BTC.com to Implement BIP70

BIP 70 has been criticized by the crypto community since its implementation
27 September 2018   402

BTC.com, the "daughter" of the Bitmain mining company, introduced support for the questionable payment protocol BIP70.

According to representatives of BTC.com, the implementation of the protocol will allow to replace long purse addresses with readable ones (for example, example.com instead of 1BQ9qza7fn9snSCyJQB3ZcN46biBtkt4ee).

The system will also include a transaction confirmation function and automatic generation of return addresses.

At the beginning of the year, BitPay began using BIP 70 as the standard for generating invoices, forcing users who create Bitcoin and Bitcoin Cash payments for BitPay sales agents to use BW-70 compatible wallets.

According to BitPay, this solution allowed reducing the number of errors in the payment network to 0.27%. For comparison, in June 2017, the same indicator was 10%.

We’re always striving for new methods and partnerships to expand the use of BTC and BCH as a currency and integrating with BitPay is an important step towards transacting with retailers and merchants.
 

Alejandro de la Torre
VP of Business Operations, BTC.com

For the first time the BIP70 scheme was proposed by the developers of bitcoin Gavin Addressen and Mike Hern. With its help, they planned to improve the quality of conducting crypto-currency transactions in the commercial segment of the market.

BIP 70 has been criticized by the crypto community since its implementation, unlike the generally accepted BIP 21 scheme. Some believe that it has introduced the risk of tracking transactions in blockchain records. The situation was also aggravated by the emergence of OpenSSL vulnerabilities.

However, representatives of BTC.com assure that users should not be afraid of anything.

Earlier, the developers of Samourai Wallet urged companies and users to boycott BitPay services. The BIP70 was named as the reason.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   137

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.
 

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.