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Cryptocurrency Midday Report

Jul 12, 2018

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  • India may not be banning cryptocurrencies and instead treat them as commodities according to a source familiar with the situation. A senior government official stated that “the issue here is about regulating the trade and we need to know where the money is coming from. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at”. The former RBI deputy governor, R Gadhi said that people may recognize that cryptocurrencies are not currency when they are classified and treated as commodities.
  • IT Giant, Fujitsu, is launching a “Ready-to-Go” blockchain service which will seek to deliver a minimum viable product in just five days. The price for the service will be 9,900. Companies will work with the IT giant for 5 days and then decide if they want the blockchain product developed or if they want to walk away. The firm already holds close to 50 patents on blockchain technology and has numerous blockchain services
  • Binance is reportedly backing a decentralized bank to be launched in Malta. Binance will be acquiring a 5% stake in Founders Bank at a USD$155mm pre-investment valuation. The bank will partner with fundraising platform Neufund to issue equity tokens. Founders bank is attempting to obtain a license from the EU to be officially recognized.
  •  Robinhood is expanding its cryptocurrency offerings and will now include Litecoin and Bitcoin Cash. Additionally, now 17 states can own and trade cryptocurrencies using its platform. Robinhood users have been able to trade cryptocurrencies since February but were limited to Bitcoin and Ethereum. Even though the platform only offers trading on 4 cryptos, users can set price alerts on 16 different tokens.

Sources:

https://money.cnn.com/2018/07/12/investing/robinhood-crypto/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_latest+%28CNNMoney%3A+Latest+News%29

https://www.coindesk.com/binance-exchange-backs-first-ever-decentralized-bank-in-malta/

https://www.coindesk.com/it-giant-fujitsu-is-launching-a-ready-to-go-blockchain-service/

https://coinjournal.net/india-may-treat-cryptocurrencies-as-commodities-rather-than-ban-them/