Recent Announcements about the Crypto Industry and Blockchain

In this week’s blog, I will summarize some interesting announcements over the last two weeks in relation to cryptocurrencies and blockchain.

Amazon Enabling Faster Deployment of Blockchain Services

It takes time to correctly set-up a private blockchain network either for development or deploying blockchain applications. If a developer or an organization only intends to develop a blockchain application, then the extra time spent to set-up and manage an entire network can be wasted time. The recent announcement by Amazon to provide Amazon Managed Blockchain will help alleviate some of the challenges and save time in the deployment of a blockchain application.

Moon Enables Lightning Network Payments on Amazon

You can now spend bitcoins on e-commerce sites like Amazon, thanks to a lightning network solution provided by Moon. Moon is a crypto payment-processing start-up that works by allowing lightning network-enabled wallets to be used through its browser extension. The extension allows shoppers to connect their cryptocurrency wallet to it, for example, a Coinbase wallet, and use it at checkout, to pay for goods with bitcoin, or one of three other currencies, litecoin, ethereum or bitcoin cash. Amazon itself never touches the cryptocurrency.

Samsung Plans to Launch Private Blockchain

Samsung is developing its own private blockchain according to reports. This means that Samsung would likely try to commercialize their blockchain offerings through the billions of mobile devices that the company has sold worldwide. Samsung’s blockchain task force has been in active development for at least a year, and is working on a number of projects, according to the report. Two months ago, the company made a leap into the blockchain arena with the unveiling of its flagship cellphone, the Galaxy S10, which has the ability to store cryptocurrency private keys and other features such as support blockchain-based digital signatures.

Coinbase Closes Chicago Office

The crypto price slump has forced Coinbase, one the leading crypto exchange, to shut down its Chicago office operation as reported by Fortune:

“In May of last year, Coinbase opened an office in Chicago as part of an ambitious plan to expand its trading products and tap the city’s finance expertise. Less than a year later, the cryptocurrency company is abandoning those plans, and laying off approximately 30 engineers in the process.”

However, there are signs that the Bitcoin price may be trending up. The price of Bitcoin is up by over 30% over the past month and is currently flirting with $6,000.

Nelson Ijih

Chief Executive Officer