Roundup – 16/10/18 Philippines licenses 19 companies, Binance starts operating in Uganda & more

Philippines licensed 19 companies and exchanges in crypto sector

The Philippines have issued operational licenses to 19 companies to conduct “offshore financial technology solutions business activities and offshore virtual currency exchange activities”. The Cagayan Economic Zone Authority (CEZA) is currently still reviewing eight further companies that have applied for the license. However, the licences are only provisional as of now. A permanent license costs $360,000 and a regular license $85,000 USD.

Binance starts operating in Uganda

Binance starts to operate Fiat-to-Crypto exchange in Uganda. The exchange is the first of its kind in the African state. As of now, Binance is working to set up KYC procedures. According to the official statement, Binance will start operating tomorrow. At first, there will only be trading pairs from the Ugandan Shilling to BTC and ETH but Binance will add other trading pairs successively too. Binance’s move opens the crypto market to 44 million Ugandans. Due to poor infrastructure in the rural parts of Uganda. The Ugandan population has partly adopted Bitoin & Co. already.

Fidelity Investments Makes It Easy for Hedge Funds to Invest in Cryptocurrencies

Fidelity Investments that is estimated to be managing clients’ assets worth more than $7.2 trillion on Monday announced the inception of a separate company, Fidelity Digital Asset Services. The primary objective of this subsidiary company is to offer cryptocurrency custodian services to investors such as family offices and hedge funds. Some crypto companies have also started to offer similar services, but Fidelity Investments is the premier Wall Street incumbent to resolve to provide cryptocurrency solutions to the ever-increasing number of cryptocurrency investors.

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Horizen Has A Security Solution For Hash-Based Blockchain Platforms

Horizen (previously known as ZenCash) has developed a solution to enhance cybersecurity in Blockchain platforms. The events leading to the discovery were constant security breaches that led Horizen to suffer 51% attacks on its tokens. The new security model  has the name “Proposal to Modify Satoshi Consensus To Enhance Protection Against 51% Attacks – A Penalty System For Delayed Block Submission”. The model is expected to be particularly instrumental in helping Cryptocurrency platforms that use intense hashing power.

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