Trust Token Blames Bots for Volatility of Trueusd Stablecoin

Trust Token Blames Bots for Volatility of Trueusd Stablecoin

Markets and Prices

On Wednesday Trueusd, a stablecoin designed to be pegged to the US dollar, experienced a sudden bump in price after Binance announced support. The news caused Trueusd (TUSD) to rise by an unprecedented 40% before eventually subsiding. Trust Token, the coin’s developers, have now explained to how this sequence of events came to be.

Also read: “Stablecoin” Trueusd Pumps After Binance Listing

Trueusd and the Moon Mission That Wasn’t Meant to Be

As reported on Thursday, TUSD pumped to $1.39 off the back of news that Binance would be listing the supposed stablecoin. Binance has since postponed its listing of the token, pushing the event back by a few days “to prepare for sufficient liquidity”. Trust Token, for its part, has responded to the incident in a blogpost, writing:

TrueUSD saw a large, sudden increase in demand after Binance first announced that they are listing TUSD. We believe that bots (and some misinformed traders) purchased TrueUSD as soon as the announcement was made.

The post continues: “Generally, our policy is that “redeemability leads to stability.” The value of a TrueUSD token is that it can be redeemed for one US dollar. There will only be as many tokens in circulation as there are dollars in the escrow account to collateralize the tokens. In the long run, this feature precedes price stability, since the price will return to $1.00 (as it did today) as long as the token continues to be redeemable.”

Trust Is Earned

Bittrex Adds Tether Competitor TrueUSD as Regulation Rumors PersistAs a piece of parting advice, Trust Token advises traders not to pay any more than $1.05 per token, otherwise “you may lose money.” Trust Token’s co-founder and CTO Rafael Cosman spoke to to clarify some of the issues raised in the blog post, and pointed out that when TUSD was listed on Bittrex in March, traders were issued with the same advice – not to pay more than $1.05 per token.

Assuaging concerns that TUSD could dip discernibly below $1, Rafael Cosman said:

Price stability is maintained by market-making incentives. Today, market-makers buy TrueUSD for $1.00 directly from the bank, anticipating that if the price hits even $1.01 they can arbitrage some profit. The opportunity for redemption incentivizes market-makers to keep at $1.00 and not below: if the price was to dip to $0.99, then market-makers could buy it and redeem it for $1.00. Market-makers would quickly scoop in and buy all the “sell” orders for below $1.00 until none were left and the price returned to $1.00.

Bot or Not?

Trust Token Blames Bots for Volatility of Trueusd StablecoinFollowing up on claims that bots were to blame for TUSD’s sudden price spike this week, Rafael Cosman added: “It’s fairly common knowledge in the crypto industry that there are bots that “listen” for announcements of coins listing on exchanges and buy any coin as soon as it is listed on a new exchange. This is usually profitable, since more buyers for a token can mean a higher price. However, in the case of Trueusd, any person who knows that the token is redeemable for $1.00 knows they will lose money if they buy it for more, and so market-makers holding Trueusd happily sold it to bots for above $1.00 until there was no more demand.”

Stablecoins are still highly experimental at this stage, and while some “stable bears” believe perfect dollar parity will never be reached, others are confident that anomalies such as that which befell TUSD will be ironed out in time. As Trust Token acknowledged, even “the most stable of stablecoins will occasionally experience variance.”

Do you think occasional volatility is inevitable with stablecoins? Let us know in the comments section below.

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A 51% Attack on Bitcoin Means Mutually Assured Destruction

A 51% Attack on Bitcoin Means Mutually Assured Destruction


What would happen if bitcoin were to suffer a 51% attack? It’s a hypothetical question, but one that has troubled some of the community’s brightest minds. Just as army generals play out countless war games, enacting doomsday scenarios, bitcoin defenders like to ponder ways in which the decentralized cryptocurrency could be attacked and brought to its knees.

