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Stellar Lumens Ups Its Game With German Bank Partnership

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Countries in Europe have been open about using blockchain technology in improving their financial spheres. Out of this, Germany has been one of the stalwart examples of a region that has adopted blockchain as well as the concept of cryptocurrencies.

New reports now state that Bank von der Heydt had partnered with Bitbond to release their own euro stablecoin. This is aimed to facilitate financial placements in tokenized securities. 

Sources have revealed that the partnership between the bank and the startup will result in a plethora of developments of updates. The tie-up will utilize the Stellar blockchain which will then be used by institutions as well as private companies. The bank’s official statement read:

“The advantages of digital securities lie above all in virtualization, i.e. the elimination of the previously required documented securitization. As a result, securities can be traded directly without an intermediary, making financing much cheaper and easier to implement. Instead of a share, you get a token that, like Stellar, Bitcoin, Ethereum and Co., is based on the blockchain system.”

The bank added that as of the start of the New Year, the crypto custody business was incorporated into the German Banking Act [KWG] as a separate financial service. Customers now need to gain permission from BaFin to offer custody of crypto values within the German market.

With the latest proposal, investors within the bank will be able to purchase the euro stablecoin that will be issued by von der Heydt. Users integrated into the system will be able to convert their holding euros into stablecoins. The founder and CEO of Bitbond, Radoslav Albrecht stated that digital payment will happen much faster than how it was occurring now.

The main advantages of the tie-up were that the transfers will occur in real-time. At the same time, on-chain delivery versus payment of securities is set to occur in an instantaneous fashion. The banks using the technology does not need to involve a third party paying agent but can provide everything independently.

 

 

Can Monero Save North Korea from Sanctions?

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According to a new report published by Recorded Future, North Korea is intensifying its efforts to mine Monero (XMR); a privacy-focused digital currency. Moreover, the report claims that the Asian country is expanding its Monero operations to help escape international sanctions.

The current North Korea regime has been making the headlines recently on cryptocurrency-related matters; ranging from scam and digital currency theft accusations. The country has been hit with several sanctions by the United States and other European nations for refusing to suspend the nuclear and missiles program. In particular, North Korea president Kim Jung Un has faced accusations of stealing and using cryptocurrencies illegally to fund the nuclear weapon program.

Moreover, the report by the cyber-security threat analysis company claims that internet usage in North Korea has risen significantly over the last three years. The report goes on to say that a significant part of this activity involves Monero mining. Monero is an open-source privacy-oriented digital coin that was launched back in 2014. The coin is unique due to its decentralized and anonymous nature.

However, in the current North Korea regime, the use of the internet is restricted to only the elite class and political officials. The reports of increased network usage and cryptocurrency mining are quite fascinating. The report only focuses on the global network accessible to such parties. The report highlights:

“For the North Korean political and military elite, the 2019 data show that the internet is not simply a fascination or leisure activity, but is a critical tool for revenue generation, gaining access to prohibited technologies and knowledge, and operational coordination.”

Why the Sudden Interest in Monero by North Korea?

Could the privacy features be the catalyst behind the increase in Monero interest in North Korea? Well, reports have been circulating that North Korea hacking groups have been targeting Western corporations and cryptocurrency investors. The malicious groups have especially targeted South Korean exchange firms.

Well, the country was initially involved in both Bitcoin and Monero mining. However, as of  May 2019, the Asian country forged a plan to rapidly intensify its Monero mining operations. Fair enough, this is linked to the anonymity of Monero as the currency has aided North Korea in evading financial scrutiny and control. Unlike Bitcoin, Monero transactions are well encrypted. The details of both the sender and receiver are well protected. As of Bitcoin, anyone can access transactions. The report reads:

“We have observed an at least tenfold increase in Monero mining activity from North Korean IP ranges since May 2019. We believe that Monero’s anonymity and lower processing power requirements likely make Monero more attractive than Bitcoin to North Korean users.’’

Is North Korea Investing in Monero to Avoid Sanctions?

Moving forward, the latest report published by Recorded Future, accuses the current regime of several engagements in cryptocurrency-related cyber crimes. As per the report, this has empowered North Korea to collect stolen digital assets; and be in a position to provide the necessary infrastructure for cryptocurrency mining.

