SOUTH KOREA’S KOOKMIN BANK TO STORE AND MANAGE DIGITAL ASSETS

Kookmin Bank, considered to be the largest bank in South Korea, is set to offer digital currency custody and management services. The bank, better known as KB Bank, has partnered with blockchain venture capital firm Hashed and Cumberland digital currency exchange.

The three companies will partner on all things blockchain, Hashed’s legal compliance officer Jin Kang revealed in a blog post.

The partnership “will entail managing and storing digital assets, advocating for optimal regulatory developments, and transforming the traditional financial sector,” he stated.

KB Bank’s move into digital currency custody comes at a time when regulators have progressively taken a positive approach towards digital currencies. In the U.S., the Office of the Comptroller of the Currency recently issued a directive allowing banks to offer custody services for digital currencies. It also allowed them to provide banking services for digital currency businesses.

In Korea, the government has been warming up to banks interacting with digital currencies as well. This has allowed the country’s four leading banks to begin exploring the industry, with KB Bank now making the first definitive move.

According to Kang, KB Bank believes that apart from digital currencies, other assets such as real estate and artwork will be tokenized, issued and traded on blockchain platforms.

Hashed CEO Simon Kim remarked, “Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation.”

KB Bank has been involved in blockchain projects in the past. In June 2019, the bank signed a memorandum of understanding with Atomrigs Labs to explore digital assets custody solutions. The two were reported to be working on a platform known as Lime that would combine with the bank’s infrastructure to offer state-of-the-art security for digital currencies.

KB Bank’s insurance subsidiary also ventured into blockchain this year. Known as KB Insurance, the firm partnered with KT Corporation on a blockchain-powered insurance mobile notification system....

THINGS YOU SHOULD KNOW ABOUT THE BITCOIN WALLET

A bitcoin wallet is a wallet that plays an important role in keeping the money safely at you. As the bitcoin wallet is not only keeping the bitcoins but along with this, it has many private keys that you will require while making transactions and at the time of selling and buying process. It’s the thing that keeps your maximum information related to the currency and so on.

If you want to use this wallet, then you need to put the right encryption, then it’s got unlocked; otherwise, you will not be able to use the same. The passwords and other encryptions are settled by you at the time of purchase. You can also change your passwords with time because of security concerns.

The wallet is a personal thing that is only managed by its owner. No one other has the power to operate it, as it contains a lot of money. So that you do not share your credentials with any other, besides that, we recommend you do not log in to your account in someone else device. Still, if you are using, then do not forget to logout while leaving the place or device. Otherwise, if something went wrong, then you have to bear losses for more you can visit this website. So, beware, prevention is good because regret is good for nothing.

There are several kinds of bitcoin wallets exist for the comfort of the users. Some people are always online at their mobile, PC, or any other device. So accordingly, there are several wallets exist. Each of the bitcoin wallets has up with different features. But all the wallets are targeting to form protocol because it’s the way of receiving and sending funds unrelatedly particular execution. So, let’s move towards the different wallets:

Web wallets: these are the wallets that allow you to process your transaction. It may be of sending or receiving. You can store bitcoin via your web browser. Here using a web browser needs more concern of you because using wallets directly from the web requires great management from you. As you need to confer the browse with some privacy. So, that nobody can run it.

But still, web wallets have some features that make it more convenient than any other as you don’t need to get worried about it, in case it gets deleted. Deleting wallets from the web browser will not go to lose the bitcoin or any other private key.

Desktop wallet: if you require the all-time wallet logging and in working, then you can install the wallet software at your desktop so that you can freely use the wallet through-out the day and night. You don’t need to login and logout again and again as it will offer you full control over the wallet management activities.

While using a desktop wallet, the private keys will get stored in a hard drive. So, that you can only access the funds when you have installed a wallet on your computer. But always remind that the wallet file is to be protected with large security because if you lost or file of wallet from the desktop, then there is no backup plan is there; you have to suffer a lot. After all, all your bitcoins will be lost forever. 

Hardware wallet: it’s a special wallet that is structured to store the bitcoins. The advantage of this wallet us that the file will not go to delete easily as it has a good and protected storage that will not go to compromise on the privacy and safely store bitcoins.

Paper wallets: these are wallets that help in storing the bitcoins in a physical way such as metal or paper. We can say or admire like a paper note or metallic coin. Here, if you lost your coin or paper note, then it means you have lost the value. It’s as same as the country’s currency.

Brains wallet: it is a wallet that is created with the help of passphrase. It moving the same features as if you will go to lost the passphrase, then it means you have lost your bitcoins forever. 

Mobile wallets: it is a simple wallet that is specially generated for the people who are active at their mobile phones for 24*7 and prefer to make transactions in their mobiles. Mobiles wallets re the only wallets that are used by many people at the most, as it is an easy and convenient method....

CRYPTO EXCHANGES SEE EXPLOSIVE INCREASE IN WEB TRAFFIC

Reports show that cryptocurrency exchanges have seen a massive increase in web traffic, as cryptocurrency prices gained significant positive movements in July.

