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Cryptocurrency Morning Brief

Jul 18, 2018



  • Bank of America (BoA) has recently filed a patent regarding a system to allow the external validation of data using blockchain technology.  The patent cites the need for “providing a more accurate indication of a user’s financial standing by allowing external validation of data in a process data network.”1 This comes after another BoA patent filing for a blockchain-based storage system in April; BoA now has 45 live patents concerning the uses blockchain technology.
  • Two Congressional committees will hold hearings on cryptocurrencies tomorrow.  House Committee of Agriculture will focus on the emergence of digital assets while Financial Policy Subcommittee will examine whether the United States should consider cryptocurrencies as money. The hearing’s objective was detailed in a memo to “evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash.”2
  • Wells Fargo has filed a patent for a system that would protect data by tokenizing data. All types of data elements, graphics, documents, database values, etc., would be located, accessed, and secured by use of tokenization.  The tokenization would use encryption methods so that only the owner of the data could access it using an authenticated digital signature.
  • Coinbase retracted its statement yesterday that it had received regulatory approval to list security tokens.  Coinbase reported last week that after acquiring firms Keystone Capital Corp., Digital Wealth LLC, and Venovate Marketplace Inc., it would be able to act as a broker-dealer, which Coinbase is now saying is not true.  The approval process for these acquisitions were not in fact approved by the SEC.
  • Three Bitcoin (BTC) mining firms in China have joined the list of “unicorns” – private companies which are valued over USD$1 billion. The firms Bitmain, Canaan Creative, and Ebang, are the first firms fully devoted to Bitcoin to be added to the Greater China Unicorn Index. Bitmain concluded a Series B funding round valuing the firm at approximately USD$10.4 billion before a potential initial public offering (IPO). Canaan and Ebang have also filed their own applications to IPO on the Hong Kong Stock Exchange.