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Cryptocurrency Morning Brief

Jun 25, 2018

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  • Diar, a cryptocurrency research firm, has published a study indicating that only a minority of total cryptocurrencies represent a clear majority of trading volume. Diar states that 0.36% of tradeable cryptocurrencies account for 69% of the total trade volume. The group reported that liquidity is very low on most traded tokens. The study shows that the price action of most altcoins is correlated to the peaks and valleys of bitcoin. Diar asserts that a third of all cryptocurrency markets generated less than USD$1,000 in 24-hour trade volume
  • An online news resource reported that AliPay has developed and piloted its first blockchain based electronic wallet cross border remittance. The transaction took place between Hong Kong and the Philippines. The recipients were AliPayHK and GCash, a Filipino payment app. Jack Ma, has said that the AliPayHK service will be brought to the rest of the world in the future.
  • Commerzbank AG, has chosen to be involved with five proof-of-concept protocols. The bank started with MultiChain a few years ago before adding BigChainDB. Now it has joined three consortia: Hyperledger, R3 and Enterprise Ethereum Alliance. The bank has decided to work on these five protocols because it believes that the future of blockchains is interconnectivity. The bank’s blockchain lab employees 23 developers and is looking to increase that number.
  • Financial firm Ernst and Young has partnered with Microsoft to advance the content rights and royalties’ management process using blockchain technology. The two firms are looking to create a solution where intellectual property will be licensed, and the creators will be paid royalties. The blockchain solution will develop a value chain catering to authors, production houses, songwriters, and developers. The blockchain network will be developed using the Quorum blockchain protocol along with Microsoft’s Azure cloud infrastructure.
  • Ebang Communication, one of the largest bitcoin mining chip makers in China is looking to do an initial public offering (IPO) on the Hong Kong Stock Exchange. Ebang is looking to raise as much as USD$1bn, which would be the largest IPO in cryptocurrency history. Just last month, Ebang’s rival – Canaan Creative submitted an IPO application looking to raise USD$1bn. In 2017, Ebang reported USD$141mm in revenues and had a profit of USD$60mm. Financial documents show that 94.6% of the firm’s revenues come from the sale of bitcoin miners.
  • The island of Bahamas will be hosting the 2018 Bahamas Blockchain and Cryptocurrency Conference. Ahead of this conference, the country’s central bank has announced it will pilot a digital currency. Deputy Prime Minister and Minister of Finance, Hon. K. Peter Turnquest announced that he wishes Grand Bahama to become a digital hub.