Today’s Highlights: Mastercard wins patent for speeding up crypto payments, Goldman Sachs’ new CEO David Solomon is keen on Bitcoin and crypto, Coinbase says it was wrong about SEC approval of acquisitions & Stellar becomes ‘first’ Sharia-certified blockchain for payments and asset tokenization
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Christine Kim – CoinDesk
Kellie Ell – CNBC
Consumers might one day be able to charge their purchases on their credit cards using bitcoin as a currency. Mastercard won a patent to protect a method that would manage “fractional reserves of blockchain currency.” While no products have been brought to market, the technology could speed up blockchain transactions.
DNT: If this will become real, it could be a real boost for transactions with Bitcoin!
Billy Bambrough – Forbes
It’s official — the new chief executive of Goldman Sachs will be the firm’s current chief operating officer David Solomon, who last month said the New York investment bank is looking in to adding further bitcoin and cryptocurrency services to its portfolio.According to Solomon, Goldman Sachs is already offering clients publicly-traded derivatives tied to bitcoin.
Kristine Owram – Bloomberg (subscription)
Cash is king for Canada’s only actively managed crypto fund.The Rivemont Crypto Fund, run by Rivemont Investments, had about 91% of its C$3 million ($2.3 million) of assets in cash as of July 13, with the remaining 9% in Bitcoin, according to its latest weekly update.
Hugo Miller & Patrick Winters – Bloomberg (subscription)
Falcon Bank and Liechtenstein’s Bank Frick are among a very limited number of the 150-plus private banks in Switzerland and the neighboring duchy that have begun offering clients a direct way to invest in the volatile asset class. While Credit Suisse and UBS Group have shied away from crypto, Falcon and Frick are tapping pent-up demand for banking services from Crypto Valley, as the Swiss city of Zug has dubbed itself.
Wolfie Zhao – CoinDesk
Blockchain startup Nervos Network has announced the completion of a $28 million Series A funding round.The company said that major investors in the round included token-focused hedge fund Polychain and venture capital firm Sequoia China, as well as several China-based blockchain startups like wallet services Bixin and imToken.
Lily Katz – Bloomberg (subscription)
Coinbase which said it got the green light from the U.S. Securities and Exchange Commission to move forward with a trio of acquisitions, now says it never got such an endorsement. Nor did it need it. “It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process,” Coinbase spokeswoman Rachael Horwitz said.
DNT: Initially, Coinbase said it got the green light from U.S. watchdogs to move forward with a trio of acquisitions that will allow it to become one of the first federally regulated venues for trading digital coins. Check our yesterday’s edition – Breaking News section, for details about the initial Coinbase approach on this topic.
Olga Kharif & Eric Lam – Bloomberg (subscription)
Cryptocurrencies extended their rebound as Bitcoin traded above $7,500 for the first time in a month, shrugging off security and regulatory concerns that have plagued the digital currency for much of this year. Bitcoin climbed as much as 3.1% to $7,543, according to Bloomberg composite pricing. Rival cryptocurrencies including Ripple, Ether and Litecoin also advanced. Bitcoin remains more than 60% below its all-time high in December.
DNT: At the time of writing, Bitcoin was trading around $7,400.
Aaron Wood – Cointelegraph
Litecoin founder Charlie Lee posted on Reddit to clarify his position within the Litecoin Foundation and the future of the Foundation following its acquisition of a stake in German bank WEG Bank AG. In his post, Lee mentioned the possibility of the bank offering crypto services.
Ana Alexandre – Cointelegraph
Stellar, an open-source platform for distributed payments, is reportedly the first distributed ledger protocol to obtain Sharia compliance certification in the money transfer and asset tokenization field, according to a Stellar blog post.
Joshua Brustein – Bloomberg (subscription)
As the price cryptocurrencies drop, some miners are searching for alternative uses for massive data centers they’ve built.
Marc Hochstein & Ian Allison – CoinDesk
Jen Wieczner – Fortune
IBM is exploring whether a cryptocurrency pegged to the U.S. dollar may be a better option for making payments than other digital currencies, which tend to be volatile.The computing giant is already a pioneer in business applications for blockchain, using the digital ledger technology that underpins Bitcoin to help companies track their supply chains as well as to make international payments more efficient.
Via BC Focus – Ripple appoints Dan Morgan to lead and strengthen European regulatory relations
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William Suberg – Cointelegraph
Bank of America has filed a patent for a blockchain-based system allowing the external validation of data, according to a United States Patent and Trademark Office patent filing. BoA’s patent filing proposes using blockchain for tracking resource information and confirming resource transfers.
Cryptovest – Marin Marinov
South Korea’s Financial Services Commission (FSC) has revealed a plan for restructuring in a bid to foresee market changes and safeguard investors from the challenges that new financial technologies like cryptocurrencies pose. The organizational reshuffle includes a new body that will issue recommendations related to virtual coins as well as a mega-department that will supervise all financial sectors.
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One of the important factors that determine if a blockchain project makes a worthwhile investment is its token economy. When a project is set to hold a token sale, its white paper should specify how it will create a healthy balance between supply and demand of tokens. One that boosts their price.
Jeff John Roberts – Fortune
In 2015, digital payments giant Stripe unveiled a tool for merchants around the world to accept Bitcoin. At the time, Stripe’s news came as further evidence that a cryptocurrency revolution was underway. But this April, Stripe pulled the plug.What happened? According to Stripe COO Claire Hughes Johnson, Bitcoin and other blockchain-based payment services are slow, impractical, and overhyped.
Annaliese Milano – CoinDesk
What constitutes an election? According those backing ethereum competitor neo, just one candidate and two voters.The public blockchain project, whose tokens are valued at over $2 billion by crypto investors, went so far as to claim in a July 4 blog post that it had entered a “new era” in which its token holders will have a say in how decisions on the network are made, but even insiders are skeptical such assertions are little more than rhetoric.
Jillian Godsil – Irish Tech News
DNT: This is an interesting interview with Mofassair Hossain, the head of marketing with CyClean, the very first platform which purchased a company using cryptocurrencies. More exactly, on June 29th, CyClean Platform acquired a 60% share of IMUSIC THINGS LIMITED.
Foo Yun Chee – Reuters
EU regulators hit Google with a record 4.34 billion euros ($5 billion) antitrust fine on or using its Android mobile operating system to squeeze out rivals.
Does crypto hold the key to the ETF market? Kevin O’Leary, O’Shares Chairman, discusses the cryptocurrency market and regulation. With CNBC’s Melissa Lee and the Fast Money traders, Tim Seymour, Karen Finerman, David Seaburg, and Guy Adami.
Tom Lee, Fundstrat, on bitcoin’s key level, as the cryptocurrency has its best day in 3 months.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News