Bitcoin News Mash-Up: BitPay Sponsors Game Event; Huobi In for Proof of Reserves; and More

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Bitcoin News Mash-Up

Following are the major Bitcoin news of the day

Houbi Planning to Implement Proof Reserves Program
On Wednesday, Chinese cryptocurrency exchange Huobi announced via Reddit about its plans to execute Proof of Reserves program in late August, followed by a program of separation of assets and funds for trading in September. Huobi is reportedly following the footsteps of other exchanges – both foreign and domestic – by revealing its personal portfolios to a third-party audit. This move is followed by rising concerns of the Bitcoin Chinese community about the possibility of local exchanges operating by fractional reserve, while responding to users’ requests who want to verify whether Huobi holds 100% of the reserves.

Dell Reportedly Extending its Bitcoin Payment Services to Brazil
It seems Bitcoin has proven its credibility to the world’s foremost techno giant Dell, which recently started accepting it as one of the payment modes in US. In a recent tweet, the company has hinted about extending its Bitcoin operations in Brazil as well, indicating a clear success of Bitcoin in the lap of this world renowned organization.

New Charges against Ross Ulbricht
Prosecutors filed new charges against Ross Ulbricht, who is being held as the alleged creator of the anonymous online marketplace Silk Road. The new charges against him are: narcotics, narcotics distribution over the Internet and conspiracy to trafficking in fake IDs. These charges are in addition to conspiracy to traffic in narcotics, running a criminal enterprise, exercise hacking and conspiracy to launder money. Meanwhile, the Ulbricht family continues to demand his release and continues to collect donations for his legal defense through the site FreeRoss.org.

BitPay Sponsoring Football Bowl Game via Bitcoin
BitPay CEO Tony Gallippi recently announced his company’s plans to sponsor Bitcoin St. Petersburg Bowl, to be played on December 26th this year. The news first came out via a BitPay and St. Petersburg Chamber of Commerce press conference. Acting as a central representative of the event, Tony Gallippi said that they are paying ESPN Events in Bitcoin to fulfill the sponsorship. One Tampa Bay-based newspaper has estimated the total cost of this sponsorship to be equivalent to $1.5 million for three years.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com/newsletter

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