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CityUptake Kicks Developments Up a Notch as Company Partners with EMS for Creating ‘Real-world’ Solutions

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Partnerships in the cryptocurrency community have enabled entirely new customer bases to reap the benefits of an advancing financial world. Collaborative approaches are so popular because of their mutually beneficial properties and the prospect of creating exciting new products.

 In a bid to take the cryptocurrency industry to the next level, the EMS Global Wellness Corporation recently announced its partnership with popular cryptocurrency platform CityUptake. The partnership is considered as a “huge and necessary step” where CityUptake will be in charge of leading blockchain technology into real-world use cases and help in creating transparency across the board. 

CityUptake and EMS have signed a lifetime service agreement to focus on formulating the best way to distribute commission rewards to users. According to EMS, members who hold more than a million tokens will have to follow CityUptake’s Know Your Customer process before they can receive rewards for community support. 

Within the partnership, CityUptake will take care of aspects such as holder engagement, KYC management, tax services, providing a dashboard, and setting up a functional ticketing service. Holder engagement is important because this is the stage where the partner’s wallet address as well as e-mails are registered. After this step comes to the all-important KYC registration that will be handled by CityUptake. 

One of the major hurdles in the cryptocurrency sphere is the lack of information on how to tax virtual assets. CityUptake again takes this in stride by providing EMS with W8 and W9 documents to holders while partner projects will be given filled-in documents. The aforementioned information only becomes beneficial if they are given in a seamless and useful format. CityUptake does just that by setting up a monthly dashboard with key indicators for partner projects. Apart from this, EMS will also have hands-on help from CityUptake if the need ever arises. 

The partnership is seen as the next step in blockchain adoption with CityUptake agent Maurice stating:

“This is a big step in bringing Crypto projects like EMS and previously CITYUPTAKE to be compliant with US regulations and with that we are ahead of the pack with regards to adoption outside to the world outside of crypto”

CityUptake plays an important role in the partnership because EMS token holders deal with the assets on a routine basis. Individuals who hold 1million EMS  will receive a portion of 7 percent of the net profit of the business, split accordingly amongst all 1-million-level holders. At the same time, a portion of the fees that farmers pay to utilize the technology is also given to the holders. These incentives are to be systematically dealt with and distributed on the blockchain and this is where CItyUptake steps in with its magic.

Hong Kong Newspaper Apple Daily Carries Full Page Bitcoin Advertisement Few Days After CEO Was Arrested

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Bitcoin’s reach has gone far and beyond what people expected when it first came to the forefront more than a decade ago. From being considered as a niche virtual asset that would die out quickly to become one of the largest disruptors of the financial market, Bitcoin has certainly pulled its weight over the past few years.

The cryptocurrency’s mainstream appeal has sparked a global interest that has transcended the standards set by traditional banking institutions. Bitcoin’s popularity has surged so much that an advertisement for it was even spotted in a major Hong Kong daily.

Today, on August 24, citizens of Hong Kong spotted a full advert for Bitcoin in the Apple Daily, a popular daily publication in Hong Kong. The advert carried the message ‘Bitcoin will never ditch you, which was probably a rebuttal to major banks who are mired in controversies. The newspaper also printed out Satoshi Nakamoto’s name underneath the quote which has not provided any other leads as of yet.

The advertisement also came with an excerpt stating:

“Bitcoin is digital money. It is not issued or controlled by any government or corporation. Nobody can stop you from transacting on the network and it cannot be shut down. Bitcoin is available to anyone regardless of their nationality, gender, or beliefs. Bitcoin began with the GENESIS BLOCK during the financial crisis of 2009. No, its time is coming.”

https://twitter.com/namshik/status/1297730388798746626?s=20

Despite the size of the ad in the newspaper, it did not inform the users on how and where to procure Bitcoins. The only technical term that was mentioned throughout the ad was related to the genesis block. There were also a few mentions in Cantonese, with a major line saying “Banks, you’re not ditching me today – I’m ditching you.

This was not the first time that Apple Daily has made stirred up so much heat as its CEO Jimmy Lai also played a part in it a few weeks back. On August 10, Lai was arrest by the Hong Kong authorities for allegedly violating the country’s National Security Law. Lai’s arrest led to massive protests by supporters in the streets of Hong Kong, many of them condemning the curbing of the freedom of speech and expression. In the midst of all this controversy, Apple Daily’s stock price shot up by a whopping 1100 percent.

Ripple SVP Reveals XRP’s New ODL Milestone as Token Puts Use Case on Display

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Ripple and its native cryptocurrency XRP have had a rollercoaster year with the bearish dips at the beginning of the year followed by a resurgence in the second quarter. Despite the ups and downs, XRP seems to have made a real impact on the industry according to Ripple SVP of product Asheesh Birla.

Birla, who is quite popular on Twitter, recently posted a thread where he touched on how the third-largest cryptocurrency had displayed strength and resolve over the course of the past few months. The Ripple official also touched on the benefits of the On-Demand Liquidity [ODL] system along with the vision for XRP’s future.

In his series of tweets, Birla claimed that XRP was the major bridge currency that was used on the ODL system. A deeper analysis showed XRP’s actual influence on the ODL market: a fifth of all currency transactions on it were XRP based. This was evidence that the cryptocurrency was still holding onto its utility factor despite the fall in price. 

The Ripple SVP touched on how the past few weeks also saw several developments in the cryptocurrency industry. The Office of the Comptroller of the Currency had recently allowed banks to play a part in the crypto world while Bitcoin enjoyed a massive bull run that saw it break the $12,000 resistance. One of Birla’s tweets read:

“What’s one common denominator here? Likely global uncertainty with fiat currencies, and many in the crypto industry focusing on utility, beyond just speculation. Examples like Dodgecoin aside, there’s a new, growing focus on an asset’s use case, its tangibility. We’re seeing a melding of the old world and new. It’s only a matter of time before banks offer custody services, acquire companies with those capabilities, and potentially even offer crypto lending as they see consumer interest in DeFi.”

Asheesh Birla’s predictions may come true sooner than expected as a lot of banks are already toying with the idea of cryptocurrency lending. This may even enable the industry to achieve mainstream status as the link with a traditional bank is seen as a good step towards acceptance. The Ripple SVP was also confident that stablecoins will have a massive impact in the virtual asset space as already shown by Tether. One of Tether’s biggest success was giving people the option to access USD without a bank account and only by holding USDT.cl

Wipro Looks into the Future as Company Builds Blockchain Technology in Cooperation with Germany’s Uniper

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Although cryptocurrencies were still struggling to pick up steam in developing countries, blockchain technology has enjoyed a stellar run in many sectors. Many industry giants now consider blockchain technology to be an integral part of their work because it makes several processes easier and more hassle-free. Indian IT giant Wipro has become the latest organization to tap into the blockchain market by implementing a small-scale, blockchain-based liquefied natural gas trading platform. The platform will be used for the energy behemoth Uniper Global Commodities SE and Liqvis GmbH, its LNG-for-trucks subsidiary.

The Bangalore headquartered IT company has hedged its bets with blockchain technology because it knows how far the technology has progressed over the past few years. Sources have said that the blockchain platform was jointly built by Uniper and Wipro with an aim to change the way the ing market behaves. The consortium model will enable all ssLNG market participants to partake in the latest industry movements.

The latest model will help traders save costs and make them more efficient in a truly uncertain trade climate. Sources indicate that the platform will offer multiple peer-to-peer trading cycle participants, validation of the state of the goods as well as enabling order and supply placements. Given the new platform, Uniper will be able to enable scalability while at the same time bringing visibility and transparency to its products.

Grigory Shevchenko, the Senior Account Manager Gas Supply and Origination, LNG Business Development at Uniper had stated:

“..when we enter more downstream logistics-heavy markets, we encourage the use of innovative technologies to optimize our processes and operations. Blockchain will enable business volume growth without needing a lot of additional headcounts to manage transactions. This will be true for us and our counterparts that will engage with Uniper through the paperless blockchain platform.”

As the world moves towards a contactless setup, it is imperative that technologies such as the one developed by Wipro become a staple. Wipro officials also said that smart contracts used on the platform are automating important processes such as shipment creation, bunkering, settlement, and invoice generation.

This is not the first time Wipro has dabbled in blockchain technology as the company is an important member in the development of Hyperledger Fabric. Wipro also participates in popular blockchain projects such as Hyperledger Indy and Hyperledger Sawtooth.

Grayscale Report Shows Evidence That Investors Were Regaining Trust in Crypto Market; GBTC Holdings Surge

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The cryptocurrency market’s resurgence over the past few weeks has kick-started significant asset movements on major exchanges. As the world comes to terms with dealing with life in quarantine, the market fluctuations represent the growing investor’s interest across the board.

Grayscale Investments, one of the largest and most popular cryptocurrency investment companies recently announced that over the past few weeks, the amount of holdings had increased steadily.  A calculation by the company showed that the total Assets Under Management had increased to a whopping $6.1 billion. 

