Cryptocurrency Morning Brief
Jul 13, 2018
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- Hedge fund manager, Steve Cohen, has recently invested in the crypto asset hedge fund Autonomous Partners. Cohen invested in the fund using his vehicle called Cohen Private Ventures. The fund has also raised money from Union Square Ventures and Coinbase CEO Brian Armstrong. Currently there are over 250 crypto-only hedge funds and it is estimated that USD$5bn has been raised.
- Trading platform Robinhood is looking to win the cryptocurrency exchange war by killing trading fees. There are currently no exchange fees to trade cryptocurrencies on Robinhood’s platform which is consistent with its business model for stocks and options trading. The firm’s goal is to get users onto its platform via crypto and make money collecting interest on their cash and securities held in their accounts or their Gold membership offering. Robinhood does have one large competitor and that is Cash App which has 7 million users who can purchase Bitcoin in 47 states. Robinhood currently offers Bitcoin, Ethereum, Litecoin, and Bitcoin Cash trading in under 20 states.
- OKCoin cryptocurrency exchange has launched a US offering in fiat-to-crypto trading. The exchange is now accepting USD$ deposits and withdrawals and pair trading with BTC, BCH, LTC, ETC, and ETC. The firm registered with the US FinCEN as a money service business. Currently, the USD-crypto trading is limited to California residents. OKCoin was one of the largest exchanges in China before the country’s trading ban.
- The Guangdong Provincial Public Security Department shut down a gambling platform that had USD$1.5bn in cryptocurrency bets related to the World Cup. The platform accepted bets in BTC, ETH, and LTC. The gambling operation reportedly had a following of over 300,000 members and 600+ cryptocurrency wallets
- Singaporian mobile app, JiojioMe launched a new app fueled by blockchain technology and users can set up their wallets to receive their rewards in JCASH, the platform’s token. The app incentivizes user engagement and allows users to earn rewards via interaction. Users can customize their ad preferences and choose which ads they would be willing to see.