InsurePal Token Sale Hits Target in Under 80 Seconds

The InsurePal crowdsale that started on January 16, 2018, closed in under 80 seconds, making a record in the history of ICOs so far. The distributed social proof insurance platform reached its token sale hard cap of $18 million within first two minutes of the crowdsale. With the latest success, the platform’s IPL tokens are being traded on exchange, followed by IPL listing on other exchanges soon.

About the Crowdsale

In the pre-sale, InsurePal had already sold 70 percent of IPL tokens, while the remaining $5.4 million were sold out in crowdsale in 1 minute and 20 seconds. The contributors got their tokens immediately after the end of the crowdsale enabling them to start trading the tokens. Same way, it will also enable the community members who wanted to be in on the crowdsale to purchase the tokens. The number of users (20,194) who wished to buy IPL tokens in crowdsale, represents a high market demand for the IPL coins.

What the Founders Say About this Achievement

Talking about the way InsurePal has raised funds for its social proof based global blockchain insurance platform by achieving much appreciation and support from global community, Matt Peterman, the CEO of InsurePal says,

“For us, this is a tremendous opportunity and a great honor and we are focused on the future as we wish to be fully operational in the shortest possible time. Our goal is to utilize the progress made thus far to launch the platform in six months’ period. The pilot project will take place in the UK, where we`ve already held several talks with insurance companies as potential partners and with the regulator. We partly assembled a team as well,”

Excited about the future of insurance industry Peterman stated,

“The insurance platform that introduces social proofing can truly act as a universal solution disrupting the existing $7 trillion insurance market and at the same time, entering into many new segments. I am convinced that we will achieve our business goals in planned time and thus become the leading global provider in this field,”

The company will use the funds for the technological development of the platform, as a prime priority, and then for patenting process, acquisition of regulatory permits, expansion of operations and human resources and strategic business alliances.

InsurePal is on the Right Track with Blockchain Experts on Board

Insurance industry represents a big challenge in terms of regulations, especially for a new company with a crypto offering as it comes across a lot of regulatory and legal approvals along the road. The Insurepal team is happy to place the platform in the market at the right time, in accordance with its roadmap comprising of target regions of UK, Europe, and the U.S.

InsurePal has already acquired well-known crypto advisors and globally recognized experts for the platform’s development. Charlie Shrem, a Bitcoin pioneer who established Crypto IQ, is also part of the InsurePal team that has a disruptive potential to put forward a widely-applicable and upgraded alternative to the existing insurance system.

Talking about the opportunities InsurePal is expected to bring in crypto economies, Shrem says,

“InsurePal`s greatest asset is its team and idea. I am super excited to watch the team execute the platform. I always ask myself before getting involved: “Would I use this product?” With InsurePal, the answer is definitely yes”.

InsurePal Gains Industry-wide Appreciation

The InsurePal team is gaining an industry-wide appreciation for a successful crowdsale. Vinay Gupta, the Co-Founder of Mattereum, congratulated the InsurePal team and said,

“I am very happy to hear about how successful the InsurePal fundraising efforts have been. We at Mattereum are looking forward to working with them closely in 2018 on a range of projects, including some close integration between insurance and arbitration.”

InsurePal and Mattereum are already in a partnership for disrupted insurance and dispute resolution support that will help the user-managed crypto economy grow.

To know more about the platform, please visit or visit InsurePal Official Facebook page, Twitter Account & Telegram group.

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As we know, blockchain technology is premised on anonymity. Transactions are public, but linked only to an electronic address. Anonymity, though, is the main fuel for underground economies, whose transactions are currently conducted primarily through cash. If cryptocurrencies were to replace cash as the preferred medium of exchange, they could potentially expand the underground economy because of associated anonymity and convenience.

The U.S. Government recognizes this. Steven Mnuchin, Secretary of the U.S. Treasury, said recently that Bitcoin could become “the next Swiss bank account.” And the Internal Revenue Service estimates that it loses about $500 billion annually because of unreported wages alone. But although the IRS has been pushing to break the anonymity of cryptocurrencies, the agency has hit a hurdle: From 2013 to 2015, less than 900 people each year reported Bitcoin transactions on their taxes.

That said, every purchase you make with cryptocurrencies, is supposed to be reported. So whether you’ve used Bitcoin — or any other coin — as an investment or a currency, in their eyes, you owe taxes on it. Let’s say you’ve held Bitcoin for less than a year and sell them, that cash could be taxed as income. If you’ve held for more than a year, it could be taxed as a capital gain — which run up to 20%. Furthermore, adding on transaction and accounting fees could raise costs to a staggering 60%.

