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Cryptocurrency Midday Report

Jun 04, 2018

  • Coinbase has announced it has plans to enter the Japanese cryptocurrency market. The firm will be applying for a license to operate in the country within the year. Coinbase plans to work with Mitsubishi UFJ Financial Grouop (MUFG) on this expansion. MUFG has invested over JPY¥1bn into Coinbase. The cryptocurrency firm has over 20mm customers and has had USD$150bn in digital assets traded on its exchange since it began its operations.
  • SBI Holding’s, a player in the Japanese finanical markets, launch its cryptocurrency exchange successfully today. The service is now available for 20,000 users. The exchange will be fully rolled out next month and the exchange will be expanding its trading platform to include trading of three cryptocurrencies. So far, the only pair on the exchange is the XRP/JPY pair. There are no transaction fees.
  • A Chinese healthcare firm has allegedly raised USD$18mm by issuing a custom cryptocurrency, even though China banned ICOs in 2017. The firm, Zhaoyun Group, did not publicly post a token sale on their website. However, social networks and forums are stating that the company did in fact sell digital assets. Additionally, the firm’s business model is alleged to be set up like a Ponzi scheme.
  • A Russian Farmer created kolion, a cryptocurrency in 2014 due to high interest rates on loans from banks, and now the market capitalization of the crypotocurrency kolion is now worth USD$2mm. The currency is backed by reserves of USD$3.7mm worth of Bitcoin (BTC). The kolion cannot be mined like traditional cryptocurrencies and must be bought using other cryptocurrencies. Additionally, the kolions can be earned by “plowing”, or helping the residents of Kolionovo with farming and construction work.
  • Major cryptocurrencies are moderately lower as of Midday. Quantamize's Machine Learning Crypto Signals are on their third day of a rolling 3-day signal and currently 13 out of 30 cryptocurrencies are "Buys"