The Canadian Bank Creates a Storage for Cryptocurrency 237

The Canadian Bank Creates a Storage for Cryptocurrency

VersaBank Inc. announced the intention to complete the creation of a digital storage for cryptocurrencies by June, the use of which will be available to customers from all over the world.

“We’re using what banks are all about — safety and security — only what we’re doing now is saying that physical box in the basement is getting obsolete,” David Taylor, chief executive officer of Canada’s smallest bank by assets, said in an interview at Bloomberg’s Toronto office. “Most people’s really valuable assets are contained in some sort of digital format, whether it be a deed or a contract or a cryptocurrency.”

The system development team is headed by Gurpreet Sahota, who previously worked for BlackBerry, the company that is considered to be the leader in the field of digital security. As in the situation with deposit boxes, the bank will not know what is inside the digital storage, which will be called VersaVault. Moreover, the bank will not have access to these assets.

Such systems are especially necessary on the background of the latest news about the theft of the cryptocurrency in the amount of more than $500 million from the Japanese exchange Coincheck.

VersaBank operates on a remote model  it does not have traditional branches, all services are provided online or through partners. The capitalization of the bank is 158 million Canadian dollars (126 million US dollars), the assets worth 1.73 billion Canadian dollars are under its management. The bank has about 80 employees.

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The UN Will Cooperate With the IOTA to Increase the Productivity of its Work 827

The UN Will Cooperate With the IOTA to Increase the Productivity of its Work

The UN branch, called the United Nations Office for Project Services (UNOPS), will work with the IOTA to improve the management of UN records using the distributed IOTA open-source ledger.

The announcement of the partnership came out on Tuesday, the 22nd of May. The co-founder of IOTA Dominik Schiener supported the idea of ​​cooperation by saying:

“We are thrilled to begin working together with UNOPS and to tackle current and future challenges together. The IOTA Foundation is fully committed to putting the IOTA Tangle to work on behalf of important humanitarian and development causes.”

The technology is going to advance administering and validating important documents, provide a real-time transaction system. The goal of the project is to include all connected devices by checking the accuracy and transactional calculations that contribute to the development of these devices in order to provide their properties and data in real time, which is one of the features why the UN chose IOTA for cooperation.

The special adviser on the blockchain technology at UNOPS, Yoshiyuki Yamamoto, said that the ledger can work with batteries or alternative charging methods, which can be very useful for territories that do not have constant access to the Internet or even electricity.

As this collaboration will become a kind of experiment, Yamamoto is not sure how long it will take to fully implement the IOTA technology. He said that it depends on many factors, which include the complexity of the problem, the type of software, the user’s participation, so the results will be difficult to predict.

In the nearest future, IOTA technology will be supported by IoT devices that do not have high processing power requirements.

The UN considers this technology very promising, arguing that the organization would not cooperate with the project unless it proved its potential.

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Coinbase Exchanged the GDAX Platform For Paradex 361

Coinbase 将GDAX 改名Coinbase Pro

The GDAX cryptocurrency platform will cease its operations, while a new one called Coinbase Pro will be launched to serve individuals whose core business is trading in cryptocurrencies. The announcement was made by representatives of the American cryptocurrency exchange Coinbase.

The Coinbase Pro developers have left the same tools that were used with its predecessor GDAX and also added new ones. For example, the system of placement and cashing of funds will be simplified at the new platform. Users will also have access to advanced analytics and will be able to post their portfolio on the updated corresponding page.

Moreover, the cryptocurrency exchange purchased the decentralized platform Paradex, functioning on the 0x protocol. GDAX plans to launch its own digital coin Wallet Coinbase, which will provide the opportunity to trade with hundreds of tokens. The new wallet will be included in the new platform in a few weeks and is available to US cryptocurrency exchange customers.

We remind you that the company Coinbase announced the release of new products in mid-May, which is targeted at institutional investors. During the announcement, such products as Coinbase Institutional Coverage Group, Coinbase Custody, Coinbase Prime and Coinbase Prime were presented.

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