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Singapore: Gov’t Owned CrimsonLogic Launches Global Cross-Border Blockchain Platform

Cointelegraph By William Suberg — Thu, 19 Jul 2018 10:23:00 -0400

Southeast Asian support for blockchain continues from Singapore with release of new cross-border network

Bitcoin Price Has Finally Bottomed: Digital Currency Group Founder Barry Silbert

Josiah Wilmoth — Thu, 19 Jul 2018 10:06:03 -0400

Seven months into a severe cryptocurrency market downturn, the bears have finally run out of steam, leaving the bitcoin price primed for a breakout. That’s according to Barry Silbert, founder of the Digital Currency Group (DCG), perhaps the cryptocurrency industry’s most prolific investment fund. Speaking with CNBC on Tuesday, Silbert said that the recent surge … Continued

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Ethereum's Most Heated Tech Debate Is Proving It's Far From Over

Rachel Rose O'Leary — Thu, 19 Jul 2018 09:00:30 -0400

A resurgence of debate surrounding fund recovery on the ethereum network shows the topic is still as divisive as ever.

Wells Fargo Patent Envisions a Tokenization System for Sensitive Data

Mauro Sacramento — Thu, 19 Jul 2018 08:56:15 -0400

The American multinational financial institution has filed a patent to develop a “system and methods to manage a tokenization manifest.” Wells Fargo Hates Cryptocurrencies, Not Its Technology The San Francisco-based bank hasn’t always been kind to cryptocurrencies. Just last month, CCN reported Wells Fargo’s ban on customers who bought digital assets using credit cards, for

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Former Trump Advisor Steve Bannon Considers Creating Utility Tokens for Populist Movement

Cointelegraph By William Suberg — Thu, 19 Jul 2018 08:02:00 -0400

Breitbart News co-founder Steve Bannon says he is considering issuing “quality” utility tokens for the global populist movement

‘World’s First’ Trade Blockchain Launches in Singapore to Link China and ASEAN Nations

Samburaj Das — Thu, 19 Jul 2018 08:00:34 -0400

A Singapore-based e-government service provider – notably owned by a government body and a port operator – has launched a blockchain platform focused on cross-border trade between ASEAN nations and China. Singapore-based CrimsonLogic, an e-government solutions provider with a presence in over 20 countries, announced [PDF] details of its ‘inclusive and extensible blockchain service’ that

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Vietnam Inches Closer to Suspending Imports of Cryptocurrency Miners

Wolfie Zhao — Thu, 19 Jul 2018 08:00:29 -0400

The country's central bank has agreed to a proposed suspension of cryptocurrency miner imports, a local new source reported on Thursday.

State-Issued Digital Currencies: The Countries Which Adopted, Rejected or Researched the Concept

Cointelegraph By Stephen O'Neal — Thu, 19 Jul 2018 07:45:00 -0400

Germany rejected the idea of issuing a state-backed digital currency — here is how far they have advanced in other countries

Malta Stock Exchange, Crypto Exchange OKEx to Launch Security Tokens Trading Platform

Cointelegraph By Max Yakubowski — Thu, 19 Jul 2018 07:43:00 -0400

Malta to launch a new exchange platform for secure digital assets

2018 Crypto Investment Report: Institutional Investors Provide 56% of Capital Inflow

Cointelegraph By Marie Huillet — Thu, 19 Jul 2018 07:19:00 -0400

The first-ever investment report released by major crypto fund Grayscale Investments reveals that 56% of capital inflow this year is from institutional investors

Bitcoin Price Prepares to Test $8K After Bull Breather

Omkar Godbole — Thu, 19 Jul 2018 07:00:12 -0400

Bitcoin's price pullback is seen yielding a more sustainable rally to $8,000, according to technical studies.

