Blockchain
Calvin Ayre and Bitcoin SV Groups Back Institutional Exchange, DRIVE Markets
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DRIVE Markets ($DRV), the institutional crypto and fiat exchange, announced an investment from entrepreneur Calvin Ayre, founder of Ayre Group and CoinGeek. In a bid to entice traders from the $5 trillion forex market, DRIVE Markets has teamed up with forex giants including First Derivatives and MetaTrader to offer a crypto trading experience synonymous with forex trading.
Ayre is a key backer of BSV, through his CoinGeek mining, media and investment operations, and expects the undisclosed investment which is in the multiple seven figures, to provide a significant boost to BSV enterprise usage and transaction volume.
DRIVE Markets recently announced DRIVE Pay, a multi-protocol, real-time remittance and gross settlement network for crypto and fiat currencies. DRIVE Pay will use the BSV blockchain as the anchoring ledger for its payments network and will use BSV coins as a bridge or intermediary currency to enable liquidity.
“At DRIVE, our roadmap leverages the infrastructure and capabilities of our institutional exchange and we were looking for the right solution partner that could scale DRIVE Pay to become a global leader in the multi-trillion dollar payment and settlement space. Bitcoin SV, as a commodity data ledger, makes it the ideal blockchain to anchor DRIVE Pay and the BSV team possess a level of expertise and commitment to enterprise development that really impressed us,” said Kate Hiscox, CEO at DRIVE Markets.
Bitcoin SV emerged from the world’s first Bitcoin “hash war” last November. Named for the “Satoshi Vision” of Bitcoin’s creator Satoshi Nakamoto, Bitcoin SV restores the original Bitcoin protocol, keeps it stable, and allows it to massively scale.
BSV has the scaling plan necessary to support a global payment network like DRIVE Pay and other enterprise uses. Just recently, BSV’s blockchain witnessed not one, but two, 128MB record-setting blocks – the world’s largest ever on a public blockchain. (For comparison, Bitcoin Core [BTC] has a small 1MB block cap). With 128MB blocks, BSV can handle 800+ transactions per second and proves that massive on-chain scaling works on Bitcoin. Furthermore, Bitcoin SV is preparing for gigabyte (1000 MB) and eventually terabyte (1 million MB) blocks to process billions of transactions per second and become the global data ledger for business.
CoinGeek founder Calvin Ayre commented: “I like entrepreneurs who can cut through the noise and focus on technology that works. That’s why I like DRIVE. DRIVE recognizes the original Bitcoin vision, now back in the form of Bitcoin SV, works at a massive scale. I look forward to seeing the DRIVE Pay network process huge amounts of transactions on the BSV blockchain, and further unleash the true power of Bitcoin.”
DRIVE Markets’ CEO Kate Hiscox will attend and speak at the upcoming CoinGeek Toronto conference, May 29-30 at the Carlu in Toronto. The conference focuses on Bitcoin scaling, with “No Limits”, and will feature the world leaders in blockchain scaling. At the event, Hiscox will discuss plans for DRIVE Pay and her company’s decision to build the payment network upon BSV.
Ayre’s investment is part of a broader collaboration between DRIVE and the Bitcoin SV ecosystem. nChain, the global leader in advisory, research, and development of blockchain technologies, will support DRIVE Pay with its technical consulting services and access to its vast intellectual property portfolio. Along with Ayre’s CoinGeek operations, nChain is another key backer of Bitcoin SV.
Jimmy Nguyen, Founding President of the Bitcoin Association (which advances Bitcoin SV’s global business ecosystem) and Chair of nChain’s Strategic Advisory Board, remarked:
“With DRIVE, the Bitcoin SV ecosystem gets bigger and gets down to some really big business. From our discussions, it is clear DRIVE Markets sees BSV’s technical value as an enterprise ledger and business value as a regulation-friendly environment. We invite more companies around the world to study BSV’s technology capability and build on the only massively scalable blockchain – Bitcoin SV.”
SOURCE DRIVE Markets
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
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Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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