According to reports, the focus on Monero by North Korea is all due to its privacy features. The country is investing hard to ensure transactions and other related information will stay anonymous; particularly to the United States and the United Nations Security Council that had imposed the sanctions.

In conclusion, North Korea even considered developing its own cryptocurrency to potentially evade U.S. sanctions. Former Ethereum developer, Virgil Griffith was indicted by the United States for conspiring with North Korea to avoid sanctions.

 

Xpring Announces the BRD launch of Blockset with XRP

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Ripple‘s native technology has worked with the intention of improving cross border transactions as well as the remittance market. This has led to a plethora of updates and developments launched by users to improve the market.

According to new reports, Ripple’s Xpring has upped the ante on its investment in BRD, one of the oldest and most popular cryptocurrency wallets in the industry.

Xpring was first launched in October, sparking the way for newer updates on the Ripple network. The BRD investment was also part of this very concept of building a better network and propagating a new method of transactions.

Recently the organization revealed that they had launched Blockset, a blockchain data integration platform offering a suite of tools for developers to build applications across multiple using simple APIs. This was done to ensure that customers can utilize the full power of the blockchain as well as the ODL. According to the official released by Xpring:

“As part of the launch, Blockset includes support for XRP, which will help enable more developers with access to the XRP Ledger as they build their applications.”

Blockset has revealed that they use XRP libraries maintained by Xpring. This was decided to reduce the complexity of integration with the XRP library. Blockset works as a backend-as-a-service for blockchain It is designed to help blockchain explorers, wallets and data aggregators. The company has claimed that they try to channelize the input data into a straightforward schema.

Blockset not just works with XRP but also Litecoin, Bitcoin and Bitcoin Cash nodes. One of the main features ingrained with Blockset is that they define the hierarchy of data and transformations from the native blockchains into its own standardized format. The Xpring team revealed that they have used the BRD wallet for a long time now and have even tested out the ever-present features.

The BRD team on their end has tried to integrate into as many applications as possible. BRD now has over 2.5 million users across 170 countries with an evergrowing customer base. Reports have said that the wallet has seen massive increases in Monthly Active Users as well as transaction volume.

BRD recently revealed that the application had over 3 million users supporting XRP on the enterprise expansion. BRDHQ continued to reaffirm its policy to democratize access to and use of digital assets for consumers and businesses.

Grayscale’s Barry Silbert Thinks US Will Be The Next BTC Mining Hotspot After China

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China has been a driving force in cryptocurrency adoption, at least in the Asian sector. Several major players were looking at the Red Dragon as the marker for development in the decentralized assets space.

New comments from proponents of the space have now shown that there was a swing occurring where people preferred to conduct mining operations outside China.

Grayscale Investments boss Barry Silbert recently took to the airwaves to inform investors that there was a growing demand of interest from areas outside China. Currently, China dominates digital coin mining and that figure is yet to be challenged.

Grayscale Investments is the world’s biggest cryptocurrency asset manager and its Silbert has made news multiple times while praising Bitcoin.

Silbert is also responsible for the popular ‘DropGold’ campaign that aimed to show that Bitcoin was much better than traditional gold as a form of long term investment.

The Grayscale CEO did not mention the main reasons why there was a shift from China, leaving many to guess. He claimed that over the past three to six months, there was a growing shift in moving mining activities to the US or Canada.

There has been significant competition among countries to establish dominance in the cryptocurrency space. Powerhouses such as Japan have also kept a watchful eye on China and have openly stated that the Xi Jinping led the country was a threat.

Miners in China control sixty-six percent of all Bitcoin mining, which puts the ball squarely in their court. Silbert’s comments are expected to render some hope to investors who believe that the west needs to up its game.

Even though China has the lion’s share when it comes to mining, the country still does not allow digital assets to flourish in its full glory. The laws in the country still state that cryptocurrencies were not fully accepted.

Instead of cryptocurrencies, blockchain technology was considered the real superstar as several companies have begun using it. Officials in China, including the President, had revealed that using blockchain technology was the way to go for the future.

Although Silbert’s comments were positive for the US mainland, miners need to ensure that all the guidelines are met. Reports have shown that there have been several scams in the space and the advent of growth in the mining sector will only elevate that.

 

Over $4.5 Billion Worth Of Crypto Lost In Scams In Q4 2019; BTC Still Preferred By Scammers Claims Report

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The losses related to the field of cryptocurrency have always been pointed to as the bane of the industry. Many naysayers have claimed that as long as the industry was not safe for outside investments, it would never thrive.

