Bitcoin, the popular virtual currency, is gaining traction in global markets as a new form of currency. An array of merchants supports Bitcoin including retailers, e-commerce sites, hotels, restaurants and many more. We already wrote about Governments and financial bodies who legally approve Bitcoin and are helping it gain momentum. investment firms are also looking at the Bitcoin opportunity from a wider perspective. Here are some recent highlights from the world of Bitcoins:
Shopify & GoCoin bring Bitcoin to 120,000 merchants
GoCoin recently announced its partnership with Shopify to enable the e-commerce service’s 120,000 merchants to accept virtual currency based payments. Merchants would be able to accept not only Bitcoin payments but also litecoin and Dogecoin payments through GoCoin’s cryptocurrency payment processor.
Many merchants remain skeptical around accepting cryptocurrency payments because of the price volatility. But now, merchants who use Shopify’s GoCoin integration can choose to convert bitcoins into flat currency by paying a small fee which is less than that of credit card processing. The new partnership would help merchants open themselves up to a new target audience while the cryptocurrency community will have more mediums to spend bitcoins.
UK Regulator looks forward to Blockchain technology
UK’s Financial Conduct Authority (FCA) will soon start exploring the potential benefits of Blockchain technology which underpins Bitcoin to the wider financial services industry. FCA is also looking at ways how regulation can play a major role in the world of Bitcoin. Regulators are wary of the fact that the Blockchain technology is gaining interest from many in the financial services industry.
Some industry experts do believe that blockchain technology does have the potential to trigger massive simplification of banking processes and cost structures. This past September, the Bank of England had released a report describing blockchain as a significant innovation that could reach futuristic implications. The FCA has already setup an Innovation Hub to help fintech companies and will probably use it as a medium to explore ways in which regulation can be adopted to foster growth and innovation in financial services.
Rivetz and Trustonic offer more Security to Mobile Bitcoin Wallets
Trustonic, one of the leading providers of Trusted Execution Environments (TEE) for smart devices, had announced its collaboration with Rivetz, a security innovator, earlier this year. The rapid rise in use of Bitcoin on mobile devices has fueled the increase in malware, key-loggers and targeted attacks designed to steal Bitcoins. Rivetz is leveraging Trustonic ‹t™-base TEE to address such issues. Rivetz is using the TEE to enable security features in devices in order to protect the use and storage of Bitcoins.
Rivetz has enhanced Bitcoin wallet security by integrating a standard API with a “Trusted App” executing on the <t-base TEE. The Trusted App uses Rivetz Bitcoin instruction technology for access by all wallet providers. Trustonic <t-base TEE provides secure storage of users’ private keys and secure processing of Bitcoin instructions, including secure input of PINs and other authentication data. The API enables any third-party wallet provider to benefit from the protections embedded in <t-base-enabled devices, independent and irrespective of operating system integrity.