Japan Trust Banks to Protect BTC Investors in a New Way

Japanese trust banks are going to protect crypto investors' assets from hackers and exchange bankruptcies
12 February 2018   684

Japanese trust banks plan to offer new ways to protect crypto-currency investors by managing the digital assets of exchanges. This is reported by the Nikkei Asian Review.

Such services, as financial institutions consider, will ensure the safety of clients' funds even in the event of bankruptcy of exchanges.

Traditionally, Japanese trust banks are engaged in lending and receiving savings, as well as carry out trust operations, usually with property or pension funds.

Now they can expand the range of services offered, covering the cryptocurrency industry. According to the plan, users of crypto exchanges will continue to trade transactions on them, but banks will manage the funds. The exchanges themselves will become just intermediaries between traders and financial institutions.

The first who is expected to implement such an initiative in April, will be Mitsubishi UFJ Trust and Banking. In addition, Sumitomo Mitsui Trust Bank also plans to provide similar services.

The new law on payment services, which took effect in April last year, requires that exchanges manage user funds separately from their own. However, many Japanese crypto-exchanges are small start-ups with limited investment opportunities, and often they consider users' means as their own. And the latest incident with Coincheck, the second-largest crypto exchange in Japan, has shown that large platforms are also at risk, whose capabilities in terms of providing protection are much broader.

Guarantees for the return of funds to investors in the event of fraud, burglary or bankruptcy, as a rule, are not provided, and this is exactly what Mitsubishi UFJ Trust and Banking wants to solve. The current legislation requires that trust banks manage assets separately, and in the case of crypto-exchanges it is assumed that users' funds will be stored in "cold" wallet without connection to the network. In addition, the bank will create numerous keys to online purses - this will help prevent unauthorized access and withdrawal of large amounts.

It is assumed that cooperation with trust banks will help exchanges make transactions more secure, but there are also fears that they can become more lengthy. Nevertheless, as the incident with Coincheck showed, the issues of security and safety of customer funds are increasingly coming to the fore.

Ebang to Unveil New BTC Mining Devices

As reported, 10-nm process technology based Ebang E11 miners can reach 44 TH/s performance
25 September 2018   118

The Chinese manufacturer of mining equipment Ebang Communication revealed details about the new line of E11 devices, CCN reports.

At World Digital Mining in Tbilisi, the company introduced three new devices. Based on the 10-nm process technology Ebang E11 miners can reach 44 TH / s. According to the information on the company's website, new miners will go on sale in the near future.

Ebang Mining Devices
Ebang Mining Devices

On the advertising pic there are new devices: E11 (30TH / s), E11 + (37TH / s) and the most powerful E11 ++ (44TH / s)

Main competitor of Ebang - Bitmain - had introduced a high-performance chip BM1391 last week based on 7nm process technology. It is noteworthy that the device E11 ++ from Ebang in its effectiveness exceeds the flagship chip from Bitmain only 2J / TH.

The first information about the new line of miners from Ebang appeared in August.