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Cryptocurrency End of Day Recap

Jun 04, 2018

  • Cryptocurrency company, Ripple, announced it is launching a USD$50mm fund to finance university research into the blockchain and cryptocurrency space. Ripple has teamed up with 17 of the leading universities in the world: MIT, UC London, Princeton, etc. Ripple believes that teaming up will be important for the development of blockchain & cryptocurrencies as the firm has said that Academia has traditionally been a critical driver of technological innovation
  • Tron (TRX) began trading on Indodax, Indonesia’s largest cryptocurrency exchange today. Tron’s (TRX) founder has said that the protocol can produce 2,000 transactions per second. The exchange currently experiences ~USD$20mm of trading volume per day. While the cryptocurrency can trade in the country, the use of Tron (TRX) is banned. Tron (TRX) is down ~5% on the day, however, the cryptocurrency is up ~37% YTD
  • One of LinkedIn’s original founders, Eric Ly, is raising funds for a Simple Agreement for Future Tokens (SAFT) sale. The sale will finance a platform called ICOHub. Currently, ~USD$14mm of a planned USD$20mm has been raised. The project’s white paper states that the project will aim to build a more verifiable source of data on token projects and the teams that support token projects. In other words, ICOHub will help other token sales with their trust and success
  • Vermont financial regulators have ordered a cease and desist to cryptocurrency company LevelNet. The firm was conducting an ICO to raise money for its decentralized antirvirus platform. Vermonts Department of Financial Regulation decided that the company was “deceptively advertising unfounded and unrealistic investment returns and failing to properly register the investment”. Regulators in the US have intensified their focus following Operation Cryptosweep