Cryptos continue recouping losses, SWIFT partners with R3 on blockchain integration
Jan 30, 2019
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Crypto Market Recap
- Cryptocurrency prices observed steady gains overnight and through midday trading as the price of Bitcoin (BTC) is up 1.04% in the last 24 hours to USD$3,487.85. Ripple (XRP) is soaring on news that the global SWIFT network is partnering with blockchain software firm R3, up 11% in the last 24 hours to USD$0.321996. TRON (TRX) and Binance Coin (BNB) are lagging major coins in today’s trading, down 1.10% and 0.27% in the last 24 hours to USD$0.027173 and USD$6.18, respectively.
Crypto Developments in Financial Services
- Fidelity Investments is aiming to launch its Bitcoin (BTC) custody service this upcoming March, according to a Bloomberg report citing three people familiar with the matter. Fidelity said in a statement on Tuesday, “We are currently serving a select set of eligible clients as we continue to build our initial solutions,” and adding, “Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction, and other factors.” Fidelity Investments is among the first Wall Street-established institutions to offer crypto custody services, though others to explore the field include Bank of New York Mellon Corp., JPMorgan Chase Co., and Northern Trust Corp.
- Gottfried Leibbrandt, CEO of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), announced plans to launch a Proof-of-Concept (PoC) of a portal that links enterprise blockchain software firm R3 with the Global Payments Initiative (GPI) while speaking at the Paris Fintech Forum. Gottfried said while speaking on a panel, “Our new GPI platform is extremely interoperable and open, and we’ve always had links to other networks. We are announcing later today a Proof-of-Concept with R3 blockchain on trade, where you can initiate a payment on the trade platform, and then it goes into GPI.”
- A Bloomberg report today highlights that crypto venture funds launched in 2018 exceeded hedge fund starts for the first time in history. In 2018, 124 new cryptocurrency venture funds entered that market while only 114 new hedge funds launched. The Bloomberg report attributes weakness in the Initial Coin Offering (ICO) market as one of the reasons for this shift. Bloomberg interviewed Jeff Dorman, a partner and portfolio manager at Los-Angeles-based Arca, who said, “There’s going to be a lot of opportunity in distressed buying and even activist investing. Often you can buy below the cash value of the company.”
- Genesis Capital, a cryptocurrency lending company, released its Digital Asset Lending Snapshot for 4Q2018 today detailing that the firm processed USD$1.1bn in borrows and lends last year. Because Genesis only processed USD$553mm in borrows and lends from its launch in March 2018 to the end of 3Q2018, the company concludes that, “Q4 loan originations increased more than 100% in the final three months of 2018 compared to the prior six-month period.” Despite a 44% decline in the price of Bitcoin (BTC) from the prior quarter, Genesis still saw its active loans increase to USD$153mm in 4Q2018, a USD$20mm q/q increase.
Crypto Regulatory Environment
- Valentina Matvienko, the Chairman of the Upper House of Russian Parliament, is urging Members of Parliament (MPs) to draft bill(s) concerning digital economies and assets without any further delay, according to a report by local news outlet TASS. The report details that Matvienko, who has headed the country’s Federation Council since 2011, spoke to individuals from the Upper House Committee for Economic Policy and Russia’s Ministry of Digital Development, Communications and Mass Media about the matter, asking for reasoning behind the notable delay in digital economy bills.
General Crypto News
- A new survey published by decentralized data aggregator Fluence Labs finds that the biggest problem facing decentralized application (DApp) developers is user uptake. The survey report reads, “New user onboarding was mentioned by more than three quarters of the respondents as the major obstacle to adoption.” Fluence Lab s maintains contracts with 900 different DApp projects, though only 160 projects filled out the survey. The findings of this survey refute claims that the number one problem faced by blockchain is scalability.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio