Coinshub

Nvidia CEO Says Cryptocurrency Is 'Not Going to Go Away'

"Crypto is a real thing — it’s not going to go away."

 

So says Jen-Hsun Huang, chief executive of graphics card maker Nvidia, which yesterday posted its fourth-quarter results for 2017. The company said on an earnings call Thursday that demand from cryptocurrency miners for its product beat expectations but that overall, that market segment remains a small one.

 

Speaking with Barron's in an interview, Huang echoed that sentiment, remarking that "clearly, there's a lot of talk about crypto." Indeed, much has been said about demand for the firm's products (gripes from the gaming community about sky-high prices for GPUs notwithstanding) and the long-term prospects Nvidia faces.

 

"And crypto was a real part of our business this past quarter, even though small, overall," the Nvidia CEO said.

 

Huang touted also touted the benefits of the technology underlying cryptocurrencies. There is "clearly real utility" with blockchain, Huang said, adding that he sees cryptocurrencies as being as real as any other type of virtual good or video game.

 

He expanded on this idea, going on to say:

 

"And as you know, tens of millions of virtual goods are created and shared and sold in virtual reality, and people invest thousands of hours to create space ships in space that they battle against each other. So, the concept of virtual goods and virtual worlds and virtual currency all ties together."

 

Bigger picture aside, the conversation around sales to miners is not that important for Nvidia, Huang argued, noting that "to us, it's all just demand for GPUs."

 

Nvidia's chief financial officer, Colette Kress, had also downplayed the impact cryptocurrency mining during the quarterly earnings call on Thursday, saying it was hard to quantify just how much revenue the company made from sales to cryptocurrency miners.



Korean Exchange Bithumb Is Accepting New Users Again

South Korean cryptocurrency exchange Bithumb is now accepting new investor registrations following integration of new regulator-mandated "know-your-customer" (KYC) procedures.

 

In an announcement on its homepage, Bithumb said that, starting from Feb.9, investors on the platform will be able to confirm their real identity through accounts at Nonghyup Bank. The firm further detailed that KYC integration with Shinhan Bank is also being pursued.

 

The integration arrives just 10 days after a formal ban on anonymous virtual trading accounts in South Korea. As reported by CoinDesk, the country's Financial Services Commission (FSC) had mandated that all cryptocurrency exchanges in the country must introduce real-name verification procedures for all customers via domestic banks by Jan. 30.

 

That followed the ruling that domestic banks must stop issuing new virtual accounts to cryptocurrency exchanges, announced in late December.

 

The KYC integration means existing and new investors registered on Bithumb are able to resume trading in compliance with the commission's rules.

 

Yet it appears that not every platform is finding it easy to transition to the new KYC procedures. A smaller exchange, Coinpia, had to halt trading and deposits after it failed to integrate the verification system with local banks.

 

According to an earlier report from Korea's news agency Yonhap, banks in South Korea may reject small- to mid-sized cryptocurrency platforms and only integrate with major exchanges such as Bithumb, Upbit, Coinone and Korbit.



Binance Resumes Services as System Upgrade Completes

Binance, a Hong Kong-based cryptocurrency exchange, has announced the resumption of all trading activities, including deposits and withdrawals, as of 10:00 UTC today.

 

In a status update, the platform further said it will lower trading fee by 70 percent until Feb. 24 to show its "gratitude" for users' support through the process.

 

As reported by CoinDesk, the exchange first posted news of the suspension on Wednesday, citing server issues. The platform later announced that it would take longer than was originally planned to restore normal services. Previously, the exchange had announced that it was planning to resume services at 04:00 UTC today.

 

The incident subsequently sparked concerns among users of the exchange that it may have been hacked, given similarities with the initial statement from Japan's exchange platform Coincheck amid its recent heist of 500 million NEM tokens.

 

Zhao Changpeng, founder and CEO of Binance, soon denied the hacking rumor, arguing that the service suspension was necessary for the platform to complete its system upgrade.

 

However, users may still experience some issues, despite the claimed upgrade completion. Zhao added in a tweet that customers trying to access Binance.com may still face problems, because the website's cloud provider was under DDoS attack. While the issue was being resolved, he said, lingering problems could still exist.