CipherTrace published 2019 Q4 reports to put the losses into perspective, which spoke about all the assets that were in the red zone due to crimes or fraudulent activities. This number was calculated to be a whopping $4.5 billion.

The report stated that 2019 was dominated by exit scams, Ponzi schemes and cryptocurrency frauds that would put any expert to shame. Comparing the activities from 2017 to that of 2019, one can see a clear gaping disparity. The total capital lost due to fraud and misappropriation was $1.58 million in 2017 while it jumped leaps and bounds to $4.15 billion in 2019.

The pattern of this growth was made evident in 2018 when the total crypto assets lost came to $1.74 billion. This occurred right after the stellar rise of Bitcoin towards the fag end of 2017. Multiple factors have contributed to this surge in losses. The death of QuadrigaCX’s former CEO had caused a lot of investments to perish due to the office being the only one holding the private keys.

There were several other schemes that took investors for a ride in 2019. Einstein, a Canadian Exchange was responsible for losses of more than $12 million after an exit scam. China-based IDAX exchange was also responsible for significant losses when its chief executive went missing. Dave Jevans, the CipherTrace CEO stated:

“We noticed a significant uptick in malicious insiders scamming unsuspecting victims or leaching on their users through Ponzi schemes. Attacks from the inside of organizations lead to significant exits with major consequence to the crypto-ecosystem.”

Compared to 2018, the number of funds lost due to fraud and misappropriation in 2019 jumped by 533 percent while hacks saw a slight upturn of 66 percent. According to the report, Bitcoin was the most preferred cryptocurrency to conduct hacks. Over ninety-seven percent of ransomware on the internet uses Bitcoin as a form of payment. This came at a time when the Internal Revenue Services asked taxpayers to list their cryptocurrency earnings on the task form.

The report also touched on the shady parts of the internet such as the dark web. CipherTrace discovered that 66 percent of the products offered by the Tor network consisted of stolen goods. Out of this, 40 percent came from stolen bank account credentials while 24 percent came from services accounts.

Experts believe that scammers will always exist in space. The only way to fish them out is by increasing regulations that will force organizations to comply with it. It has been a rule of thumb that most legitimate companies will accept legal scrutiny as long as they can keep their core features intact.

 

 

Source: Reuters

 

Latest Budget Proposal By Trump May Allow The US Treasury Greater Oversight Over Crypto

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The cryptocurrency sector is ever-growing in popularity and is attracting attention from all over the world. However, there is still a significant lack of oversight of this sector in the United States. Nevertheless, this situation may be changed in the near days; principally if President Donald Trump’s latest budget proposal for the fiscal year 2021 goes all the way through.

Moreover, if the proposal manages to go through, as per some estimates the US Department of the Treasury may receive further supervision powers over the cryptocurrency sector. The new budget released on Monday constitutes $4.8 trillion and looks to move the Secret Service back to the Treasury to battle out cryptocurrency-related crimes; such as financing terrorism and money laundry.

The Secret Service to Combat Financial Crimes

In fact, the Secret Service was established back in 1865 within the Treasury to provide protection to Presidents and counter counterfeiting of currencies. However, it was transferred to the Department of Homeland Security back in 2003. The budget proposal details the new plan of action to reinforce the Treasury Department’s oversight on digital currency control. The proposal reads:

“Technological advancements in recent decades, such as cryptocurrencies and the increasing interconnectedness of the international financial marketplace, have resulted in more complex criminal organizations and revealed stronger links between financial and electronic crimes and the financing of terrorists and rogue state actors. The Budget proposes legislation to return the U.S. Secret Service to the Treasury to create new efficiencies in the investigation of these crimes and prepare the Nation to face the threats of tomorrow.”

 

In addition, this reshuffle means that Donald Trump is aiming to return the Secret Service to its original roots. He claims that tech advancements over the past decades; particularly digital currencies, on top of its interconnection between the international financial marketplace; has led to the rise of even more complex crime groups. Due to this reason, U.S. President Donald J. Trump believes it is best if the Secret Service returns to the Treasury; and fulfills its original purpose which is combating financial crimes. The document elaborates:

“These resources would enhance FinCEN’s protection of data collected under the Bank Secrecy Act, which would increase its value to law enforcement agencies, and expand its efforts to combat emerging virtual currency and cybercrime threats.”

