Blockchain Daily News – Edition 223, 06.06.2018
June 6, 2018
Blockchain Daily News – Edition 225, 08.06.2018
June 8, 2018

Blockchain Daily News – Edition 224, 07.06.2018

Time for your daily blockchain dosis brought to you by Editor-in-chief Florin Adrian Oprea (FAO) & Editor Decebal Nicolaie Todarita (DNT)! 6 hours of our work for 6 minutes of your time! We have read the Blockchain news for you, so scroll down to read the best (STILL FREE) daily newsletter in this industry!

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Fans’ Section

How Big Are Fidelity’s Bitcoin Ambitions?

Avi Salzman – Barron’s

Fidelity, A Household Name In American Investing, Is Plotting A Big Move Into Cryptocurrency Trading

Frank Chaparro – Business Insider

Crypto Rush: Fidelity Hiring DevOps System Engineer to Build Digital Asset Exchange

JD Alois – Crowdfund Insider

Mutual fund giant Fidelity is hiring a “DevOps System Engineer to help engineer, create and deploy a Digital Asset exchange.” The fact that Fidelity is going crypto is just further validation of the digital asset revolution that is taking place.

FAO: Abigail Johnson, Fidelity’s chairman and CEO, kept the promise she made at Consensus 2017 (reported here during our soft launch). The company’s “crypto journey” started last year (more here) by allowing clients to use its website to view their holdings of bitcoin and other cryptocurrencies held through Coinbase.

And while Fidelity is working on an exchange of its own, here comes Jamie again – much more discreet this time. Ok Jamie, “beware” of what?

Warren Buffett And Jamie Dimon On Bitcoin: Beware

Evelyn Cheng – CNBC

Two of Wall Street’s harshest bitcoin critics say investors should remain wary of the cryptocurrency.

“I don’t want to be a bitcoin spokesman,” J.P. Morgan Chase CEO Jamie Dimon said in a rare joint interview with Warren Buffett. “Just beware,“ he said.

DNT: “Beware”, he said …but he should add: ’cause we’re in. Don’t believe it? Then check out FREE ARCHIVE to see the moves made by JP Morgan in cryptoverse lately.

FAO: And while some are still working on plans or strategies or keep themselves busy “yapping” about cryptos, others are moving very fast, quietly…

Susquehanna  Is Way Ahead of Wall Street On Bitcoin

Nathaniel Popper – The New York Times

Susquehanna Is Opening Crypto Trading, Starting With BTC Futures

Ana Alexandre – Cointelegraph

American global trading and technology firm Susquehanna Internationals opening cryptocurrency trading to its clients, initially in the form of Bitcoin futures, the New York Times reported.

Swiss Bank Opens Up to Crypto

Peter Hody – Finews

Regional lender Hypothekarbank Lenzburg is opening the door to crypto and blockchain firms in Switzerland. CEO Marianne Wildi said ”It’s a question of credibility for us, as a bank with a technology-based strategy of cooperating with fintech firms, to work together with the young crypto and blockchain scene in Switzerland.”

FAO: Only a handful of banks in the entire world are “into it” – but Rome wasn’t built in a day either.

Deals & Investments

Coinmint To Invest Up To $700 Million In New York Mining Center

Avi Mizrahi – Bitcoin.com

Coinmint has announced it commenced operations at its newest crypto mining facility in New York. Operated via its wholly owned subsidiary, North Country Data Center Corporation, it is already mining several cryptocurrencies including bitcoin, dash and ether.

Exchanges & Trading Venues

Coinbase Acquires Keystone Capital In Bid To Become A Regulated Broker-Dealer

Kate Rooney – CNBC

Coinbase, Circle Vie To Create Brokerages For Crypto Securities

Lily Katz – Bloomberg (subscription)

Coinbase and Circle are in a race to build the nation’s first regulated venues for tokens deemed to be securities, potentially appeasing watchdogs threatening to rein in the multibillion-dollar market. Coinbase said that it’s buying a trio of firms including a broker-dealer registered with the Financial Industry Regulatory Authority. If U.S. regulators approve, Coinbase will use licenses its obtains to offer customers blockchain-based securities.