Also read: Taking the New On-Chain BCH-Powered Social App Blockpress for a Test Flight

Contingency Planning for a Worst Case Scenario

A 51% Attack on Bitcoin Means Mutually Assured DestructionA 51% attack, also known as a majority attack, refers to a situation in which a single miner or group of miners control the majority of the network hashrate. If attained, this would enable a bad actor to censor and reverse transactions, allowing them to double spend coins. One of bitcoin’s greatest attributes is its immunity to attacks, be they governmental or technological. With over 31 exahash now concentrated on the bitcoin network, launching a 51% attack would be virtually impossible. And yet the very act of contemplating such an event is critical in mitigating the likelihood of it ever occurring.

Bitcoin war games aren’t just larping: they’re strategic defense.

51% Is Probably Not Enough

In a widely read article last month, Jimmy Song pondered various hostile mining scenarios, including those presented by chip manufacturers, ASIC manufacturers, and mining pools. He ran through the ways in which a 51% attack could play out, but observed that owning 51% of the harshrate may not be enough to take over the bitcoin network. According to Song, an attacker armed with 60% of the hashrate would still be expected to take 100 minutes to overtake the rest of the network in confirming blocks. Meanwhile, the rest of the network would have caught on to what was happening, and begun invalidating the attacker’s blocks. (Conversely, it is theoretically possible to attack the bitcoin network with less than 51% of the hashrate). Song notes:

No rational merchant or exchange would ever take less than 30 confirmations in a scenario like this (at least without some knowledge about what’s going on)…Furthermore, a large reorg signals to the rest of the network that something nefarious is going on and nodes will likely view these new blocks with suspicion. It’s entirely possible that full node operators on the network will simply invalidate these blocks.

Who Wins by Attacking Bitcoin?

Due to bitcoin’s enormous hashrate, it would be impossible for anyone without any skin in the game – or rather ASICs in the game – to launch a 51% attack. The only players who could conceivably orchestrate such an attack are existing mining pools, or ASIC manufacturers if they were to backdoor their miners, for example, and later commandeer them. All of these entities are heavily invested in bitcoin, having spent hundreds of millions of dollars on the infrastructure required to compete in the mining sector. For their operations to remain profitable, bitcoin needs to maintain a certain price. If a bad actor (or pool of bad actors) were to start attacking bitcoin, they’d only be cannibalizing themselves.

A 51% Attack on Bitcoin Means Mutually Assured Destruction

There are scenarios – far-fetched admittedly – in which a 51% attack on the bitcoin network could be attempted. A hostile state could start accumulating ASIC miners, spending billions of dollars in readiness for the moment they had enough hashrate to greenlight an attack. Even Bitmain themselves would struggle to assemble enough ASICs to make such a feat possible however. An alternative scenario would be for a chip or ASIC manufacturer to make a breakthrough that provided a significant advantage over existing miners. A sort of Asicboost on steroids. Once again though, the best way to profit from this would be to honestly mine bitcoin with the souped-up units, or to sell them for a premium, rather than to launch a 51% attack.

A 51% Attack on Bitcoin Means Mutually Assured DestructionWhatever way you slice it, a 51% attack on bitcoin isn’t just improbable – it makes zero sense for the attacker. Just because the cryptocurrency seems safe from mining attacks for now doesn’t mean it’s impervious to attack however. In a post entitled “Let’s destroy Bitcoin” published on MIT Technology Review, Morgan Peck proposes three ways in which bitcoin could be “brought down, co-opted, or made irrelevant”. None of them involve mining. A few altcoins, with a low hashrate, have been hit by a 51% attack in the past. In its nine-year history, bitcoin has never been attacked in such a manner. It didn’t happen in the past, even when one mining pool controlled a majority hashrate, and it’s probably not going to happen now.

In what other ways do you think bitcoin could be attacked? Let us know in the comments section below.

Images courtesy of Shutterstock.

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US State Shuts Down Cryptocurrency Mining Company

US State Shuts Down Cryptocurrency Mining Company


A U.S. state has issued a cease and desist order to a company purportedly engaged in cryptocurrency mining. This order follows a temporary cease and desist order to the company two months ago which it did not respond to.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Cease and Desist Order

The U.S. State of North Carolina issued a cease and desist order to Power Mining Pool (PMP) last week. After some investigation, the state’s Securities Division declared:

The Securities Division found that PMP is violating the Securities Act by: a. offering unregistered securities in the form of ‘mining pool shares;’ b. offering securities while it is not registered to do so; and c. making material misstatements when offering securities.