Moving forward, most individuals doubt the proposal will go past congress. However, others highlight that it shows the priorities of the Trump administration. According to the Treasury Secretary, Steven Mnuchin; the budget prioritizes maintaining the part that the Treasury plays towards building a strong economy in the United States. Mnuchin went on to add that this will go on to ensure financial stability not only in the U.S but also abroad.  It would also improve national security and the management of the taxpayers’ resources.

Bad Actors Misusing Digital Currencies

Furthermore, the Treasury secretary noted that the main reason for concern is the bad players who are always intending to misuse cryptocurrencies. He claimed that this is among the biggest threats to national security. The secretary believes that there is a great need for “very, very strong regulations” to guarantee that digital currencies are not as incognito as Swiss bank accounts.

 

Italy Scowls at Crypto and Blockchain as Country Orders Website Shutdown

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The regulatory climate has always been a major cause of concern for the cryptocurrency and the blockchain market. This has mainly been due to the incessant clamping down of features due to written laws and context.

Italy has become the latest country to strike against new technologies when the Consob, the country’s securities regulator blocked access to multiple forex and crypto websites

Consob claimed that the websites were operating in the country without the requisite licenses. The body further added that the websites were promoting trading products illegally in Italy. The Consob stands for the Commissione Nazionale Per Le Societa Borsa and is tasked with maintaining the financial harmony.

The blocked sites were Trade Com Limited ( https://fxonspot.com); “cryptobase” ( https://cryptobase.ltd and https://cryptobase.life); “GotechFX” (https://gotechfx.com); Waltika Partners LTD (https://alliance-capital.io and https://alliance-capital.cc); GAM Group Ltd – “MarketsFX” (https://www.marketsfx.it); Honest Capital Ltd (www.profx247.com)

Consob had earlier claimed that it makes its shut down decisions based on the Consolidated Law on Finance and the article 86 of Mifid2. This piece of legislation allows the body to ask investment organizations from other countries to close shop within their jurisdiction.

The body scanned and checked multiple websites before deciding to shut down eight of them. Consob is supported by the Decreto Crescita law in this regard, that allows the body to forcibly move on websites. It first received its powers in July 2019 and since then Consob has shut down more than 80 websites.

In December alone. Consob went after two CySEC-licensed Forex and CFD brokers and inevitably shut down their operations in Italy. Other companies such as Hoch Capital Ltd and 24Option were also barred from providing their services.

The Italian Senate Committee on Corporate Affairs has also been involved in such financial legislation. Its guidelines include:

“Legislative Decree No. 90 of 2017 subjected virtual currency providers to the regulations established for traditional money exchange operators. To that effect, Legislative Decree No. 90 charged the Ministry of the Economy and Finance to issue a ministerial decree setting forth the modalities and timelines for the legal performance of such activities throughout the country.”

Giulio Tremonti, the former Minister of Economy and Finance also voiced his opinions on crypto and new-age technologies. According to him, banks and other financial bodies should work with digital industries to grow. Tremonti urged bodies to consider such changes keeping in that the values remain the same.

 

Source: FinanceMagnates

Bitcoin, ETH, XRP, BCH, BSV: How Are The Top 5 Honchos Holding Up Now?

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The cryptocurrency market has gone through some massive fluctuations over the last couple of weeks and investors were rallying behind their coins for positive changes.

Cryptocurrencies in the top 10 list have enjoyed the spoils of the bull market with Bitcoin leading the charge. Altcoins like Ethereum and XRP have followed Bitcoin’s footsteps to get on a price uptrend. Investors were now looking at whether the prices could climb more to elevate current price supports.

Bitcoin:

The world’s largest cryptocurrency has been on a massive uptrend on the daily chart with investor sentiments on the rise too. BItcoin’s immediate support was at $8723 while the market cap had also received a healthy boost.

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The Chaikin Money Flow indicator was above the zero line after climbing since the start of 2020. The hold on top of the graph signified that the capital coming into the Bitcoin market was much more than the capital leaving the market.

The Awesome Oscillator was green for Bitcoin after a stellar performance during the first month of the year.

The Relative Strength Index had breached the overbought zone. This meant that the buying pressure had measurably overtaken the selling pressure.

