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Cryptocurrency Morning Brief

Jun 12, 2018

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  • A Russian investment in a crypto mining facility in Norway has been recently reported. The Russian New Mining company will be offering industrial scale crypto mining solutions and opportunities. The company aims to install thousands of mining units at the site. The region in Norway, Alvdal, has already attracted cryptocurrency firms form Israel, China, Japan, US and Kazakhstan. The site is very close to Tynset, where a NATO-led military exercise will be held in October. It remains unclear as to why the Russian firm is locating in Norway when mining conditions are considered attractive in Russia
  • Sequoia Capital, an early investor into Bitmain, led a USD$400mm Pre-IPO funding round which gives Bitmain a valuation of USD$12bn according to insider reports. The firm recently reported that it is planning to go public this year, most likely in September. Bitmain is in control of the two largest mining pools, and Antpool. These two pools account for more than 40% of the world’s bitcoin mining power
  • Yesterday, investors gathered in New York City at the BCI Summit to better understand how to enter the cryptocurrency space. During a panel, speakers discussed business opportunities consisting of micropayments, permissioned and public varieties of blockchains and the interoperability among blockchains. A speaker noted how different blockchains will serve different functions
  • Coinbase announced that it will be adding Ethereum Classic (ETC) to its platform in the coming months. Ethereum Classic’s price jumped over 20% following this news. ETC recently overcame the Difficulty bomb which was formerly present on the blockchain. The protocol is now more attractive to miners following this removal. Coinbase will be adding public-facing APIs and performing final testing and then the firm will publicly announce a launch date for trading
  • A national banking group in South Korea will be releasing its blockchain-based ID verification system, BankSign, for domestic commercial banks. BankSign, is scheduled to be released in July of this year. The application is built on Nexledger, a private blockchain platform created by Samsung’s enterprise solution division. The platform will allow domestic banks to use the blockchain technology and replace the existing ID verification system
  • Haja Networks, funded by Outlier Ventures, Polychain Capital, BigchainDB and Creathor Ventures, will seek to create blockchain technology that will allow users to sell or lease their data to businesses. Additionally, users will maintain control over the accessibility of their information to third parties. Outlier Venture’s head of research mentioned that solving the interoperability for databases will be key to developing the new internet. Haja Networks aims to use its blockchain technology on a decentralized web
  • Major cryptocurrencies are mixed this morning from last night’s UTC close. Quantamize AI Machine Learning 3-Day Crypto Signals are on day two of their rolling 3-Day forecast. Of the thirty cryptocurrencies we model, six have a Buy Signal