US State Shuts Down Cryptocurrency Mining CompanyThe order mandates the company and any person, employee, officer, director, entity, or independent contractor under its direction or control to permanently cease and desist from selling securities in the state until the security is registered or exempt.

They also must not act as a securities dealer, salesman, or agent unless registered with the state. Furthermore, they must not engage in fraud in connection with the offer or sale of any security, or violate other provisions and rules of the state.

This order follows a temporary cease and desist order issued by the same division on March 2. However, the company has neither responded to the order nor requested a hearing. Instead, its website, which is its principal place of business, went offline on March 6, the order revealed.

US State Shuts Down Cryptocurrency Mining Company

Questionable Operations

The State of North Carolina described PMP as an online business that is unregistered in any jurisdiction, without a physical place of business and “The individuals who managed PMP are not identified.”

The company represents that it owns and operates mining rigs capable of mining seven different cryptocurrencies 24 hours a day, 7 days a week. It also represents that these rigs track the profitability of each of the seven cryptos and automatically “switch resources away from less profitable coins.”

US State Shuts Down Cryptocurrency Mining CompanyPMP also offers mining pool shares to investors to mine on their behalf. “Investors who purchase mining pool shares must first purchase bitcoin with their fiat currency, such as the U.S. Dollar or Euro,” the order detailed. “Next, PMP directs investors to deposit their bitcoin into PMP’s bitcoin wallet in order to set up an account on the PMP website.” The company then claims to mine cryptocurrencies on investors’ behalf and purported to pay investors the fiat value of the coins mined.

Investors can also “trade the mined coins for bitcoin.” PMP claims that it will pay the investors “on any profits we make in the trading pool” every three hours.

The Secretary of State of North Carolina wrote:

The mining pool shares are securities and are not registered with the Administrator…PMP willfully fails to disclose material facts when offering the mining pool shares.

What do you think of North Carolina shutting down Power Mining Pool? Let us know in the comments section below.

Images courtesy of Shutterstock.

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5 More Payments Firms to Adopt Ripple’s xVia Tech


Five payments providers in Europe and Asia are set to use Ripple’s xVia technology, the distributed ledger startup announced Thursday.

The company’s new customers include U.K.-based firms FairFX, RationalFX and Exchange4Free, in addition to peer-to-peer currency exchange platform MoneyMatch in Malaysia and settlements company UniPay from the Republic of Georgia.

Using Ripple’s xVia tech will help these companies expand their customer base, said Ripple senior vice president of product Asheesh Birla.

“All of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It’s expensive and time consuming,” he said in a statement. “xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before.”

Ripple explained in a blog post that, unlike traditional means of transferring funds abroad, such as wire transfers, xVia’s standard API solution means that it doesn’t suffer from high failure rates and manual reconciliation costs.

FairFX’s chief commercial officer, James Hickman, said xVia “will allow us to reach more people, more efficiently and at a lower cost.”

“It will also enable us to deliver on our commitment to give customers the most transparent, efficient and truly global money transfer possible using RippleNet,” he said.

Ripple has been steadily acquiring new customers, and announced in February that fintech firms Beetech and Zip Remit also planned to adopt xVia.

Water ripples image via Shutterstock

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Mt Gox CEO Mark Karpeles Lands New Job — CTO for Cryptocurrency Firm

Mark Karpeles Lands a Job — CTO for a Firm Associated With Cryptocurrencies


The infamous former CEO of the now defunct bitcoin exchange Mt Gox, Mark Karpeles, is trying to start over with a clean slate in life. Karpeles has revealed to the media that he’s started a new C-level position as the Chief Technology Officer (CTO) for a firm called London Trust Media. The technology company invests in virtual private network companies and cryptocurrencies.