Ethereum:

Ethereum too had followed the bullish path set by Bitcoin. For the first time since August of 2019, then cryptocurrency’s graph had climbed up. Ethereum’s immediate support was at $122.57.

eth compressor

The Awesome Oscillator showed that Ethereum was heading into greener pastures. This was the first time that the graph was consistently green since September 2019.

The RSI’s breach of the overbought zone meant that more people were buying ETH tokens than selling them.

The CMF was safely above the zero line after more people started coming into the ETH market due to the price hike.

XRP:

Ripple’s native cryptocurrency had a sub-par 2019 because of a lack of price fluctuations. Twenty twenty, however, was a different ball game for the thor largest crypto with the support being elevated to 0.189.

xrp compressor

The CMF, just like that of Ethereum and Bitcoin, was above the zero line. Some speculated that more people were investing in XRP because of the sheer number of developments.

The Awesome Oscillator signaled a mix of green and red. This pointed to a slight bearish turn for XRP in the short term.

The RSI had fallen back into the zone but it stayed very much bullish.

Bitcoin Cash:

After its rival blew away all expectations, BCH rallied to stay on top of its game. Currently, it has outperformed its movement in July 2019 to give its investors hope. BCH’s current immediate support was at $305.8.

bch compressor

BCH was the only cryptocurrency in the top 5 to have its RSI stay above the overbought zone. The hold showed that more people were buying BCH than ever before.

The Awesome Oscillator was flashing green with an increased amplitude. BCH was heading strongly into a bullish territory in the short term.

The CMF also sided for the bull when it came to Bitcoin Cash. With an invigorated price point, investors were ready to pump more money into the BCH ecosystem.

Bitcoin SV:

BSV has been the surprise winner in the top 5 after it shot up to astronomical heights at the start of the year. This also caused its immediate support to climb to 239.6.

bsv compressor 1 1

The Awesome Oscillator had dipped after a mammoth increase in January. This meant that BSV won’t be overtaking Bitcoin Cash anytime soon.

The RSI was on the border of the overbought zone and was the most bullish indicator for BSV.

The CMF, on the other hand, had climbed above the zero line for the first time since the start of February.

Conclusion:

The top 5 cryptocurrencies could take heart in the fact that their immediate supports had improved and that their moving averages were changing. The alts have stuck to their promise of performing and Bitcoin may need to look over its shoulders to keep an eye on its competitors.

 

Composable Platform Komodo Easing launching of Stablecoins Through a Click

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Imagine a blockchain ecosystem that you could launch your own stablecoin at the click of a few commands. The possibilities of a  decentralized multi-chain blockchain that enables third party creation and customization. Komodo is making this possible and for that reason; Released its beta net for creating stablecoins through bitcoin protocol based cryptocurrencies. 

Komodo came to birth after a team from SuperNET forked Zcash. The platform is more an ecosystem than a blockchain that provides end to end blockchain solutions for launching independent chains and Initial Coin Offerings. Furthermore, the multi chain platform also includes a cryptocurrency anonymizer and a decentralized exchange for boosting privacy of transactions.

Users have the ability to create a blockchain that is independent of Komodo. In fact, the resulting blockchains are verified on the Bitcoin Network which makes them secure and customizable via a couple of decentralized modules. 

Komodo ingeniously allows coders with some level of experience to design and deploy their bitcoin protocol-based cryptocurrencies. A blockchain development web application platform called Komodo’s Antara makes all of these possible.

The Komodo Stablecoin composer’s alpha version tests a Price and Pegs feature. This feature is for the deployment of commodities and stocks backed by stablecoins and digital currencies. Additionally, it will work in sync with the prices module to keep track of asset pricing in the real world. Then provide metadata to the overall Komodo Smart Chain.

The platform will have the value of any Bitcoin lock fund protocol in the form of stablecoin and withdraw a limit of 90 percent. In turn, the user can exchange the value through an atomic swap for other assets on the network.

