Cryptocurrencies are mixed as XLM flips EOS to become 5th largest coin
Nov 12, 2018
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- A legal battle between XRP investors and Ripple is moving to the next phase after attorneys for Ripple Labs and its affiliated defendants motioned to move the consolidated class-action lawsuit to the US District Court, Northern District of California. Ripple’s attorneys also hinted at their defense strategy for the federal case, writing, “Plaintiffs do not allege that they lacked information about the nature of these transactions. Nevertheless, Plaintiffs claim that they were somehow injured because the Defendants were allegedly required to register XRP as a ‘security’ with the Securities & Exchange Commission (SEC) but failed to do so.” Plaintiffs in the lawsuit are requesting that Ripple pays USD$167.7 million in damages after “thousands” of individuals lost money after buying XRP.
- Accenture, a global management consultancy firm, has launched a distributed ledger (DLT) platform to manage and track software licenses, as per a Monday press release. Accenture developed the platform in partnership with Digital Assets, a US-based firm that provides DLT solutions and products for financial institutions. Accenture believes that the DLT platform will help companies avoid risks of violating licensing laws while increasing transparency in the distribution and use of software.
- Major global oil companies BP, Shell, and Equinor have come together with large banks and trading houses to launch Vakt, a blockchain-driven energy platform to facilitate energy commodity trading. Notable banks that are a part of Vakt include ABN Amro, ING, and Societe Generale while notable trading houses that are a part of Vakt include Gunvor, Koch Supply & Trading, and Mecuria. Initially announced in November 2017, Vakt eliminates “cumbersome” paperwork by using smart contracts to increase trading efficiency and reduce time spent on operations.
- Guido Buhler, the CEO of Swiss startup SEBA Crypto AG, said in an interview with Swiss news outlet Cash that five, “large asset managers,” from both Germany and abroad have shown interest in their cryptocurrency bank. Buhler went on to detail in the interview that he expects the firm to receive a banking and securities dealer license from FINMA, the Swiss financial markets regulator, by the first half of 2019. In September, SEBA Crypto AG raised USD$103 million to establish a bank that offers cryptocurrency-related services. As per Buhler, SEBA intends to raise additional capital of up to 200 million francs (USD$206 million) through an initial coin offering (ICO).
- Hilda Heine, the President of the Republic of the Marshall Islands, narrowly survived a no-confidence vote that largely stemmed from plans to introduce a national state-backed digital currency. According to a report by the Nikkei Asian Review, the Marshallese parliament's vote was split 16-16, falling just one vote short of the votes required to encourage Heine to resign from the Presidency. Marshall Islands’ Finance Minister Brenson Wase declared that the government will move forward with the launch of a state-backed digital currency, dubbed the Sovereign (SOV), following the failed no-confidence vote.
- IBM has filed for another blockchain-related patent, this time related to the use of a blockchain platform in open scientific research. In its patent application, IBM describes a system where a blockchain represents an experiment with individual blocks comprised of project components, including steps like research data, data analysis, and post-data analysis. IBM initially filed the patent application at 2017’s year-end. In the past, the scientific research industry has faced issues involving lack of transparency in data collection tied to the data analysis process.
- New Economy Movement (NEM) reached a nine-week high after spiking 25% today following the announcement that Tokyo-based cryptocurrency exchange Coincheck is re-enabling trading of NEM on the exchange for the first time since being hacked on January 26th, 2018. Trading volume of NEM over the last 24 hours reached more than USD$45.6 million while its price peaked at USD$0.114/token, its highest value since September 5th, 2018.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio