Bitcoin. com to Acquire O3 Labs

O3 Labs resources will be allocated to the development of mobile app for Bitcoin.com using the Bitcoin Cash protocol
21 October 2019   768

Supported by crypto investor Roger Ver, Bitcoin.com acquired the Japanese blockchain startup O3 Labs, writes The Block. The company refused to disclose the transaction amount.

O3 Labs previously worked on creating applications for the NEO and Ontology blockchain systems. Now its resources will be allocated to the development of mobile applications for Bitcoin.com using the Bitcoin Cash protocol in order to expand support for financial services.

We look forward to accelerating services in our mobile applications serving anyone in the world with an internet connection, regardless of nationality, socioeconomic status, or access to traditional finance.
 

Stefan Rust

CEO, Bitcoin.com

Under the terms of the agreement, O3 Labs employees will join the Bitcoin.com team. What kind of financial services they will develop is unknown. Rust only noted that the firm aims to give users "the ability to manage, grow, and spend [money] ... without the need for traditional banks or financial intermediaries.”

In September, representatives of Bitcoin.com announced that they intend to seek listing of Bitcoin Cash futures on the Chicago Mercantile Exchange (CME).

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   315

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.