 Atomic swap is a smart contract module for exchanging cryptocurrencies for another by eliminating intermediaries. Once a stablecoin is deployed on the Komodo Smart Chain, creators can list it on the native AtomicDEX. The Chief Technology Office at Komodo, Kadan Stadelmann said 

“If you wanted to create a chain, you could do that right now, alone at your computer, without any external support, without any funds—without anything—and you can just like spin up your own blockchain”

Creators can back bitcoin, Komodo native cryptocurrency (KMD), or several other digital currencies to their Komodo Stablecoins. Once deployed, creators anchor it into the Bitcoin network to boost safety and efficiency. The entire process will be decentralized and centered in the Komodo Smart Chain: Stadelman added that: 

“There is full transparency, the biggest problem with [certain] stablecoins is the lack of transparency. We believe that our technology, and the way that we implemented the stablecoin module, provides 100% transparency.” 

Komodo is finding potential partnerships for its stablecoin services with financial firms that could be interested in building and securely deploying their very own stablecoins. The CTO noted that :

 “This feature would allow financial firms and investment firms to spin up a stablecoin within  minutes,” 

Enterprises that build their own stablecoins will enjoy loyalty program integration, branding opportunities, and secondary market liquidity. Furthermore, they could also lower transaction costs, streamline loyalty programs and benefit stable interest income from traditional fiat reserves. Stadelman pointed out that:  

“If you are from the fintech sector, you could basically build up a derivative trading platform in a decentralized fashion,”

The CTO believes that the applications of blockchain are endless and present a future of possibilities. 

 

Sonnenshein: Bitcoin As An Asset Class Is Here To Stay

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The digital currency market may experience significant regulatory lucidity by 2021. In an unrivaled move, the SEC Commissioner; Hester Peirce at the recent International Blockchain Congress in Chicago suggested that tokens require a three-year grace period before being scrutinized under the SEC’s securities evaluation criteria. These kinds of developments arrive when the cryptocurrency industry has gained more fame and acceptance after going mainstream. Such a development has been highlighted by  Grayscale Investments’ Michael Sonnenshein during a recent interview.

Further evidence of the SEC assuming a bold role in the cryptocurrency sector, the authority recently recognized the Grayscale Bitcoin Trust as an SEC reporting company. This marks the first time a cryptocurrency investment firm attaining such a status.

The Managing Director of Grayscale investments, Michael Sonnenshein in a recent interview with CNBC; spoke about Bitcoin and the other digital assets. He noted what regulatory alterations mean to the cryptocurrency ecosystem; in particular, for the institutional investors exploring to invest in decentralized digital currencies like bitcoin. In addition, Sonnenshein said:

“Grayscale Bitcoin Trust becoming an SEC reporting company really should signal to the community that our regulators are really willing and able to engage with the digital currency asset class”

According to him, SEC’s approval of Grayscale’s Bitcoin Trust makes the firm similar to any other public firm or “Exchange-traded Product or any other financial instrument that investors are using.”

Bitcoin is a Safe Haven

Additionally, the Grayscale Managing Director highlighted what he thinks bitcoin represents. He said:

“First and foremost Bitcoin is now a safe haven, a store of value, when there are dislocations in the market and investors can really think about that role, which gold and bonds, quite frankly, used to occupy. Now, Bitcoin is part of that conversation”

Moreover, as bitcoin advocates continue glorifying the digital assets as a store of value and a safe haven asset, market research data supports the claims to a certain extent. The latest report on the State of Adoption focused on uncertainty indexes regarding the economic and political catalysts. It suggested that a link does exist to a certain level. However, it still remains mostly indecisive.

Moving forward, during the interview Sonnenshein further noted that at this point, Grayscale has increased focus on the derivatives market surrounding the asset class and is fairly positive regarding Bitcoin’s position as a digital asset. He added:

“The fact that we now have Futures and are seeing the incumbents, the fidelities, the CME Group, Square, Robinhood, all these types of companies getting involved in the space, it really lends itself to validation that the asset class is here to stay.”

Demand for Bitcoin Rises during Times of Global Uncertainties

As we noted during the start of the year when tension grew between the United States and Iran, Bitcoin showcased its ability as a “wartime safe haven” as it rose over 20 percent. An info-graphic by Messari at the time indicated how the demand rose after the assassination of the Iran General. The surge in interest saw Bitcoin rise up from $6,960 on January 2; to a high of $8,440 on January 8.

In conclusion, Bitcoin offers an escape like foreign currency does in moments of inflation and turmoil. When economic turmoil arises, investors can start purchasing Bitcoin to store their savings and protect their wealth. It becomes a borderless currency that they can count on during times of crisis.