According to Grayscale, a majority of the investments had flow into the Grayscale Bitcoin Trust. Bitcoin’s bullish performance over the past few had instilled confidence among its holders, who have brought into the market once again. The Bitcoin aspect of the trust amounted to $5037 million with a 3.2 percent increase on the daily. . The market price per share was calculated to be $14.75 percent while the holdings per share came to $11.6.

https://twitter.com/barrysilbert/status/1295472040389029888?s=19

After Bitcoin, Bitcoin Cash held the major Grayscale repository with a $30.7 million hold in the trust. The BCH holdings per share were $2.94 percent with a 6.91 percent change every day. Bitcoin Cash’s volatility was one of the largest when compared to Bitcoin and Ethereum. Ethereum made up the the podium in Grayscale’s investment fund. The world’s largest altcoin had a total holding of $876. 6 million with a daily change of $1.61 percent. Ethereum’s market share held a healthy $83.9, which was the largest among its compatriots.

Grayscale’s Litecoin holdings were lesser than that of Ethereum Classic’s, Ethereum’s hard fork that has surprisingly made a positive impact in some areas. ETCG had a holdings per-share value of $6.64 while the daily change was 6.58 percent. At the same time, Litecoin’s Grayscale AUM amounted to $19.8 million at a daily rate change of 13.91 percent.

The Trusts by Grayscale are open-ended and sponsored by the company. Their main intention is to enable exposure to the price of movement of each trust’s underlying assets. This process avoids the challenges of storing, buying and safekeeping any of the aforementioned digital assets.

Latest DBS Report Talks About the Future Impacts of Crypto as Industry Grows by Leaps and Bounds

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Virtual assets have come a long way since its inception as they have become an important aspect of mainstream capital transfer. Once considered a niche category, cryptocurrencies like Bitcoin and Ethereum have broken the glass ceiling of what it means to be a tradeable form of currency.

This mainstream penetration was also spotted by DBS, the popular worldwide banking firm which said that the world of crypto was intriguing and of landmark importance. In a paper titled, “Digital Currencies: Public and Private, Present and Future, the bank talked about how 2020 was being shaped to become a major marker for virtual assets.

According to the Singaporean Bank, Asia held the title of the largest digital asset market with the aim of rapidly expanding it. Countries like China have made it a point to set up their own cryptocurrency central bank, which is set to be launched in the coming quarters. If we measure the cryptocurrency market in terms of liquidity and trading volume, we can see that half of the top ten exchanges in the world are located in Asia.

When cryptocurrencies first came to the forefront, regulatory authorities ran helter-skelter to ensure safety protocols were maintained. The research paper by DBS also touched on how the private sector has dabbled in virtual assets in their own way. Despite the surge in usage, DBS admitted that the usage of cryptocurrencies was far from significant. The report said:

” In a 2018 survey by the BIS, no central banks reported significant use of cryptocurrencies for
payments, with 58% of domestic and 40% of cross-border payments not using cryptocurrencies, and 28% of domestic and 32% of cross-border payments being concentrated in niche groups. Most central banks also anticipate that usage of cryptocurrencies will remain minimal due to low retail acceptance, bans, compliance issues, and public understanding of the risks involved.”

The report clearly mentioned that the work being down in the digital asset world would lay the foundation for the developments in the coming years. Over the past couple of years, the custodian market for cryptocurrencies has also increased greatly. Mainstream financial giants such as Fidelity Digital Assets have also set up their own crypto custody services for a diverse market. The potential for cryptocurrencies has also been recognized by banking behemoths like the Bank of England, which has been exploring digital assets for a long time.

Tron Europe Stands Out From Pack as TERCIUM Token Swap Delights Customer Base

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The TERCIUM Universe has been quite active over the past few weeks, with many things written about possible token swaps and their effect on the Tron-Europe ecosystem. Keeping up with this pattern, the reports showed that the team executed all the steps in the background in a discreet manner. On Friday, the 7th of August, Polonidex swapped the TERCIUM-token much to the delight of the entire community.

Sources told TWJ that the method to achieve this was surprising but it had the intended effect of taking a significant step towards a decentralized future. To recall the facts and to make the development progress more clear, here is some small overview of the completed changes:

  • Swap gives TERC decimals
  • Total supply reduced from 10b to 4b → that is a burn of 60%
  • Correct display of circulating supply
  • Voter/holder rewards count beginning with 1000

Besides the aforementioned advantages, the community should be aware of the following points:

  •  The swap for the old tokens begins on Friday 14th, August
  •  Routine tests will be conducted till the 14th to make sure all things work according to plan
  • The token swap will be executed with a wallet (address to be announced), where users can exchange their old tokens for the new ones at a 1:1 ratio
  • Users are assured that they will be able to swap their tokens at the 1:1 ratio during the first half of the year at no loss of worth
  • The old token will exist further so it can be swapped even later but with restrictions.