Exchanges are facing trouble, too. Last year the IRS served a summons to Coinbase. In the summons, the agency called for the records of over 14,000 users who “bought, sold, sent, or received at least $20,000 worth of Bitcoin in a given year.” A federal court ultimately ruled in favor of the IRS, but the tax status of those transactions is still unknown.

Moving forward, things have looked slightly better. A bipartisan bill, “The Cryptocurrency Tax Fairness Act,” was presented to Congress this past September. The bill seeks to create a tax exemption for transactions under $600. Regardless, though some remain hopeful for amnesty, it looks like the IRS is going to continue to pursue a cut of the cryptocurrency market — only the future will tell how successful they are.

One of the largest cryptocurrency exchanges in Japan has fallen victim to hackers thanks to their negligent storage practices. Coincheck Inc., have announced today that around half a billion dollars worth of the digital currency NEM have been transferred without permission from the company’s hot storage wallet. The news broke late last night at a press conference held at the Tokyo Stock Exchange. Officials from Coincheck Inc. spoke of some 500 million XEM tokens going missing but of little else. This has resulted in many investors losing faith in the space.

Following the news, a series of security steps were taken by Coincheck Inc. The first of these was to advise customers not to deposit in NEM. This was followed up by a suspension of all trading of NEM, before the decision was also made to suspend withdrawals of the affected cryptocurrency. Finally, around three and a half hour later, the exchange took the drastic step to suspend all withdrawals of any kind. This includes fiat currency. Later today, additional security steps were taken. For now, only trading in BTC is permitted at Coincheck Inc. and payments by the credit card company Payee have been halted.

Naturally, such a development has spooked investors in one of the planet’s most receptive markets to cryptocurrency. Many still remember the infamous Mt. Gox hack of 2013. The markets responded accordingly with several of the top digital currencies taking a hit in their price.

Worst affected, of course, was NEM. According to Coinmarketcap, NEM is the tenth largest cryptocurrency. Since the news broke, the industry price website has posted a drop from just over $1 per unit to around 77c. In terms of its decline, it appears to be over the worst effects of such negative news. It has since recovered to around 86c at the time of writing.

The market’s response is hardly surprising. The slightest hint of a security breach for a digital currency is enough to panic many investors who are not overly familiar with the nuances of cryptocurrency storage. However, such a sell off is completely irrational. Cryptocurrency by definition is opposed to centralisation. All today’s hack highlights is the dangers of storing such value on central servers. Coincheck Inc. have admitted that they were using a hot wallet to keep such a huge quantity of NEM. In a surprisingly flippant response to such a breach of customers’ trust, Fortune report the exchange stating:

It was hard for us to manage cold wallet.

Whilst using a hot wallet may have been convenient for Coincheck Inc. to run a company using, it highlights gross negligence on the part of the exchange when it comes to their customers’ funds. It also shows with startling efficacy the dangers of storing funds on exchanges. Those who trusted Coincheck Inc., or any other crypto exchange with their cryptocurrency have already breached the cardinal rule of the technology.

If you don’t possess your own private keys, you don’t own your cryptocurrency.

Satoshi Nakamoto, Bitcoin’s anonymous inventor, designed blockchain-based currencies as a trust-less way of exchanging value. For people to just blindly go and trust an entity such as Coincheck Inc. with their funds is at odds with the very raison d’être of cryptocurrency.

Such security breaches highlight problems with using centralised exchanges, not cryptocurrency. They show how easy it is to access a wallet that is not properly secured. Even a simple multi-signature wallet could have prevented such an occurrence and prevented the unwarranted loss in confidence in digital currency that has followed. However, according to various reports, it was only the NEM hot wallet for Coincheck Inc. that has been compromised. This was partially confirmed by Warren Paul Andereson, Product Manager at cryptocurrency Ripple in a Tweet today:



Image: PixaBay



Coincheck, one of Japan’s largest digital exchanges, has said that over $530 million of NEM was lost after it was illicitly sent outside the venue, spooking the cryptosphere where the collapse of the exchange Mt. Gox four years ago still lingers in investors’ minds. Over the past several hours NEM, which is the 10th largest cryptocurrency by market value, fell 14% to $.81 cents. Bitcoin dropped 4% and Ripple fell 8.3%.

Company officials said during a late night press conference at the Tokyo Stock Exchange that they didn’t know how the $530 million NEM coins went missing — whether it a domestic or foreign threat — but that it’s working to ensure the safety of client assets. The press conference, though, did little to pacify the investors and journalists who were present. According to reports, the CEO barely spoke, and when asked about security weaknesses, a long pause was followed simply with an apology, not an admission of guilt or weakness.

