Today in Crypto: July, 12, 2018 – Litecoin Acquires German WEG Bank
Markets continue to trend slightly downwards. Bitcoin is currently at $6,195, Ethereum is at $430, and Litecoin is at $76.
Binance Announces Distribution Of 5,000,000 Tron (TRX) Prizes 
On June 28th, Binance proclaimed a TRON Trading Competition, setting aside 10,000,000 TRX tokens. The competition closed on the 6th of this month. It ranked participating users in terms of the total TRX volume traded on their Binance account. At the end of the competition, 31 TRX traders’ accounts were compensated. A special prize of 2,000,000 TRX was awarded to a single top trading account. 10 accounts were awarded 200,000 TRX each, and 20 accounts were awarded 50,000 TRX. Tron recently launched its MainNet, a development that will be a direct competition with Ethereum. However, the price of Tron in the cryptocurrency market has not been favorable since token swap began.
Decentralized Exchange Bancor Resumes Operations After $12 Million Hack 
Bancor lost BNT, Ether (ETH) and Pundi X tokens in an attack last week. Bancor has since faced industry backlash as the sudden theft sparked criticism that its decentralization claims were fraudulent. A malicious party attempted to trade BNT for Bitcoin via instant conversion service Changelly. The two companies had reportedly worked together to freeze the smart contract containing the stolen tokens. Bancor then saw intense reactions from commentators who criticized its ability to detain funds at will. Commentators such as well-known trader Tone Vays publicly label Bancor as “another ICO scam.”
Litecoin (LTC) Foundation Has Problem Opening A Bank Account 
Litecoin founder, Charlie Lee, has disclosed that its foundation which oversees all affairs related to Litecoin was having trouble getting a bank account. This resulting in the firm buying a stake in a Germany-based WEG Bank. Charlie made this disclosure today in an interview with media network Cheddar. According to Charlie Lee, the purchased stake will give crypto companies the opportunity to own bank accounts, debit cards, and other solutions dedicated to crypto related business.
Finland Central Bank Calls Digital Currencies A Fallacy 
The Bank of Finland (BoF) has released a 133-page paper arguing that the concept of digital currency is an illusion. The document, compiled by Finland’s Central Bank head of digitalization, claims the world has become “muddled” about the difference between money and technology and argues that digital currency is in fact “basically a fallacy.” The publication draws a distinction between financial and technological innovation, arguing the two should receive different regulatory treatment. It argues that digital currencies are actually account based ledger systems and not significantly different from other financial record keeping technology.
Binance Exchange Backs Decentralized Bank in Malta 
Binance, the second largest cryptocurrency exchanges in the world, is backing a decentralized bank launching in Malta. Bloomberg reports that Binance has acquired a 5 percent stake in the so-called Founders Bank at a $155 million pre-investment valuation. Founders Bank will have systems based on blockchain and will partner with fundraising platform Neufund in an issuance of its own “legally-binding” equity tokens, according to Binance.
The bank is hoping to obtain a license from the EU state’s government in order to officially operate its business. If approved, the bank will be the world’s “first decentralized and community-owned bank.” Token investors would effectively be owning the bank.
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