According to Tron-Europe, the developments have been systematic and consistent with the charted roadmap. TE further stated that due to the swap there have been some uncertainties in the community. To counter the spread of such rumours, the organization has assured the community that:

– nobody can take a user’s coins away without access to your wallet

– most of the displaying statistics of the token are connected to Polonidex, which boosts it‘s delisting exponential

Tron-Europe’s latest statements show the actual benefits of the project and  what users will enjoy post the swap. Apart from the listed features, the TERCIUM era is also set to bring in more features and updates to the table. Some of them include:

  • Buying TERC with credit card
  • New exchanges 
  • Plans to implement TERC into Coinpayment’s net with access to 200000 merchants
  • The BeFaster launch
  • Users being able to enjoy access to the Revolt Beta version

All the points mentioned above provide a nice view of, where the path can lead to. The TERCIUM – Force is also set to grow into a stronghold that seeks its own kind. As the cryptocurrency market, ebbs and flows with time, companies like Tron-Europe have steadfastly stuck to their winning formula. With the advent of TERCIUM right around the corner, the trading community as well as the developer community are waiting with bated breath to see the bright future ahead.

 

CityUptake and Community Take on Telegram Scammer as Ecosystem Shows its Mettle

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Scams, Ponzi schemes, and exits are a persistent crypto problem that often leaves victims angry but without recourse. Occasionally, a group effort on the part of the cooperating parties will strike back at the scammer and get back what was lost.

The origin of the scam

Telegram is a haven of activity for tokens on the TRON network and deals are often made between trusted parties. While tools have been built to conduct trustless trades, some still prefer to simply send and receive their own wallets. Unfortunately, this may result in scammers assuming usernames that resemble trusted users. One such incident occurred a few weeks back when a scammer impersonated a CityUptake official and had almost 40,000 CITY Alphatokens (~$1,100 USD). Subsequently, the assets were later recovered through a well laid-out plan by company officials and cooperation from a valuable community.

According to CityUptake, it took more than 24 hours and the efforts of four separate people to recover the stolen funds. The issue began when Michael, the CityUptake user, was approached by a scammer who impersonated Rob’s name, an actual CityUptake agent. Michael, being unaware of the deception and the change in the username, forwarded his requirements to the ‘agent.’ Michael was actually wanting to sell some of his CITY Alpha tokens in return for the corresponding amount of TRX tokens.

Retrieving the Funds

The CityUptake Alpha tokens are valuable in the CU community because of its relevance to the changing price climate. The Alpha tokens allow the holder to receive passive gains from a USD-based trade desk which provides a stable platform for dealing with crypto assets.  It was only after the transfer that Michael realized that he was taken for a ride by the scammer. 

Once Michael reported the scam to the CityUptake fold, the company jumped right on board to help recover the funds. Since the scammer’s wallet address was known, it was only logical to track it for any suspicious transfers pertaining to the stolen amount. The wallet was doubly verified when the wallet holder posted a sell order for 40,000 CITY Alpha(the exact amount that was stolen). Following this, the team proceeded with executing a plan to recover the funds. 

The first step was to contact IAmGroot, the administrator for the TRON Collectors trade channel. Once he was filled in with what had occurred, IAmGroot and Micaletol worked together to set up a simulated trade to reel in the scammer. During the trade it was spotted that the scammer’s wallet had moved 10,000 CITY Alpha tokens plus an additional 30,000 CITY Alpha tokens to the address TDQTg5Qx37djroUTBN1reZ5b2vF4Ywe7ae. IAmGroot and Michael scoured through the blockchain to find more pseudonyms used by the scammer and discovered that the wallet in question had conducted similar transactions earlier. 

Once the trade simulation was completed, IAmGroot and Micaleto were successfully able to retrieve the funds and call the scammer out on a public forum. Michael even stated:

“Today is a great day and also a big surprise !!! Last week I was scammed over 40k city and today MicaLETO, Groot4Rocket hangel72 and rudytwo bring it back in a fantastic cooperation and unbelievable collaboration. Big THANKS to this honorable and honest guys, who make that success against scam possible!!!!I’m proud and happy to be a member of CityUptake and TRONCollector under such super together working people!! who fight against this fki.. scammers with great success.”

Such a collective effort is something that sets the CityUptake community apart from the rest of its compatriots. This cohesion and spirit of working together are just one of several factors that make CityUptake and its ecosystem a tight–knit community.

