Huobi To Implement Proof of Reserves Program, Pave The Way For Exchange Accountability
Huobi announced (via reddit, yesterday) that it will be implementing an industry standard Proof of Reserves program by the end of August, with a Trading/Asset Separation scheme to follow in September.
After accusations from the community that trading volume in Chinese exchanges could be heavily manipulated, Huobi, the second biggest exchange in volume is now taking steps to to prove its reserves.
BitPay exec: We paid ESPN for our sponsorship in bitcoin
In keeping to his message that digital currency is as easy to use as cash and safer than a credit card, BitPay co-founder Tony Gallippi put his bitcoin where his mouth is this summer when he paid ESPN for a college football bowl game sponsorship in bitcoin.
German’s Fidor bank will begin using Ripple for international wire transfers next week
Germany’s Fidor bank will finally begin completing international wire transfers via the Ripple virtual currency protocol next week, making it the first bank in the world to do so. The two companies first announced a partnership in May, but have evidently spent the time since working on integration. The bank also may have been using the protocol for behind-the-scenes interbank transfers before going live with customer transfers.
This is the first time that a bank introduces a service related to virtual currencies to the public. This could be a big milestone for the cryptocurrency world.
Bitcoin Online Poker Transactions Refused by Coinbase
On Reddit, a player with an account at the Bitcoin-accepting online poker site Seals with Clubs (SwC) reported that popular Bitcoin exchange Coinbase had restricted access to the services on their site because he had used his Coinbase account to fund his SwC poker account.
It seems like Coinbase, as a regulated money service has to review action taken by it’s users so to ensure they comply with regulations. Even in their user agreement section 7.2 “illegal gambling” according to US law is included to the restricted activities.