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Cryptocurrency End of Day Recap

Jun 20, 2018

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  • The Enigma Protocol will be integrating smart contracts with Intel systems. Enigma is a startup was founded at Massachusetts Institute of Technology (MIT). The protocol aims to create a private platform for decentralized applications. Enigma is looking to further boost its privacy by partnering with Intel’s Software Guard Extensions (SGX). The partnership seeks to prevent situations like the DAO hack where 3.6mm ether, or USD$50mm was stolen from vulnerabilities in a smart contract.
  • Sam McIngvale, project lead of Custody at Coinbase expects that USD$20bn will enter the service once it is launched. This would boost the current cryptocurrency market capitalization by 7%. Coinbase will be charged investors a set-up fee of USD$100,000, as well as a monthly charge of 10bps and a minimum balance of USD$10mm.
  • Schiphol Airport in Amsterdam recently announced that it has installed the first cryptocurrency ATM for passenger. The ATM will allow users to trade in Euros for cryptocurrencies.  Amsterdam technology firm ByeleX Data Solutions provided the crypto ATM. The machine is currently undergoing a six-month trial before it will be expanded. On average, there is 6.43 cryptocurrency ATMs installed across the world every day. This specific ATM in Schiphol Airport currently exchanges Bitcoin and Ethereum.
  • Bitcoin transaction fees were significantly higher over the past 24 hours. The increase is likely due to Bithumb cleaning out its hot wallet to secure the remaining funds after the exchange experienced a hack. The average transaction fee today was USD$2.53 which is a 315% increase from the previous day. The current spike in fees is likely to be temporary, claims Sergej Kotliar, who is CEO of Bitrefill, a cryptocurrency company.