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Cryptocurrency End of Day Recap

May 23, 2018

  • Coinbase has acquired a service called Paradex, a cryptocurrency trading service that lets users trade many digital tokens on a decentralized exchange. The exchange relies on smart contracts to allow users to trade tokens without a centralized authority to record the transactions on a blockchain. Paradex will not be immediately available to US customers but the roll out will occur after changes are implemented
  • Money Forward, Japan’s most popular personal budgeting app, is launching a crypto asset exchange this year. The firm plans to launch a crypto media platform by Summer followed by an exchange and the construction of a digital asset remittance and settlement system. The Tokyo-based company has 5.5mm users with over 500k businesses and 2.4k accounting firms using its cloud-based software for their tax accounting and invoices
  • The Marshal Islands have replaced the USD$ with its own cryptocurrency. The bill was signed March first but the news is catching attention this week. US Dollars will still be accepted, yet the nation’s cryptocurrency, the “sovereign” will need to be integrated into the country’s financial system. An initial coin offering will take place and the supply will be capped at 24mm tokens
  • Bank of America has been awarded a patent to let users access a certain blockchain network known as a distributed validating network. Certain users will be granted permission and data will be stored in blocks in which a system can automate this process. The network will be responsible for granting access and tracking all user activity and recorded on a ledger
  • Singaporean-based virtual social trading platform, TrakInvest is looking to become one of the first Asian-based projects to use Hedera Hashgraph’s distributed ledger technology. The technology seeks to be a trust layer of the internet, providing a new form of distributed consensus with people not needing to trust each other. TrakInvest has provided digital certificates, upskilling programs and employment opportunities and will use the Hedera Hashgraph platform to develop its digital certifications program (DCP)