LG Uplus Releases a Blockchain Cross-Border Payment System

lg launches a blockchain-based cross-border payment system

One of the most popular mobile services provider in South Korea, LG Uplus Corp., informed the public about the release of a special overseas payment service. To do so, the company is going to partner up with its colleagues in the US, Japan and Taiwan.

The service was developed on the base of the blockchain technology, it will be available early next year.

LG Uplus clients will have a chance to conduct cross-border transactions while avoiding high commission fees for overseas operations.

This is the first ever launch of such a scale in Korea, and it is a big step towards introducing blockchain on the state level. A representative of LG states:

In addition to the overseas payment solution, LG Uplus will continue to develop new business opportunities with blockchain and global telecom leaders.

We remind you:

SAP and ATB Will Incorporate Ripple Into Their Cross-Border Payment Systems

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The Bitcoin SV Mining Pool Was Attacked by Scammers

Some crypto scammers tried to pull off one of the most popular fraudster tricks. They created a copy of the site of a large BSV mining pool – SVPool. The two sites looked identical, the only difference from the real one could be noticed in the URL. The criminals promised to sell BSV hashing power in exchange for Bitcoins. Luckily, the management of SVPool quickly detected the scam and informed their users about it. The official message said:

When clicking through the dupe site, many of the pages results in a 404 error, and in some cases, it takes you to their registrar’s error page. The site uses SVPool’s genuine social media handles to make things look at authentic as possible.”

Most of the crypto platforms now remind people to be careful and check the sites they are using thoroughly before spending their money. We remind you:

The Police of India Uncovered a 60-Million-Dollar Crypto Scam

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Bitmain Closed Its Branch In Israel Due To Crypto Market Situation

Chinese mining giant, Bitmain, has closed its branch Bitmaintech Israel in Ra’anana. It was set up two years ago as a company which specialized in developing blockchain technology, AI technology and controlled one of the mining pools Connect BTC in Israel.

The branch was headed by Gadi Glikberg, who held the title of VP International Sales and Marketing. He and his 23 employees will be laid off.  The reason of closing the branch is that Bitcoin trading price fell down by more than 80% since its all-time high, while Ripple’s XRP and Ethereum decreased by more than 90% since the peak of their prices.

Glikberg commented on the situation: “The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”

We remind you:

Is Bitmain Really Dying, or How Much Money Was Lost in 2018?

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Facebook Is Once Again Looking for Blockchain Specialists

Being a social media giant, Facebook could not turn a blind eye to blockchain. It actually launched a whole department devoted to the research of this technology and was looking for a manager for this department some time ago.

However, none of the representatives of Facebook have revealed any detail as to what they are planning to do with blockchain, which caused a wave of rumors starting from the assumption that Facebook is going to release its own cryptocurrency to the one claiming that Facebook was working on a blockchain network, planning to outrun Ethereum.

The truth is still unclear, but the fact is: Facebook is definitely working on something. It has listed 5 vacancies for blockchain developers on its official site. Considering the fact that it is Facebook and also the rate of salaries for blockchain specialists, there surely will be a huge fight for these 5 jobs. We remind you:

Blockchain Specialists Receive the Highest Salary Among Software Developers

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Tether Made It into Top-5 Cryptocurrencies

The king of stablecoins Tether (USDT) is now the 5th biggest cryptocurrency, according to the rating of CoinMarketCap. Although the coin did follow the overall downward trend, it is clearly doing better than EOS and Ethereum. The rating now looks like this:


Source: CoinMarketCap

Despite the jump in the rating, things are not particularly amazing for Tether. The coin is quickly losing holders, since its alternatives (like Gemini Dollar) have way more customer-friendlier conditions.

The crypto industry is turning upside down. Given the level of volatility, the top-5 newcomers might or might not stay there. We remind you:

Stellar Has Outrun EOS and Became the 5th Top Cryptocurrency

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You Can Now Pay with Dash at Venezuelan KFC

According to a report made by Forbes, a popular fast food restaurant KFC in Venezuela will now accept Dash cryptocurrency as a means of payment, following the example of Papa Johns and Subway. The innovation will take effect this week.

The first cafe that will accept Dash is the one in the capital city of Caracas, however, it will soon spread all over the country. The representative of Dash in Venezuela, Alejandro Echeverría, states:

Having a globally recognized brand such as KFC accepting dash payments in Venezuela is a great achievement for cryptocurrency and further validation of the continuing trend of dash adoption.”

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SWIFT Created A New Payment System To Protect Blockchain and FinTechs Provided By Ripple, JP Morgan, and Transferwise

SWIFT has announced in its latest press-release that it decided to launch a new payment service – Global Payment Initiative (GPI), which is still in pilot version. The system is aimed at combating threats that bring harm to blockchain and other fintech solutions of such institutions like Ripple, JP Morgan, and Transferwise.

The main target of the pilot is “to build the foundation of a new integrated and interactive service that will significantly improve efficiencies in the payments process and which will ultimately be made available to all 10,000 banks across the SWIFT network.”

The GPI tests were conducted in October to try cross-border payments with banks in Thailand, China, Australia, and Singapore. The trial showed that using GPI-system payments could be carried out almost instantly.

According to SWIFT, the pilot GPI system starts working in the first half of 2019. It will cooperate with 15 financial institutions, including Bank of China, JP Morgan, CitiGroup and others. The service provides full transparency to payment beneficiaries and originators.

We remind you

What Is Happening Between Swift and Ripple and Why Does Ethereum Suffer From It?

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