Cryptocurrency Morning Brief
Jul 17, 2018
- Technology giant IBM has announced its backing of a FDIC-insured cryptocurrency. The cryptocurrency was created by Stronghold, an asset-agnostic global payment network, and is called the Stronghold USD crypto-dollar, or the stable coin. Stronghold will issue and transact its Stronghold USD using Stellar’s blockchain protocol. Stable coins are cryptocurrencies designed to be a coin with reduced price volatility, an adherence to monetary policy, and regulatory compliance. IBM is endorsing this coin and exploring its possible uses.
- Leading bitcoin ATM network CoinFlip announced its plan to integrate the cryptocurrency Dash (DASH) to its network of supported coins which include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tron (TRX), and OmiseGO (OMG). Dash is a digital currency that focuses on e-commerce and global payments. CoinFlip stated that one of its biggest objectives of the Dash integration is to make cryptocurrencies more accessible and adopted by the public.
- Coinbase announced that it has received regulatory approval from the SEC and FINRA to list security tokens. The company received permission to acquire multiple security firms. The firms are Keystone Capital Group, Venovate Marketplace, and Digital Wealth. These firms will permit Coinbase to act as a broker-dealer, alternative trading platform and a RIA.
- BitPay, a global cryptocurrency payment processor, has been approved to receive a BitLicense by NY State’s Department Financial Services (NYDFS). NY-based companies will be allowed accept Bitcoin (BTC) and Bitcoin Cash (BCH) from users globally. BitPay is the 8th company to receive a BitLicense from NY State’s Department Financial Services to go along with Square, Genesis Global Trading, bitFlyer USA, Coinbase, XRP II and Circle Internet Financial. Cryptocurrency companies need to comply with anti-money laundering (AML), know your customer (KYC), anti-fraud, and other cybersecurity standards in order to be given a license by the NYDFS.
- SBI Holdings, a Japanese financial institution, has launched the first bank-backed cryptocurrency exchange. Called VCTRADE, it is currently only available for users who pre-registered with the exchange last October, and are ages 20 to 70. At the moment, only Ripple (XRP), Bitcoin (BTC) and Bitcoin Cash (BCH) can be traded on the platform (in JPY pairs).
- The Korea Housing Finance Corporation (HF) and the Korea Internet & Security Agency (KSIA) recently singed a memorandum of understanding for the development of a blockchain technology backed filing system for their documents. KISA will be consulting HF on the technology and how to use it to digitize their physical documents and transfer them to the online ledger system.