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Cryptocurrency Midday Report

Jun 01, 2018

  • Holland’s ITB2 Data Center has set up a lab for cryptocurrency mining to test the energy consumption of Bitcoin (BTC) and Ethereum (ETH). The director of the data center stated that they are testing cryptocurrencies because it is the most widespread application from blockchain currently. The data center will also use indirect cooling to reduce energy consumption
  • Huobi announced a partnership today with Chinese investment firm, NewMargin Capital and South Korean firm, Kiwoom Securities which will join the Korea Development Bank and Industrial Bank of Korea to create a blockchain fund. The joint venture will seek to raise USD$93mm which will allocate capital to blockchain startups in China and South Korea
  • Japan’s Financial Services Agency (FSA) has issued orders to multiple domestic cryptocurrency exchanges to better comply with anti-money-laundering (AML). The agency has found that exchanges are not applying the proper “Know-Your-Customer” (KYC) checks. Twelve cryptocurrency exchanges received orders of which two have approved operating licenses and the other ten have their applications pending
  • Binance has announced it is launching a USD$1bn “Social Impact Fund” aimed to seed blockchain based companies. The capital will come from Binance’s own reserves, with 10 phases of USD$100mm. Binance will be setting up a fund of funds and a direct fund that invests in blockchain projects. The first project Binance will be funding is a blockchain-powered ride-hailing firm created by Chen Weixing, CEO of Funcity and former founder of ride-hailing app Kuaidi Dache