A good number of developments transpired in the cryptocurrency world over the past week, including a Coinbase give away, new security offerings and a major mining investment.
Litecoin, and by extension, most altcoins have been pretty quiet lately. In contrast with the altcoin hype just over one year ago, industry attention has either coalesced toward Bitcoin or shifted to Bitcoin 2.0 and blockchain applications.
Up until recently, litecoin’s price action has been pretty quiet as well, hovering within +/-10% of $1.80 since the early January volatility. Only recently has it resumed its descent, today falling into the mid-$1.60s.
In a bid to renew interest in the coin, a new website has been launched, litecoin.com. The site is a far more sophisticated than litecoin.org, the coin’s older resource portal.
PeerNova Gets $5 Million Investment
Overstock.com has invested $5 million in blockchain software startup PeerNova.
The investment is the second tranche of a Series A round. Combined with another $8.6 million secured last December, it brings total debt and equity financing to $19 million.
PeerNova formed last this year when mining hardware maker HighBitcoin merged with CloudHashing, which sold mining contracts. It has since evolved into blockchain software, with the eventual aim to develop innovations like decentralized applications, smart property, smart contracts and e-currency software-as-a-service (SaaS) applications.
Third Key Solutions
A new startup, Third Key Solutions, has been launched to help address the problem of the centralization of Bitcoin security.
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Although Bitcoin is designed to decentralize money, oftentimes users have to entrust security to others, such as when trading on an exchange or working with hosted wallets. In such cases, the safety of their holdings is only as good as the trustworthiness and reliability of the third party.
Third Key Solutions was co-founded by Andreas Antonopoulos, a prominent expert in Bitcoin security, as well as Pamela Morgan, an attorney and entrepreneur who took up a recent interest in digital currency.
ANX Shares Trading Technology
Hong Kong-based digital currency exchange, ANX, is sharing its trading technology with Vancouver-based Bit-X Financial.
ANX currently supports bitcoin, litecoin, dogecoin, ripple and stellar trading with several types of fiat currency. Bit-X will adapt the trading functionality and combine the payment processing services of Vogogo, which is used by other bitcoin exchanges.
ANX says that its over 19,750 North American users will migrate over to the new platform on Bit-X within 60 days.
Coinbase Makes Adjustments
Coinbase is making some changes in the way it handles its ‘bits’ feature.
Last year, the wallet service introduced an option to display amounts in bits, or one millionths of a bitcoin. Now, it will be the default setting for all new users, a furtherance of Coinbase’s stated belief that in the future, bits will be the common denomination of bitcoin transactions. Users still have the option to disable the feature.
Even so, it is often awkward to express commonly transacted sums (e.g. $5.00) in bits (20,010.47), although it can be equally awkward in BTC (0.02004). Coinbase will therefore be rounding displayed amounts to the nearest whole bit, the exact amount of which can be viewed by mousing over the figure.