FAO: Coinbase also met with officials at the U.S. Office of the Comptroller of the Currency in early 2018 to discuss the possibility of obtaining banking license – more here. Same strategy seems to be followed by Circle, which is in talks (reported yesterday) to become a bank and also wants to register as a brokerage and trading venue with the SEC. This means they are getting ready for any kind of scenario regarding the future legal treatment of cryptos by US regulators.

An Electronic Bitcoin OTC Platform Has Been Built For Institutional Investors

Osato Avan-Nomayo – Bitcoinist  

Jump Trading, a chicago-based firm, has developed a digital bitcoin otc trading platform, which it expects will revolutionize the bitcoin trading arena for institutional investors. Jump Trading’s new platform is a significant upgrade on the usual OTC bitcoin trading paradigm.

FAO: More and more options for institutional players. For example, LMAX announced an institutional exchange last month.

Exclusive: World’s Top Crypto Exchange Binance Sets Up Bank Account in Malta

Marie Huillet – Cointelegraph

Changpeng Zhao, the CEO and founder of Binance, revealed the company has set up a bank account in Malta, in an exclusive interview with Cointelegraph. Binance is currently the world’s largest crypto exchange with $1.47 bln in trade volume, according to Coinmarketcap data.

Ethereum Software Parity To Update After Critical Bug Detected

Rachel Rose O’Leary – CoinDesk

A critical consensus bug has been uncovered in a testing environment used by one of the two principal softwares crucial to the operation of the world’s second-largest blockchain.

Revealed by UK-based Parity Technologies in a blog post, the issue was found to cause those running the software to fall out of sync, meaning others using different software would not recognize their transactions.

Cryptocurrencies

Creating An Unhackable Bitcoin ETF

Crystal Kim – Financial News

Van Eck, SolidX Seek To Launch Bitcoin-Linked ETF

Reuters Staff – Reuters

Asset manager Van Eck Securities Corp and blockchain company SolidX Partners plan to launch a bitcoin-linked investment product that could be traded as easily as a stock, the two companies said in a regulatory filing.  The exchange-traded product, called VanEck SolidX Bitcoin Shares, will be insured against theft, fraud and loss of access to the currency, according to the filing, which is subject to a review by SEC.

FAO: Will they succeed this time?

Privacy Crypto ZenCash Hacked in 51% Attack

Cali Haan – Crowdfund Insider

ZenCash, a privacy coin and fork of ZClassic, which is itself a fork of ZCash, has been hacked. Stolen coins sold on exchanges shortly thereafter may have netted around $550 000 USD.

Where’s EOS? Rival Groups Now Competing To Launch Official Blockchain

Brady Dale – CoinDesk

The ongoing blockchain launch for the hotly anticipated token project EOS is becoming a bit more complicated. No, this isn’t the product of a hard fork, whereby users weren’t able to work out their differences. In the case of EOS, its blockchain, set to launch over the weekend, still hasn’t even been created.

Vendors

SAP Latest Enterprise Player To Offer Cloud Blockchain Service

Ron Miller – TechCrunch

SAP  announced it was making the SAP Leonardo Blockchain service generally available. The latter is a cloud service to help companies build applications based on digital ledger-style technology.

They join other enterprise companies like Oracle, IBM, Microsoft and Amazon who have previously released blockchains services for their customers.

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Latest Developments & Agreements

Banks Turn To Blockchain To Speed Up Indian Internal Trade Deals

Rahul Satija & Anto Antony – Bloomberg (subscription)

Fourteen local banks have signed up for the India Trade Connect consortium, which hired the Bengaluru-based software firm Infosys to develop a blockchain platform for loans that back trade transactions within India, according to Abhijit Singh, head of technology at ICICI Bank one of the consortium’s founders.

DNT: According to the story, these banks are responsible for about half of India’s internal trade and want to introduce blockchain technology in order to speed up processes and reduce hurdles to approving new loans.

