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Cryptocurrency Weekly Recap

Jul 13, 2018

  • The United Nations Secretary-General Antonio Guterres has created a panel which will focus on blockchain technology. The panel is called “High-Level Panel on Digital Cooperation” and will comprise 20 individuals that will focus on the impact of digital technology on global economies
  • Abra, a financial services and technology company that operates a cryptocurrency wallet and exchange app now can buy bitcoin with VISA or MasterCard credit cards and debit cards
  • South Korea is looking to simplify blockchain investing with new legislative changes. The country’s regulators will be introduced legislation that will intend to promote the technology across the nation.
  • 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
  • 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
  • Crypto exchange Cobinhood announced today that it will be supporting fiat trading with the USD$ next week. The firm is working with Epay, an online payment platform that allows users to buy fiat currency
  • New York state is interested in having cryptocurrency miners use its cheap power supply. The state just approved a new rate structure for an upstate utility that will allow miners to run their operations and negotiate their power prices
  • 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
  • IT Giant, Fujitsu, is launching a “Ready-to-Go” blockchain service which will seek to deliver a minimum viable product in just five days
  • 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 Shanghai Stock Exchange is looking to use a distributed ledger technology (DLT) in the securities market. The exchange published a research paper this week, analyzing DLT in the different stages of a security transaction
  • Etoro, the social media-based trading platform is looking to add up to six more cryptocurrencies on its platform. The firm is performing due diligence on six crypto tokens and will likely add four or five tokens.
  • Cryptocurrency related crimes are a focus of a new justice department task force. The new task force consists of the Justice Department, SEC, FTC and the Consumer Financial Protection Bureau
  • 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
  • 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 Litecoin foundation has acquired 9.9% of a German bank, WEG Bank. The deal was announced with TokenPay which transferred the ownership to the Litecoin foundation.
  • Malta based blockchain company, Palladium, is launching the world’s first initial convertible coin offering (ICCO). The launch began yesterday at the Malta Stock Exchange. Palladium’s mission is to provide customers with a unified platform to manage multiple asset classes – both in fiat, and cryptocurrency
  • Ethereum’s co-founder, Joe Lubin said that the layer one of the Ethereum Ecosystem is now established and the rest of 2018 will see “layer two” ramify and mature
  • MyEtherWallet (MEW), has suffered a serious security issue for the second time this year after a VPN service was compromised for five hours. MyEtherWallet is used for storing and sending cryptocurrencies
  • Fan Wenzhong, head of the international department of the China Banking and Insurance Regulatory Commission, said that “we all think blockchain is an innovation with significant meaning – correct. But we shouldn’t mythologize blockchain”.