Also Read: Indian Exchange Takes Central Bank to Court Over Bank Ban

The Notorious Mark Karpeles Lands a C-Level Position With a Firm That Dabbles in Cryptocurrency Investments and Runs the Largest VPN Service Worldwide

Mark Karpeles is starting a new job, and he will be working with a company that’s into technology like virtual private networks (VPN) and cryptocurrencies. Karpeles has accepted a CTO position at a firm called London Trust Media (LTM), a company that owns VPN providers such as Private Internet Access, but has also injected funds into digital currency investments such as, Zcash, Blockexplorer, and more. The former Mt Gox founder will now work remotely for the Denver-based firm who oversees the world’s largest VPN company alongside its recent cryptocurrency investments.

Mark Karpeles Lands a Job — CTO for a Firm Associated With Cryptocurrencies
Mark Karpeles will be the CTO for London Trust Media the firm that owns the largest VPN provider worldwide and invests in cryptocurrency investments like and Zcash.

It seems Karpeles also lives a paranoid life, where he switches apartments in Japan every few months in fear of his safety. Karpeles also is afraid to set his bag down when being interviewed by the press in Tokyo’s Shinjuku district. Karpeles is still on trial for embezzlement charges and in Japan, there is a 99 percent conviction rate. The case could still see an outcome where the former cryptocurrency exchange operator finds himself in prison.

“After I came out, I felt like in a kind of dream, like I didn’t feel things were real — Even today I’m not sure yet,” Karpeles explains this week in Tokyo.

Mark Karpeles Lands a Job — CTO for a Firm Associated With Cryptocurrencies
Mark Karpeles is still on trial in Japan.

A Second Chance in This Fight’s Critical Hour

Karpeles also believes the administrators behind the Russian bitcoin exchange BTC-e and the accused Alexander Vinnik were behind a string of attacks that hit Mt Gox back in 2011. Alexander Vinnik had been arrested in Greece for being a suspect in a massive money laundering law enforcement sting, and allegedly Vinnik and BTC-e had connections with the missing Mt Gox funds. “What he did, Mt Gox is a victim of this, which means that all creditors are victims of this, and I am too a victim of this,” explains Karpeles in his recent interview. However, Vinnik has denied allegations of being tied to BTC-e, and the Russian has not yet been charged with any connections to the Mt Gox investigation.

Karpeles’ new C-level position for a firm that dabbles in cryptocurrency investments also follows his recent statements on a Reddit Ask-Me-Anything (AMA) about not wanting to receive the possible billion-dollar bankruptcy settlement that he could inherit. Moreover, even though Karpeles accepted a job as the CTO at London Trust Media he recently explained he wants very little to do with the cryptocurrency industry.  

“The only thing I’m touching related to cryptocurrency is how to solve this bankruptcy — Nothing more,” Karpeles states.

Bitcoin right now is, I believe, doomed.

The company London Trust Media is pleased to welcome the former Mt Gox CEO onboard as the firm’s new CTO. Andrew Lee, the co-founder, and chairman of London Trust Media explains he looks forward to helping Karpeles move forward. “I am more than willing to give a second chance to Mark in this fight’s critical hour,” Lee notes.

What do you think about Mark Karpeles working for London Trust Media and still being associated with the cryptocurrency industry? Let us know your thoughts on this story in the comments below.

Images via Pixabay, London Trust Media, AP, and Getty. 

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Yahoo! Japan Confirms Entrance Into the Crypto Space

Yahoo! Japan Confirms Entrance Into the Crypto Space


Yahoo! Japan has confirmed that it is entering the crypto space by acquiring a stake in a Japanese cryptocurrency exchange that is already licensed by the country’s financial regulator. The company plans to launch a crypto exchange in the fall of this year.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Yahoo! Enters the Crypto Space

Yahoo! Japan Confirms Entrance Into the Crypto SpaceYahoo! Japan Corporation (TYO: 4689) announced on Friday that it is entering the cryptocurrency space. The company expects to launch an “easy-to-use exchange” for cryptocurrencies in the fall of this year, Nikkei elaborated.