Coincheck issued a series of tweets before the press conference, saying: “We have suspended the deposit, withdrawal, buying and selling of NEM. We’re sorry for causing you great inconvenience and making you worry.” It also announced that it had suspended trading for all cryptocurrencies apart from Bitcoin: “Currently we’re suspending the buying and selling of altcoin except for BTC. We’re sorry to cause you great inconvenience. Thank you for your understanding.”

Cryptocurrency exchanges, many of which operate with little to no regulation, have suffered a spate of outages and hacks amid the trading boom that propelled Bitcoin and its peers to record highs last year. Like Bitcoin, NEM is a cryptocurrency built on top of blockchain technology, but it uses a more environmentally friendly method to confirm transactions, according to its website. Bitcoin mining, on the other hand, requires significant computing power.

Japanese exchanges started cropping up last fall, as the government gave its blessing for fully compliant markets. But as the case of Coincheck shows, those markets are still vulnerable to attacks, and Coincheck has yet to receive a license, according to the website of Japan’s financial regulator. Coincheck, founded in 2012, is headquartered in Tokyo’s Shibuya district, an area popular with start-ups that was also home to Mt. Gox.

We’re going to jump straight into our analysis for this evening, purely because the action we have seen during the session today suggests we could be in for a very near-term signal in the bitcoin price.

Take a look at the chart below before we get started. It’s our standard time frame for our intraday analysis (the shorter term, one-minute timeframe) and it’s got our primary range overlaid in green.

As the chart shows, we’ve set up as the one we are going to employ moving forward into the late US session this evening (and, beyond, into the weekend) is defined by support to the downside at 11011 and resistance to the upside at 11251.

The trade we are looking at right away (and the one that’s caused us to jump right into our coverage this evening as opposed to spending any time analyzing how action brought us to this point) is an upside entry, which will signal if we see a break and a subsequent close above resistance.

Specifically, then, we’ll enter long if we get a close above 11251 and we’ll target an immediate upside level of 11400 on the position. We need to place a stop loss below our entry so as to make sure we don’t get caught on the wrong side of a losing trade, so somewhere in the region of current levels at 11210 looks like it should do the trick.

Looking the other way, we’ll try and enter a short trade if we see price close below support. A target of 10900 on this one looks good, with a stop at 11050 in place to keep things tight from a risk management perspective.

Let’s see how things play out and we’ll revisit at the start of next week. Let’s hope we’ll see a bit more strength over the weekend and some easing of sentiment along the way.

Happy trading!

Charts courtesy of Trading View

Crypto mania has taken the world by storm this year. It is the hot topic from Davos to Da Club with billionaires and rappers getting on board the block train. Celebrities want to be seen to be hip with the latest in tech and gossip. Making the right moves this week was singer Katy Perry who flaunted what could be a new fad in crypto fashion.

Crypto claws they have been called. Katy Perry’s nails have been adorned with our altcoin favorites this week according to reports. The pop star posted a photo to her Instagram account yesterday of her new crypto-styled nails. In addition to her manicure artist she also tagged an assortment of crypto-related accounts including ethereum_updates, stellarlumens, moneroofficial, and litecoinofficial.

While this wouldn’t usually be newsworthy it just shows that cryptocurrencies are growing beyond the playthings of tech geeks and into the realms of everyday life.

Crypto fans

This isn’t the first time Katy Perry has used crypto to promote her brand.  Late last year she posted a photo of herself with billionaire investor Warren Buffett when she reportedly asked him his opinion on cryptocurrency. She has joined the ranks of a number of other celebs who have endorsed cryptocurrencies.

They include Paris Hilton who publically promoted an ICO for a marketing AI blockchain platform called LydianCoin last year. World heavyweight champion Floyd Mayweather also took center stage to promote the STOX ICO last year, boasting to his fans that they could call him “Floyd Crypto Mayweather from now on,” The ICO for the prediction market platform ended up making over $30 million and was further endorsed by Uruguayan footballing legend Luis Suarez.

In Da Club

Just this week rapper 50 Cent became a Bitcoin millionaire when he rediscovered a stash of the cryptocurrency he’d received for an album in 2014. At the time the 700 Bitcoins was only worth around $400,000, today it is a cool $8 million.

Bitcoin may be under a little pressure at the moment but its siblings are enjoying a free run for the time being. Ethereum, Litecoin, Monero and Ripple are nudging their way into the mainstream media and the lives of everyday people. Celebrities have a strong link to the younger generation who will be growing up with crypto just as many of us grew up with the internet and the unlimited amount of information it supplied for us.


