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Cryptocurrency Midday Report

Jul 06, 2018

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  • Analysts for Berstein wrote in a recently published report that the blockchain industry is setting up parallel financial networks that exist as alternatives to incumbent systems today. The report argues that a market-based innovation experiment is being developed. However, the firm did report issues of token sale scams, and other types of cryptocurrency fraud. Additionally, the report noted that Bitcoin does not need more critiquing as it is the first global, digital, non-state/non-central entity controlled, financial asset with 24/7 market-based prices.
  • China’s Bitcoin miner – Bitmain has closed Series B funding which values the firm at nearly USD$12bn. The firm has raised approximately somewhere between USD$300 to USD$400mm according to sources. The new round featured Sequoia Capital China, US Hedge Fund Coatue and Singapore government-backed investment fund – EDBI. Bitmain is said to be considering an IPO in the future. Bitmain dominates the world’s majority of Bitcoin mining pools and is a leader in Bitcoin mining operations
  • Cryptocurrency exchange and U.S. strategic partner of Huobi, HBUS, announced it will start taking U.S. applications for trading.  U.S. consumers will now be able to deposit Bitcoin (BTC) and Ether (ETH) on to the exchange, but may not begin trading or make withdrawals until July 10 when the market goes live. HBUS released a Medium post that it intends to follow all U.S. regulations and desires to be transparent and trustworthy to all regulators and users.
  • Gemini, the cryptocurrency exchange created by twins Tyler and Cameron Winklevoss, has hired NYSE Chief Information Officer Robert Cornish to be the new CIO for Gemini Trust.  Gemini CEO Tyler Winklevoss expressed that Cornish should aid Gemini in setting “the standards of excellence for the cryptocurrency industry as a whole.”  A high-profile hiring like this exemplifies the growth of cryptocurrencies and their role in the economy.