Cross-border Bitcoin Payment Company GemPay Now Cooperates With Crowd-funding Exchange Yuanbao.com

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The China’s first cross-border bitcoin payment company GemPay established a strategic cooperation relations with digital currency crowd-funding trading platform yuanbao.com on 20 January, 2015. The both parties will conduct in-depth cooperation in several aspects such as cross-border payment, YBC promotion, project-based crowd-funding and new coins R&D.

YBC will be included in GemPay’s payment system, and all merchants partnered with GemPay are able to use YBC as a payment methods. In addition, GemPay will launch mobile wallet recently.

Introduction of YBC

YBCoin (YBC) is a virtual digital currency like Bitcoin developed in 2013 by Tsinghua University research team, at present, the circulation amount of YBC is 3 million. In addition, YBC is issued in the form of advanced POS, therefore, it enjoys a higher level of security and a better market stability.

Litecoin Miner Manufacturer SFMINER Announced Bankruptcy

SFMINER, Chinese Litecoin miner manufacturer officially released assets liquidation notice, announcing bankruptcy two days ago.
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The notice says

The existence of the situation of insolvency is the outcome of the
current depressed bitcoin’s priceas as well as our tactical errors.
With the decline of the price of bitcoin, SFMINER has no ability to
pay for the electricity of our large-scale mining farms, and our
miners have been shut down at present.

SFMINER only has a fixed asset of about 1 million, but having to pay RMB 2.446 M debt and RMB 430K electricity.

About liquidation

The total value of their assets is about 1,061,450 yuan, SFMINER has 4464 units dual blade miners,  25M/ per unit. The current shares of SFMINER (short for SFS) in the market is 7534, each 4 SFS can exchange a dual module miner, that’s 1,884 units, and 2,574 units will be left.

Exchange place: https://www.51btc.com/huodong/silverfish

Note: They’ll buy back their shares before January 31, 2015.

For more details? Pls click here

ZeusHash Announced to Cease Its Mining Farms Operation and Freeze All GHS Contracts

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"As Bitcoin price witnessed significant and continuous dropping lately, the daily payouts of GHS will not be able to cover maintenance fees (now at $0.0023 per GHS per day) very soon. Tthe payouts today have already been eaten up by 98%+ of maintenance fees." ZeusHash notes.

According to the Terms, “in case the daily mining return is lower than the maintenance fee for at least 10 days in a row”, ZeusHash has to cease the operation of its mining farms and freeze all GHS contracts, which turns out to be a forced measure when there has no mining profitability.

In addition, the notice of not to purchase more GHS has been warmly given out. And ZeusHash team cliam that they will release the final solution.

Source

Chinese Famous Bitcoin Exchanges Now Emphasize KYC and AML

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OKCoin has been committed to providing a safe, efficient, and stable Bitcoin transaction service. Now, to better secure the safety of our users’ asset, we decided to establish a set of complete and sound risk control system. And certain measures will be taken to authenticate the identity of users according to “Anti-Money Laundering Law of the People's Republic of China”.

It’s said that BTCChina has also required their clients to submit related information to guarantee their normal transactions. The materials includes the electronic version of your ID card with both sidesas well as one photo of both your image and the front of your own ID card.