China Stays on Track for Launching State Backed Cryptocurrency as Banks Begin Testing Digital Wallets

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China has been capturing global headlines daily be it on the industrial front or because of developments in the field of technology. The Red Dragon has also shown its doubters that will adopt the latest forms of technologies and updates to assert its place as the number one growing economy on the planet.

The field of cryptocurrencies and blockchain technology has also been assessed by China with the Xi Jinping led country making it a point to inform everyone that state-backed crypto was in the works. Although this was seen as a move to solidify Jinping’s own party agenda’s, it seems like the country is going ahead with these changes in full swing.

This week it was discovered that China was conducting large scale testing of digital wallets application within the country. Many state-run commercial banks were conducting these tests to see if they can finally launch their home-grown digital currency, the digital renminbi. Reports by local newspapers have also claimed that large banks such as Shenzen were running their own testing process to see if the wallets could transfer digital capital and settle payments.

If one looks at the itinerary put forth by the Central Bank of China earlier this year, it is pretty evident that the current developments were all running as per schedule. Just this week, the bank claimed that the state of China should actively promote the state-backed cryptocurrency as it would bring more security and prosperity to the nation.

It is not yet confirmed as to when China plans to launch its native cryptocurrency but analysts claim that a beta test may be possible in the first quarter of 2021. China’s vision with the digital currency has always been based on cutting the cost of circulating paper money as well as boosting the control exerted by policymakers on circulating capital. One of the target testing grounds for the digital currency would be future Winter Olympic stadiums, where a large number of microtransactions usually take place.

Apart from this, Chinese ride-hailing bigwig, Didi Chuxing has also entered into a strategic partnership with the People’s Bank of China to be a part of the digital asset revolution. Didi Chuxing will be part of the central bank’s Digital Currency Electronic Payment Service. The upcoming digital asset is slated to provide stiff competition to existing payment platforms such as Alipay and WeChat Pay, who are working on ramping up their own user base.

Ethereum, XRP and Bitcoin Cash Rule the Roost as Altcoins Show Signs of Significant Resurgence

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The cryptocurrency market has been enjoying a good spell for the past couple of days and investors are betting on higher climbs soon. Almost all the major cryptocurrencies followed Bitcoin’s pattern of rocketing up the price charts as August promised greener pastures.

Altcoins such as Ethereum, XRP and Bitcoin Cash have also climbed past their expected points with weekly surges hitting double-digit figures. Ethereum and XRP were one of the biggest gainers as the two biggest altcoins surged by more than 24 percent over the past week.

Ethereum

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Many participants in the cryptocurrency industry were clamoring for Ethereum to perform well as 2020 was supposed to be the year of the altcoins. Although there have been no major reshuffles, Ethereum was still the biggest gainer in the top 10 club with a 25 percent price increase,. At press time, Ethereum was trading for $397.58 with a total market cap of $44.5 billion. The 24-hour market volume had risen to $12.83 billion at the same time.

The Parabolic SAR for Ethereum was above the price candles which meant that the cryptocurrency may be heading for a slight bearish downturn. The Relative Strength Index had broken above the overbought zone. This was a sign that more and more people were buying into the Ethereum market. According to the Chaikin Money Flow, the Ethereum ecosystem was thriving as the capital coming into the market was much more than that was leaving it.

XRP

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Although XRP still trailed Ethereumn, the third-largest cryptocurrency in the market did not shy away from making a statement. At press time, XRP had risen by 24 percent on the e7 day chart, lifting the price to $0.301. The market cap clocked in at $13.52 billion while the daily trading volume was $1.87 billion.

Just like Ethereum, XRP’s RSI had also broken the overbought threshold. As more and more people were buying XRP tokens, the CMF was also simultaneously rising. The Chaikin Money Flow indicator had climbed to a 5 month high in the wake of rising token prices. Meanwhile, the Parabolic SAR markers were below the XRP price candles, highlighting a bull run.

Bitcoin Cash

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Bitcoin Cash, the hard fork of Bitcoin has had a decent run in 2020 with prices stabilizing towards the middle of the year. As other altcoins looked to be in the middle of a resurgence, Bitcoin Cash was still making very slow moves. A 3 percent increase over the past week caused the price to touch $291.93 at a market cap of $5.395 billion.

The Parabolic SAR markers for BCH were above the price candles, but investors may remain calm due to recurring patterns of highs and lows. The RSI had fallen back into the zone but there was no need to panic yet as BCH still held very close to the overbought line. The CMF for BCH was similar to that of both Ethereum and XRP: much above the zero line. This showed that despite the lack of massive price movements, holders still believed in BCH.