Bitcoin Savings Firm Magnr Suspends Trading to Evaluate Security
Magnr, the Bitcoin savings bank and trading platform recently suspended its activities for a short time to re-evaluate its security features following the Bitfinex incident. The recent incident with Bitcoin has got a lot of Bitcoin companies on high alert. Many digital currency companies have started to re-evaluate their security. Magnr, the Bitcoin savings and investment platform recently went through a similar exercise. Yesterday, Magnr suspended its operations partially for few hours. The platform, in a notice to all its customers, stated that the precaution was taken following the....
Related News
According to BitcoinRichList.com there are over $750 million worth of bitcoin sitting idle. Magnr, a company dedicated to providing Cryptocurrency Financial Services, is trying to change this by allowing the first-ever blockchain-based "savings accounts." Magnr currently operates across two verticals: trading and saving."Magnr allows users to independently verify the safety of their deposit on the blockchain's public ledger," says CEO Joe Lee. "Additionally, the interest payout is calculated from blockchain data. This lets users verify they are being paid the correct amounts. This is the....
Magnr, formerly BTC.sx - a bitcoin derivatives trading platform - has rebranded and is now offering bitcoin saving accounts with an interest rate fixed at 2.18% for a promotional period of six months. Following this, the interest rate will be variable, dependent on trading fees generated by users on the platform. Magnr declined to reveal its trading volume but said that it had surpassed 60,000 total trades earlier this year. When asked about the potential implications of bitcoin's price volatility on users' interest rates, Josh Blatchford, chief marketing officer at Magnr, emphasized that....
While several global headlines have declared that millennials are increasingly disinterested in banks, the owners of BTC.sx exchange have launched Magnr, “the first savings account for Bitcoin.” They promise a 2.18 % return over the first six months of a deposit, and claim that all depositors will be able to audit their individual holdings on the Bitcoin blockchain. Wondering just how bank-like Magnr intended to be, CoinTelegraph interviewed Josh Blatchford, CMO of Magnr. “One key difference from traditional processes is that we maintain all transactions on the blockchain such that all our....
Bitfinex suspends trade after discovering a security breach. Confirms loss of bitcoin, exact figures awaited. Bitfinex, one of the leading digital currency exchange, today reported that it has faced a security breach. Following the discovery, the exchange reportedly halted all its bitcoin trading operations until further notice. “Today we discovered a security breach that requires us to halt all trading on Bitfinex, as well as halt all digital token deposits to and withdrawals from Bitfinex” According to the Bitfinex homepage, the breach was discovered at around 18:00 UTC, same time when....
The publicly listed firm Coinbase Global has revealed the company plans to evaluate any potential forks that arise from the upcoming Ethereum upgrade known as The Merge. In a recently updated blog post, Coinbase said if a new Ethereum proof-of-work (PoW) token is created it “will be reviewed with the same rigor as any other asset that is listed” on the company’s exchange.
Coinbase Updates the Public About the Possibility of an Ethereum Fork Arising Post Merge
The Merge is coming soon and data shows it is roughly 16 days away from now. Essentially, The Merge....