Bitcoin

Bitcoin Daily: H&M Pilots Blockchain Tech; Australian Tax Scammers Turn To Bitcoin

Blockchain

Arket, a brand of H&M, is piloting a blockchain product integration with the help of VeChain, TheNextWeb reported. While the brand did not tell the outlet where it was using the implementation, it did say that was using the solution to securely track product data. A spokesperson told TNW, “Arket has done a small Proof of Concept (POC) through a pilot testing with VeChain to use blockchain technology to secure product data traceability in the value chain.” The spokesperson added that the blockchain product was piloted with a wool beanie. According to the brand, the pilot is still is “ongoing” and has not yet been evaluated.

And scammers in Australia are trading iTunes vouchers for bitcoin as their payment of choice, TheNextWeb reported. That is, the bitcoin automated teller machine (ATM) payments have become more common than iTunes vouchers in reports of scam payments to the Australian Taxation Office. As a November 21 tax due date nears, the office said, “the ATO wants Australians to be on high alert for tax scams, especially the increasing trend of scammers demanding payment through Bitcoin ATMs.” The ATO has seen close to 30,000 reports of attempted scams as of July. According to TNW, tax scammers in Australia seek payments for bogus government debts through victims.

In other news, crypto exchange KuCoin has notched $20 million in funding, according to reports. The funding, which is reportedly through equity, will reportedly be put to creating technology and an investment arm as well as growing an international reach. According to reports, Matrix Partners, IDG Capital and Neo provided the funding. As it stands, Coinmarketcap.com puts KuCoin as the 49th biggest exchange. Previously, it raised 5,500 bitcoin in an initial coin offering (ICO) (or roughly $27.5 million at the time.) KuCoin CEO Michael Gan said in an interview, according to reports, that the investment would “open new doors.”

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