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Paxtradings Crypto Minute: June 2, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: June 2, 2018

Binance Announces a USD 1 Billion Venture Fund for Blockchain-Focused Startups

Binance has announced a USD 1 billion venture fund for blockchain and cryptocurrency startups. According to The Next Web, the initiative, called the “Social Impact Fund”, will be funded with the Binance (BNB) token. Binance Labs, the organization within the company behind the initiative, will focus on startups focusing on “public blockchains, decentralized exchanges, custody/payments/wallet, stable digital currency, and compliant alternative trading systems or security token platforms.”

BitBay Closes Operations in Poland to Relocate to Malta

BitBay, one of the most popular cryptocurrency exchanges in Poland, announced that it will cease operations and trading in Poland. According to ETHNews, BitBay is relocating its operation to Malta instead. BitBay cited the inability to conduct business with any banks or financial institutions in Poland after its bank services provider made a “unilateral decision to finish the cooperation.” BitBay’s users must create a new account when BitBay resumes operations in Malta. Users will only be able to withdraw funds after September 17, 2018.

With Today Being the Last Day to Register EOS, Scammers Continue to Target EOS Owners

Hackers breached an internal system belonging to Block.one, the company behind EOS’s ICO, and have sent fraudulent email campaigns to the company’s subscribers. According to Fortune, a button in the fraudulent email takes users to a website that is identical in color, background, font and style to the EOS homepage. The scam’s website address is “eȯs.com” (notice the small dot above the ‘o’) — not eos.io. Block.one quickly notified its subscribers of the hack and fraudulent email campaigns, but hackers already collected “hundreds of thousands of dollars” from victims who shared their private keys.

Estonia Postpones Plans to Create National Cryptocurrency

Estonia has postponed its plan to create a national cryptocurrency for all citizens after public officials from the E.U. and local banking authorities publicly criticized the plan. According to Bloomberg, Mario Draghi, the president of the European Central Bank, criticized the proposal in September 2017 after asserting the Euro can be the only currency in Estonia. In addition, central bank Governor Ardo Hansson publicly lamented over “misleading reports” on the proposed national cryptocurrency from government agencies. Instead, the country will create a cryptocurrency that will be created as an incentive to e-residents, foreigners who use “Estonia’s electronic identification to remotely sign documents and set up companies.”

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