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Cryptocurrency Weekly Recap

Jun 15, 2018

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  • The SEC weighed in on the status of Ethereum (ETH) yesterday. The SEC noted that the cryptocurrency does not display any of the characteristics of a traditional security.
  • The University of Texas at Austin has received funding from Ripple. The company has pledged to invest USD$2mm over the next five years to support a blockchain research initiative
  • itBit, a cryptocurrency exchange built for institutions and trading professionals, will now be offering regulated trading and custody services for BCH, ETH, LTC, and XLM
  • Steve Bannon has reportedly held meetings with investors and hedge funds about initial coin offerings (ICOs).
  • Russia is classifying cryptocurrencies as “digital rights” when regulating the digital token space.
  • Grayscale investments, has released a paper discussing how digital assets are reshaping asset allocation. The firm is arguing that cryptocurrencies are a brand-new asset class that can enhance strategic asset allocation and enable investors to build portfolios that have higher risk-adjusted returns
  • Western Union said that it has not found any savings results by using Ripple (XRP) for transactions.
  • Fundstrat Global Advisors, a well-known research firm that covers Bitcoin (BTC), issued a report yesterday and noted that BTC could fall further to somewhere between USD$5,000 and USD$5,500
  • Thailand’s Securities and Exchange Commission (SEC) has provided details on the country’s regulatory framework for digital currencies and initial coin offerings (ICOs)
  • Recent research has found that 5% of Monero (XMR) has been mined through Malware. The mining was done via cryptojacking, which is a practice of using computer processing power from another individual without his or her permission.
  • Greenwich Associates has performed a study and reported that more than USD$1.7bn is being spent on developing blockchain each year. The firm noted that 10% of banks internationally are spending over USD$10mm a year on blockchain projects.
  • Ripple’s CEO, Brad Garlinghouse, said that bitcoin (BTC) is controlled by Chinese miners and has no hope of being a world currency.
  • The Co-Founder & CEO of Circle, Jeremy Allaire spoke this morning and stated that global society is “at the beginning of a tokenization of everything”
  • Coinbase has announced they will be launching their index fund which is composed of cryptocurrencies on their exchange services platform.
  • JD Finance, a subsidiary of Chinese e-commerce player, announced it will be issuing asset-backed securities (ABS) on a blockchain.
  • Forbes has reported that blockchain-based betting will occur throughout the FIFA World Cup this year.
  • The Financial Action Task Force (FATF) is planning to develop binding rules for the world’s cryptocurrency exchanges
  • 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
  • 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.
  • Japanese technology giant Fujitsu will be using blockchain to create a rewards system for the domestic retail market. Its distributed ledger-based system will be exhibited this week at Interop Tokyo.
  • Binance will be launching euro trading pairs this year. According Chief Executive Officer Zhao Changpeng. Users will be able to convert their digital tokens to fiat currencies such as the EUR€.
  • The former Chair of the US Federal Deposit Insurance Corporation (FDIC), Sheila Bair, stated that the Federal Reserve needs to consider issuing a central bank digital currency