Blockchain Daily News – Edition 185, 05.04.2018
April 5, 2018
Blockchain Daily News – Edition 187, 11.04.2018
April 11, 2018

Blockchain Daily News – Edition 186, 10.04.2018

Fans’ Section

Institutional Investors Incoming? SEC Formally Considering Bitcoin ETFs

Bitcoinist

After shutting down the idea in 2017, the SEC has officially initiated a formal inquiry into the possibility of allowing Bitcoin ETFs via a change to one or more of its rules. According to an official release from the SEC, formal proceedings are set to begin in regards to listing the first Bitcoin ETFs in the United States.

FAO: First effects to be seen after the pressure exercised by some of the financial industry’s global players on SEC (like CBOE the other week) to consider these products.  

ICE Chief Jeffrey Sprecher: ‘We Can’t Ignore’ Bitcoin Trading

Bitcoinist

As institutional investors prepare to officially enter the cryptocurrency market, the New York Stock Exchange may soon list Bitcoin futures contracts.

Jeffrey Sprecher: “There is a trend here we can’t ignore in my mind, so I don’t discount it. People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the U.S. Fed”

DNT: Uh, ohh…Welcome aboard! (as it was expected, of course).

FAO: Told you Sprecher was a patient hunter. I think/hope we shall see a bitcoin futures contract listed on ICE and a bitcoin ETF at NYSE this year.

George Soros Prepares To Trade Cryptocurrencies

Alastair Marsh, Saijel Kishan & Katherine Burton  – Bloomberg (subscription)

George Soros called cryptocurrencies a bubble in January. Now his $26 billion family office is planning to trade digital assets.

DNT: Maybe that’s because he thinks cryptos aren’t a bubble anymore!!? Or maybe because BTC – “The greatest bubble in history” is popping – read a few categories below, in Opinion section, a story on this topic.

FAO: Read today’s first two headlines – would Soros miss an opportunity like this? Of course he preps to enter the cryptoverse, like so many others do…

‘Mature’ Cryptocurrency Market To Draw More Institutional Traders This year, Analyst Says

Laura He – SCMP

The value of cryptocurrencies has plunged more than 50% this year, but some analysts are upbeat the asset class will grow more popular and mature this year, with a gradual increase in trading volume and decrease in volatility.

FAO: Yes! We agree! As daily observers of the cryptoverse we see it steadily morphing into a much more mature trading environment. Add proper regulation and surveillance and we will witness the real BIG BANG – when institutional investors would come to get a piece of the game. In my opinion they are already putting pressure on global exchanges which, in turn, are starting to put a pressure on regulators.

Deals & Investments

Hacked Crypto Exchange Coincheck Sold For $34 Million

Yuji Nakamura & Hideki Sagiike – Bloomberg (subscription)

Coincheck, the cryptocurrency exchange that lost about $500 million of customer deposits to hackers in January, was acquired by Monex Group in a deal that sent shares of the Japanese retail brokerage soaring to a five-year high. Monex’s Katsuya will run the exchange, replacing CEO Wada

DNT: If you want to refresh your  information about the Coincheck hack, just read this BDN Edition, Exchanges & Trading Venues section. Or check our FREE ARCHIVE to find related content.

FAO: I am not a very big fan of this exchange, but anyway, it’s a deal worth reporting. We will keep an eye on Monex to CHECK their further crypto plans and strategy.

CoinList Raises $9.2 Million In First Round As ICOs Boom

Yuji Nakamura & Hideki Sagiike – Bloomberg (subscription)

CoinList raised $9.2 million in an initial round of funding, the company said in a statement.

CoinList, which aims to list deeply-vetted ICOs for institutional investors, has processed more than $400 million in cryptocurrency investments, including Filecoin’s $205 million ICO, in the past seven months, the company said.

FAO: Blockstack was CoinList’s second ICO – more details here.

After Bitcoin Craters, Investor Mike Novogratz Delays Plan For $500 Million Cryptocurrency Hedge Fund

Evelyn Cheng – CNBC

Michael Novogratz, head of Galaxy Investment Partners, has delayed plans to launch what would have been the largest digital currency fund so far.

“We were supposed to launch on Dec. 15, and we paused,” Novogratz said. “I didn’t like the market conditions as a starting point to take other investors’ money.”

FAO: A cautious approach…Good!

