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Cryptocurrency Midday Report

Jun 06, 2018

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  • The Singapore subsidiary of Japanese insurance firm Mitsui Sumitomo Insurance Group (MSIG) has signed a Memorandum of Understanding with blockchain startup Immediate. The partnership will explore how insurance projects can utilize blockchain and smart contracts. MSIG will provide operational expertise and support to the pilot blockchain. Immediate already collaborates with Deloitte, FWD, and Zilliqa. The ecosystem and network intend to bring customers, reinsurers and distributors together in one place to transact smart contract-based insurances
  • Coinmarketcap now has 1,644 tokens listed on its website and the site is conservative with its listings. Cointracking, another site, lists 5,670 cryptocurrencies. A telegram channel that aims to predict the new token listings on exchanges has increased rapidly. Recently, there have been issues for traders because of duplicate tickers. This week, Binance and Kucoin listed Quarkchain and some traders bought Quark by mistake
  • Fidelity Investments is reportedly hiring developers to build a cryptocurrency exchange. Fidelity has USD$2.45 trillion AUM and has allowed clients to own Bitcoin on its platform. A Business Insider article stated that the firm is looking for engineers to create and deploy a Digital Asset exchange to both a public and private cloud. Fidelity is currently seeking to further provide custodian services for Bitcoin and other digital currencies in the meantime
  • Cryptocurrency exchange, Huobi, is launching its own public blockchain. Huobi will initiate a 21-month program that will act as a contest for development teams to help create the open source code that will migrate Huobi’s exchange onto a new blockchain. Huobi currently has over 5mm users in 130 countries with a 24-hour trading volume of USD$1.12bn
  • Cryptocurrencies are moderately lower as of Midday. Quantamize's Machine Learning Crypto Signals have 6 cryptocurrenices as "Buy" and 24 as "Don't Own" of the 30 that we model.

Sources:

https://cointelegraph.com/news/crypto-exchange-huobi-to-bankroll-own-blockchain-with-100-mln-dev-fund

https://cointelegraph.com/news/reports-investment-giant-fidelity-issues-job-offers-for-crypto-exchange-devs

https://news.bitcoin.com/cryptocurrency-exchanges-are-drowning-in-tokens/

https://coinjournal.net/msig-insurance-teams-up-with-inmediate-on-blockchain-push/