 

Just prior to press time, he tweeted, "Trading is open!"



Hong Kong Orders Exchanges to Delist Securities Tokens

Hong Kong's securities regulator appears to be stepping up efforts to regulate cryptocurrency exchanges involved with initial coin offerings (ICOs).

 

In a statement released Friday, Hong Kong's Securities and Futures Commission (SFC) revealed it has sent warning letters to seven cryptocurrency exchanges advising that certain tokens being traded on their platforms may be defined as securities. Though the names of the exchanges were not disclosed, the SFC indicated they are either based in or connected to Hong Kong, and among the top 20 in volume globally.

 

According to the note, the move is part of a wider effort by the SFC to caution investors about the risks of trading cryptocurrencies, one that began more mildly with a warning on the possible risks of the ICO fundraising model on Sept. 5 of last year.

 

Notably, the SFC said that the inquiry may result in further action, but that so far the exchanges notified all responded to the inquiry.

 

"Most of these cryptocurrency exchanges either confirmed that they did not provide trading services for such cryptocurrencies or took immediate rectification measures, including removing relevant cryptocurrencies from their platforms," the release reads.

 

The SFC has also written to seven unnamed ICO organizers that are soliciting investors from Hong Kong and whose tokens are considered as securities by the agency.

 

Stepping back, the move follows the SFC's partnership with the Hong Kong government, one that recently found the two agencies launching a public campaign to educate citizens on potential risk, fraud and hacking issues regarding cryptocurrency.

 

Going forward, the agency said it will not bear further violation or repeated offense to Hong Kong's securities laws.

 

"We will continue to police the market and enforce when necessary," said Ashley Alder, the SFC's Chief Executive Officer. "But we are also urging market professionals to do proper gatekeeping to prevent frauds or dubious fundraising and to assist us in ensuring compliance with the law."



Nvidia: Crypto Mining Sales Beat Q4 Expectations

Nvidia's GPU products continued to see strong demand from cryptocurrency miners in Q4, the company's CFO said on an earnings call Thursday.

 

Issuing the remarks as the company unveiled its fourth-quarter earnings for 2017, Colette Kress said the company banked $2.91 billion in revenue during that period, an increase of more than 34% compared to the same time a year prior.

 

That said, Kress stressed that the demand the company has seen in months past could shift, depending on the fortunes of the cryptocurrency market.

 

Kress commented:

 

"While the contribution of cryptocurrency mining to our business is hard to quantify, it is likely to have been higher than in previous years. However, we remain committed to our gaming demands as cryptocurrency trends are likely to remain volatile."

 

Nvidia's leadership, including CEO Jen-Hsun Huang, have struck bullish notes on the boon of cryptocurrency mining for its bottom line. Elsewhere, the company has indicated that it anticipates mining to ultimately form a small part of its overall earnings picture.

 

The company did not plan for or expect increased profits from cryptocurrencies, an analyst later said on the call. In response to a question about how Nvidia modeled cryptocurrencies, he responded that they “modeled crypto approximately flat.”

 

"There's a lot of dynamics going on in gaming," the analyst continued. "One dynamic is there's a fairly sizable pent-up demand going into this quarter, but I think the larger dynamics that are happening relate to just the amazing games that are out right now."



City of Taipei Confirms It's Testing IOTA Tech for ID

Taiwan's capital city of Taipei is working with the IOTA Foundation to bring Tangle - IOTA's answer to blockchain - to its citizen identification plans.

 

Department of Information Technology commissioner Wei-bin Lee confirmed that Taipei would be partnering with IOTA and local startup BiiLabs for its Digital Citizen Card project, telling CoinDesk that the effort was one of many proof-of-concept plans the city had.

 

Taipei will specifically be using IOTA's Tangle ID service for several projects, he said, though he did not elaborate beyond the Digital Citizen project.

 

The Digital Citizen Card will act as a tamper-proof identification system, protecting users from identity theft, according to CrowdFund Insider.

