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Cryptocurrency Morning Brief

May 15, 2018

  • Taipei Fubon Commercial Bank has reportedly become the first Taiwanese bank to deploy a blockchain-based payment system. Taipei intends to turn into a “smart city” using blockchain to provide technological advances. The bank announced it deployed blockchain-based payment system for businesses near the National Chengchi University and its transaction speed is reportedly less than one second

  • The Gemini cryptocurrency exchange announced yesterday it will add three new cryptocurrencies to its trading lineup: Zcash, Bitcoin Cash and Litecoin. Zcash was an unexpected addition and its price shot up to USD$350 from USD$250 within an hour of trading. Gemini’s announcement yesterday follows recent news that they will be offering block trading on its platform. Gemini is one of the few businesses with a New York BitLicense

  • NASDAQ (NDAQ) in partnership with DX.Exchange will be launching a cryptocurrency exchange platform in June. This platform intends to offer a robust ecosystem for OTC derivatives and crypto tokens. Currently the platform will not be open for US traders however, DX management is seeking to acquire the necessary US federal license. DX will not be charging trading fees and customers will pay a monthly subscription of 10 euros. The platform will be listing six cryptocurrencies and aims to expand its services to ~25 cryptocurrencies

  • The CME group (CME) has launched two new indices that will track Ether, the second largest cryptocurrency. The firm partnered with London based Crypto Facilities to create a CME CF Ether-Dollar Reference Rate and Real Time Index. Crypto Facilities is known for its futures products and no plans for Ethereum futures exist yet. Bitcoin futures were released approximately one year after CME’s released its Bitcoin index

  • Sharps Pixley announced that they are now officially allowing customers to convert gold directly into bitcoin via blockchain payment processor BitPay. This new arrangement allows clients to trade either way between bitcoin and gold. Sharps Pixley had monthly sales of £10mm in March 2018 from clients trading between gold and bitcoin. BitPay Chief Commercial Officer believes that cryptocurrency investors now have liquidity between bullish and bearish environments with this offering

  • India’s Supreme Court has refused to grant an interim injunction against the Reserve Bank of India (RBI) which prohibited financial institutions from rendering banking services to firms involved in cryptocurrencies. The ban was issued on April 5th of this year and the central bank feels that cryptocurrencies are only good at activities like money laundering which the country aims to prevent

  • Morgan Stanley issued a report claiming that with cryptocurrencies, central banks could now take interest rates into deeper negative territory if another major financial crisis occurs. With a 100% digital monetary system, the central bank can more effectively use negative interest rates

  • Quantamize’s rolling 3-Day Cryptocurrency Signals have been updated and are now on day one of their three-day forecast. Currently, 10 cryptocurrencies are “Buys” out of the 30 cryptocurrencies that Quantamize models