Today’s Highlights: Facebook is reversing its ban on cryptocurrency ads, The U.S. government is seeking to forfeit 4,000 bitcoins ($24 Million), digital money platform Uphold is looking to become a broker-dealer in the U.S. ING says that interest in cryptocurrency is expected to double & Florida is creating its own crypto czar
Editors’ thoughts today:
Editor-in-chief Florin Adrian Oprea (FAO) – Another busy day for me in the beautiful city of Frankfurt. My third day @StartupCrypto School 2018, with discussions about ICO campaign management and token engineering on the agenda, then off to a cool summer party hosted by FinTech Group AG on their beautiful terrace overlooking the Main.
Editor Decebal Nicolaie Todarita (DNT): Facebook made an unexpected move and reversed crypto ads banning…Oh, but wait…the move is not so unexpected as it looks at first sight. In a world with a lot of crypto fans, the social media giant can not ignore the potential advertisers and, of course, the revenues.
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Kurt Wagner – Recode
Facebook is reversing its ban on cryptocurrency advertisements and will now allow some preapproved advertisers to promote crypto businesses and services, like exchanges.
Kevin Costelloe – Bloomberg (subscription)
Bitcoin is a social movement whose popularity splits along geographic lines in the U.S., Nobel economics prize winner Robert Shiller said.
“The East Coast is less into it than the West Coast,” Shiller said. “Silicon Valley is really into it. This to me shows that this is not a rational response to new information.”
Wolfie Zhao – CoinDesk
The U.S. government is seeking to forfeit 4,000 bitcoins that were seized during a crackdown of vendors on darkweb marketplaces – an amount that worth over $24 million as of press time.According to an announcement published by the Department of Justice for the District of Maryland the prosecutors indicted Ryan Farace and Robert Swain, both residents of the state who allegedly manufactured drugs and distributed them through darkweb marketplaces.
Nikhilesh De – CoinDesk
Digital money platform Uphold is looking to become a broker-dealer in the U.S. after acquiring a registered firm called JNK Securities. The company has now filed with the Financial Industry Regulatory Authority for approval of the change of ownership to become a registered broker-dealer.Ultimately, Uphold hopes to offer security tokens, fractional equities and other exchange services under the supervision of SEC and FINRA, as part of its new securities platform.
Valentina Kirilova – Leap Rate
Swarm, the blockchain for private equity, announced the launch of DMN Token representing fractional ownership of a Dash masternode, extending block rewards and voting rights to all token holders. Additionally, investors may now use Dash to participate in all investment opportunities on Swarm’s marketplace.
Wolfie Zhao – CoinDesk
The recently introduced “trans-fee mining” revenue model is starting to change the cryptocurrency exchange landscape, despite some criticism of the method from industry insiders.According to CoinMarketCap, two exchanges have just shot to the top of the 24-hour trading volume rankings after rolling out trans-fee mining for users.
DNT: The exchanges are Singapore-based CoinBene with a 24-hour trading volume that reached $2 billion and Hong Kong’s Bit-Z whitch was close to $1.5 billion. Both exceeded the $1 billion in volume posted by the previous leader, Binance, we learn from the story.
Christine Kim – CoinDesk
The past two weeks have seen two South Korean exchanges get attacked and robbed, sparking commentary and critique among the country’s local cryptocurrency community.
For most, it’s not a matter of tech security – that’s a given for those that care – but rather about the people who operate the exchanges behind the scenes.
Hannah Murphy – Financial Times (subscription)
The number of uses of malware that steals other people’s computing power to generate cryptocurrencies rose more than 600% in the first quarter of 2018 in a sign that cyber criminals are increasingly exploiting the nascent digital currency technology.
Olga Kharif – Bloomberg (subscription)
The meltdown in Bitcoin is weighing on more than the biggest cryptocurrency.Over 80% of 1,586 digital coins Finder.com tracks in a weekly survey decreased in price in the past seven days. The tokens fell 19% on average, Finder.com found in the week ended June 25.
