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Cryptocurrency Morning Brief

Jun 20, 2018

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  • Cryptocurrencies fell after the South Korean cryptocurrency exchange, Bithumb, was hacked last night. Approximately USD$32mm was stolen and Ripple was one of the cryptocurrencies that was targeted. The exchange proceeded to halt withdrawals and deposits. Bithumb also announced that investors will be compensated for their losses and that their cryptocurrencies would be moved to a cold wallet. Bitcoin dropped as much as 2% and was trading at USD$6,624 this morning. (See Quantamize Crypto QuantShot on wallets and storage methods to protect your cryptocurrencies, posted on 5/24/18 and 6/3/18).
  • The stock exchange operator, Nasdaq, has successfully tested a blockchain-based Proof-of-Concept that provides an efficient 24/7 securities solution collateral maintenance. The blockchain platform was developed by a partnership including Nasdaq, ABN AMRO Clearing, EuroCCP and Euroclear. The development aims to solve the challenges that Central Counterparties (CCPs) face when it comes to making margin calls. The development shows that a network can be built for collateral givers, collateral takers and intermediaries.
  • Radar Relay, a peer-to-peer decentralized trading platform for Ethereum-based tokens has launched its first version. The system comes with automated trading tools through the development of an API and a software development kit (SDK). Radar Relay is a decentralized application that is designed for wallet-to-wallet trading of ERC-20 tokens. The platform is built upon smart contracts. The platform currently supports 170 ERC-20 tokens and has processed over USD$150mm in trading volume.
  • The Brave blockchain platform, which is an ad-blocking web browser, has started a trial of ads that rewards its users for watching advertisements. The platform is looking to become a content-based and a pro-privacy overhaul of online advertising. Brave’s token is the Basic Attention Token (BAT) which fuels the blockchain. The browser currently contains 250 pre-packaged advertisements, and user behavior will be tested in a trial phase.
  • Coinbase’s CEO, Brian Armstrong has told new employees through a twitter thread that they should not be worried over the recent decline in Bitcoin’s price. When crypto activity surged late last year, Coinbase’s staff went from 250 employees to 500 employees. The CEO mentioned that the firm can use this down cycle in the crypto market to build a strong foundation and thrive in the next growth cycle.
  • CBOE President, Chris Concannon, has said that initial coin offerings could soon face a regulatory reckoning. Concannon warned that the SEC will classify ICOs as unregistered securities. It was reported that in 2017 the ICO market raised USD$4bn and is projected to raise USD$7bn in 2018.