Founded in January 1996 as a joint venture between Yahoo! and Japanese multinational conglomerate Softbank, Yahoo! Japan continues to dominate the Japanese internet industry while Yahoo! has been declining in popularity since the late 2000s.

Yahoo! Japan Confirms Entrance Into the Crypto SpaceThrough its wholly owned subsidiary Z Corporation, Yahoo! Japan confirmed the purchase of a 40 percent stake in a crypto exchange called Bitarg Exchange Tokyo Co. Ltd. A person familiar with the matter said that the deal is likely to “total 2 billion to 3 billion yen ($18.6 million to $27.9 million),” Reuters reported. The remaining 60% is still owned by CMD Lab, the parent company of Bitarg.

“We decided to expand the virtual currency business by collaborating with Z Corporation,” CMD Lab Representative Director Yoon Hee Yuan confirmed.

A Stake in a Licensed Exchange

Last month, Bitarg denied reports of Yahoo! Japan’s investment in the company, stating that many possibilities were being explored. However, Bitarg posted a notice on its website on Friday, stating:

Today, the company decided to accept capital participation from Z Corporation…the company will be able to utilize the service operation and security expertise of the Yahoo Japan Group, which will make it easier for customers, [in order] to prepare for the start of the exchange service managed by the company and to improve the operation after the commencement.

Yahoo! Japan Confirms Entrance Into the Crypto SpaceBitarg was established in May of last year. However, the exchange temporarily suspended its service in August 2017, according to Business Insider Japan. The company received a license from the Financial Services Agency (FSA) to trade bitcoin (BTC) in December of last year. According to the news outlet, the exchange service has not resumed as of April 13.

In a recent interview with Sankei, Yahoo! Japan Vice President Kentaro Kawabe explained:

The FSA is stating that [their] review will be tightened for new registrations of virtual currency exchanges, and it will be difficult to enter [the space] without [the] acquisition [of existing exchanges].

The FSA has been inspecting all cryptocurrency exchanges in the country and actively issuing business improvement and business suspension orders, following the hack of Coincheck. Six companies have already withdrawn their applications to operate crypto exchanges in the country.

What do you think of Yahoo! Japan entering the crypto space? Let us know in the comments section below.

Images courtesy of Shutterstock, Bitarg, CMD Lab, and Yahoo! Japan.

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Morocco Extradites Alleged ‘Bitcoin Store’ Fraudster to U.S.

Morocco has extradited a British national to the U.S. after he was accused of defrauding investors in a bitcoin-related venture.

Renwick Haddow, who was indicted in June on fraud charges for operating the Bitcoin Store and a startup called Bar Works, had been arrested by Moroccan authorities in July and detained for nearly nine months.

Geoffrey Berman, the U.S. Attorney for the Southern District of New York, and William Sweeney Jr., assistant director-in-charge of the FBI’s New York office, announced Friday that Haddow had been sent back to the U.S.

The Morocco Ministry of Justice originally held Haddow to investigate the Bitcoin Shop, Bar Works and a third venture of his called InCrowd Equity.

The U.S. Securities and Exchange Commission first filed fraud charges against Haddow last year, claiming his Bitcoin Store misled investors, as previously reported. According to the SEC’s complaint, the Bitcoin Store claimed an “experienced team of leading investment professionals” ran the outfit.

But the “experienced team” was fabricated by Haddow, according to the Department of Justice. In reality, he alone was the brains behind the Bitcoin Store, the DOJ said.

Further, the Bitcoin Store’s shareholder mailing list announced various investments and partnerships which did not exist, according to a DOJ complaint filed in June 2017. The document continued:

“Investors in Bitcoin Store equity, including Investor-1, have not obtained any return on their securities. After making certain initial quarterly payments, Bitcoin Store has stopped making payments to investors on their Notes, including to Investor-2 and Investor-3.”

FBI logo image via Paul Brady Photography / Shutterstock

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Crypto Self-Regulation Deemed Likely in South Africa

Crypto Self-Regulation Deemed a Likely Solution in South Africa


A “self-regulatory approach” has been mentioned as a likely solution for the South African crypto sector. A non-government body could adopt rules and implement industry standards. The central bank in Pretoria is expected to formulate the policy framework.