$1 Billion Blockchain Fund Launches With Chinese Government Backing

Wolfie Zhao – CoinDesk

A new Chinese blockchain fund has $1.6 billion available to invest in innovative startups – 30% of which is backed by a city government. Dubbed Xiong’An Global Blockchain Innovation Fund, the new initiative was announced at the opening ceremony of a new Blockchain Industrial Park in Hangzhou.

Future Stars?

Have an interesting project/company looking for more visibility? Why don’t you send us more details, and after our review your project might get listed it in this section! Contact us HERE!

Exchanges & Trading Venues

Coinbase Hires Facebook, Twitter Vet Rachael Horwitz As Communications VP

David Floyd – CoinDesk

Cryptocurrency Firm Coinbase in Talks to Become SEC-Regulated Brokerage

Dave Michaels – The Wall Street Journal (subscription)

Coinbase Launching Venture Arm to Invest in Crypto Startups

Lily Katz – Bloomberg (subscription)

Leading US Cryptocurrency Marketplace Coinbase Steps Up Efforts To Expand Business

Evelyn Chang – CNBC

Coinbase is working on ways to expand its business as it tries to stay ahead of the competition.The San Francisco-based company has made a series of announcements that pave the way towards supporting new crypto-assets, while reportedly stepping up its efforts to work with regulators.

DNT: Coinbase is very active these days..Here’s a package with the company’s latest steps.

FAO: Coinbase doesn’t have a choice but to grow, and do it fast. Global exchange players are already looking this way, so Coinbase would need to face a tougher competition in the near future. It’s bringing in reinforcements and also securing new positions elsewhere – like it did in UK for example. Use our FREE ARCHIVE.

Circle Gaining More Clients In Asia, Says CEO Jeremy Allaire

Ben Ng – Ej Insight

FAO: A defense strategy slightly different to the one Coinbase applies, but still a defense strategy nevertheless. After acquiring Poloniex (in February) Circle needs to grow fast to be ready to fight future competition wars in the cryptoverse. It’s using the populous Asian markets to do it.

Winklevosses’ Gemini To Offer Cryptocurrency Block Trading

Olga Kharif & Matthew Leising – Bloomberg (subscription)

Gemini, the digital-asset exchange run by the Winklevoss twins, is introducing a service that will allow investors to make big trades outside of the firm’s order books.

FAO: Another exchange, another strategy. Truth is everybody is getting ready for when the “big guys” will be joining the party…

Spain Readies Dragnet For Crypto Tax Evasion

Todd White & Macarena Munoz Montijano – Bloomberg (subscription)

Spain’s Tax Agency has asked financial firms to turn over names and trading data on cryptocurrency buyers, launching the country’s biggest dragnet yet for potential tax evasion and money laundering using digital coins.

Cryptocurrencies

Dubai Cryptocurrency Firm Denies Alibaba Trademark Infringement

Reuters Staff – Reuters

A Dubai-based cryptocurrency company called Alibabacoin Foundation has rebuffed allegations of trademark infringement brought against it by the giant Chinese online retailer Alibaba Group Holding in a U.S. lawsuit last week.

DNT: Read here and here more details about the lawsuit that Alibaba intended to Alibabacoin Foundation.

Vendors

Crypto-Tracing Software Firm Expands To Cover More Currencies

Olga Kharif – Bloomberg (subscription)

Chainalysis, a maker of anti-money-laundering software, is widening the reach of its products that monitor cryptocurrency trading amid heightened demand for secure transactions.

Hospital CEO Forced To Pay Hackers In Bitcoin Now Teaches Others How To Prepare For The Worst

Berkeley Lovelace Jr. & Elizabeth Gurdus – CNBC

It was a late Thursday in January when hospital administrator Steve Long was notified that his computer systems had just been hijacked by an unidentified criminal group.

The hackers gave Long seven days to pay a ransom — or else.Unfortunately for Long, the criminals had obtained the login credentials of a vendor that provides hardware for one of the information systems used by the hospital, enabling the group to inject malware and encrypt the hospital’s data.

BitPeople

Via Reuters – Novogratz’s Galaxy Digital hires Goldman VP Richard Kim as COO.

Via Bloomberg (subscription) – Credit Suisse banker Brian Wirtz is leaving the bank after five years.

Latest Developments & Agreements

Cryptocurrency Traders Use Old Gold In Drive To Draw Islamic Investors

Andrew Torchia & Bernardo Vizcaino – Reuters

In Dubai’s decades-old Gold Souk, customers from around the world haggle over bangles and necklaces. Elsewhere in the emirate, the region’s top center for gold trade, bullion is playing a new role in financial engineering.

