Bitcoin

Bitcoin Daily: Bitfi’s ‘Unhackable’ Wallet, Net1’s Blockchain Debit Card

Bitcoin Daily

Bithumb might be able to reduce the losses resulting from a recent hack, CoinDesk reported. Though the Bithumb said it reported losses of about $31.5 million to the Korea Internet & Security Agency (KISA), the South Korean crypto exchange said the final figure might be lower as it works with crypto exchanges and others.

“We have announced about 35 billion Korean won of damages,” the exchange stated. “Bithumb is reducing the amount of damage through ongoing damage recovery, future figures are expected to be lower.”

In other news, Net1 Technologies has developed a smart card powered by blockchain technology that can work as a debit card, reports said. The card can work offline and doesn’t need a centralized computer to function. The technology also uses biometric verification to lower fraud risks and make transactions easier.

Bitfi has also unveiled an open-source hardware wallet that the company claims to be “unhackable,” the company said in an announcement. A dashboard that goes along with the wallet supports cryptocurrencies, such as Monero. In addition, the wallet lets users view balances and switch between digital currencies. It also has native support for Ethereum, which means that users don’t have to utilize third-party services. Interestingly enough, the company said that John McAfee has joined its team as it “aims to accelerate adoption of decentralized assets.”

In other news, Canada’s Hydro-Québec utility is proposing that blockchain companies bid for power and detail the jobs, as well as the investments, that each megawatt will generate, Bloomberg reported. The plan still needs the approval of regulator Regie de l’energie and will be used to divvy up a 550 megawatt block.

The utility said in a statement, “The goal of this process is to both maximize economic spinoffs for Québec and revenue for Hydro-Québec in turn, pushing electricity rates down for customers.”

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