Blockchain Daily News – Edition 254, 19.07.2018
July 19, 2018
Blockchain Daily News – Edition 256, 23.07.2018
July 23, 2018

Blockchain Daily News – Edition 255, 20.07.2018

Today’s Highlights: 300 year-old UK Barclays files crypto patents, stolen crypto millions paid back for cents on dollar, guaranteed: AIG, Allianz among those taking crypto-insurance plunge, the Vietnamese central bank will suspend the import of cryptocurrency mining hardware & Switzerland seeks to regain cryptocurrency crown

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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

Barclays, 300 Year-Old UK Legacy Bank, Files Crypto Patents

Edward Kelso  – Bitcoin.com

The UK’s Barclays, arguably the most powerful international corporate bank in the world, filed two crypto-related patents this week. The 300 year-old legacy bank gobbled up exclusivity over cryptocurrency transfers and distributed ledger data storage. There appears to be a trend for companies, both in and out of the ecosystem, aiming to lock up the potential of money’s future.

DNT: You know how it’s said: old but gold. UK’s Barclays is aware of the shape of the things to come.

Deals & Investments

Stolen Crypto Millions Paid Back For Cents on Dollar, Guaranteed

Olga Kharif, Brian Louis, Julie Edde and Katherine Chiglinsky – Bloomberg (subscription)

In the staid and buttoned-up world of insurance underwriting, few want to talk about it. You won’t find many ads promoting it or details on company websites offering it. But according to industry insiders, there’s a hot new business that more and more firms are looking to get into: crypto insurance. As cryptocurrencies, and their underlying blockchain technology, slowly gain broader acceptance, some insurers are betting they can avoid the pitfalls. The premiums from insuring such risk can be substantial.

Exchanges & Trading Venues

North Capital To Develop ConsenSys’ Securities Token Trading Platform

Bitcoin Exchange Guide

North Capital Investment Technology, a market-leading provider of technology and brokerage services for exempt securities offerings, has been approached by ConsenSys AG to accelerate the growth of its custodial platform and secondary trading infrastructure.

Japan: Internal Affairs Minister Seiko Noda Denies Involvement In Crypto-Related Gov’t Investigation

Ana Alexandre – Cointelegraph

Japan’s Internal affairs minister has denied her involvement in a government investigation into the operation of a non-registered cryptocurrency exchange, local news outlet the Asahi Shimbun reported (Ed. note – link in Japanese)

Financial Exchange Patent Explores Tamper-Proof Blockchain Bidding

Wolfie Zhao  – CoinDesk

A state-backed financial asset exchange in China’s Chongqing city is turning to blockchain to make online auctions tamper-proof and transparent. According to a patent application revealed  by the China State Intellectual Property Office, the Chongqing Financial Asset Exchange is exploring how to create a system that allows multiple parties to bid for a financial asset over a distributed network.

Messaging Giant LINE’s Cryptocurrency Exchange Begins Global Operations

CCN

Japanese mobile giant LINE has officially launched operations of its Singapore-based cryptocurrency exchange BITBOX with support for 30 cryptocurrencies including bitcoin

Cryptocurrencies

The State Bank Of Vietnam Suspends Import Of Crypto Mining Hardware

Helen Partz – Cointelegraph

The Vietnamese central bank, the State Bank of Vietnam announced it will suspend the import of cryptocurrency mining hardware, according to local news agency Viet Nam News The move followed an official request from the Ministry of Industry and Trade, which suggested a temporary ban of imports of crypto mining machines, the volume of which reportedly amounted to 15,600 units from 2017 to April 2018.

HSBC’s Global Head Of Digital Says The Bank Is “Cautiously Looking” At Crypto Use Cases

Oliver Smith – Forbes

HSBC Wary Of Crypto, Yet Sees Use Cases

Kalina Tekelieva – Cryptovest

The London-headquartered banking giant HSBC is quite familiar with cryptocurrencies, but it prefers to look at them carefully, global head of digital Josh Bottomley told Forbes.

Crypto Markets Experience Slight Dip But Still Hold Weekly Gains

Helen Partz – Cointelegraph

Crypto markets have seen a slight slump over the past 24 hours, but are still holding weekly gains of up to 64% among some of the top ten cryptocurrencies by market cap, according to Coinmarketcap.

If Bitcoin Becomes Digital Gold, Its Market Cap Could More Than Triple, Crypto Analyst Gabor Gurbac Says

CNBC (video)

Bitcoin Could Take A Major Chunk Of Change From Gold, Crypto Expert Gabor Gurbac Says

Keris Lahiff – CNBC

Bitcoin back above $7,000 has crypto bulls believing in the rally again. To one crypto expert, the leading cryptocurrency’s long-term move could be stratospheric.Such a move will be fueled by a maturing crypto market that could lure investors out of physical gold and into “digital gold,” says Gabor Gurbacs, director of digital asset strategies at VanEck/MVIS.

Bitcoin Hasn’t Bottomed Yet, Says Crypto Trader Who Predicted It Could Reach $50,000 By Year’s End

Kellie Ell – CNBC

Was bitcoin’s rally just a short squeeze? Bitmex CEO isn’t convinced  Arthur Hayes, the bitcoin bull who predicted the cryptocurrency would reach $50,000 by year’s end just a few weeks ago, said bitcoin hasn’t bottomed yet.

