Cryptocurrency Morning Brief
Jul 25, 2018
- The Iranian’s Blockchain Association has reported that the U.S. Federal Government had confiscated at least 500 Bitcoins (BTC) that belonged to Iranians. There is no definitive reason for the confiscation of the Bitcoins, but it is rumored that it relates to Iranian BTC holders evading U.S. sanctions.
- Bitmart, a global cryptocurrency exchange, has announced that it will be listing its own utility token, called BMX, on its exchange. The BMX token is an ERC-20 protocol token, and there will be 1 billion issued. All transaction fees paid on the BMX market will be redistributed to those who backed the project, and using BMX on the exchange lets users pay a discounted fee.
- BlockFi, a New York-based firm that offers loans utilizing client’s cryptocurrency holdings as collateral, is currency raising $52.5 million in an investment round. Mike Novogratz, a billionaire investor and President of Fortress Investment Group, is leading the fundraising. For the duration of the loan, BlockFi stores the client’s Bitcoin (BTC) or Ethereum (ETH) with a registered custodian, then returns it when the loan is repaid.
- US-based Coinbase is launching a crypto-backed gift card in Europe. Users of WeGift will be able to convert digital assets held in their Coinbase wallet to gift cards. Gift cards from WeGift can be used at over 120 retailers across the UK, France, Spain, the Netherlands and Italy.
- Japan Virtual Currency Exchange Association is suggesting domestic trading platforms limit investors to 4x leverage on their deposits. According to the Financial Services Agency, there are 142,000 crypto traders focused on derivatives a/o CY2017 in Japan, still a small portion of the estimated 3mm crypto traders in Japan. Just as a point of reference, 80%of crypto trading volume in Japan for CY2017 came from derivatives trading, recording USD$543bn - - 90%+ of this amount was from margin traders.
- KT Corporation, South Korea’s largest telephone company, is launching a blockchain commercial network. KT Corp is building a blockchain layer on top of its country-wide network to make it more secure and transparent. This development should help KT customers store and transfer digital assets with “less hacking risk”.
- Coinbase insider trading investigations found that no insider trading took place in Bitcoin Cash (BCH) ahead of its listing on the Coinbase platform. The cryptocurrency platform was investigated for several months by two established U.S.-based law firms, as well as an internal probe.
- Bitfi, a new crypto wallet, has launched claiming to be the first and only wallet that can’t be hacked. It is currently priced at USD$120 and supports Bitcoin (BTC), Monero (XMR), Litecoin (LTX), Ethereum (ETH), NEO and Ethereum ERC-20 tokens such as Docademic (MTC), ENG, OMG, etc.