Canada: Bitcoin Miner Hut 8 Becomes ‘Largest’ by Capacity After Second Site Opening

Cointelegraph By William Suberg — Thu, 19 Jul 2018 06:59:00 -0400

BitFury partner Hut 8 diversifies Bitcoin mining competition with capacity upgrade

Crypto Market Makes Minor Retreat Post-Rally, Ether and Bitcoin Cash Down 5%

Joseph Young — Thu, 19 Jul 2018 06:43:01 -0400

After adding more than $20 billion within a 30 minute period, the crypto market has declined in valuation, led by the 5 percent drop of ether and Bitcoin Cash. Over the past 24 hours, the price of Bitcoin Cash, ether, Ripple, and EOS dropped by 4 to 6 percent, while bitcoin remained stable in the

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South Korean Administrative District Builds Blockchain-based ‘Proposal Evaluation System’

Cointelegraph By Max Yakubowski — Thu, 19 Jul 2018 06:31:00 -0400

An administrative district in Seoul will now implement smart administration through blockchain technology

Exclusive: Binance, Neufund Back ‘World’s First Decentralized Stock Exchange’ in Malta

Gerald Fenech — Thu, 19 Jul 2018 05:40:12 -0400

Another day, another crypto-forward development in Malta, as it backs its promise to become the world’s ‘blockchain island.’ CCN can exclusively reveal that Neufund, a German-based blockchain protocol for securities tokenization and issuance will be partnering with MSX, an innovation vehicle of the Malta Stock Exchange. MSX is also in partnership with Binance which claims to … Continued

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All 'Big Four' Auditors to Trial Blockchain Platform for Financial Reporting

Wolfie Zhao — Thu, 19 Jul 2018 05:30:25 -0400

The world's four biggest auditing firms will join 20 banks to trial a blockchain service for validating public companies' financial reports.

Founder of $150 Indian Bitcoin Ponzi Offers Compensation to Victims

Samburaj Das — Thu, 19 Jul 2018 05:09:53 -0400

The mastermind behind the infamous bitcoin ponzi GainBitcoin has offered to compensate thousands of victims who incurred losses during the scheme which raked in an initial 1,000 crores in cryptocurrency (approx. $150 million). Now under arrest, Amit Bhardwaj has been found out as the kingpin behind India’s biggest cryptocurrency scam. The founder of now-defunct bitcoin … Continued

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Stablecoins Will Do More Than Just Reduce Crypto Price Volatility

Bill Barhydt — Thu, 19 Jul 2018 04:00:06 -0400

Stablecoins will play an important role bridging traditional markets with the programmable financial tools enabled by crypto, argues Abra's CEO.

Cryptojacking Falls in Second Quarter, Coinciding with Crypto Bear Market: Research

Lester Coleman — Thu, 19 Jul 2018 03:44:08 -0400

This year’s second quarter witnessed a lull in cybercrime, but cybercriminals continue to experiment with ransomware, according to Malwarebytes Labs in its second quarter report. Malware activity posted a decrease in both business and consumer categories in the second quarter, the report noted. But while the volume of activity was lower, the quality of the … Continued

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Government-Backed Blockchain Trade Platform Launches in Singapore

Wolfie Zhao — Thu, 19 Jul 2018 02:00:55 -0400

A digital services firm owned by a Singapore government agency and a major port operator has launched a blockchain platform for cross-border trade.

Peter Gabriel, Former Genesis Frontman, Invests in Blockchain Startup for Food Transport

Cointelegraph By Aaron Wood — Thu, 19 Jul 2018 00:43:00 -0400

Former Genesis frontman Peter Gabriel has invested in British blockchain startup Provenance, whose goal is to improve food transport with blockchain

These Digital Monsters Live on Ethereum, But They'll Fight on Zilliqa

David Floyd — Thu, 19 Jul 2018 00:30:35 -0400

A popular decentralized game couldn't take ethereum's slow, costly transactions. But it's not leaving the chain behind entirely.

$20K in Crypto: The First Bets on Prediction Market Augur Just Paid Out

David Floyd — Wed, 18 Jul 2018 23:27:41 -0400

A week after going live, the crypto-powered prediction market platform Augur is proving that it really works in the wild.

