More acceptance for cryptocurrency as an island nation in the Pacific has adopted a national cryptocurrency. US retail giant wants to test blockchain for improved delivery of its packages. And a German payment service company announced plans to launch its crypto-first banking service.
Here is a wrap up of the main news from the cryptocurrency and blockchain world over the past 24 hours.
Marshall Islands Adopts ‘Sovereign’ As National Cryptocurrency
The tiny Pacific island nation of Marshall Islands has adopted “Sovereign” (SOV) as its national cryptocurrency. David Paul, the minister-in-assistance to the President, told media that the government will issue an initial coin offering or ICO later this year and exchanges will be allowed to apply to trade the currency as legal tender. A law to this effect was passed by the country’s Parliament on Wednesday. “This was specifically targeted for the long-term needs of the country,” the Minister was quoted as saying.
Walmart Taps Blockchain Tech For Smart Package Delivery
US retail giant Walmart is planning to use the blockchain technology to ensure accurate delivery of its “smart packages”. In a patent application filed with the US Patent and Trademark Office in August 2017, the company describes a “smart package” that will carry a device with a delivery encryption system that consists of a blockchain for package tracking and authentication. The patent filing was spotted by the blockchain technology news website Coindesk.
Germany’s Bitwala To Launch Crypto-first Banking Service
German blockchain-based payment service provider Bitwala announced it will launch blockchain driven banking within the next few months which will offer a banking experience that merges the cryptocurrency and fiat currency worlds in one bank account. The account will precisely act as a bridge between banking and bitcoin, enabling a seamless transition between the crypto and fiat worlds. The crypto-first banking service will provide an online bank current account that enables you to buy and sell bitcoin directly, make and receive payments and manage your finances all in one place. It will combine all the features of traditional banking with the crypto economy.
Uber co-founder Garrett Camp Launches New Cryptocurrency Eco
Uber co-founder Garrett Camp, who has also founded the accelerator/venture fund Expa, is creating a new cryptocurrency, named Eco. In a white paper, the Eco Foundation said it is designing a global currency protocol, an open source platform. It is seeking to create the most usable digital currency platform to date, offering users an alternative to bitcoin, gold and fiat currency at Eco.com.
MoonLite To Launch Crypto Mining Using Sustainable, Green Energy
South African blockchain company MoonLite is set to launch the first cryptocurrency mining operation that will use 100 percent sustainable, green energy called “MoonLite Project.” It plans to begin by mining predominantly Bitcoin, DASH, Litecoin, and Ethereum using dedicated ASIC and specialized mining equipment. The company plans to use Hydro, geo-thermal, and wind energies with contractual supply at a multi-year fixed rate. The average tariff for an industrial connection is around US$0.045 per kWh in Iceland. The project envisages operating several industrial scale data centers in the cryptocurrency mining industry.
As of 6.48 am ET on Friday, Bitcoin was up 2.49 percent at 10,925, while Ethereum was down 1.11 percent at $858.9 on Coinbase.