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Cryptocurrency End of Day Recap

Jul 09, 2018

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  • TrustToken, the first public investment from the a16z crypto fund is now looking for investments from accredited investors. The company’s first token, TrueUSD, is a stablecoin that is redeemable one-to-one to the USD$. The token’s current market capitalization is USD$85mm. The firm has received funding from BlockTower Capital, Danhua Capital, GGV Capital, and Jump Capital. The TrueUSD can be used to secure investments in Ethereum, Bitcoin, Tether, Bitcoin Cash, Litecoin, Monero, 0x and NEO. The firm is looking to expand beyond just helping traders secure speculative iassets.
  • The UK’s financial regulatory, FCA, is directly recognizing the potential of blockchain-related startups. The authority has given access to 11 blockchain and distributed ledger technology companies. The 11 firms will be testing propositions related to cryptoasset to see whether consumer benefits can be delivered while effectively managing the associated risks. Notably one firm 20|30 will be partnering with the London Stock Exchange and Nivaura to build a DLT-based platform to allow companies to raise capital in a more efficient way.
  • A recent study claims that Bitcoin will replace traditional Currency within ten years. The study was conducted by Professor Knottenbelt and Dr. Gurguc. The study says that millions of people are already using Bitcoin as a store of value. To become a medium of exchange and unit of account, the researchers said bitcoin needs to overcome challenges such as scalability and regulation.
  •  Bloomberg has reported that 56% of crypto startups that raise money through token sales die within four months of the initial coin offering. The study was conducted by Boston College which analyzed the intensity of tweets form the startups’ Twitter accounts. Researchers Hugo Benedetti and Leonard Kostovetsky examined close to 2400 initial coin offerings. Additionally, the duo found that the best returns from ICOs are within the first month.