. “Since inception crypto has had a negative stigma attached to it, but this perception is changing rapidly in large part thanks to work being done on the ground by these companies and others in the industry.”

This is why Kraken and ShapeShift, to take two of the most prominent examples, have recently rebranded. Both exchanges are taking steps to comply with regulations and to make themselves more customer-friendly, while Simon Dingle affirms that their recent redesigns are indicators of a maturing industry.

“Crypto companies in general are maturing and many are refocusing on mainstream markets, whereas until now they were only preoccupied with early adopters of the technology,” he says. “ShapeShift, for example, has implemented know-your-customer (KYC) processes for the first time to prepare for scrutiny from authorities. Kraken has developed a more consumer-friendly brand as it hopes to broaden its appeal in the consumer market.”

Changing perceptions

As useful as rebrands may be for any company that wants to symbolically turn a corner, more obviously needs to be done if the industry wants to enjoy greater adoption. Perhaps most importantly, Simon Dingle believes that the industry needs to get better at managing its media relations, as well as its relations with regulators.

“What crypto needs is to win the story wars,” he says, noting that it’s often not the ‘best’ technology that earns widespread adoption, but rather the technology that provides the best narratives.

“Right now Bitcoin is a story of freedom and hope – one only needs to look at how it is being used in Venezuela to get a taste of this – but it is also poorly understood in mainstream media where many people lost money in 2018, and there is a misconception that Bitcoin “wastes” electricity. Crypto companies need to offer better stories, acknowledge what the market is telling them, and work harder to win hearts and minds.”

However, past years have shown that crypto hasn’t always been successful when it comes to PR, with various exchanges and projects (e.g. Kraken, IOTA) notably having acrimonious spats with certain news outlets.

And in addition to better public relations, Mati Greenspan affirms that the industry will also have to improve its end product, which in many cases needs to offer better user experiences.

“There’s still a lot of work to be done,” he says. “Specifically on making interfaces more user-friendly and on education, both of which will need to improve drastically for the industry to maintain its current rate of growth.”

These are big challenges, but as recent efforts to rebrand all indicate, the industry is serious about meeting them. And with the ongoing influx of institutional investors into crypto, and with ongoing efforts to make blockchains more scalable, it just might.


UrbanMarch 1, 2019

34min645

It seems that, following a number of unfortunate events, major crypto company Coinbase might be getting into a major crisis.

Currently, the hashtag #DeleteCoinbase is becoming more popular by the minute, ranging from users showing proof that they’ve deleted their Coinbase account, over warning against staying there, to one instance of people even paying others for closing their accounts. All of this for a simple reason: the community believes that Coinbase has lost their moral compass after their acquisition of a startup called Neutrino. It was founded by three former employees of Hacking Team, a controversial Italian surveillance vendor that was caught several times selling spyware to governments with dubious human rights records, such as Ethiopia, Saudi Arabia, and Sudan.

“It saddens me to see what they’ve done to their platform. Count me out,” writes Twitter user @21isenough. This is a sentiment echoed by many in Crypto Twitter. User @lartdetre writes, “Closing Coinbase account help avoid tons of headaches. They went so over the top that it’s totally insecure to stay there now.”

“Call me crazy but I commend this community for the whole #DeleteCoinbase movement. I’m interested to see how & if Coinbase will listen to its users & the users they have lost. I won’t hold my breath though,” commented user @ashrugg.

Until now, the company has only responded that “Coinbase does not condone nor will it defend the actions of Hacking Team,” but “it was important for Coinbase to bring this function in-house to fully control and protect our customers’ data and Neutrino’s technology was the best we encountered in the space to achieve this goal.”

It’s currently hard to tell how many users have left Coinbase, let alone if that makes a difference to them. The company has not responded to a request for comment. Coinbase investors, including Andreessen HorowitzUnion Square VenturesDFJ Venture Capital and others, also remain silent on the issues that the company has been facing. Cryptonews.com contacted them, as well as Intercontinental ExchangeRibbit CapitalFunders Club and others for comment, but none of them have yet replied.

