Major Cryptocurrencies are rallying with Ethereum Classic +18% this AM after being added to the Coinbase Index Fund
Aug 16, 2018
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- Coinbase, following its acquisition of startup Distributed Systems, is stating that it will be moving towards a customer identification framework that will let customers prove their identity without making a copy of their state identification cards.
- DGE, a South Korean blockchain developer, who launched its native cryptocurrency TMTG a few weeks ago that is linked to value of gold is attempting to partner with global gold exchanges (after agreements with the Korea Gold Exchange and Vau Diamond Exchange) to create a stable ecosystem for TMTG. In the opinion of DGE, many cryptocurrency developers do not consider the stability of their coins and its impact to the ecosystem these cryptocurrencies support.
- Ethereum Classic is +18% this morning after crypto’s inclusion into the Coinbase index fund after being added to the Coinbase Pro trading platform. At the moment, Ethereum Classic has a 0.91% allocation in the fund.
- The Foreshadow Vulnerability, a bug impacting SGX microprocessors from manufacturers like Intel, is negatively impacting new innovation in the cryptocurrency ecosystem that want to use the SGX technology for security and privacy overalys. SGX putatively offers a highly secure section of the microprocessor chip which can be used to sore sensitive data like bank accounts, etc.
- Pantera Capital announces it has raised USD$71mm for a third cryptocurrency fund. Calling it Venture Fund III, Pantera has already begun to make investments following an allocation to cryptocurrency trading platform Bakkt (that has a JV with ICE).
- Jeremy Light, vice president of European Union Strategic Accounts at Ripple Labs, stated during an interview with CNBC that the company is considering entering the Chinese market to help improve the speed of international transactions with distributed ledger technology cross-border payments. However, unlike other markets where it has expanded, Ripple Labs should expect to see heavy competition from domestic competitors like Tencent and Ant Financial (Alibaba) in addition to close scrutiny by the Chinese regulators who control all international transactions.
- Shopin, a blockchain startup based in Brooklyn, NY is looking to build a decentralized retail marketplace. Retailers and customers can build more meaningful relationship using the Shopin technology as personalized data intelligence will create more personalized (and sustainable) shopping experience. At the moment, Shop hass backing from Galaxy Investment Partners, Passport, Nima Capital, Outbound Ventures, and Block One Capital. It's angel investors are ZocDoc, Google, DocuSign founders, Wiser, and more.
- The Mayor of Busan, the second largest city in South Korea, along with the regional government, is hoping to build the region into the “crypto valley” of the world. The success of Zug in Switzerland is encouraging Korean officials to build a vibrant cryptocurrency industry in the country.
- The South Korean government has officially allocated KRW5tn (USD$4.4bn) to its “Growth through Innovation” strategy. Of the allocated USD$4.4bn, USD$800mm, will be directed to blockchain technology, AI and the “sharing economy”.
- Crypto trading platforms and blockchain startups in South Korea are protesting legislation that excludes the industry from being labeled venture businesses. By no longer being categorized as venture businesses, cryptocurrency and blockchain startups will lose access to tax benefits.
- The Thai investigation into the bitcoin scam that led to the loss of 5,564 BTCs by a Finnish national is now expanding to include a stock investors and bank employees. Bangkok Post reports that an investor on the Stock Exchange of Thailand as well as employees of three Thai commercial banks are now under investigation.
- During an interview with Crypto Congressman Jason Hsu, Vitalik Buterin, the co-Founder of the Ethereum Foundation, highlighted his worries about the lack of sustainable applications on the Ethereum blockchain. Buterin is working on a proof-of-stake and charting protocols to help address the current bottlenecks that are preventing widescale adoption of Ethereum. In his opion, privacy concerns remains the biggest hurdle for widespread adoption of Ethereum in the financial sector.