The uses for blockchain technology are endless. This year will see thousands of startups getting on the block bandwagon to launch their own platforms. Some things have already been done, and many will be repeated. Using the blockchain for philanthropic purposes however is a step ahead of the rest.

Speaking at the World Economic Forum in Davos billionaire investor George Soros said that he’s found a new way to help migrants using blockchain technology. According to Fortune he addressed a crowded theatre at the conference saying that blockchain should be put to a positive use.

Grand vision

Without elaborating on how he would achieve this grand vision the billionaire went said;

“Blockchain technology can be put to positive use. And we use it actually in helping migrants to communicate with their families and to keep their money safe and to carry it with them,”

However the dots are already being connected. The investment mogul’s Open Society Foundations is a philanthropic organization dedicated to worldwide democracy. Last year it awarded a $100,000 grant to the Center for Human Rights Science at Carnegie Mellon University. The college is exploring blockchain and other new technologies use to record and document human rights violations and atrocities.

One way to aid migrants would be to allow them to store any assets in digital form safeguarding them during travelling. Soros, however, joins the ranks of the big bankers such as JP Morgan’s Jamie Dimon who has publically decried Bitcoin, and since retracted it.

Blockchain in, crypto out

Old school institutionalized investors generally rebuke anything they don’t understand, cryptocurrencies being top of the list. At the same time as extolling the virtues of blockchain innovation he had this to say about cryptocurrencies which are based upon it;

“Cryptocurrency is a misnomer and it’s a typical bubble which is always based on some kind of misunderstanding. Bitcoin is not a currency, because a currency is supposed to be a stable store of value, and a currency that can fluctuate 25% in a day can’t be used, for instance, to pay wages, because the wages could drop by 25% in a day.”

In the same meeting he also openly berated the search and social media giants Google and Facebook;

“As Facebook and Google have grown into ever more powerful monopolies, they have become obstacles to innovation, and they have caused a variety of problems of which we are only now beginning to become aware. They claim they are merely distributing information. But the fact that they are near-monopoly distributors makes them public utilities and should subject them to more stringent regulations, aimed at preserving competition, innovation, and fair and open universal access,”

This stance pretty much contradicts his opinion on cryptocurrencies which strive to be totally decentralized and free from corporate or banking control. You can’t have it both ways George!


DASH traders rolled over a bit during the trading session on Friday, as $800 continues to offer significant resistance. The only volume that we had seen over the last couple of days was negative, so that suggests that the market is going to go lower. I believe that the market will continue to struggle, but we may get the occasional rally. I suspect that the $600 level below is the target, but it’s going to be choppy down to that range.



Litecoin markets fell a bit as well, as the $180 level has been too much resistance. I believe that the market will eventually go looking towards the $150 handle, but if we were to break above $200, that would be a buying opportunity. The downtrend looks to be ensconced in the markets, and I don’t think that we have much in the way of momentum or desire to go higher at this point. Although volume is still light, the largest candle for volume of course was negative, which of course is the norm in crypto currency trading these days. I believe that we are going to continue to find reasons to drop.

Thanks for watching, I’ll be back tomorrow.


Ethereum markets fell a bit during the trading session on Friday, as we continue to see softness in the crypto currency markets. The $1100 level is the top of the current trading range, with the $900 level offering support. With this, I suspect that we will drift a little bit lower, but I’m not expecting much considering that there isn’t very much of volume to be found in the crypto currency market.



Ethereum rallied slightly against Bitcoin, but still remains in the consolidation area that we had been in previously. The 0.10 level above offering resistance, while the 0.08 level offers support. I believe that this market continues to go back and forth, showing signs of resiliency, but I think at the end of the day, there isn’t much to do other than scalp back and forth.


Bitcoin fell again during the day on Friday, as we finally got volume. Unfortunately, that volume was a negative candle, as we continue to see most of the stronger volume candles show red. That of course is a negative sign, so therefore I think we are going to test the $10,000 level underneath, which of course has been important more than once. If we can break down below there, the market should unwind towards the $9000 level, and then eventually the $8000 level.



Bitcoin fell again against the Japanese yen as well, and on high volume, relatively speaking. The market looks ready to test the ¥1.1 million level, which is the beginning of support down to the ¥1 million handle. A breakdown below there sends the market much lower, perhaps to the ¥800,000 level. Any rally at this point should continue to be a selling opportunity.

Thanks for watching, I’ll see you again tomorrow.