Cryptocurrency Midday Report
Jun 21, 2018
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- Cryptocurrencies are down at midday, with Bitcoin (BTC) down 0.98% to $6,725 and Ethereum down 1.65% to $529.
- Coinage CEO, Chad Pankewitz, is hoping for the cryptocurrency market to move beyond Bitcoin. The firm recently launched a mobile-friendly cryptocurrency exchange. The CEO has said “there are thousands of projects in cryptocurrency, distributed apps, blockchain use cases, and smart contract platforms across every industry vertical… We believe these companies’ valuations should not be tied to Bitcoin”.
- Stellar (XLM) is currently working on a deal to purchase blockchain finance company Chain for ~USD$500mm. The amount will be paid in Stellar Lumens (XLM). There is speculation that Ari Paul, CIO of multi-strategy cryptocurrency hedge fund BlockTower, conducted insider trading with private information on this deal. Paul is accused of buying and advising others to buy XLM with knowledge he had about this impending deal.
- The South Korean Ministry of Science and ICT announced its plan to raise ~USD$207 million for a Blockchain Technology Development Strategy. This strategy would foster about 10,000 blockchain industry experts and 100 companies aiming to bring blockchain technology to the real estate, voting, shipping logistics, record management, customs, and international e-document distribution industries. The Ministry also has intentions to bring blockchain to the private sector to create projects for smart cities and factories.