FAO: Ever been in Dubai’s decades-old Gold Souk? Amazing place, you should visit it.

Blockchain Startup Symbiont Teams With Wall Street Legend Ranieri

David Floyd  – CoinDesk

The company founded by the “father” of the mortgage-backed securities market has partnered with blockchain startup Symbiont with the aim of shaking up the mortgage industry.Ranieri Solutions was created by Lewis Ranieri – a former Salomon Brothers bond trader who pioneered the development and use of mortgage-backed securities back in the 1970s – and will now work with Symbiont’s smart contracts platform, Assembly.

Regulation

Crypto Traders Protest Poland’s Tax Decision

Konrad Krasuski – Bloomberg (subscription)

Digital currency traders in Poland are protesting against a government decision to levy a tax on all cryptocurrency transactions, regardless of whether the taxpayer made a profit.

FAO: If I were a Polish crypto trader right now…

India, Pakistan Central Banks Clamp Down On Crypto-Currencies

Abhirup Roy &  Devidutta Tripathy – Reuters

India’s central bank barred banks from having any links to virtual currency dealers, slashing the prices of bitcoin and other cryptocurrencies on local exchanges.

FAO: No comment!

Events

Blockchain Daily News will be among the Media Partners of Malta Blockchain Summit 2018 1-2 November, InterContinental Arena, St. Julian’s – Malta. Check the Press Release HERE to find out more about the event.

Want your event to get more visibility? Send us an email here.

Analysis

Crypto Selloff Driven By $25 Billion Capital Gain Hit, Tom Lee Says

Joanna Ossinger – Bloomberg (subscription)

Selling pressure in cryptocurrencies could ease after tax day.

The mid-April income-tax filing deadline is contributing to crypto’s falling prices as investors who won big betting on the digital tokens sell some of their remaining holdings to pay $25 billion in capital-gains levies, Tom Lee, the head of research at Fundstrat Global Advisors, wrote in a note Bitcoin dropped more than 40% over the past month.

The @Bitcoin Twitter Account Is At the Heart Of Bitcoin’s Big Schism

Camila Russo – Bloomberg (subscription)

Bitcoin and Bitcoin Cash’s most fervent supporters are at it again and Twitter has become a bitter battlefield.

The Era Of Overnight Bitcoin Millionaires Is Fading Fast, A ‘Seismic Shift’ Says Analyst

Aaron Hankin – MarketWatch

The days of overnight bitcoin millionaires are coming to a close. As the price of the No. 1 digital currency continues to fall — declining more than 40% in the first quarter — the crypto hall of fame is fast becoming a hall of shame.

How Blockchain Is Threatening To Kill The Traditional Utility

Chris Martin – Bloomberg (subscription)

If utilities think rooftop solar panels and batteries are bad for business, blockchain should scare the bejeezus out of them.

Other news

SEC Had An Easy Time Busting A Fintech Company And Its Wizard CEO

Matt Levine – Bloomberg (subscription)

Controversial Crypto Company Longfin Says Accounting Firm Has Resigned Amid SEC Investigation

Evelyn Cheng – CNBC

Controversial cryptocurrency company Longfin disclosed in a filing that its accounting firm has resigned from engaging with the company. The news comes one business day after the U.S. SEC said it has frozen $27 million in proceeds from insider stock sales.

Salesforce Working On Blockchain Product, Says CEO Benioff

David Floyd  – CoinDesk

Salesforce is working on a product based on blockchain technology, the cloud computing company’s CEO has revealed.

Opinion

Bitcoin,The Biggest Bubble In History, Is Popping

Janine Wolf – Bloomberg (subscription)

The greatest bubble in history is popping, according to Bank of America.

Bear Market In Cryptocurrencies May Mean More Focus On Blockchain

Kellie Ell – CNBC

The cryptocurrency bear market continues, with the biggest coins all taking a nosedive this year.But as digital coins bottom out, the underlying blockchain technology offers surprising risk rewards, said Brian Kelly, founder and chief executive officer at BKCM LLC, an investment firm focused on digital currencies.

Blockchain Is Not Only Crappy Technology But A bad Vision For The Future

CNBC – post by Kai Stinchcombe originally appeared on Medium

Blockchain is not only crappy technology but a bad vision for the future. Its failure to achieve adoption to date is because systems built on trust, norms, and institutions inherently function better than the type of no-need-for-trusted-parties systems blockchain envisions. That’s permanent: no matter how much blockchain improves it is still headed in the wrong direction.

 

 

FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News