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Cryptocurrency Morning Brief

Jul 19, 2018



  • Yeongdeungpo-gu, an administrative district in Seoul, South Korea, has created a “Proposal Evaluation System”1 based on blockchain technology. This system aims to improve upon the transparency, integrity, reliability, and fairness of administrative procedures within the district, specifically the evaluation proposal process.
  • Former Chief Strategist for the Trump administration, Steve Bannon, has confirmed his plans of working on his own cryptocurrency tokens. Bannon is an advocate of the cryptocurrency movement, and believes that they can be used as a resistance tool for what he called the “European establishment”2. Bannon is still in talks with investors and hedge fund managers, and he will eventually distribute the coins through his private investment firm.
  • Canadian Bitcoin (BTC) mining firm Hut 8 has reportedly become the “largest publicly-traded”3 mining facility operator by capacity. This comes after Hut 8 announced the completion of their second mining facility. The company purchases its hardware from BitFury and clams that since its first mine was built in December last year, they have mined roughly 1900 BTC.
  • The Big Four accounting firms, Deloitte, EY, KPMG and PwC, announced plans to test a blockchain platform in Taiwan.  They will be working with at least 16 other banks on the platform which will seek verify company transactions with third parties.  They hope that the platform will aid the obtaining and evaluating of audit evidence – a process called external confirmation.
  • CrimsonLogic, an electronic Singapore-backed government service, is launching a blockchain service platform focused on cross-border trade. The platform is called Global eTrade Services’ (GeTS) Open Trade Blockchain (OTB) and will reportedly streamline efficiency, security, and transparency for international trade purposes.
  • In Malta, otherwise known as “blockchain island”, the Malta Stock Exchange (MSE) entered a partnership with cryptocurrency exchange OKEx to develop an institutional grade security tokens trading system. The joint project is called OKMSX and has goals focus on security expertise and client due diligence to become a platform for digital asset exchanges.