Today’s Highlights: Swiss bourse launches cryptocurrency platform, highly-prized domain name Crypto.com has been sold, Binance expects a net profit of $500 million to $1 billion in 2018, IBM has signed a five-year AU$1 billion ($740 million) deal with the Australian government & South Korea’s government officially recognized for the first time the crypto industry.
Editors’ thoughts today:
Editor-in-chief Florin Adrian Oprea (FAO): Today we picked up more reactions after Crudele’s recent NYP article, pertinent reactions we may add, considering….well, read below. Elsewhere – the cryptoverse just received a strong endorsement from Switzerland, as Zurich-based SIX Swiss Exchange announced plans for moving into the crypto space. Mixed feelings coming from the same country since the boss of Basel-based BIS is talking crypto again, you can imagine the rest. Anyway, perfect timing, n’est-ce pas? Plenty of information to digest over the weekend! Enjoy the weekend!
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Ralph Atkins & Philip Stafford – Financial Times (subscription)
Samuel Agini – Financial News
The Swiss stock exchange has announced plans for a digital trading, settlement and custody venue for crypto assets — one of the first moves by a mainstream European exchange to open its doors to digital tokens and securities. SIX Swiss Exchange, part of SIX Group, which is co-owned by 130 banks, said in a statement that it has created an “end-to-end” exchange for digital assets — which could potentially lead to the trading of cryptocurrencies like bitcoin in the future.
FAO: Chapeau! Crypto going mainstream…the cryptoverse is rising right under our eyes.
Neer Varshney – The Next Web
From bankers to academics, Bitcoin has always attracted a loud crowd of naysayers. While most of the skeptics have gradually changed their tune, there’s one singing the same old tale. This offender is NY Post’s John Crudele. In a post published on NY Post he says that Bitcoin may soon be worth nothing. But as is his habit, the post doesn’t comprise of valid arguments or analysis, but mere name-calling and blabbering.
Rick D – News BTC
Here at News BTC we love hearing the musings of dusty old conservatives trying to debase something they know absolutely nothing about. Today we thought we’d share with you one such baseless attack on the protocol that the bankers just love to hate.
FAO: Here are two pertinent responses for John Crudele, after his (lame) article in New York Post the other day. We also had a reaction yesterday. We think Crudele, together with other opinators, should at least try to understand the concept of blockchain and digital assets before stating their minds in the mainstream media…We stopped adding both bullish and bearish opinions in our publications as we consider these kind of opinions are equally intoxicating this nascent market universe; Crudele’s article was a sample of such an intoxication…
Wolfie Zhao – CoinDesk
The head of the Bank of International Settlements has predicted a bad ending for cryptocurrencies, calling for an end to their production in a recent interview. Agustín Carstens took aim at cryptocurrencies and reiterated his belief that they represent “a bubble, a Ponzi scheme and an environmental disaster,” according to a transcript published by the BIS.
FAO: Yeah, look who’s talking…
Jon Russell – TechCrunch
Highly-prized domain name Crypto.com has been sold!Registered in 1993 by Matt Blaze, a professor of computer and information science at the University of Pennsylvania who sits on the board of directors of the Tor Project, the domain has attracted a vast amount of interest as you’d expect given the explosion of crypto in recent years. However, Blaze has turned down all offers.
Lorie Konish – CNBC
If you’re curious about trendy blockchain and cryptocurrency, yet don’t know where to start, there’s good news: Financial firms are making it easier to get some exposure to these investments.However, you could still lose all of the money you put into this volatile space, experts warn.
Cindy Wang – Bloomberg (subscription)
Binance expects a net profit of $500 million to $1 billion in 2018, according to its chief executive officer. First half revenue was about $300 million, Changpeng Zhao said in an interview. Average daily turnover at his venue, which opened a year ago, is roughly $1.5 billion, and Binance now has 10 million users, he said.
Will Hadfield & Edward Robinson – Bloomberg (subscription)
Tanya Abrosimova – FXStreet Follow
Flow Traders NV, he Europe’s largest ETF, based in Amsterdam, has jumped the crypto bandwagon, ignoring skeptical stance of the regulator. The Dutch Authority for the Financial Markets (AFM) has been warning traders, consumers and institutions to stay away from digital assets as they are too risky.
Muyao Shen – CoinDesk
Bittrex and invest.com, a fintech startup based in London, are set to launch a new EU-focused crypto trading platform.The collaboratioN aims to provide cryptocurrency investors with “the ultimate platform to trade cryptocurrency in a safe and secure environment,” according to a press release.