Data from ICO Analytics, a firm which analysises cryptocurrency movements, shows that web traffic on global cryptocurrency exchanges saw an average 13% uptick last month compared to the month before

Major Cryptocurrency Exchanges – Increased Traffic And Web Visits

ICO Analytics’ Illia Kmez said that the web traffic for centralised exchanges gained around 26% since December. Comparing the traffic from June to July, some exchanges saw a whopping 66% increase. YoBit.net and KuCoin are examples of these, and they stand amongst several exchanges to see a huge spike in traffic.

Binance, which stands as cryptocurrency industry’s leading exchange recorded 24.9 million visits in July; showing a tidy 10% increase in traffic since June. Coinbase, the United States’ largest exchange, saw 22.5 million visits, boasting an 18% increase from June to July.

Decentralised Exchanges Also Enjoy Increased Web Traffic

ICO Analytics also reported that decentralised finance (DeFi) firms and decentralised cryptocurrency exchanges are showing similar increases in web visits. As reported by the firm, Uniswap stands firm as the decentralised exchange with the highest web traffic in July, with more than 1.4 million visits.

While DeFi markets don’t make up a massive portion in the cryptocurrency industry, the positive sentiment seems to be interlinked. Bitcoin, Ethereum, and Ripple are all maintaining new record support values for 2020. Decentralised tokens, such as Chainlink, on the other hand, are also enjoying the increased – and maintained -value since a spike in July....

SOUTH KOREAN TOURISM PILOTS CRYPTOCURRENCY PROJECT

CIC Enterprise, a Bitbeat-affiliate company, is running a test programme to offer cryptocurrency payment services in two tourist hotspots in South Korea. The project will be operating at two of the country’s most popular beaches for tourists to use as a payment service.

According to media outlet ZDNet Korea, CIC Enterprise teamed up with Innotech – a payments service provider – in order to offer cryptocurrency payments in the Haeundae Beach System in South Korea.  The firm is hoping to enhance the convenience, transparency, and reliability of electronic payments and is looking to digital currencies to resolve issues that cash payments face.

Through the project, tourists and locals will be able to pay for numerous products and services, from water sports-related activities, to life jackets with Bitcoin, Ethereum, and with MCI and WAY ERC20.

The Convenience of Cryptocurrency Payments

One of the key benefits of the project is the speed and ease at which the payments can be made. According to the report, the user makes payment through a QR function via an Ethereum-based wallet or an exchange wallet compatible with either MCI token or WAY token. The payment can happen at the ticket office, through a QR code and takes between 5 and 10 seconds, depending on network speed connection.

This speed, coupled with the convenience and safety of cash-free payments, stands as notable benefits that digital currencies offer.

BitBeat Hopeful For Bitcoin Adoption

The BitBeat foundation is supporting this pilot, and is hopeful to see further adoption for cryptocurrencies to follow, saying:

“I hope that the virtual currency used in the Haeundae-gu beach system will be more widely used in real life. In the future, we will actively introduce various payment methods in the region so that it can be used freely next year. We will try to provide a virtual currency payment environment.”...

CARDANO’S TECHNOLOGY IS BEST ETHEREUM AHEAD OF BITCOIN

The Cardano (ADA) blockchain technology has been rated the blockchain project with the best technology, this rating was according to the latest update in the ranking of cryptocurrency worldwide by prestigious on-chain rating agency Weiss Rating.

The agency before releasing his update considers factors such as technological progress, market situation, investment risk, and adaptation rate of each of the blockchain projects.

Weiss Ratings in a statement explained that it has had the Cardano Shelley Hard Fork on its watch list for quite a while with the belief that the project confirms that the Cardano network is capable of executing intelligent contracts and dApps.

However, in the overall evaluation of all cryptocurrencies worldwide, the Ethereum (ETH) blockchain project topped the list ahead of Bitcoin and Cardano.

The strong rally displayed by ETH in the last few days was believed to have been propelled by the impending launch of Ethereum 2.0 coupled with developmental programs embarked upon by the network.

Weiss Rating has for over 30 years been offering analyses of the financial market and has incorporated the evaluation of the most valuable and largest cryptocurrency projects since 2018, the agency is not undisputed in the crypto scene as some critics posited that the agency’s rating of individual metrics is smeared and to some extent lacks transparency.

The Weiss Ratings does not evaluate large market cap cryptocurrencies alone but also takes time to evaluate smaller projects like Cosmos (ATOM), Fantom (FTM), and Tezos (XTZ) which are all rated by the agency to be holding higher positions in-term of technical factors.

Weiss added that the current patterns of the technical chart exemplify that a further upward movement is at hand.

In addition the growth experienced in the DeFi sector which has brought new capital to the crypto market also reflected in the latest Weiss ranking as the agency appreciates the technological progress of Ethereum (ETH) and Cardano (ADA) blockchain projects.

Nonetheless, cryptocurrency enthusiasts are alerted at the moment as they share the belief that the cryptocurrency market is not yet bubbling, as they hope that BTC higher prices are yet to come....