As for how to handle such a growing crisis, Samantha Yap, founder and director of international PR firm with a focus on fintech, blockchain and cryptocurrency startups YAP Global, told Cryptonews.com: “When a communication crisis arises, it is essential for the company to take control of the conversation in the media rather than stay silent and enable misguided assumptions to spread.”

Moreover, there is another challenge the company faces.

“Influencers in the cryptocurrency sphere on social media platforms such as Twitter and Reddit have the power to sway public opinion about the company. As a result, the recently launched #deletecoinbase social media campaign is spreading fast with influencers like Whale Panda, who has 213,000 followers on Twitter, drawing attention to the hashtag,” Yap said.

WhalePanda@WhalePanda

Well I really couldn’t stay behind now could I? Even though I haven’t used them in quite some time…

55 people are talking about this

“However, to Coinbase’s defence, I understand why, as a large company, they would opt to issue one formal official statement for the time being, because it can’t individually address everyone’s concerns. Once you respond to one journalist or writer, you must give an interview to everyone,” she added.

“As someone who has worked with thousands of technology companies and hundreds of crypto ones, I can tell you that in any sort of communication crisis the best thing to do is take responsibility for your mistakes,” Ayelet Noff, founder and co-CEO of global PR agency Blonde 2.0, tells Cryptonews.com. “Do not try to hide them or justify them. Listen to your community and post comments where they are speaking, showing that you are listening and taking control of the conversation. In addition it is a great idea to post a blog post discussing the situation, showing that you are taking responsibility for your actions and explaining how you plan to solve the current situation.”

In the meantime, Coinbase users are continuing deleting their accounts.

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Udi Wertheimer@udiWertheimer

is real

42 people are talking about this

One person, under the Twitter handle @JpintoPedro, is further incentivizing the movement: “Everyone deleting their #Coinbase account and making proof of it will receive 1000 [satoshis]. respond to this post with the proof of deletion and rejoice sending an invoice for 1000 sats!” The person is using tippin.me, a Twitter crypto tipping app that uses Lightning Network to send small transactions between users.

CEO of competing cryptocurrency exchange Kraken, Jesse Powell, commented on the case on his own Twitter account: “Personally, I support any company which has the guts to roll out a transitional workforce development program. If you’re giving an honest paycheck and a second chance to a guy who used to have to sell out journalists to fascist governments to make ends meet, you’re ok by me.” Other users have had to drop in to explain that he is being sarcastic, due to immediate outlash from some.

However, the Coinbase team seems to be making the issue even more difficult, as multiple users complain they cannot close their accounts. Apparently, after completing everything the exchange needs them to, they simply receive a message that says, “You cannot complete the account closure quite yet.” User @won13three had contacted the company: “Same thing. I called customer support and they have an ‘account specialist’ on the case now.”

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Adam Moore@AdamPaulMoore

Why isn’t @Coinbase allowing me to delete my account? Send help! @udiWertheimer

39 people are talking about this

One reason for this might be so-called “dust”: tiny amounts of cryptocurrency are reportedly preventing some users from leaving Coinbase, because they were too small to transfer out, but the exchange supposedly doesn’t allow the closing of accounts with remaining balances, news outlet BreakerMag reports.

Developer and Bitcoin enthusiast Udi Wertheimer developed a solution to that, called the #DeleteCoinbaseTrustChain: because Coinbase allows free transfers between existing accounts, users could simply transfer their “dust” to another Coinbase user, then close their account.

Udi Wertheimer@udiWertheimer

Coinbase won’t let people close accounts with dust balances????‍♂️

Let’s fix it:
1. Tweet your dust balance with
2. Someone replies with their coinbase email address (or DM)
3. Send your dust and close your account
4. They do the same
5. Repeat

Who’s first?

No Mo FoMo@FomoRektMe
Replying to @udiWertheimer and 5 others

Tried to close my account but I have small amounts of coins left in that are too small to transfer and they won’t allow account to close without transferring?

View image on Twitter
110 people are talking about this

Perhaps expectedly, part of the crypto community has taken this as the perfect chance to make memes out of the situation.

bitcoiner@AnselLindner

Don’t underestimate the crew.

These are many of the same people that brought us Segwit with the UASF and forced Bitmain to get rekt.

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