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Tron CEO Justin Sun Gets His Account Closed by Bank of America after PayPal’s Roelof Botha

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Mon, 11/18/2019 - 09:25
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  • Following the closure of former PayPal’s executive account by BOA, Tron’s founder Justin Sun gets the same notification about his closing down his account

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Earlier on Monday, U.Today reported that the Bank of America shut down the bank account of a former PayPal executive and a major venture capitalist in Silicon Valley - Roelof Botha. The latter shared this news on Twitter. The BoA did not provide any solid reasons for this move.

Curiously enough, the Tron founder Justin Sun responded to his tweet, saying that the BoA had taken the same measures against him.

Justin Sun gets ‘fired as customer’ by BOA

Justin Sun writes on his Twitter page that he had been ‘fired as a customer’ from the Bank of America after holding an account there for eight years.

When one of the most influential venture capitalists in Silicon Valley, Roelof Botha, shared the news about his bank account being shut down without any solid explanation, assumptions started arriving that this was done because the former PayPal exec may have bought Bitcoin.

Numerous banks these days prohibit their customers from purchasing cryptocurrencies. India’s RBI (Reserve Bank of India) is a good example. Last year, it laid a so-called crypto ban on all businesses dealing with crypto in the country – mainly crypto exchanges – and forbade banks to provide services to these companies.

The same goes for many large banks in Europe and the US.

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Bank of America is trialing Ripple technology

Earlier, U.Today reported that despite the negative attitude towards Bitcoin and crypto in general, BOA still embraces blockchain technology. Currently, Bank of America is testing a technology offered by the crypto giant Ripple and has even hired a team lead to run a ‘Ripple project’.

Besides, recently Ripple has hired a former BoA executive, Ben Melnicki, as head of regulatory affairs in the US.

This goes in line with many financial institutions’ strategy of embracing ‘blockchain, not Bitcoin’. The same strategy has been adopted by China recently, although many in the crypto community hope that crypto will also be allowed in the end in this country.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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  • With COVID-19 being the main hellraiser for the last weeks within blockchain space, the BitMEX derivatives exchange has brought some good news about Bitcoin (BTC).

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BitMEX Research, an analytics branch of the BitMEX crypto derivatives exchange ecosystem, attempted to figure out who are the most influential and productive Bitcoin (BTC) developers.

Blockstream and Lightning Labs are Most Generous

First of all, analysts at BitMEX research studied the funding of open source developers working on Bitcoin (BTC) or the Lightning Network, the second-layer scalability solution working atop the flagship blockchain. Below is the chart that includes only developers with known sources of funding:

Current funding of open source developers working on Bitcoin or Lightning – number of developers
Image by BitMEX Research

It looks like the Canada-based company Blockstream shares the first position with Lightning Labs Inc., which based in San Francisco. The later team recently raised $10 million in Series A financing from Slow Ventures, Ribbit Capital, and other private investors.

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Jack Dorsey's Square Crypto is in third place. The company is passionate about Lightning development as an on-board pseudonymous developer, which is well-known for its contribution to this infrastructure. 

Independent Devs on the March

In the second part of their research, the analysts tracked the GitHub committing activity in Bitcoin Core's repositories. Based on their research, it appears that the independent developers surpass their corporate competitors by a wide margin.

Current funding of top 33 Bitcoin Core contributors by number of commits
Image by BitMEX Research

These results allowed BitMEX Research to conclude that the Bitcoin (BTC) development ecosystem is the following:

is in a reasonably strong situation with respect to developer funding, based on metrics such as the distribution of funders and transparency. 

This is in comparison with the initial stage of Bitcoin (BTC) adoption in 2012-2014, when the Bitcoin Foundation was the one and only significant contributor.  Nowadays, diversity has brought funding sources, which in turn, has upgraded the decentralization and development process of Bitcoin (BTC) software. So, according to the researchers:

the situation is more healthy than it has been in the past

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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