Russia: Crypto Miners and Holders Will Be Regulated Under Existing Laws

Cointelegraph By Ana Alexandre — Wed, 18 Jul 2018 22:39:00 -0400

In Russia, no separate taxation rates will be applied to the mining and circulation of cryptocurrencies

Billionaire Marc Lasry Sees Bitcoin's Price Reaching $40,000

Madeline Meng Shi — Wed, 18 Jul 2018 22:00:34 -0400

Billionaire investor and fund manager Marc Lasry said the price of bitcoin has the potential to reach $40,000.

Kik Messaging App Reveals Its First Beta Product, Kinit

Cointelegraph By Ana Alexandre — Wed, 18 Jul 2018 21:48:00 -0400

Following a $100 million ICO, messaging app Kik has revealed its beta product Kinit related to the company’s Kin token

Flooding in Sichuan Province Reveals Hidden World of China’s Small-Time Bitcoin Miners

David Hundeyin — Wed, 18 Jul 2018 21:05:17 -0400

A special report on the recent floods across China’s Sichuan province has uncovered an extraordinary story of resilience, discomfort, tragedy, and rapidly changing economic circumstances experienced by the the people who make up the world’s largest concentration of small-time bitcoin miners. Put together by Chinese news platform Jiemian, the report follows the story of Li … Continued

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US Congress Hearing: Central Bank Digital Currency ‘One of the Worst Financial Ideas’

Cointelegraph By Helen Partz — Wed, 18 Jul 2018 20:49:00 -0400

A U.S. Congressional hearing witness said the idea of a central bank digital currency is one of the “worst financial ideas of recent times”

Bitcoin’s Killer App is Ransomware, Not Payments: Stripe COO

Lester Coleman — Wed, 18 Jul 2018 20:02:40 -0400

Stripe, a digital payments provider, took a pioneering role with bitcoin in 2015 when it introduced a tool that allowed merchants to accept bitcoin. This past April, the company discontinued the service. The company’s COO, Claire Hughes Johnson, told Fortune’s Brainstorm Tech conference Tuesday that the reason behind the firm’s abandonment of BTC is that … Continued

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Pop Icon Peter Gabriel Has Invested in a Blockchain Startup

Madeline Meng Shi — Wed, 18 Jul 2018 20:00:10 -0400

Legendary musician and former Genesis lead singer Peter Gabriel has invested in blockchain startup Provenance.

CheapAir Says Goodbye to Coinbase, Hello to BTCPayServer

Nick Marinoff — Wed, 18 Jul 2018 19:28:45 -0400

Online travel agency CheapAir.com has announced it is no longer working with Coinbase to process its customers’ bitcoin payments. In Coinbase's stead, the company has turned to BTCPayServer, an open-source bitcoin payment processor.

CheapAir had been partnered with Coinbase since early 2013, but this April, the digital currency exchange explained that it was shutting down its merchant platform, leaving CheapAir in the dark and struggling to find a steady replacement.

The company wrote in a blog post that its affiliation with BTCPayServer largely stems from customer feedback that came during a time of great need. “We were in unfamiliar territory to suddenly be scrambling for an alternative,” writes CEO Jeff Klee. “I cannot tell you how grateful I am for the overwhelming amount of thoughtful feedback we received. We went into the process thinking we were on a desperate quest to find a new processor, but thanks to many of you, we came out of it realizing we don’t need a processor at all.”

The post goes on to say that the company has been working with BTCPayServer for about the past month following several customers’ suggestions. Klee states he’s thrilled with what BTCPay can do, and that he finds it “liberating” to not have to rely on third parties anymore, as CheapAir.com now has more control over the transaction process, leading to faster and more efficient payments.

“We can also do a much better job of gracefully handling the occasional anomalies that are still inherent in crypto commerce,” the post claims.

CheapAir.com isn’t the only airline company accepting cryptocurrency. Star Jets International does, as well, which began accepting virtual money payments late last year. CheapAir states that despite the problems it’s had with Coinbase, it will continue to accept digital currency payments as they are likely the future of finance.