 

Lee elaborated in an email to CoinDesk:

 

"We'll be starting with related applications for Digital Citizen Card that can be used as a platform. We also seek to boost the authentication and integrity checks for municipality-to-municipality/institution-to-institution data exchange (such as medical records)."

 

That being said, the commissioner also said the city is open to other proposals which may help Taipei further develop its goals of becoming a "smart city." As such, the city will work with any other available technologies, he told CoinDesk.

 

While Taipei is testing IOTA's tech, the city is not yet using any type of cryptocurrency, Lee said.

 

The details of upcoming projects have not yet been discussed, but IOTA has been invited to set up an office in Taipei to facilitate future projects, he said.

 

For the moment, the Department of Information Technology, BiiLabs and the foundation will continue discussing project proposals to establish proofs of concept. The three groups formed a task force to work on the details for these projects.

 

Lee concluded:

 

"After the PoCs, we will evaluate the results and see where we go from there."



Crypto Exchange Coinsquare Secures $30 Million in New Funding

Canadian cryptocurrency exchange Coinsquare has raised $30 million in new equity financing.

 

Announced today, the funding was led by financial services firm Canaccord Genuity. The funding, according to the company, "will be used to fuel a global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers' needs."

 

Part of that push will include hiring as many as 100 employees over the coming months, with an eye to have 200 employees working for the exchange by the second quarter of this year

 

Bloomberg Markets reported in January that the company is eyeing the U.S. and U.K. markets, and is also planning an initial public offering (IPO) in Canada for Sept. 2018. Coinsquare hopes its IPO will serve to establish the exchange as a reputable entity in the eyes of investors.

 

"We're racing, but racing to do it right. We're going to take the old-school route as an IPO to the Toronto Stock Exchange," Cole Diamond, Coinsquare CEO, was quoted as saying. Diamond also said that the exchange plans to launch one new cryptocurrency per month on its platform starting in February.

 

Coinsquare said its expansion plans also include investments in cryptocurrency mining, the launch of a Trading and Arbitrage division and the creation of funds "focused on investments across the digital asset landscape" which will be called CoinCap Funds.



Binance Denies Hack As Exchange Halts Trading

Hong Kong-based cryptocurrency exchange Binance said it won't resume trading or enable customer withdrawals until Friday amid a continued blackout blamed on a prolonged system upgrade.

 

The suspension has sparked fears that the exchange has been hacked, though Binance, responding to such comments on Twitter, has strongly pushed back against the claim.

 

According to the most recent statement from Binance, the exchange is expected to resume trading at 4 a.m. UTC on Friday.

 

"We will allow a 30-minute window where users can cancel open orders prior to trading being opened," the exchange wrote. "We will continue to update every two hours until the upgrade is complete."

 

The exchange first posted on Twitter about the trading outage on Wednesday, telling users that they may see some degraded performance for the duration.

 

However, two hours later chief executive Changpeng Zhao announced that a server issue caused data to fall out of sync, stating that the development team would have to re-sync from a master database. In subsequent tweets, Zhao said that the maintenance did not proceed as planned, prolonging the outage.

 

Binance first launched in the summer of 2017, and in recent months has become one of the largest venues for cryptocurrencies by trade volume. According to a December report from Tech In Asia, the exchange was seeing as much as $500 million in daily trading volumes at the time.



 友情链接: 网贷之家 信用卡排行榜 理财投资 投资理财 网贷论坛 比特币 比特币交易网 p2p网贷 信用卡在线申请 阳光私募基金 比特币 P2P理财连锁 数字货币 金银社 p2p理财 互联网金融 比特币钱包

招财猫官网 钱盒子 P2P理财超市 比特币 布比区块链 布萌 sosobtc 比特时代 链谷网 链企区块链 块讯 比特币交易平台 ICO评级目录 链行 微宽网

全球最大的数字货币和区块链门户,积累了行业内最全面、最精准的大数据分析,提供数字货币的价格预览,一键买卖,行情预警,超级钱包等服务。还有专业的采编团队实时提供行业内最新资讯。

Service Mailbox: [email protected]

About Us

coinshub

,CopyRight 2018

  • 微信我们123456