DNT: Read details about Arthur Hayes prediction – here, Opinion section

BitPeople

Former Presidential Bodyguard George Sax, Has a New Job: Protecting Blockchain

Edward Robinson – Bloomberg (subscription)

A man who used to protect U.S. presidents is now guarding something new – Bitcoin.

George Sax, a former special agent and senior official of the U.S. Secret Service, has joined British cryptocurrency company Blockchain Ltd. as global head of security. Blockchain, manages more than 26 million digital wallets across 140 countries that permit users to buy, sell, and hold digital assets.

DNT: Well, he has a pretty hard job, taking into account there are a lot of security issues related to cryptocurrencies.

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Latest Developments & Agreements

Japanese Telecom Giant NTT Wants To Use Blockchain To Store Contracts

Christine Kim – Coindesk

Japanese telecommunications giant Nippon Telegraph and Telephone may be looking to invent a new contract agreements system based on blockchain technology, according to a patent application. The world’s fourth-largest telecom provider details how it could use the application to store contracts without allowing for documents to be tampered with

Cryptocurrency Trading Platform Blockbid Teams Up With Nugget’s News

Valentina Kirilova  – Leap Rate

Australian cryptocurrency trading platform Blockbid has announced its partnership with Australia’s source for Bitcoin and cryptocurrency education, Nugget’s News. The partnership will not only provide the secure exchange with even greater security but will also see the exchange become the first exchange worldwide to partially outsource their coin auditing.

Regulation

CFTC Official Daniel Gorfine To Congress: Don’t Be ‘Hasty’ With Crypto Rules

Nikhilesh De & Christine Kim  – CoinDesk

The director of the Commodity Futures Trading Commission’s fintech initiative cautioned against what he called “hasty regulatory pronouncements” during a Congressional hearing. The remarks from Daniel Gorfine, director of LabCFTC, were directed toward members of the U.S. House Committee on Agriculture which, as reported by CoinDesk, sought testimony on the issue of cryptocurrencies and digital assets.

You Can’t Ban Math: Crypto Unites To Call Out Clueless Congressman

Madeline Meng Shi  – CoinDesk

In the span of a few hours, it became Crypto Twitter vs U.S. Representative Brad Sherman.

Rep. Sherman – no stranger to controversy among crypto circles – call again for a blanket ban on “buying or mining cryptocurrencies.” Social media observers quickly turned their sights on the California Democrat. Sherman’s declaration led to a boost for the #CryptoCongress hashtag. According to data from Twitter analytics site Keyhole, the hashtag had a reach of over 1 million accounts and more than 2.7 million impressions.

DNT: On Wednesday, at the Congress hearings, Brad Sherman called for Ban on crypto buying and mining – details here, Regulation section.

Switzerland Turns To Regulators to Keep Crypto Projects

Anatol Antonovici – Cryptovest

Switzerland Seeks To Regain Cryptocurrency Crown

Anna Irrera & Brenna Hughes Neghaiwi – Reuters

Swiss regulators are stepping up efforts to halt an exodus of cryptocurrency projects from the country, after two of only a handful of banks active in the nascent sector shut their doors on it in the last year.

Events

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Analysis

Blockchain Could Be A Powerful Tool For Shrinking Pervasive Global Money Laundering

Michael Chang – Entrepreneur

Recent advancements in blockchain, the technology underpinning Bitcoin, Ether and others, have the potential to put an end to a generation’s worth of fraudulent practices that have, for far too long, allowed bad actors to live above the law.

Other news

South Korean Administrative District Builds Blockchain-based ‘Proposal Evaluation System’

Max Yakubowski – Cointelegraph

South Korea’s Yeongdeungpo-gu district has established a “Proposal Evaluation System” based on blockchain to improve the fairness and integrity of administrative procedures, according to a press release (Ed note – link in Korean).

Blockchain Efforts Move Beyond the Hype: ‘This Is Happening Now’

Matthew Leising – Bloomberg (subscription)

There has been more talk in recent years about how blockchain technology can change the world than actual projects showing what it can do.But now, after years of research and development, companies are using blockchain networks to conduct trade finance, track diamonds and prove the provenance of marijuana.

Opinion

Wall Street Exec Mike Novogratz: Crypto, Blockchain Mass Adoption Is ‘5 to 6 Years Away’

Helen Partz – Cointelegraph

Former Wall Street executive Mike Novogratz has recently predicted that mass adoption of crypto and blockchain is “still five to six years away,” Novogratz, CEO and founder of crypto investment firm Galaxy Digital, still expressed confidence that many institutions will come into the industry “in the next two to three years,” claiming that “without that, we will be running in circles.”

Stripe Payments Provider COO Claire Hughes  Says Bitcoin’s Best Use Case is Ransomware

Bitcoin Exchange Guide

Stripe the virtual payment gateway managing company, played a special part in the start of Bitcoin back in 2015. It introduced a new tool for merchants to take the cryptocurrency. Then, last April, the company stopped service immediately. Stripe’s new COO, Claire Hughes Johnson, said  that the reason Stripe discontinued service with Bitcoin was because the Blockchain based company is slow and impractical. She also has her doubts on the everyday use of cryptocurrencies and how practical blockchain technology really is.

 

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News