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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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.
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.
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.
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)
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.
Japanese mobile giant LINE has officially launched operations of its Singapore-based cryptocurrency exchange BITBOX with support for 30 cryptocurrencies including bitcoin
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.
Oliver Smith – Forbes
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.
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.
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.
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.
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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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
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.
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.
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.
Anatol Antonovici – Cryptovest
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.
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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.
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).
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.
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.”
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