Thailand Trials Central Bank Digital Currency For Interbank Settlement

Wolfie Zhao – CoinDesk

Bank of Thailand is eyeing the adoption of blockchain technology in its interbank clearance and settlement system. In a speech, central bank governor Veerathai Santiprabhob indicated that developing a wholesale central bank digital currency is currently in the pipeline as part of the country’s wider efforts in trialing blockchain technology in various sectors.

Regulation

FAO: Looks like the SEC’s chief, Jay Clayton, was out at a conference and was, at some point, discussing cryptos too…let’s check some of the reports.

Shady ICO Issuers Are Taking ‘Bags of Cash’ To Border, U.S. Says

Matthew Leising & Nick Baker – Bloomberg

SEC Chairman, Jay Clayton, said companies raising money through digital-token sales shouldn’t have any illusions that the government will treat them differently than firms participating in traditional stock offerings. He added that the market deserves close attention because the SEC has already seen examples of fraudsters fleeing the country after persuading U.S. investors to back their ICOs.

SEC Director Brett Redfearn ‘Underwhelmed’ By Rate Of Cryptocurrency Exchanges Self-Reporting

Kate Rooney – CNBC

SEC has made it clear that ICOs are securities and that exchanges trading those assets need to register with the agency but one director says he is surprised by the lack of self-reporting.

“We’re underwhelmed by the enthusiasm for coming within the regulatory structure right now,” says Brett Redfearn, SEC Director of division of trading and markets.

FAO: Now you can explain the reports of Coinbase and Circle planning to register with the SEC…

SEC Chief Jay Clayton Says Agency Won’t Change Securities Laws To Cater To Cryptocurrencies

Kate Rooney – CNBC

The head of the SEC made it clear that the agency won’t be bending the rules for cryptocurrency when it comes to defining what is or what isn’t a security.

“We are not going to do any violence to the traditional definition of security that has worked for a long time,” SEC Chairman Jay Clayton said.

DNT: I’m going to be malicious today:  the law of talion (lex talionis) also worked for a long time and eventually it was changed…The word that brings change, in a good way, is progress.

FAO: That’s quite “trenchant”, to put it mildly. Never say never, Mr. Clayton…Are you sure you know what you’re discussing here?

Events

18-19 June 2018, New Delhi, India – our Publisher and Editor-in-chief, Florin Adrian Oprea (FAO), is invited to speak at the 6th Annual Meeting of The Growth Net, 18-19 June 2018, at the Taj Diplomatic Enclave, New Delhi, India. Join him for a constructive debate about the impact of blockchain technology beyond the use of cryptocurrencies. Being a reader of our daily publications you now have the opportunity of buying discounted tickets – more HERE (do note that a significant discount is applied!).

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25-29 June 2018, Frankfurt, GermanyBlockchain Daily News is 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.

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.

Analysis

The 10 Largest Companies In The World Are Now Exploring Blockchain

Michael del Castillo – Forbes

Love it or hate, the biggest companies in the world just can’t ignore blockchain any longer.

Other news

Ex-Ant Financial Execs Hitters Xu And Robin Zhong Are Building A Google For The Blockchain World

Owen Guo – Tech In Asia

Startup Nebulas is doubling down on the technology. If successful, it could upend business models and redefine how the Internet works. Nebulas is one of many companies working on a next-generation blockchain. There’s EOS, NEM, IOTA, Zilliqa, and others. But Nebulas’ take on it is certainly unique. Nebulas’ first solution is called Nebulas Force,  which allows for unprecedented forkless development and smart contract upgrading in its blockchain.

India’s Biggest Cryptocurrency Scam Gets Murkier And Murkier

Sushma U N – Quartz

Opinion

Clearing Executives Remain Skeptical On Blockchain

Hamad Ali – Waterstechnology

Executives from major central counterparty clearing houses say they are investigating the applications of emerging technologies such as AI, the cloud and distributed-ledger technology, but some remain unconvinced that they’re the silver bullet for process inefficiencies that many often claim.

FAO: What should some of them be skeptical about is the future of their jobs in the event of blockchain adoption…

 

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News