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Cryptocurrency Weekly Recap

Jun 22, 2018

  • Ripple’s CEO, Brad Garlinghouse, believes that XRP should be listed on Coinbase’s platform. He also mentioned that XRP is not a security.
  • The US Federal Reserve Bank of St. Louis have added cryptocurrencies to its database.
  • Mt. Gox trustee, Nobuaki Kobayashi, issued a statement that says the Mt. Gox exchange’s bankruptcy proceedings have been paused and a civil rehabilitation process will begin
  • Reality Shares is launching China’s first blockchain ETF. Investors will have access to Chinese companies that participate or invest in the blockchain space
  • VeChain has revealed new partnerships with DB Schenker and PwC ahead of its mainnet launch
  • Charles Hoskinson, founder of Ethereum and Cardano, tweeted that “tens of trillions of dollars [will enter] the space” from Wall Street firms once regulatory issues are settled
  • Tron (TRX), the 10th largest cryptocurrency by market cap, is commencing its migration off of Ethereum’s ERC20 platform today.
  • The European Union Agency for Law Enforcement Cooperation (Europol) was joined by sixteen major cryptocurrency exchanges, payment processors, digital wallet providers, and other authorities for a three-day event discussing privacy and the prevention of money laundering
  • 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)
  • The South Korean Ministry of Science and ICT announced its plan to raise ~USD$207 million for a Blockchain Technology Development Strategy
  • Litecoin futures will be launched tomorrow in the UK. The futures will be dollar denominated and allow investors to trade in futures contracts with Litecoin as the underpinning collateral
  • Spanish banking group BBVA and Spanish energy company Repsol have signed an agreement to develop blockchain solutions for corporate banking
  • Robinhood is reported to be negotiating with US regulators on becoming a bank, complete with traditional services like savings accounts. This year, the firm released cryptocurrency mobile trading and the firm received a USD$5.6bn valuation
  • The Winklevoss twins, along with three other partners have been awarded a patent to provide an exchange traded product (ETP) holding digital math-based assets
  • 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%
  • Sprint, the US’s fourth-largest mobile network operator, entered a partnership with blockchain solutions provider NXM to create a 5G car platform utilizing blockchain technology
  • 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 stock exchange operator, Nasdaq, has successfully tested a blockchain-based Proof-of-Concept that provides an efficient 24/7 securities solution collateral maintenance
  • 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
  • Bitcoin IRA, a leading program for investors to purchase cryptocurrencies for their retirement accounts, announced that it is adding Zcash (ZEC) and Stellar Lumens (XLM) to its digital currencies list
  • Cybersecurity expert and cryptocurrency promotor John McAfee announced today that he will put a stop to his work on Initial Coin Offerings (ICOs).