Crypto News | HTC Blockchain Smartphone in the Works

HTC Corporation, a Taiwanese electronics manufacturer, has revealed its plans to develop the first blockchain smartphone in the world. The HTC Exodus, as the smartphone will be called, will support multiple blockchains, since its main purpose will be to provide its users with high-end experiences on decentralized applications. The blockchain smartphone will also feature a cryptocurrency wallet and a built-in secure hardware enclave which, according to Phil Chen, the man in charge of the project, will let “consumers truly own their data”. Since the project is still in the early stages, details such as price and whether it will be possible to purchase the smartphone with cryptocurrencies are still unknown. For now, Chen has revealed that security, data protection, and bringing blockchain technology into the mainstream are HTC’s primary goals at the moment. However, although HTC is the first high profile hardware manufacturer to announce a blockchain smartphone, it is not the first. In April, we reported on Sirin Labs forming a partnership with Foxconn Technology on a very similar project.

In a May 13 press release, another Asian tech giant revealed its ambitious blockchain plans. LG CNS, a subsidiary of LG Corporation focused on providing information technology services, primarily designing and running computer network systems for LG, announced its plans to launch its very own blockchain-based platform. The platform, called “Monachain”, will provide a number of functions and services. It will include a digital currency, a certification system, and a tool for supply chain management. LG hopes that the platform will be used in industries such as finance, manufacturing, and telecommunications.

Back in the US, on May 15 it was reported that Circle Internet Financial Ltd. has closed a $110 million fundraising round led by Bitmain. After the successful round, Circle is now worth close to $3 billion. Circle and Bitmain have also revealed their plans to launch a stablecoin pegged to the USD. The stablecoin, dubbed Circle USD Coin (USDC) is slated for launch later this summer. Circle currently has 7 million users. The company plans to integrate its Circle USD Coin, an ERC-20 token, in its Circle Pay payment app. USDC will likely get a great head start. Since Circle purchased Poloniex a couple of months back, it means that USDC will be available on the major cryptocurrency exchange from day 1.

Also on May 15, LedgerX launched a new savings product dedicated to Bitcoin. According to Juthica Chou, COO at LedgerX, the product is fully licensed by the US Commodities Future Trading Commission (CFTC). The way Bitcoin savings works required two licenses, a SEF license, and a CFTC license for derivatives. LedgerX was able to successfully secure both. Instead of just “hodling”, investors are now given a new option which lets them earn a yield on their BTC assets. The yield is fiat-based, and it is earned through a so-called call overwrite technique. Investors deposit their coins into LedgerX and basically sell a call option at a longer date. Three-month and six-month contracts are currently available. Although the option is likely to appeal only to long-term hodlers, the question remains whether they feel that they can trust LedgerX with their precious assets.


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Author: Max Rothstein

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