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Cryptocurrency Morning Brief

May 30, 2018

  • China’s President Xi Jinping recognized the potential of blockchain, endorsing the technology for the first time. President Xi spoke at an annual academic conference hosted by the Chinese Academy of Sciences, Xi said “artificial intelligence, internet of things and blockchain [are] constantly making application breakthroughs”. Presdient Xi noted that if China wants to remain competitive in a global environment, China will have to launch its own laboratories committed to the development of technological advancements. Recently, the State Council has introduced the concept of blockchain as part of an information technology reformation strategy in the country’s 13th five-year economic development plan
  • A second layer protocol, Tari is now operational on Monero. Tari will provide a Monero-based platform for the creation and trading of tokens. Monero has secured financing from venture capital investors including: Redpoint, Trinity Ventures, Canaan Partners, Pantera and Multicoin capital. Tari is a second layer protocol and will facilitate token creation and trading functionality
  • Bitbay, the largest cryptocurrency exchange in Poland, is suspending its trading activities in Poland and moving to Malta because Polish banks are no longer cooperating with the exchange. The final trading day for accounts in Polish zlotys (PLN) will be September 17th. The Polish government allows cryptocurrency activity to exist within its country however the government is beginning to take a tougher stance. The Polish Financial Supervision Authority (KNF) recently began a social media campaign to focus on the risks associated with cryptocurrencies in the beginning of May
  • Ethereum Classic (ETC) has undergone a fork upgrade. The recent fork upgrade has now created a distinction between the the ETC and the ETH blockchain. Ethereum Classic (ETC) is committed to transitioning to a proof-of-work consensus system while Ethereum (ETH) continues to use a proof-of-stake consensus system
  • Token-as-a-Service (TaaS), the world’s first tokenized closed-end fund dedicated to blockchain assets is partnering with OSA DC, a Korean tokenized AI and blockchain solution for the retail and supply chain industries. The TaaS fund allows token holders via smart contracts to have a percentage of capital fund gains from a fund managed by traders and investors. The fund also invests into blockchain projects and serves as an advisory arm for upcoming professionals in the blockchain industry
  • Wall Street traders have been making enough money trading and investing in cryptocurrency to leave their Wall Street Firms. Individuals from Blackrock, Deutsche Bank, Goldman Sachs started trading cryptocurrencies in their spare time with their personal savings and now have safety nets that allow them to make a year’s salary from a daily price swing. The individuals mentioned in the Bloomberg article have even begun to open their own businesses in the cryptocurrency space. The author of the article noted that younger individuals may be more open minded, but they also have less responsibility for managing risk and working out the practicalities of bolting on crypto to the existing business