Blockchain Daily News – Edition 206, 10.05.2018
May 10, 2018
Blockchain Daily News – Edition 208, 14.05.2018
May 14, 2018

Blockchain Daily News – Edition 207, 11.05.2018

We are proudly announcing that Blockchain Daily News became a Media Partner of Crypto Startup School, a summer school jointly organized by The Frankfurt School Blockchain Center and the German Tech Entrepreneurship Center. The event will take place from 25th – 29th of June 2018 on the campus of the Frankfurt School of Finance and Management.

There are prizes too! Participants will be working in groups on their individual ICO projects during afternoon sessions. On the final day of the program, each group is given the opportunity to pitch their project in front of a group of judges. The total prize money of 10.000€, courtesy of Iconiqlab will be awarded to the three best projects as follows: Winner: 5.000 €, Runner-up: 3.000 €, Third: 2.000 €! I will also participate, so it this is the perfect occasion for anybody to meet me in person and also work with me on a demo ICO project.

Tickets can be purchased HERE and because you are a reader of our daily publications, you can use this voucher code NEWS-BCA-CSS2018 for a 10% discount.

Fans’ Section

Cryptocurrency Exchange Upbit Raided By Korean Authorities

Shinhye Kang & Heejin Kim – Bloomberg (subscription)

South Korean prosecutors raided the offices of Upbit. Authorities searched the exchange’s offices according to an official from the Seoul Southern District Prosecutors’ Office, who asked not to be identified citing office policy. She declined to provide further details of the raid, which was first reported by the Korea Economic Daily.

FAO: A possible explanation for today’s “sea of red” – check it out via CoinMarketCap.

Deals & Investments

5 Years Ago, The Stock-Trading App Robinhood Was Rejected By 75 Investors — Now It’s Worth $5.6 Billion

Zoë Bernard – Business Insider

Free Trading App Robinhood Raises $363 Million, Valuation Soars To $5.6 Billion

Reuters Staff – Reuters

Robinhood Aims To Rival Coinbase In Crypto With $363 Million Funding Round

Jen Wieczner – Fortune

Robinhood, the free stock trading app, has raised $363 million in a new investment round valuing the company at $5.6 billion. The Series D round makes Robinhood the second most valuable private fintech startup in the U.S. after Stripe, the online payments company.

FAO: I would gladly want to find out why it got rejected by those 75 investors. Robinhood is moving into cryptos using the same model of a commission-free platform. With the risk of repeating myself: nothing is free…

Wall Street Is Moving Into The Bitcoin Market. So Why Aren’t Prices Rising?

John Detrixhe – Quartz

Wall Street is working its way into the world of bitcoin, with several notable firms announcing this month that they are getting ready to participate in the market. You might think mainstream support for the highly speculative digital asset would give bitcoin and its crypto cousins a boost, as it helps unlock demand from much bigger investors.

FAO: A pertinent question! Read this useful recap of the latest announcements or rumours about Wall Street giants moving into cryptos.

Kodak Blockchain Project Seeks To Raise $50 Million In Token Offering

Gertrude Chavez-Dreyfuss – Reuters

Kodak’s Not-Quite ICO To Launch May 21, As The SEC Cracks Down

Lucinda Shen – Fortune

As U.S. regulators crack down on ICOs and debate how to regulate the burgeoning cryptocurrency space, Eastman Kodak is choosing to not choose. At least, not yet.

Wenn Digital, the company building the blockchain-based image rights platform KodakOne, announced that its much-delayed offering would start May 21. The company is targeting a total raise of $50 million, including about $10 million already raised from two prior pre-sale rounds.

DNT:  Eastman Kodak announced in January that it will launch is own digital currency, called KodakCoin – details here, Cryptocurrencies section.

FAO: This will be fun to watch. Will it become a “Kodak moment”?

New Blockchain Fund With Winklevoss Backing Targets Facebook’s Business Model

Michael del Castillo – Forbes

Facebook looked all but invincible when Ryan Shea cofounded OneName back in 2013 as a way to let Bitcoin users buy and sell the cryptocurrency using their real identities instead of pseudonymous, alphanumeric Bitcoin addresses.

Exchanges & Trading Venue

Bytecoin Team Issues Clarification After Its Wallet Crashed

Bhushan Akolkar – Coinspeaker

Bytecoin network’s instability, which resulted in wallet crash, made the team stay in constant touch with the community issuing necessary upgrades to solve the software bug.

FAO: More news about the “Bytecoin” crisis that broke out recently (check yesterday’s headlines in Exchanges section).

Indian Exchanges Pivot To Crypto-To-Crypto Trading Amid RBI Banking Blockade

CCN

The Reserve Bank of India announced that within three months entities registered with them should stop dealing with cryptocurrencies or companies that deal with cryptocurrencies.This includes banks, mobile wallets, and domestic payment gateways. There was no ban on trading Cryptocurrencies. Instead, not letting banks provide their services to exchanges heavily handicaps them because they will no longer be able to process fiat payments.