“We do think that most industries will have to come along and start expanding acceptable payments beyond fiat currencies,” explains Klee in a recent interview. “It’s not surprising that smaller, more nimble companies like ours can sometimes get out in front of legacy companies — the complicated infrastructure challenges make it tough to make this kind of leap early.”

Klee also hinted that while the company hasn’t made a firm decision just yet, they would be open to Lightning Network payments if customers showed interest.

“We certainly wouldn’t rule it out [Lightning Network] in the future, especially if our customers tell us it’s something they would like to see us accept,” he mentions.

At the time of writing, representatives of CheapAir had not responded to Bitcoin Magazine’s request for comment.

This article originally appeared on Bitcoin Magazine.

Digital Currency Group CEO Says Bitcoin Has “Hit The Bottom for The Year”

Cointelegraph By Ana Alexandre — Wed, 18 Jul 2018 19:16:00 -0400

Digital Currency Group’s CEO said that he put “some money into Bitcoin last week,” believes that BTC has “hit the bottom for the year”

Canada’s Only Actively-Managed Cryptocurrency Fund Now 91% in Cash

Josiah Wilmoth — Wed, 18 Jul 2018 19:03:06 -0400

Canada’s only actively-managed cryptocurrency fund is currently holding approximately 91 percent of its assets in cash, a position it says it has taken based on uncertainty about the near-term trajectory of the market. Writing in a biweekly report published on Facebook, the Quebec-based Rivemont Crypto Fund revealed that, as of July 13, 90.9 percent of

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Nervos Network Blockchain Startup Secures $28 Mln From Sequoia China, Polychain Capital

Cointelegraph By Ana Alexandre — Wed, 18 Jul 2018 18:29:00 -0400

Blockchain startup Nervos Network has secured $28 million to develop its blockchain applications from a group of companies including Sequoia China and Polychain Capital

Bitcoin Trading Volume Is Up 100% From Its Recent Low

Sam Ouimet — Wed, 18 Jul 2018 18:05:44 -0400

Bulls are back with a vengeance as shown by a 100 percent increase in trading volume from just four days ago.

Change.org Launches Screensaver That Mines Monero for Charity

Josiah Wilmoth — Wed, 18 Jul 2018 18:03:03 -0400

Popular social petition platform Change.org is asking its supporters to install a screensaver that will mine monero on behalf of the for-profit organization’s charitable foundation. Change.org Asks Supporters to Mine Monero for Charity Dubbed “The Mining Screensaver,” the tool activates whenever a user steps away from his or her computer for a set period of

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US Congressman Calls for Ban on Crypto Buying and Mining

Christine Kim — Wed, 18 Jul 2018 17:35:39 -0400

A U.S. congressman called for banning all U.S. residents from buying or mining cryptocurrencies during a hearing Wednesday.

U.S. Congress Strikes Positive Tone on Cryptocurrency in Latest Hearing

Jack Mathis — Wed, 18 Jul 2018 17:05:21 -0400

A congressional hearing before the U.S. House Committee on Agriculture today struck a positive tone towards the impact that cryptocurrency and digital assets can have for the economy and processes. The hearing included academics, engineers, and entrepreneurs in the cryptocurrency industry. They included: Mr. Joshua Fairfield, William Donald Bain Family Professor of Law, Washington and Lee … Continued

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French Startup Offers Idle Servers Part-Time Job to Power Ethereum DApps

Cointelegraph By Sergi de Cornudella — Wed, 18 Jul 2018 16:40:00 -0400

Idle servers can earn money for their owners in their spare time, powering Ethereum DApps #SPONSORED

Bitcoin Not a Real Currency, Risky for ‘Unsophisticated Investors’: Fed Chair Powell

Josiah Wilmoth — Wed, 18 Jul 2018 16:08:56 -0400

The head of the U.S. Federal Reserve warned Congress that bitcoin and other cryptocurrencies are dangerous to “unsophisticated investors” and should not be considered real currencies. Fed Chair Powell Criticizes Cryptocurrencies Jerome Powell, who became Fed chair in February, succeeding fellow cryptocurrency critic Janet Yellen, said on Capitol Hill that “relatively unsophisticated investors see the … Continued

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Line’s Cryptocurrency Exchange BITBOX Is Now Open for Business

Nick Marinoff — Wed, 18 Jul 2018 15:38:33 -0400

Singapore-based cryptocurrency exchange BITBOX, which is also a division of Japanese internet giant Line Corporation , is now up and running. Operations began on July 16, 2018, and services are available in roughly 15 different languages to traders of every country except Japan and the U.S. Investors can now access markets for up to 30 separate digital currencies including bitcoin, bitcoin cash, ether and litecoin.

