Square to Win Fast Crypto Payments Patent

The essence of the new system lies in the fact that a private blockchain records transactions in real time
30 August 2018   655

The payment solutions provider Square patented the blockchain technology, which allows for instant transactions with cryptocurrency.

The company has already received approval from the US Patent and Trademark Office (USPTO). For the first time Square introduced the technology back in September 2017.

The essence of the new system lies in the fact that a private blockchain records transactions in real time. This, in turn, allows to carry out crypto-currency transactions with the same speed as electronic payments.

The date of implementation of the blockchain solution for mass use is still unknown.

Note, in June Square received BitLicense - a license that allows you to work with virtual currencies in the state of New York.

In August Square published a report according to which in the second quarter of 2018 the company's revenues from bitcoin sales amounted to $ 37 million.

Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   70

The founders of the South Korean exchange Pure Bit, who were suspected of stealing investors' money, announced the return of funds.

According to the local edition of BlockchainROK, representatives of the exchange have already partially returned the money to some users and pledged to return all other funds.

On November 4, the exchange team launched the ICO with the goal of collecting about $ 30 million to create a crypto exchange. However, on November 9, Pure Bit closed the site, said goodbye to its investors and removed everyone from the group in the KakaoTalk messenger. Also, the founders of the exchange withdrew funds from the account that was used for ICO.

According to CCN, one of the issues traced the Ethereum address of the exchange and asked Upbit to block the account and freeze the funds. Upbit fulfilled this request.

This is Pure Bit. First off, I would like to apologize to everyone that was affected by the ICO. Since November 5, I raked in 16,000 ETH and did not open a crypto exchange as promised. I kicked out everyone in our social media chat groups and disappeared without any message. I negatively affected investors in the project psychologically and financially. I made an unforgivable mistake that cannot be turned around, blinded by money. It has been less than a day and I have already started to suffer from guilt. Although it cannot be compared with the hardship faced by the investors, I also felt significant guilt. I sincerely apologize to all of the investors in the ICO who were affected by the operation.

CEO of Pure Bit

The founder of Pure Bit also notified that he would return ETH 16,000 to depositors without taking into account the payment of services to a third-party company that organized ICO.