Blockchain Daily News – Edition 249, 12.07.2018
July 12, 2018
Blockchain Daily News – Edition 251, 16.07.2018
July 16, 2018

Blockchain Daily News – Edition 250, 13.07.2018

Today’s Highlights: R3 is considering going public, more than three-quarters of ICOs were scams according to a report, billionaire Steven Cohen invests in crypto hedge fund, trading app Robinhood adds two new cryptocurrencies & OKCoin Exchange launches in US.

Editors’ thoughts today:

Editor-in-chief Florin Adrian Oprea (FAO): Good news and bad news emerge in the cryptoverse today further fueling the roller coaster movements in crypto assets prices. There is a meeting next week, announced by U.S. House of Representatives Financial Services Committee, which we hope can bring more clarity and stability in this space. Elsewhere, rumours about R3 planning an IPO or a sale – not very surprising, considering their recently announced launch of Corda Enterprise and their further plans. Another pretty busy Friday edition  – plenty of stories to keep you occupied over the weekend!

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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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Breaking News

Wall Street-Backed Blockchain Company R3 Weighs IPO, Sale

Olga Kharif & Ruth David – Bloomberg (subscription)

R3 is considering going public, according to people familiar with the matter. The company is speaking with advisers about a initial public offering, although no final decisions have been made, said the people, who asked not to be identified because the deliberations are private. It has also been approached by potential buyers, one person said. Founder and CEO David Rutter, along with R3 investors such as Intel and Bank of America Corp., will decide its course.

Report: More Than Three-Quarters Of ICOs Were Scams

Christine Kim – CoinDesk

About half of the existing crypto-asset market today – numbering some 1,500 – functions on top of an existing blockchain like ethereum, according to a new report. The study from Satis Group, which forms part of a five-entry series analyzing the state of the cryptocurrency ecosystem, explores the state of what it calls “platform networks,” honing on ethereum as well as other blockchains like NEO, EOS and Cardano, among others. Yet for all of the growth around these crypto-assets, the report also came to a troubling conclusion: the vast majority of ICOs launched to date have proven to be fraudulent in nature.

FAO: #veryworrying We definitely need regulation in place.

Deals & Investments

Billionaire Steven Cohen Invests In Crypto Hedge Fund

Katrina Lewis – Bloomberg (subscription)

Billionaire Steven Cohen has invested in a hedge fund focusing on cryptocurrencies and blockchain-based companies, according to a person familiar with the matter. The investment was made through his Cohen Private Ventures, said the person, who asked not to be named because the information is private.

Exchanges & Trading Venues

Crypto Investors Try Forming First Regulated Bank, In Malta

Cindy Wang & Todd White – Bloomberg (subscription)

Binance is seeking to lay the groundwork for a new bank whose owners will be digital-coin investors. The crypto-friendly island of Malta will be home of the future Founders Bank, Binance said, adding that it has taken a 5% stake alongside other anchor investors at a 133 million-euro ($155 million) pre-money valuation, in emailed comments to Bloomberg.

Trading App Robinhood Adds Two New Cryptocurrencies Despite Bear Market

Kate Rooney – CNBC

Stock trading app Robinhood will add litecoin and bitcoin cash to its no-fee app, which already lets users trade bitcoin and ethereum. The company says it topped 5 million users across the entire Robinhood platform, helped by “significant momentum generated over the last several months with the introduction of Options and Crypto.”

OKCoin Exchange Launches In US Offering Fiat-to-Crypto Trading

Wolfie Zhao – CoinDesk

Cryptocurrency exchange OKCoin has launched a branch in the U.S. market offering trading services between U.S. dollars and several major cryptocurrencies. According to OKCoin, the exchange has already launched the new offering and is now accepting USD deposits and withdrawals, as well as trading against bitcoin, bitcoin cash, litecoin, ethereum and ethereum classic.

Crypto Exchange Cobinhood Launch Fiat Trading With US Dollar

Tim Copeland – News BTC

Crypto exchange Cobinhood has announced it is supporting fiat trading starting with the USD from July 20. The exchange, known for its zero-fee trading, is endorsed by U.S. football player Richard Sherman.

Cryptocurrencies

EOS Network Shows Transaction Volume Capacity That Beats Ethereum

Miguel Gomez – Cryptovest

The recently launched EOS network went through some controversy in recent months due to concerns over what is perceived to be a more centralized model of blockchain governance. Despite this, one thing cannot be denied: its transaction volume capacity appears to be holding up to the hype.

Vendors

IT Giant Fujitsu Is Launching A ‘Ready-to-Go’ Blockchain Service

Christine Kim  – CoinDesk

IT giant Fujitsu is launching a new consultancy service that it claims will deliver a “ready-to-go” minimum viable product in just five days. According to The Register, prices for the service start at €9,900 and will include everything from basic introductory lessons on blockchain technology to assessments of the proposed use case and the building of a prototype by day five.

New York To Crypto Miners: Looking For Cheap Power? Let’s Talk

Chris Martin – Bloomberg (subscription)

New Power Rates Approved For Crypto Miners In Upstate New York

Muyao Shen – CoinDesk

A municipal utility provider in New York got the green light from state regulators to create a new set of electricity rates for cryptocurrency miners. The move by the The New York State Public Service Commission was announced, allowing the Massena Electric Department to “allow high-density load customers, such as cryptocurrency companies, to qualify for service under an individual service agreement.”