Adam James – Bitcoinist
According to new research from Dutch multinational banking and financial services giant ING, interest in cryptocurrency is expected to double. The interesting findings come from the “Cracking the Code on Cryptocurrency” portion of its sixth annual ING International Survey Mobil Banking. The International Survey spans almost 15,000 people across 13 European countries, in addition to the United States and Australia.
Wilma Woo – Bitcoinist
Ethereum co-founder Vitalik Buterin has openly criticized Blockchain research company nChain’s latest patent award, calling for opponents to challenge it in court. nChain, whose chief scientist Craig Wright claims to be Bitcoin creator Satoshi Nakamoto while heavily endorsing altcoin Bitcoin Cash, received its latest European patent for what it describes as a “digital security invention.”
Angus Loten – The Wall Street Journal (subscription)
Helen Partz – Cointelegraph
IT providers for stock markets and exchanges have been slow to adopt blockchain technology, Nasdaq told The Wall Street Journal. According to a study commissioned by Nasdaq and carried out by financial and technology research firm Celent, the majority of stock-infrastructure suppliers globally are still in the very early stages of exploring benefits of distributed ledger technology.
As virtually everyone in the crypto world knows, one of the most critical and persistent issues plaguing the space is wallet security. The best possible solution to these threats is a hardware wallet, which users have full control over, and this is just what’s being offered by a pioneering blockchain digital advertising distribution hub CryptoAds Marketplace.The platform ensures its customers’ peace of mind by supplying them with a small device that they can store in a safe place or carry with them.
With digitisation transforming the financial services sector in terms of speeding up transactions and fraud detection, the Blockchain technology holds enormous promise of further strengthening the sector, a top official with The National Stock Exchange of India Limited has emphasised.
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Ana Alexandre – Cointelegraph
The Financial Director of Zug, Switzerland, Heinz Tännler called on the Swiss Bankers Association to create a working group to help blockchain companies open bank accounts, local news outlet cash.ch reported. (Ed. Note – link in German)
Muyao Shen – CoinDesk
Florida is set to have its own cryptocurrency czar.The Sunshine State’s CFO Jimmy Patronis, said in a statement that he has created a new position to supervise the state’s cryptocurrency industry. He explained that the new overseer will be tasked with enforcing applicable regulations to protect investors from potentially malicious actors.
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Vincent Launay – Cointelegraph
For crypto maximalists, the idea of banks getting involved in cryptos is contrary to the very principles on which Bitcoin was created. Cryptos are supposed to replace banks, not enrich them. But the reality is that cryptos are not yet ready to take over a financial system that took decades to develop. Whether crypto supporters like it or not, cryptos will have to adapt to existing regulations.
Darryn Pollock – Cointelegraph
If Amazon’s Bitcoin, blockchain and cryptocurrency journey is pretty much mapped out and accounted for, what is the deal with Alibaba, and where do they stand on this revolutionary technology, this new form of money, and this popular digital cash?
Aaron Brown – Bloomberg
The code base is increasing and improving every day as computer science graduates from top schools jump on board.
Kristine Owram – Bloomberg (subscription)
Top-performing fund manager Noah Blackstein is intrigued by cannabis and cryptocurrency companies but says he’ll wait until he can distinguish the winners from the losers before plunging into the emerging sectors.
Billy Bambrough – Forbes
Japan’s economy — which for years has struggled to return to its 1980’s growth levels — could be about to boom once again, thanks to bitcoin, cryptocurrency and blockchain technology.
Kate Rooney – CNBC
Steve Wozniak, who founded Apple with Steve Jobs, says the buzz around blockchain smacks of the over-excitement seen in the dotcom era. “It was a bubble, and I feel that way about blockchain,” Wozniak said. Wozniak said blockchain technology has real potential but, like the internet, could take longer than expected to catch up to its early hype.
Alexa N Green – Bloomberg (subscription)
Foreign operatives looking to interfere with U.S. elections can cloak themselves through cryptocurrencies and other virtual forms of money, a Senate hearing was told. “Foreign parties, state actors and, potentially, others interested in affecting U.S. political processes need anonymity,” said Scott Dueweke, a cybersecurity consultant in Washington, said at a Senate Judiciary subcommittee hearing.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News