Also read: Steps towards Self-Regulation in Croatia and Slovenia

Premature Regulation Throttles Growth

Crypto Self-Regulation Deemed a Likely Solution in South AfricaThe South African Reserve Bank (SARB) has set up a team to monitor fintech developments and assist its efforts to finalize the regulatory regime for cryptocurrencies. Representatives of the private sector have proposed the creation of a Self-regulatory Organization (SRO). While banking falls within the central bank’s jurisdiction, cryptos are not suited to traditional centralized supervision, said a legal expert familiar with the matter.

“Regulation through self-regulatory organizations may be a more likely solution,” Bridget King, Finance and Banking Practice Director at a leading South African law firm, told the Business Report. The SRO can be registered as a non-governmental body authorized to adopt rules, issue directives for its members and implement industry standards, she explained.

Mrs. King believes that the central bank should deal with preventing systemic risk, while the SRO can establish a self-regulatory approach in the fintech sector. She warned that regulating cryptocurrencies prematurely could throttle growth and innovation in the industry:

If laws are drafted based on existing technology, which is still in its growth phase, there is a risk that the technology may have moved so much by the time the legislation is enacted, that this legislation is obsolete or requires updating almost immediately.

Bridget King noted, however, that this approach would have to be balanced against what she called the dangers of delaying the regulatory framework too much.

While mulling over crypto regulations, SARB has been exploring opportunities to implement distributed ledger technologies in electronic payments. It also experiments with replicating interbank clearing and settlement using the Quorum protocol, a permissioned implementation of ethereum.

Bitcoin Growing Popular with South Africans

Meanwhile, cryptocurrencies with permissionless blockchains, like bitcoin, have been steadily gaining popularity in South Africa. Trading has increased significantly, so has the use of cryptocurrencies as a means of payment. Last year, the country’s second largest supermarket chain Pick n Pay started testing bitcoin payments. It has been reported that South African drivers can now pay their tickets with cryptocurrency.

Crypto Self-Regulation Deemed a Likely Solution in South AfricaIn December, the South African Revenue Service announced it was exploring ways to tax bitcoin trading, as reported. The agency held talks with tech companies to implement transaction tracking solutions. The tax authority also revealed it was working closely with the central bank to improve the monitoring of cross-border money flows.

This year, the South African Reserve Bank created a fintech task force to review its stance on cryptocurrencies. It is also supposed to update the official monetary policy and address the stability of the country’s financial system.

Do you think that self-regulation is more effective in the crypto sector? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

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​PR: Chandler Guo Joins Education Ecosystem LiveEdu as Advisor​

Chandler Guo Joins Education Ecosystem LiveEdu as Advisor​

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. does not endorse nor support this product/service. is not responsible for or liable for any content, accuracy or quality within the press release.

Renowned cryptocurrency angel investor Chandler Guo has joined the Education Ecosystem as an advisor. Chandler will be helping to increase the ecosystem’s reach in China by providing introductions to major Chinese crypto marketing influencers, news sites and bloggers. This will provide added exposure for the Education Ecosystem project and their Education tokens (LEDU).

Mr. Guo will also be integral to the Education Ecosystem event roadshow, which will be held in China later this year. On this roadshow Education Ecosystem team members will tour the biggest cities in China and present the project. He will also be providing introductions to Chinese crypto experts and helping to get LEDU tokens listed on more exchanges. Finally, Chandler will facilitate introductions to major universities and online education companies in China when the Education Ecosystem begins work on the external ecosystem.

Chandler is one of the most well known Bitcoin and cryptocurrency figures in China. He was one of the first bitcoin miners and was championing bitcoin and other crypto assets before they had become mainstream. Now he runs one of the largest bitcoin mines in China, BitBank. Chandler Guo is an angel investor in Bitcoin and Ethereum Classic startups through Bitangel, including,,,,, and Chandler’s experience and knowledge in the cryptocurrency space is evident by the articles about him in high profile websites like BBC, his interviews on networks such as Bloomberg and his talks at events such as the World Economic Forum in Davos.

