Cryptocurrencies edge higher as leading academics develop scalable crypto
Jan 17, 2019
Top 5 Cryptocurrencies sorted by 24 hour Volume
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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
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Crypto Market Recap
- Cryptocurrencies are edging mostly higher in midday trading as Bitcoin (BTC) is up 0.48% in the last 24 hours to USD$3,668.35. TRON (TRX) and EOS (EOS) are leading the gains among top 10 coins in midday trading, up 4.37% and 2.58% in the last 24 hours to USD$0.025958 and USD$2.51, respectively. Ethereum Classic (ETC), the market’s 18th largest coin by capitalization, is up 3.62% in the last 24 hours to USD$4.47. Litecoin (LTC), meanwhile, is the worst performer among major cryptocurrencies in the day’s trading, down 1.25% to USD$31.40.
Crypto Developments in Financial Services
- BitPay, a major cryptocurrency payment service provider, announced that it processed over USD$1bn in transactions in 2018 in an official press release on Thursday. BitPay also highlighted major new customers it acquired last year in its press release, who include Dish Networks, HackerOne, and the State of Ohio. Despite the harsh 2018 crypto bear market, BItPay observed 255% growth in its business-to-business unit from 2017.
- Binance, the world’s largest cryptocurrency exchange by adjusted daily trading volume, froze tokens that were sent to the exchange’s wallet from the entity that allegedly hacked New Zealand crypto exchange Cryptopia, according to a tweet by CEO Changpeng Zhao. Cryptopia abruptly shut down its website and services on Monday due to detected malicious activity and is still shut down due to an ongoing police investigation. Zhao discussed on Twitter that Binance was, “able to freeze some of the funds,” while adding, “I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them.”
- Chronicled, a US-based blockchain enterprise supply chain developer, has netted USD$16mm in Series A funding, according to a company press release Tuesday. Notable participants in the funding round include Mandra Capital, Streamlined Ventures, and The Perkins Fund. Mandra Capital’s Principal, Song Yi Zhang, commented in the press release, “While many companies in the space are conducting ICOs -- fueling speculation and hurting the legitimacy of the space – Chronicled has stayed disciplined and pursued traditional funding while focusing on developing needed applications with quantifiable value.”
Crypto Regulatory Environment
- A bill introduced by lawmakers in Wyoming proposes tokenized stock certificates issued via blockchain technology. House Bill 0185, titled, “Corporate stock-certificate tokens,” would amend pre-existing legislation to allow stock certificates representing the ownership of stocks to be stored electronically on a digital blockchain platform. The bill has bipartisan support with 7 Republican state representatives and 1 democrat state representative having introduced the bill.
- Huobi, the world’s seventh-largest cryptocurrency exchange by adjusted daily trading volume, is set to relaunch trading services in Japan as a fully licensed platform after merging with BitTrade, according to an official press release on Thursday. Huobi acquired a majority stake in BitTrade, one of only 16 licensed Japanese cryptocurrency exchanges, in September 2018. The press release by Huobi details that Huobi Japan’s trading service, “features specialized distributed architecture, a Distributed Denial of Service (DDoS) attack countermeasures system, and A+ ranked SSL certification (the highest available.” Upon its launch, Huobi will support trading pairs for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Monacoin (MONA) through the Japanese yen.
General Crypto News
- A group of researchers from seven different US colleges is working on Unit-e, a potential virtual currency aimed at solving the scaling problem seen in the cryptocurrency industry. Professors from the Massachusetts Institute of Technology, Stanford University, and the University of California, Berkeley make up Distributed Technology Research, a non-profit foundation of academics that has received backing from notable hedge fund Pantera Capital. Joey Krug, Co-Chief Investment Officer at Pantera Capital and a member of the Distributed Technology Research Council said in an interview with Bloomberg that, “We are on the cusp of something where if this doesn't scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” DTR expects to launch cryptocurrency Unit-e in the second half of 2018 with an ability to process 10,000 transactions per second.
- United Parcel Service’s (UPS) investment arm has made an undisclosed equity investment in Inxeption, a US-based enterprise blockchain firm, according to an official press release on Wednesday. Founded in 2017, Inxeption leverages blockchain technology to improve enterprise business processes such as product design, manufacturing, and supply chain management. While neither group has revealed the full scope of the investment and partnership, Inxeption CEO and co-founder Farzad Dibachi commented in the press release, “Business customers need secure platforms that protect their customer data and proprietary information, while making it easy for them to interact and even collaborate more effectively with their customers.”
- The World Wildlife Fund – Australia (WWF-Australia) will begin to use a supply chain blockchain platform, dubbed OpenSC, to allow businesses and customers to track food items, according to an announcement on Twitter today. The platform was built in partnership with WWF-Australia and Boston Consulting Group Digital Ventures. An official WWF-Australia press release features CEO Dermot O’Gorman describing that, “Through OpenSC, we will have a whole new level of transparency about whether the food we eat is contributing to environmental degradation of habitats and species, as well as social injustice and human rights issues such as slavery.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio