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Cryptocurrency Weekly Recap

Jun 29, 2018

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  • The recently hacked cryptocurrency exchange, Bithumb has lowered its estimated losses from the hack to USD$17mm
  • IBM has partnered with companies Walmart, Nestle, Dole Food, Driscoll’s, Golden State Foods, Kroger, McCormick, McLane, Tyson Foods, and Unilever to create a blockchain to track food globally on its supply chain
  • Coinbase CEO has announced that the firm will be launching a charitable fund. The fund is called GiveCrypto and it will aim to raise USD$10mm this year. The fund plans to grow up to USD$1bn within the next two years
  • Japan’s social messaging app LINE plans to launch a cryptocurrency exchange offering trading for up to 30 cryptocurrencies
  • Coinbase will be adding GBP£ support to provide withdrawals and deposit capabilities or UK users
  • A research study in the United Kingdom claims that 21% of the population aged between 21 and 35 would rather invest in Bitcoin instead of real estate
  • Hong Kong securities regulator, the Securities and Futures Commission (SFC) released their 2017-2018 report today which noted that they will be paying more attention to and keep a closer watch on Initial Coin Offerings (ICOs)
  • Director of Legal and Business Affairs for the Goldman Sachs-backed payment company Circle, Claire Wells, firmly believes that the price of Bitcoin and cryptocurrencies in general are set to increase in the future
  • Facebook will be reversing prior actions and unban cryptocurrency advertisements on its platform. The original ban went into place in January
  • The Hong Kong Monetary Authority (HKMA) is planning to work with regulators in Abu Dhabi to develop a cross-border financial system that will be built with distributed ledger technology (DLT)
  • The People’s Bank of China’s (PBOC) Digital Currency Research Lab has filed a patent on June 22nd detailing a digital wallet, which would give users the ability to view and track their past transaction histories
  • The Financial Services Agency (FSA), Japan’s main financial regulator, issued six business improvement orders on June 22 to cryptocurrency exchanges Bitflyer, Bitpoint Japan, Btcbox, Bitbank, Quoine, and Tech Bureau
  • Robinhood is looking to expand its cryptocurrency services and more effectively compete with cryptocurrency trading platforms, particularly Coinbase
  • 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
  • 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
  • Cryptocurrency protocol Tron, had its Independence Day today in which it removed itself from Ethereum’s platform. However, the full token migration has not been completed yet
  • Andreessen Horowitz is launching a USD$300mm cryptocurrency fund and it has hired its first ever female partner, Katie Haun, to lead the fund
  • Huobi Global Ecosystem Fund has invested in a blockchain based risk exchange market called Global Risk Exchange. The organization aims to reconstruct risk management tools which include insurance and derivative contracts
  • Banks in Latin America are progressing with strategies to further implement digital transformation projects. Most banks within the region have begun to invest in these digital projects
  • 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
  • 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
  • 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