BITBOX’s Product Manager Edward Lee spoke with Bitcoin Magazine regarding the launch. In the interview, he indicated that it’s always been Line Corporation’s goal to launch a cryptocurrency exchange, especially as digital currency has headed further into mainstream territory.

“The launch of BITBOX is part of our long-term strategy to become a leader in fintech services, and it shows our commitment to fulfilling the growing demand for more diverse financial options,” he claims. “We are trying to provide a user-friendly service for those who may have felt intimidated by the world of cryptocurrency. With BITBOX, Line users will be able to access cryptocurrencies more easily, while also being assured of state-of-the-art security measures to protect their assets. In addition, we also plan to develop a mobile version of social features for BITBOX.”

The platform is offering various perks and rewards for customers who register early. For example, the first 2 million entrants will receive $10 USD which can be used toward crypto purchases on the exchange. In addition, customers will be exempt from all trading fees during the first month of operation. After that, these fees will be relatively low at 0.1 percent.

Lee says BITBOX differs greatly from other digital exchanges in the awards and security features it offers. “BITBOX was established by a publicly traded company, Line, which has a proven track record as a successful, global messaging platform,” he states. “This brings credibility to BITBOX as a cryptocurrency exchange, something many of the other players lack.”

He continued on to say, “BITBOX also brings Line’s rich insights into UI and UX design to the exchange platform, enabling us to create an intuitive layout that is easier to use, and like Line, BITBOX is absolutely committed to protecting user data. We will provide comprehensive security measures, including integrating the multi-signature technology offered by BitGo, the market leader in institutional-grade cryptocurrency security. Our users’ assets will also be protected by insurance, further safeguarding them in case any incidents occur.”

BitGo is unique in that it’s multi-signature, three-key management software removes any single point of failure, and its advanced security configurations ensure assets remain safe as they move in and out of wallets.

To further insulate funds, Lee says that up to 90 percent of users’ assets will be held in cold storage and that BITBOX is adopting a 24-hour surveillance system. This system is attached to Line’s messaging app, which will notify both users and executives should a hack occur. BITBOX will also monitor any irregular trades or attempts to manipulate prices.

In addition, Lee claimed that BITBOX’s coin and token selection process is selective, as it will only list new cryptocurrencies after they pass a thorough vetting process.

“All tokens added to the exchange must also go through a very rigorous evaluation process by BITBOX’s listing committee,” Lee concludes.

This article originally appeared on Bitcoin Magazine.

Coinfloor Turns to Trading Technologies to Monitor Market Manipulation

Nick Marinoff — Wed, 18 Jul 2018 15:24:11 -0400

Coinfloor, a cryptocurrency exchange that operates multiple subsidiary exchanges, is joining hands with Trading Technologies International, Inc., a leading trading software provider. The organization will utilize the software company’s TT Score machine-learning technology so executives can examine and monitor suspicious activity occurring on their exchanges.

Speaking with Bitcoin Magazine, Morgan Trinkaus, product manager at Trading Technologies, explains that manipulation usually occurs in every market but that the cryptocurrency industry is particularly vulnerable as it is less mature.

“The larger percentage of inexperienced retail traders [and] the higher level of perceived anonymity and uncertainty in the regulatory landscape may make it an attractive place for bad actors to employ malicious strategies,” he comments. “If you look at the reporting of actionable matters that come from the regulators of established markets, and not just the ones that make headlines, you can see that manipulation continues to be an issue in just about every market, and there is little evidence that crypto is any different.”

