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Cryptocurrency End of Day Recap

Jul 19, 2018

 

 

  • Switzerland, once called the “Crypto Nation”, has actually been driving away cryptocurrency and ICO activity after increasing the stringency of their regulatory framework.  In 2017 Switzerland was ranked 2nd in the world for volume of ICOs, but so far in 2018 it ranks sixth. To change this, the Swiss Bankers Association (SBA) developed a set of conditions to allow banks to open bank accounts for cryptocurrency firms, something that was not previously allowed. This should alleviate concerns of money laundering and ICO fraud the country previously protected against.
  • A group of researchers from the University of Pennsylvania conducted and published a study on ICO’s.  The study concluded that the promises made by most ICOs in their whitepapers were not kept. The study consisted of surveys of the top 50 ICOs that raised the most money throughout 2017 and found that only 20% of their codes matched the promises made in their whitepapers.
  • The largest cryptocurrency exchange by 24-hour volume, Binance, is celebrating its first birthday today by introducing a new fee structure.  Users currently save 50% on trading fees by using Binance’s native Binance coin (BNB), but as of this upcoming August 20th, only 25% will be saved. Although they are reducing this discount program in August, they are introducing a new tiered fee structure as well, which will go into effect this July 21st. This new tiered structure will consider the user’s BNB balance, and their previous month’s trading volume. More information about Binance’s new fee structure can be found here: https://support.binance.com/hc/en-us/articles/360007480472-Binance-Launches-New-Tiered-Trading-Fee-Discount-Program-and-Adjusts-BNB-Discount-Rate
  • Barclays has recently filed two applications for patents relating to blockchain data storage, and the transfer of digital currencies. The data storage patent aims to use personal information validation techniques like Know Your Customer (KYC) checks to store and endorse data for specific entities. The cryptocurrency transfer patent on the other hand works to securely transfer the digital currencies between two parties, while authenticating both identities and validating the transactions using a digital currency ledger and public-key cryptography.

Sources

https://www.newsbtc.com/2018/07/19/switzerland-to-ease-regulation-for-cryptocurrency-ecosystem/

https://news.bitcoin.com/study-shows-many-ico-protocols-fail-to-match-white-paper-promises/

https://www.newsbtc.com/2018/07/19/binance-is-one-year-old-celebrates-by-announcing-a-tiered-fee-discount-program/

https://cointelegraph.com/news/barclays-files-two-digital-currency-and-blockchain-patents-with-u-s-patent-office