William Suberg – Cointelegraph
Chinese cryptocurrency exchange Huobi has confirmed trading on its new Australian platform. Ten pairs will initially be on offer for Australian dollar, including Bitcoin, Ethereum, Litecoin, Ethereum Classic and Bitcoin Cash.
Wolfie Zhao – CoinDesk
India’s cryptocurrency exchanges were dealt a blow this week when the country’s Supreme Court upheld restrictions on their ability to access bank accounts – and those trading platforms are taking proactive steps ahead of another court date later this month.
Nolan Bauerle, Coindesk, discusses the outlook for cryptocurrencies like bitcoin and the underlying technology.
Elliott Krause – The Wall Street Journal (subscription)
Think of them as the metal detectors of the digital age. Instead of combing beaches for gold, these experts use everything from supercomputers to hypnotherapy to reunite people with their lost cryptocurrency.
Neer Varshney – The Next Web
Syscoin cryptocurrency saw a series of odd patterns on its blockchain on Tuesday. After a detailed investigation, the company has now offered an explanation of what transpired that day.“Syscoin blockchain has not been hacked or compromised in any way,” Syscoin team said in a document sent to Hard Fork. “What took place on [July 3] was a combination of events that made the situation more sensational than it needed to be.”
Hans Lee – Bloomberg (subscription)
Marie Huillet – Cointelegraph
IBM has signed a five-year AU$1 billion ($740 million) deal with the Australian government to use blockchain and other new technologies to improve data security, Bloomberg reports.
DNT: IBM will provide technology such as blockchain, automation and artificial intelligence to Australian federal departments, including defense and home affair, we learn from the story.
Via TechCrunch – Evan Cheng, One of Facebook’s most senior engineers just became Director of Engineering, Blockchain
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Madeline Meng Shi – CoinDesk
A new patent application from IBM outlines a way for developers to catalog coding updates and milestones on a blockchain.The application – entitled “Blockchain For Program Code Credit and Programmer Contribution in a Collective” – was published by the U.S. Patent and Trademark Office.
Baidu, widely dubbed as the Google of China, is going to launch rewards and announce the blockchain layout of their project “Totem” in an upcoming conference on July 18.
Muyao Shen – CoinDesk
The Indian National Congress party, the largest political party in the nation, is accusing the ruling Bharatiya Janta Party of money laundering through bitcoin.INC, more commonly known as the Congress Party, alleged that the BJP was converting “black money” into white using bitcoin in the western state of Gujurat. Further, the party called for the Indian Supreme Court to launch a probe to monitor the investigation.
Anatol Antonovici – Cryptovest
South Korea’s government officially recognized for the first time the crypto industry, releasing a classification of its elements, while at the same time its financial watchdog is about to ease the regulation on the blockchain.The move matches the intention of G20 countries to unify their regulations.
Graham Rapier – Business Insider
The Internal Revenue Service is taking an international approach to cryptocurrency-related crime.In response to a request by the Organisation for Economic Co-operation and Development to reduce tax crime, the IRS formed the Joint Chiefs of Global Tax Enforcement (J5), a coalition between five countries aimed at investigating cryptocurrency crimes, including tax fraud and money laundering.
John Amarri – Japan Today
For experts innovation via ICOs offer a great number of opportunities for disruption across all sectors. But with foundational issues still outstanding in blockchain, it remains to be seen if the technology is ready for widespread use.
Cahill Puil – Asia Times
A unique regional mix of social and economic factors have combined to make Southeast Asia a rapidly developing blockchain technology hub.First there is the region’s under-subscription to its banking network. A 2016 KPMG study showed that only 27 % of the 655 million who call Southeast Asia home held a bank account.
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Liz Moyer – CNBC
Bitcoin fell 3% on Thursday afternoon, along with prices of other cryptocurrencies.Bitcoin bull Tom Lee, the only Wall Street analyst with a price target on it, said he sees bitcoin’s price at $20,000 by the end of the year, though that is $5,000 below his earlier forecast.
Roland Moore-Colyer – The Inquirer
The Pirate Bay has gone on the voyage for digital booty by starting cryptocurrency mining once again.
Why are you doing this?’ ask users. ‘Because we arrrrr,’ says TPB
Olga Kharif – Bloomberg (subscription)
Criminals are stealing more cryptocurrency from exchanges, and that’s driving growth in a cottage industry of services that allows for money laundering of coins, according to a new report.In the first half of the year, more than $760 million in cryptocurrency was stolen from exchanges — nearly three times more than in all of 2017, CipherTrace said in its initial quarterly report on the subject. C
William Suberg – Cointelegraph
The CEO of Russia’s largest state bank Sberbank, Herman Gref said he could not yet foresee governments “yielding their centralized role” in fiat currency creation as part of his comments on cryptocurrency.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News