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Cryptocurrency Midday Report

Jul 05, 2018

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  • Former Jefferies Asia CEO, Michael Alexander, has joined EOS as head of the protocol’s USD$1bn venture capital arm. Alexander will manage direct venture investments and EOS VC partnerships with the intention of building the EOSIO ecosystem. Block.one has plans to invest USD$1bn in EOSIO ecosystem projects and already has allocated USD$700mm through VC partnerships. Notably, a partnership has been formed with Galaxy Digital for USD$325mm.
  • The general manager of the Bank of International Settlements (BIS), Agustin Carstens, has called cryptocurrencies “a bubble, a Ponzi scheme and an environmental disaster”. Carsten said that no cryptocurrency will have a happy ending. Additionally, Carsten said that they do not fulfill any of the three purposes of money. The manager has called for young people to stop mining in hopes of trying to create money. Bob Loukas, founder of trading platform Bitcoin.Live, highlighted that the report is short-sighted and unaware of current trends.
  • Cryptocurrency exchange, Huobi, has confirmed that it has launched trading on its Australian platform. Huobi is currently the 4th largest cryptocurrency exchange with USD$713mm in daily trading volume. Just last week, the exchange announced that it is also unveiling London-based operations as well. There will be ten cryptocurrencies that have a paid with the AUD$. In the future, the exchange will open more pairs to all users. Huobi CEO recently said that “Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market”
  • South Korea is now recognizing cryptocurrency exchanges as legal entities for the first time. Exchanges will now be considered “cryptoasset exchanges and brokerages”. Law makers had previously considered them as communication vendors. For reference, blockchain platforms such as Ethereum and EOS will be known as “blockchain-based software supply and development businesses”.

Sources:

https://cointelegraph.com/news/former-jefferies-asia-ceo-to-lead-1-billion-eos-vc-arm

https://bitcoinist.com/bis-chief-stop-creating-money/

https://cointelegraph.com/news/huobi-launches-australian-exchange-ahead-of-blockchain-investment-plans

https://bitcoinist.com/south-korea-recognize-crypto-exchanges/