The partnership marks the first viable adoption of machine-learning technology for market surveillance by a cryptocurrency trading venue. It’s also the first time TT Score is being implemented by a digital exchange. Coinfloor will implement the software into its flagship exchange and each of its subsidiaries, Coinfloor Exchange UK, Coinfloor Exchange Gibraltar and CoinfloorEX.

Trinkaus explains that machine-learning can be used to catch activity ranging from spoofing to layering to vacuuming, along with a host of other variants that disrupt trading using non-bonafide orders.

“Uniquely, [machine-learning] can adapt over time, as it is trained on the latest variants of abusive trading,” he states. “We score trading activity on a scale of 0-100 (with 100 being the activity that is most likely to draw regulatory attention), and we use these scores to create color-coded visualizations of all the trading within a given entity. These visuals allow for the quick identification of problems before any trading activity is even reviewed by the user.”

The TT Score system will be online by early August 2018, and it is designed to give professional-level traders direct (and safe) access to the global market. Customizable tools are also available to accommodate virtually any trading style, from manual point-and-click trading to low double-digit microsecond automated order entries.

Trading Technologies’ Vice President of Cryptocurrencies Michael Unetich also provided us with his commentary on the growth and security of the market. He believes that, the more manipulative behavior can be monitored and stopped, the less vulnerable cryptocurrencies will be to price swings.

“Bitcoin volatility is already significantly reduced from Q4 2017 and Q1 2018, but we do agree that the more tools that are out there to monitor behavior, the lower day-to-day volatility will be,” he affirms. “Different sets of crypto assets will show different types of volatility. For example, bitcoin may move like a slightly more volatile currency or metal, and utility and securities tokens may have volatility levels similar with small-cap stocks.”

In the end, however, Unetich believes that the only way for volatility to disappear completely is for traders to have full faith in their markets.

“For strong price appreciation to occur in crypto, people must be able to trust the marketplace,” he explains. “Once it is mature and trusted, we believe investors will consider it a legitimate asset class. Exchanges have the important job of making sure their marketplaces are fair, transparent and free of manipulation. Traders and investors alike should applaud the use of surveillance software by cryptocurrency exchanges.”

This article originally appeared on Bitcoin Magazine.

Fed Chair: Cryptocurrencies Are 'Great' For Money Laundering

Madeline Meng Shi — Wed, 18 Jul 2018 15:20:31 -0400

The Federal Reserve Chairman Jerome Powell criticized cryptocurrencies during a hearing on Capitol Hill.

Crypto Presents a Challenge Beyond Hard and Fast Asset Classifications, Say Speakers at US House Committee Hearing

Cointelegraph By Marie Huillet — Wed, 18 Jul 2018 14:31:00 -0400

Witnesses at the a hearing before the U.S. House of Agriculture Committee today argued that digital assets require an agile regulatory approach because of their mutability

US House Hearing: Crypto Presents a Challenge Beyond Hard and Fast Asset Classifications

Cointelegraph By Marie Huillet — Wed, 18 Jul 2018 14:31:00 -0400

Witnesses at the a hearing before the U.S. House of Agriculture Committee today argued that digital assets require an agile regulatory approach because of their mutability

Citadel CEO Says Bitcoin Is Still a ‘Head Scratcher,’ Tells Young Generation to Stay Away

Cointelegraph By Helen Partz — Wed, 18 Jul 2018 14:10:00 -0400

Citadel CEO said he wishes the new generation would “do something more productive” than investing in crypto, calling it useless

Is India About To Reverse Its Crypto Trade Ban?

Cointelegraph By Stephen O'Neal — Wed, 18 Jul 2018 14:05:00 -0400

India might drop its crypto ban by the end of the week — on July 20, the Supreme Court will review the controversial measure

CFTC Official to Congress: Don't Be 'Hasty' With Crypto Rules

Nikhilesh De — Wed, 18 Jul 2018 13:26:52 -0400

LabCFTC director Daniel Gorfine advocated for thoughtful regulation of the cryptocurrency space in Congressional testimony Wednesday.

