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Cryptocurrency Morning Brief

Jun 26, 2018

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  • Robinhood is looking to expand its cryptocurrency services and more effectively compete with cryptocurrency trading platforms, particularly Coinbase. The company rolled out cryptocurrency trading on its platform earlier this year but did not include a wallet storage system. Users have reported that the services are limited. A recent job posting shows that Robinhood is looking to offer a cryptocurrency wallet in the future. The firm is looking to hire cryptocurrency engineers for a “new functionality for [its] crypto product, such as adding new currencies or providing wallet functionality”.
  • Dutch multinational banking and financial services giant ING, has conducted a survey covering 15,000 individuals over 13 different countries in Europe as well as the US and Australia.  Of the European individuals surveyed, it is noted that 35% believe that cryptocurrencies will be the future of online spending. Also, it has been reported that 30% of individuals in Europe would consider using cryptocurrencies for international purchases made online and that 15% of Europeans would consider getting paid in cryptocurrency
  • A Californian mining company, 3G Venture II has purchased an Intel chipmaking complex for USD$13mm. It is reported that the company is looking to use the facility as a cryptocurrency mining center. The space totals 1.4mm square feet and the owner of 3G Venture II, John Chen believes the facility will be able to provide the necessary conditions for a mining center. There is some resistance to the proposed operation as Dirk Draper, CEO of the Colorado Springs Chamber of Commerce and EDC, stated that bitcoin mining organizations will not add many jobs to the area.
  • Cordite, an open source community that is building upon the code from the R3 consortium is being unveiled soon. Cordite will allow enterprise blockchains to create different tokens on the same network for different types of assets, similar to what the ERC20 standard did for Ethereum. The difference is Cordite is designed for banking institutions.
  • An official from the US Secret Service, Robert Novy, has called on the US Congress to consider legislative actions on privacy focused cryptocurrencies. Novy stated that legislative or regulatory actions should be considered to address challenges related to anonymity-enhanced cryptocurrencies – services that intend to obscure transactions on blockchains. He did not mention any cryptocurrencies in specific. However, Joseph Battaglia of the FBI’s Cyber Division has said before that Monero has some officials concerned
  • The Bank for International Settlements’ (BIS) economic adviser and head of research, Hyun Song Shin recently stated that cryptocurrencies should be treated like other securities such as stocks and bonds. Shin spoke at the annual general meeting of the BIS in Basel, Switzerland and said that if a token is held for a financial gain then it should be treated as a security. Quantamize discussed this theme in a recent Crypto QuantShot titled “Utility Token vs. Security Token: What You Need to Know”