The addition of Chandler Guo to the advisory board of the Education Ecosystem will help to create the largest project learning library on future technologies and increase the utility of the Education token within the ecosystem. While development of the platform continues, you can:

Buy education tokens (LEDU) now on and Bibox!

About Education Token (LEDU)
Education Token (LEDU) is an ERC20 token that lives on the Ethereum blockchain. It is used to power the Education Ecosystem and is a key component of our plan to disrupt the $306 billion professional development industry using the blockchain. Education tokens are used as payment for all financial transactions in the internal ecosystem, as well as rewards for project creators, learners, site moderators, and API ecosystem developers. Education tokens are also used for governance, giving users the power to vote on the future of the platform — not just what projects are being created, but the features that the development team implements and what new project topics to support. Education tokens will also be used in our external ecosystem to drive transactions with businesses, schools, libraries, colleges and online education companies.

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Contact Email Address
[email protected]
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This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

PR: Bitcoin Miner Distributor BlokForge Opens US Retail Location

Bitcoin Miner Distributor BlokForge Opens US Retail Location

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. does not endorse nor support this product/service. is not responsible for or liable for any content, accuracy or quality within the press release.

BlokForge, one the nation’s largest suppliers of cryptocurrency mining hardware, is announcing the grand opening of its 2,000 sq. ft. retail location in Mesa, Arizona. The new store will carry over 20 product SKU’s from the largest brands in the world such as Canaan Creative.

The U.S.-based retail location represents a physical presence and is the first to do so stateside. BlokForge will be offering sales, repair, and consulting, along with classes by the end of the year.

Despite being a relatively new entrant to the mining supply space, BlokForge is unique in that it originated as an import-export company with over 20 years of experience sourcing hardware from overseas manufacturers before segueing into cryptocurrency mining hardware. The U.S. based company has grown quickly, expanding to its current 100,000 sq ft. warehouse. Formerly the site of Sunkist Citrus Growers, it was acquired by BlokForge’s parent company in February of 2015 and redesigned by Arizona architect Debartolo Architects in an effort to preserve the historical significance of the building, while making it fully functional for the growing needs of the supplier.

Founder, Nick J. added, “We chose this building in particular due to Mesa, Arizona’s commitment to bring innovation and startups to their downtown area. Repurposing a building that served this community for nearly 100 years just made sense.”

The company’s rapid pace of growth is a testament to its long-standing experience in sourcing, fulfillment and distribution.

“We have a really strong team with a ton of experience in supply chain logistics. A lot of our competitors sell on online but do not have a physical retail space to call home. Our operation is specialized to support the growing needs of hobbyist and home miners, while robust enough to supply large scale mining operations with large orders. Our strong partnership with our suppliers ensure we have the fastest delivery times out of the U.S.” says Nick. He further added “Our company feels bitcoin and blockchain technology are the future and we are excited to be an integral part in the growth of it.”

The company offers to its thousands of customers, the peace-of-mind of a direct U.S. presence, foregoing the need to deal with a foreign intermediary, and the customs paperwork that often comes with it. It also boasts a fully stocked warehouse for fast order fulfillment, and can fulfill orders as small as one machine, or 10,000. The company employs a locally-based, dedicated customer service team with chat and phone support.

The company’s location is no accident. The Arizona Senate passed a bill recently that would allow residents to pay their taxes using Bitcoin or other cryptocurrencies. Representative Jeff Weninger who has sponsored similar bills in the past is “sending a signal to everyone in the United States and possibly throughout the world that Arizona is going to be the place to be for blockchain and digital currency technology in the future.”

BlokForge is currently the largest authorized distribution hub for Canaan Avalon miners in the U.S. The company plans to launch a second retail location soon. For more information on the company or to purchase products online, please visit or call 1-888-55-CRYPTO.

For Press and Media Inquiries contact:

Corey Hosford
[email protected]

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This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.