Stellar (XLM) Skyrockets 30% to Reach 2 Month-High

Gerald Fenech — Wed, 18 Jul 2018 13:21:00 -0400

Stellar Lumens surged to the top of the cryptocurrency gainers on Wednesday as the price soared to a two-month high of around $0.31 at press time. At 18:00CET on Binance the price was $0.30 with turnover exceeding the $24 million mark – a clear indicator that there was huge interest in the coin from investors. … Continued

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HTC Says Blockchain Phone Exodus Will Be Released Later This Year

Nick Marinoff — Wed, 18 Jul 2018 12:47:46 -0400

Computer manufacturing company HTC says it is on the verge of releasing its upcoming blockchain phone, Exodus, which was first announced in May of 2018.

Chief crypto officer at HTC Phil Chen leads the company’s blockchain and cryptocurrency initiatives. Speaking with Bitcoin Magazine, he commented that the phone should be available to digital currency enthusiasts by the end of the year and that the primary focus amongst developers is building wallets into the phones.

“There are 30 million wallets out there,” he comments. ”We are also supporting non-fungible tokens (NTFs) which we think is an approachable DApp for the masses to be able to engage in collectibles, blockchain gaming and unique digital items. We believe in the potential of NTFs to unlock the power of digital creatives. It’s the first time where creatives are empowered to create unique digital items of value.”

Chen first approached HTC executives with the idea of a blockchain-based phone in 2015 after keeping a close eye on Ethereum’s progress. By the end of that year, bitcoin prices were also beginning to show signs of life, and the notion of a blockchain phone with built-in crypto wallet software became more attractive.

“I was previously a venture capitalist getting exposure to many crypto projects, so I seeded the idea to HTC,” he mentioned. A strategy for building the phone was produced in 2016 and construction began in early 2018.

We asked about the security and storage capabilities the wallet would likely hold, though Chen said he was unable to disclose further information on that at press time. He also estimates the product will cost around $1,000 — roughly the same price as Sirin Labs’ blockchain phone Finney, though he insinuated this will be the only similarity between both prototypes.

“We focus on what we need to do right for the community and for this industry to be more accessible to the masses, not on what others are doing,” he stated. “Since 2008, HTC has shipped over 100 million smartphone devices. We launched the world’s first Android smartphone and brought the best smartphone experience to the masses. This time, we’re devoting our passion and expertise to empower true decentralization with an end-consumer and ecosystem first approach. I want to see a world where the end consumers can truly own their data (browsing history, identity, assets, wallets, emails, messaging, etc.) without the need for central authorities.”

Developers are now working to enhance the phone’s technology for future models so users can easily mine crypto. The technology will also support gaming, which Chen believes could bring a whole new wave of cryptocurrency enthusiasts to the table.

Despite the company’s growing ambitions, some are critical of HTC, claiming its goals aren’t realistic. Will Stofega — program director at IDC for mobile and drones — mentions, “It seems to me that they’re almost grabbing things that aren’t really there. Blockchain doesn’t make sense to a lot of people. With the Exodus, [Chen] is hoping he’ll get people to be each node, as each Exodus device will form one node in the blockchain. The problem is, does anyone want to be in that chain?”

Stofega also claims the company can’t seem to decide who they want to market the phone to: hardcore crypto-enthusiasts or the standard public, and Exodus may encounter selling problems as the smartphone industry is dominated by major players like Apple and Samsung.

However, he does comment that a blockchain-based phone could pay off in the sense that it hasn’t really been done before, and HTC is one of the first to latch onto it.

At press time, representatives at HTC had not responded to Bitcoin Magazine’s request for comment regarding Stofega’s remarks.

Lately, a dark cloud has hovered over HTC. The company recently laid off over 1,500 workers in Taiwan to remain profitable. Sales are down roughly 68 percent, and product shipments have fallen to 630,000 from about 2 million in early 2017. The company’s latest product, the U12 Plus smartphone, has also received negative reviews, largely due to ongoing software bugs.

This article originally appeared on Bitcoin Magazine.