Cryptocurrencies

Huawei Poised To Give Chinese Users Easier Access To Bitcoin

Camila Russo – Bloomberg (subscription)

Users of Huawei Technologies’s mobile phones will be able to download Bitcoin wallets on their devices for the first time starting today. Huawei is releasing BTC.com’s Bitcoin wallet in its AppGallery, according to Alejandro de la Torre, BTC.com’s vice president of business operations. The BTC.com wallet will be the first cryptocurrency app offered by Shenzhen-based Huawei. The AppGallery will be pre-installed on all new Huawei and Honor phones and will be rolled out to older devices in the coming months, he said.

Vendors

Ripple Announces Successful US-Mexico Transfers Using xRapid

Simon Golstein – Finance Magnates  

Ripple has released results of pilot runs of its xRapid service. The tests were conducted by sending money to Mexico from the US. According to the press release, financial institutions using the service paid between 40 and 70% less than they usually pay traditional fx providers for the same service.

FAO: Meanwhile Ripple’s lawyers are dealing with class-action suit over its “never-ending ICO” – read more here.

Nvidia Reveals Crypto Sales For First Time And Predicts Big Drop

Jeran Wittenstein – Bloomberg

Nvidia revealed for the first time how much revenue it generated from chip sales to the cryptocurrency market — and said that figure will be much smaller in Q2.

Demand from cryptocurrency miners was stronger-than-expected in the Q1 and translated into revenue of $289 million, Nvidia said. Crypto sales will probably fall by about two-thirds in the current fiscal quarter, the company said.

BitPeople

Crypto Artists Unlock Value With Lambos, Kitties And Blood

Olga Kharif – BlooMberg (subscription)

Last month, Michael Jackson, the venture capitalist and former Skype executive, spent $400,000 on a 10-foot-long neon sign consisting of 42 yellow letters and numbers that make up the blockchain contract address of a crypto-themed work of art called “Yellow Lambo.”

FAO: How would you comment on such a story?

Cryptocurrency Billionaire Tim Draper Is Trying to Split California Into Three States

Polina Noskova & Cara Moffat – Bloomberg

Tim Draper, the billionaire venture capitalist and legend in the world of cryptocurrency, has an idea: Let’s split California into three separate states.

Regulation

Dutch Ministry Develops National Blockchain Research Agenda

Marie Huillet – Cointelegraph

Rob van Gijzel, ambassador of the Dutch Blockchain Coalition, presented a national blockchain research agenda, commissioned by the Dutch Ministry of Economic Affairs and Climate Policy. The Ministry created a designated unit, ‘TopTeam ICT,’ tasked with researching the further development of blockchain across technology, legal issues, economic impact and ethics.

Accelerators & Hubs

Lykke Launches Blockchain Accelerator And Venture Capital ‘Spin-Off’

Annaliese Milano – CoinDesk

Crypto exchange Lykke has partnered with two former executives from IBM and UBS to launch a blockchain-focused accelerator and venture firm. The Zug, Switzerland-based Blockchain Valley Ventures announced that it will offer a variety of services to businesses endeavoring to use the blockchain – including capital investments, ICO and marketing support and token development aid.

Analysis

Crypto “Hedge Fund” Update

Financial Times (subscription)

DNT: Numbers from this week provided by Eurekahedge.

Japan’s GMO Has Mined Over 900 Bitcoins – Hashrate Doubled Last Month

Kevin Helms – Bitcoin.com

The mining operation of Japan’s internet giant GMO has resulted in over 900 bitcoins and 537 bitcoin cash so far, as the company roughly doubled its hashrate last month. Meanwhile, its crypto exchange reported a first-quarter loss after the country’s financial regulator ordered it to improve.

Other news

The Wild West Of Crypto Hacks

Value Walk

DNT: This is an interesting analysis of the history of crypto hacks, especially in the context of the endless discussions about cryptocurrency security.

Blockchain Startup Rare Bits Wants To Be The Cryptocurrency-Fueled Amazon For Digital Goods

Zoë Bernard – Business Insider

The idea that people will spend real money on intangible items is the thesis of Rare Bits, an online emporium that deals exclusively in digitized collectibles. On Rare Bits, you can use cryptocurrencies to purchase virtual items like googly-eyed cats, cartoon “CryptoBots,” and pixelated “CryptoPunks”.

Opinion

The Bitcoin To The Moon Refrain Grows Louder

Lily Katz – Bloomberg (subscription)

One Bitcoin could be worth around $36,000 by the end of 2019, Fundstrat’s Sam Doctor wrote in a report for clients noting that the value of the top digital token could range from $20,000 to $64,000. The researcher’s call was based in part on the notion that improving cryptocurrency mining economics support price appreciation.

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

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News