Cryptocurrency Morning Brief

May 18, 2018
  • Coinbase talked to US regulators about the possibility of obtaining banking licenses. This move would allow Coinbase to broaden its product offerings. Coinbase currently connects to the payment system through banks and operates under state money-transmission licenses. Coinbase could begin to offer custody services itself with a bank license

  • UnionBank, the biggest bank in Philippines, demonstrated that the institution has cryptocurrency mining technology at a conference. Earlier this year, the bank announced a blockchain payment system is in development with Visa

  • Coinbase has invested in a cryptocurrency startup that lets users earn interest on cryptocurrencies. This investment was seeded by Coinbase Venture, the firm’s venture capital unit. Compound will initially operate on the Ethereum (ETH) blockchain but the company is further planning to have tokenized versions of the dollar, yen, euro and Google stock

  • Switzerland is considering the possibility of a state-backed cryptocurrency according to a Reuters report. Switzerland’s Federal Council explained it is aware of the major challenges on the legal and monetary front which would accompany the use of an e-franc. This sentiment is a shift from the central bank’s stance that cryptocurrencies are inherently instable from just over a month ago

  • Russian bank Evrofinance Mosnarbank is ignoring a US campaign that disrupts Venezuela’s state-backed cryptocurrency, the Petro. The Petro is struggling to find investor demand as popular exchanges are choosing not to list the cryptocurrency. Venezuela had to create 16 of its own exchanges to list the cryptocurrency

  • Russia’s Prime Minister, Dmitry Medvedev, discussed the progress Russian authorities have made in terms of crypto regulations. Cryptocurrencies and tokens will be called digital money and digital rights. Medvedev did say that the Ruble will be the only legal means of payment for the time being but that the digital environment cannot be ignored

  • Quantamize’s Machine Learning Crypto Signals have been updated today and out of the 30 cryptocurrencies we model, four cryptocurrencies have a rolling 3-Day Buy signal. Bitcoin is one of the Buy’s and is up over 1% since last night’s UTC close

Source:

https://www.wsj.com/articles/cryptocurrency-firms-explore-getting-bank-licenses-1526635800?mod=searchresults&page=1&pos=1

https://www.newsbtc.com/2018/05/18/unionbank-showcasing-cryptocurency-mining-hardware-raises-some-interesting-questions/

https://news.bitcoin.com/switzerland-formally-considers-state-backed-cryptocurrency/

https://www.coinspeaker.com/2018/05/18/coinbase-invests-startup-compound-lets-user-earn-interest-cryptocurrencies/

https://btcmanager.com/russian-bank-allows-venezuelan-petro-investors-to-circumvent-u-s-sanctions/

https://news.bitcoin.com/cryptocurrencies-to-be-called-digital-money-in-russia-tokens-digital-rights/