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Cryptocurrency Morning Brief

Jun 07, 2018

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  • Software giant SAP has launched a cloud platform that will help corporations develop blockchain applications. The cloud-based solution seeks to provide enterprises with a framework to build business applications on systems like Hyperledger Fabric. SAP will complete the roll out once it has worked with 65 companies in its Blockchain Co-Innovation Initiative. This initiative includes blockchain applications for supply chain, manufacturing, transportation and more
  • The Bank of Thailand (BoT) is looking to adopt blockchain technology in its interbank clearance and settlement system. Central bank governor Veerathai Santiprabhob indicated that a wholesale central bank digital currency is being developed as part of Thailand’s efforts to use blockchain technology in the country’s industries. Thai banks recently joined the central bank in March to develop a shared blockchain platform to digitize letters of guarantee in the country, which is expected to be rolled out later this year
  • A South Korean police department stated that it will recommend charges against cryptocurrency exchange Coinone over its provision of margin trading. The cybercrime investigation unit of the country’s southern provincial police department will argue that margin trading is effectively offering illegal gambling.  The police department completed a 10-month investigation and found that 19,000 traders used margin trading on Coinone’s platform and that 20 traders are target of this investigation due to their volume of trading. Currently, the police have plans to charge three executives as well as the 20 traders targeted
  • Michael Novogratz - founder of Galaxy Digital, a crypto merchant bank which raised USD$250mm spoke at the Bloomberg invest conference this week. Originally Novogratz was looking to build the Goldman Sachs of the cryptocurrency space but has now referenced that it will be more like Drexel Burnham Lambert. Novogratz talked about the USD$9bn raised in ICOs this year and raised the question whether developers will ever fulfill on their promises of the projects they raise capital for. Galaxy Digital seeks to provide institutional merchant banking for crypto assets and will offer trading strategies based on arbitrage opportunities. Additionally, the firm will invest in private investments as well as ICO and pre-ICO investments
  • The Hypothekarkbank Lenzburg is the first bank in Switzerland to provide business accounts to blockchain companies. The country’s Falcon Private Bank has provided crypto asset management services since last year, but the firm has not opened company accounts for blockchain and crypto-related fintech companies. The bank noted that they have cooperated with the Swiss Financial Market Supervisory Authority (FINMA) and that it performs rigorous due diligence before taking on blockchain based clients
  • Binance, the largest cryptocurrency exchange by trading volume, has invested in a Malta-based firm, chiliZ. The firm is a blockchain eSports company. This is Binance’s first investment in Malta since announcing it will transfer its operations to the island. Currently, the video game industry is a USD$110bn industry and Binance is looking forward to bringing blockchain to the industry. Binance will assist chiliZ with tokenizing the eSports ecosystem which will further help monetize the industry
  • Quantamize AI Buy/Don't Own Crypto Signals on 30 cryptocurrencies will be updated tomorrow morning.

Sources:

https://www.coindesk.com/software-giant-sap-launches-blockchain-as-a-service-platform/

https://www.coindesk.com/thailand-trials-central-bank-digital-currency-for-interbank-settlement/

https://www.coindesk.com/korean-police-allege-coinones-crypto-margin-trading-is-illegal-gambling/

https://www.newsbtc.com/2018/06/07/investment-banker-novogratz-wants-to-build-the-drexel-of-crypto/

https://cointelegraph.com/news/swiss-bank-becomes-first-in-country-to-offer-business-accounts-to-crypto-companies

http://bitcoinist.com/binance-invests-in-malta-based-blockchain-esports-company/