ING Bank Confirmed Bitfinex Account Support

Wells Fargo had ended dealings with exchange last year and U.S. regulator said to send subpoenas to Bitfinex on Dec. 6
21 February 2018   743

Bitfinex, a large crypto-currency exchange that was in the spotlight of US regulators late last year, opened an account with ING after Wells Fargo refused to service it last year. This is reported by Bloomberg News.

ING spokesman Harold Reusken confirmed that Bitfinex is a client of the bank. He refused to go into details of their relationship, referring to the confidentiality of information, while specifying that the bank adheres to special practices regarding transactions related to crypto-currencies. Reusken did not say anything about Tether, which is connected with the Bitfinex issuer of USDT tokens, which causes a lot of questions in the crypto-currency community. Earlier, BitMEX researchers concluded that Tether money can be kept in Puerto Rico.

With companies that are active in the crypto market we are very reserved. Not with companies that are in traditional markets and receive or do payments with cryptocurrencies, but with parties that are in the chain of cryptocurrencies.
 

Harold Reusken

Spokesman, ING

Bitfinex did not divulge with which banks it operates, after the closure of the account in Wells Fargo. The ING statement is the first confirmation of the relationship between Bitfinex and a large financial company capable of providing storage services.

It is also unclear where Bitfinex was served after the breakdown of relations with Wells Fargo and when this account was opened.

The connection between Bitfinex and ING is interested by Dutch lawmakers. A member of the opposition workers' party, Nank Neybour, asked Finance Minister Vopka Hextra to look into this issue, including explaining why other banks broke off relations with Bitfinex and what measures the exchange and the bank take to prevent the use of their sites by intruders.

ZCash “Overwinter” sets the Base for Further Developments

The first hard-fork of the privacy-centric protocol Zcash will be held on June 26, 2018: the upgrade is named “Overwinter” and takes place at block 347,500
25 June 2018   170

As declared in Zcash Foundation`s post on the development, the hard fork is to strenghthen the protocol for additional upgrades to the network, for instance replay protection, versioning, a transactional expiry feature, and as yet undetermined changes.The customers will be demanded to install the upgrade after the software is carried out.

The protocol assists for seamless network updates in the future, such as the much-awaited Sapling protocol designed to raise network scalability and speed. Zcash claims the forthcoming update is well-gained by significant third parties like Binance, Gemini and BitFinex, who will “substantially support” Overwinter.  The foundation is also continually reviewing the list of third parties as the entities confirm their involvement.

Theoretically, the network risks a blockchain split if any members of the community disregard the need to update the system and keep on with the old versions of Zcash. While Overwinter is low on features, it is important to the broader network strategy as further capabilities depend on the Overwinter update. 

It`s worth to note that the friction is already happening in some places. On June 20, 2018, D. Jane Mercer, the developer of the ZCash Windows wallet, WinZEC, threatened to stop all coding activities as the network the Zcash Foundation failed to fund his work. The community members nevertheless promptly donated funds to his wallet address.

For miners running Zcash nodes, the official software has been updated to automatically update to the latest software after block 347,500 is mined. However, if automatic updates are disabled, miners stand to can miss the new code. Zcash Foundation asks the users to abstain from using their wallets at least an hour before the scheduled update.