BitPeople

Via CoinDesk  – Tether hires former Bank of Montreal analyst Leonard Real as Chief Compliance Officer.

Ex-CFPB Deputy to Guide Crypto Firms Through Regulatory Thicket

Robert Schmidt – Bloomberg (subscription)

Raj Date, a former Consumer Financial Protection Bureau deputy director turned venture capitalist is opening a consulting shop to help cryptocurrency and digital banking companies navigate Washington. Raj Date’s new firm, FS Vector, said in a statement that it will focus on regulatory, legislative and compliance issues.

Via Business Insider – Crypto exchange and advisory business bitcoin.com.au has hired Ben Ingram as its new CEO

DNT: Ingram previously worked at accounting and consulting firm Price Waterhouse Coopers, where he was a director in charge of digital strategy. His primary role at bitcoin.com.au will be in the development of crypto-based investment products, the story informs.

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Latest Developments & Agreements

UniCredit Joins European Banks In Launching Live Blockchain-Run Trading Platform

Joe Wallen – Forbes

Pan-European banking services firm UniCredit has been involved in the launch of the first live trading platform run on blockchain technology. We.trade – which is built on the IBM Blockchain Platform and powered by Hyperledger Fabric – aims to provide a more cost-efficient way for companies and banks to trade internationally.

Russian Alfa Bank Successfully Tests Blockchain-Based International KYC Solution

Tanya Chepkova – Cryptovest

Russia’s Alfa Bank JSC has taken part in a successful test of an innovative international blockchain platform aimed to facilitate the global exchange of data on  corporate customers, the bank said in a press release. The new service is based on Corda platform.

Big Advertisers Embrace Blockchain To Root Out Digital Spending Waste

Lara O’Reilly – The Wall Street Journal

Anheuser-Busch InBev, AT&T Inc., Kellogg Co., Bayer AG and Nestle SA are among advertisers that are starting to use the nascent technology to figure out whether their ads are viewed by real people, not computer-generated bots, and how much of their spending is siphoned off by middlemen.

Cartier Owner Richemont Plans To Track Diamonds With Blockchain

Wolfie Zhao & Chuan Tian – CoinDesk    

Richemont, the Swiss luxury goods giant that owns Cartier, is turning to blockchain in a move aimed to bring transparency to its supply chain. Jin Keyu, a renowned economist and an associate professor at the London School of Economics who was appointed by Richemont as a board member last year, said that the luxury giant aims to use blockchain to control all the “parallel markets.”

Regulation

Why India’s Central Bank Doesn’t Trust Cryptocurrencies

Nupur Anand – Quartz India

A month after India’s central bank accepted that it had cracked down on cryptocurrencies without much deliberation, it has finally spelled out the reasons for its uneasiness with bitcoin and the likes.

Australian Bank Bans Use of Home Equity Loans For Crypto Trading

Ana Alexandre – CoinDesk

The Australian Bank of Queensland has banned property buyers from using home equity to buy cryptocurrencies, the Financial Review reported. The Bank of Queensland is reportedly the latest institution to bar credit lines from loans to be used for leveraged purchases or trading of cryptocurrencies.

Events

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Analysis

Kaspersky Lab: $10 Mln In Ethereum Stolen Over Past Year Via Social Engineering Tricks

Markus Kasanmascheff – Cointelegraph

Kaspersky Lab’s security experts have found that cyber criminals were able to steal more than 21,000 in Ethereum (worth around $10 million) through social engineering schemes over the past year, Cointelegraph auf Deutsch reported (Ed. note – link in German).

A Blockchain Phone Is An Interesting Idea Until You Lose It

Jordan Pearson – Motherboard

The idea of carrying around thousands of dollars or, hell, an entire saving account’s worth of cash in a tote bag or back pocket seems even wilder; it’s just too risky.

Other news

The Fight Over Mt. Gox’s Bitcoin Stash

Tom Redmond & Min Jeong Lee – Bloomberg (subscription)

Mark Karpelès learned in June that he’s probably not going to become a Bitcoin billionaire. He calls that good news. If it had happened, he says, he would have been “one of the most hated people on Earth.” He presided over the collapse of Japan-based Mt. Gox—once the world’s largest cryptocurrency exchange—and he’s now on trial in Tokyo for embezzlement and manipulation of records.

Police Seize $1.5 Million In Crypto During FIFA Gambling Crackdown

Muyao Shen – CoinDesk

Local police officials in China seized more than $1.5 million worth of cryptocurrencies as part of a crackdown on gambling during the 2018 FIFA World Cup.

Opinion

Ethereum Co-founder Anthony Di Iorio: Blockchain-Based Wallet Could End Need For Banks

Market Watch (video)

After co-founding the cryptocurrency Ethereum, Anthony Di Iorio founded Decentral, a blockchain hub for decentralized projects. Di Iorio talked to MarketWatch about how a blockchain-based digital wallet could enable anyone to ‘be your own bank.’

 

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News