Singapore reports blockchain breakthrough with cryptocurrencies mixed
Nov 12, 2018
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- A new Chinese blockchain alliance has been established that will focus on promoting synergy and innovation in the development of blockchain technology. Dubbed the Guangdong, Hong Kong, and Macao Dawan District Blockchain Alliance, the industry group consists of 54 different companies and will cover blockchain technology applications in finances, funds, and trading. According to an article by China News, the alliance will initially develop four different blockchain platforms.
- BTCC, a Hong Kong-based Bitcoin (BTC) exchange, has indefinitely closed its mining pool business, BTCC Pool Limited, after operating for four years in Hong Kong. BTCC Pool Limited will shut down all mining servers on November 15th, 2018 while ceasing operations indefinitely beginning on November 30th, 2018. BTCC Pool Limited did not provide any particular reason for the indefinite shutdown of operations, apart from saying it was due to, “business adjustments.”
- EOS (EOS) faced mounting criticisms on Friday after evidence emerged on social media that shows an EOS moderator reversing transactions after they had already been confirmed. Allegedly, a dispute involving a ‘phished’ EOS account was reported to a moderator, who then made the decision to reverse transactions that occurred through the account without the owner’s permission. The situation reignited past criticisms of EOS that the cryptocurrency lacks decentralization -- in an interview last month, EOS CTO Daniel Larimer confirmed, “Decentralization isn’t what we're after,” adding, “what we’re after is anti-censorship and robustness against beings shut down.”
- GMO, a Japanese IT giant, published its CY3Q2018 financial report that details a, “historical performance,” of its cryptocurrency-related sectors despite, “the harsh external environment.” GMO’s mining businesses generated 2.6 billion yen (USD$22.8 million) of revenue in CY3Q2018 after launching a year ago. GMO also reports that its GMO Coin platform, the company's cryptocurrency exchange platform, saw 208,000 users trade about 89 billion yen (USD$781 million) just in October -- GMO Coin’s profits in CY3Q2018 rose 34.4% y/y.
- Singapore’s central bank and the country’s primary stock exchange have made a blockchain breakthrough, successfully developing an automated method that enables the rapid settlement of tokenized assets. In an announcement on Sunday, the Singaporean government announced the development of a Delivery versus Payment (DvP) mechanism that uses smart contracts to settle tokenized assets across different blockchain planforms. As per the announcement, the DvP prototype platform successfully, “demonstrated that financial institutions and corporate investors are able to carry out the simultaneous exchange and final settlement of tokenized digital currencies and securities assets on different blockchain platforms.” The DvP platform was developed in partnership Deloitte and Nasdaq.
- The government of Austria will support Lancor Scientific, a UK cancer research company using blockchain technology to detect the disease, as per a November 10th, 2018 press release. Lancor Scientific uses an in-house developed system that can detect multiple cancer types and record screening results using smart contracts on a blockchain. Lancor Scientific plans to open a research laboratory in the Austrian city of Graz while partnering with local universities including the Technical University of Graz, the Medical University of Graz, and the Sigmund Freud University Vienna.
- The US Commodity Futures Trading Commission (CFTC) has fined a Bitcoin (BTC) trader for more roughly USD$1.1 million and sentenced him to jail for up to 15 months in jail after he was found guilty of running a fraudulent BTC and Litecoin (LTC) scheme. Arizona resident Joseph Kim, the man in question, admitted to defrauding investors of hundreds of thousands of dollars after he misappropriated over USD$600,000 from his previous employer’s funds. After being let go from his previous employer, Kim went on to fraudulently obtain about USD$545,000 from five different individual customers between December 2017 and March 2018.
- X8AG, a Switzerland-based fintech company, has been awarded a certification from the Shariyah Review Bureau (SRB), a consultancy and audit firm licensed by the central bank of Bahrain, to create an Ethereum-based stablecoin. The SRB maintains a presence in 12 different countries while holding market share of more than 13% of Saudi Investment Companies that are licensed by the country’s Capital Markets Authority (CMA). X8AG’s stablecoin would be backed by seven fiat currencies and gold in an attempt to subdue volatility.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio