Cryptocurrency End of Day Recap
Jul 11, 2018
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- The Wall Street Journal has reported that bitcoin users have lost close to 20% of all the existing tokens. However, the bitcoin has been lost because users are not able to access their cold wallets or other methods of storage because they lost their private access keys. The inability to access wallets has led to the rise of wallet hunters – who charge anywhere from 5% to 40% in fees for recovered cryptocurrency.
- Due to the controversy surrounding Tether (USDT), new projects have been launching to provide an alternative. The latest project is form Malta where Stasis is looking to launch EURS, a stable-coin backed by the Euro. The token, EURS, has already been trading on the London-based DSX exchange. The company is predicting that trading volume will reach USD$500mm by the end of the year. Stasis CEO claims that “ERUS bridges the gap between traditional finance and the crypto economy”. He mentioned this because the cryptocurrency market is currently dominated by individual investors, however, the EURS stable coin will pave the way for institutional investors.
- Banco Santander is planning on creating a blockchain team that will analyze the technology’s potential to change securities trading. The bank is creating a “Digital Investment Banking” team that will be led by John Whelan. The firm is planning on exploring the uses of tokenized securities in the debt capital markets, derivatives, and other asset classes. Banco Santander is no stranger to blockchain technology as they joined the R3 Consortium in 2016.
- A startup called DIRT, which is based on the Ethereum blockchain, has raised USD$3mm in seed funding. The firm raised money from Digital Currency Group, Pantera Capital, Zhenfund, Coinbase co-founder Fred Ersham and other individual investors. The company’s platform is for decentralized app developers to create token curated registry (TRC). The TRC is like how Wikipedia uses a community to manage its platform. The company will distribute tokens which will allow users to vote and back up positions.