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Cryptocurrency End of Day Recap

Jul 20, 2018



  • Blockchain startup DIRT, has raised $3 million in a seed funding round to create a new structured data platform.  The company calls itself a “blockchain-based Wikipedia”1 and plans to stop the spread of false information by making it “economically irrational”1 to do so. DIRT will use Ethereum’s ERC20 standard to build its platform and related token, in order to organize its crowdsourced plethora of data.
  • In Hong Kong, an association made up of over 100 mainstream media companies have established the Global Media Blockchain Alliance.  This new establishment aims to provide high-quality information about the cryptocurrency and blockchain industry to the public.  It will use a blockchain platform to provide “an open membership entry mechanism for new media.” By using blockchain technology, the company will be able to better crack down on fraudulent information and promote the blockchain industry’s sustained success.
  • South Korea’s financial industry watchdog, the Financial Services Commission (FSC) has established the Financial Innovation Bureau in an effort to improve the relationship between South Korea’s government and the cryptocurrency/blockchain industry.  The Financial Innovation Bureau will initiate policies for financial innovation, and respond to any issues and developments the cryptocurrency industry may bring to regulators.
  • Huobi, one of the largest cryptocurrency exchanges in the world by volume, has launched a new business segment, called Huobi Cloud. Huobi Cloud plans to help clients construct their own digital asset exchanges, developing the blockchain industry around the world.  The initiative is poised to develop Huobi’s global partnerships while sharing the exchange’s experience and expertise with the rest of the industry.