Cryptocurrencies are largely red as study finds 400% increase in demand for blockchain engineers
Oct 22, 2018
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- A long-awaited draft of the Russian bill concerning cryptocurrencies and blockchain regulation has been made public and it will reportedly let privately held businesses and legal entities ‘digitize’ their shares and store them on a blockchain ledger. The draft bill, “On Digital Financial Assets” was obtained by local news outlet, Vedomosti, and details the legalization of so-called, “digital financial outlets (DFA)” that would act as digitized equity for a company -- a DFA is essentially a cryptocurrency token, just under a different name. The new bill, if approved, would apply to limited liability companies as well as non-public stock companies.
- A study conducted by Hired, called the 2018 State of Salaries Report, finds that the average salary of a blockchain engineer in 2018 has soared to between USD$150,000 and USD$175,000 per year -- this is notably higher than software engineers’ average salary of USD$135,000. While speaking to CNBC, Paul Mehul, CEO of Hired, said, “There’s a ton of demand for blockchain. Software engineers are in very short supply, but this is even more acute and that’s why salaries are even higher.” According to the Hired report, demand for blockchain engineers has risen 400% since a year ago despite the cryptocurrency bear market. A CNBC article also notes that demand for blockchain engineers have been further bolstered by tech giants like Facebook, Amazon, IBM, and Microsoft.
- Bitmain, one of the world’s largest producers of cryptocurrency mining devices, has released a new software update for its Bitcoin mining device, Antminer s9, that activates a controversial code to mine Bitcoin more efficiently. The code in the update is controversial because it exploits a flaw in Bitcoin’s proof-of-work algorithm that allows Bitmain’s Antminer s9 to mine Bitcoin 20% more efficiently. The exploit also saves miners roughly 13% on energy costs.
- Experts are beginning to weigh in on the potentially gargantuan impact that Fidelity Investments could have on cryptocurrency markets after the investment management firm announced the launch of a new arm, Fidelity Digital Asset Management. According to BKCM CEO, Brian Kelly, the new stamp of approval by Fidelity on cryptocurrency markets is enough to appeal to institutional investors, including hedge funds, pensions, and endowments. Yesterday, Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, said on Twitter, “What happens when a fund like Fidelity allocates a mere 5% of their portfolio to crypto? Have you calculated how much that is?”5% of Fidelity’s assets under management equals roughly USD$360 billion, which would nearly triple the current size of cryptocurrency markets.
- Stephen Hammond, a UK Member of Parliament, has joined the advisory board of IronX, a retail-focused cryptocurrency exchange, to offer guidance on government relations. IronX is a joint-venture by IronFX, a digital trading firm, and EmurgoHK, the developers of the world’s ninth largest cryptocurrency by market capitalization, Cardano (ADA). The platform’s mission is to, “bring crypto trading to the mass retail trading market.” Hammond has served as a Member of Parliament since 2005 prior to a 20-year career in financial markets -- today, Hammond was quoted saying, “We are all on a steep learning curve to understand this new asset class.”
- The Australian Securities and Investments Commission (ASIC) has halted an initial coin offering (ICO) being conducted by Global Tech Exchange (GTE) that was launched in the Summer of 2018. Global Tech Exchange had a fundraising goal of USD$50 million to create an education-based trading and exchange platform. The ICO by Global Tech Exchange gained popularity after being endorsed by Michael Clarke, a former Australian cricket captain. On Global Tech Exchange’s website, however, a statement reads that Michael Clarke, “is no longer associated with Global Tech Exchange and the Global Tech Exchange Blockchain and awareness program”. Earlier in the fall, the ASIC announced plans to increase scrutiny of cryptocurrency exchanges and to crackdown on ICOs taking place in the country.
- Visa announced in a press release on Sunday that it is set to launch its blockchain-based identity system in partnership with IBM in the first quarter of 2019. Dubbed Visa B2B Connect, the platform will offer financial institutions a way to securely process cross-border payments while verifying users’ identities. Global Head of Visa’s Business Solutions, Kevin Phalen, said in regards to the system, “B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio