Today’s Highlights: CLS, IBM and banks test blockchain app store, Pantera Capital Management has generated returns of over 10,000%, since its inception, CME Group CEO Terry Duffy says crypto futures expansion won’t happen soon, Poloniex Exchange to delist 9 coins under new rules & Lattice 80 launches crypto index.
Editors’ thoughts today:
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Anna Irrera – Reuters
FX settlement provider CLS, IBM and nine financial institutions, including Barclays and Citigroup are testing a platform to access blockchain-based applications, the companies said. The platform, LedgerConnect, will offer applications and services provided by different vendors in areas such as customer compliance checks, sanctions screening and collateral management, the companies said.
Deyana Laguna – Cryptovest
Crypto-oriented investment firm Pantera Capital Management has generated returns of over 10,000%, since its inception five years ago. The San Francisco-based company revealed the results in a Medium post. The co-chief investment officers Joey Krug and Dan Morehead, who is also CEO, said:“The Fund’s lifetime return is 10,136.15% net of fees and expenses.”
Brian Louis – Bloomberg (subscription)
CME Group CEO Terry Duffy said that in his nearly four decades in trading, Bitcoin futures “might have been the most controversial launch of a product” and he reiterated the company’s not in a hurry to list more cryptocurrency-related contracts.
“I will not just put products up there to see where they’re going to go,” Duffy said. “I will take a wait and see approach with Bitcoin for now.”
FAO: How about next year? What if Nasdaq and/or ICE are moving in with altcoins futures? BTW – read below…
Julie Verhage – Bloomberg (subscription)
Melanie Kramer – Bitcoinist
Nasdaq inc’s SMARTS trade surveillance technology is now employed by five cryptocurrency exchanges, according to reports. Last week it held a closed-door meeting to help improve the profile of cryptocurrencies in global markets.
Marin Marinov – Cryptovest
One of the major cryptocurrency markets, Poloniex, announced the first list of nine digital coins that will be taken down from the trading platform after the exchange owner, Circle, recently implemented new asset framework. All coins, namely FLO, FLDC, XVC, BCY, NXC, RADS, BLK, PINK and RIC reacted with big decrease in prices.
Osato Avan-Nomayo – Bitcoinist
Iran might soon take a page out of Venezuela’s playbook by launching its own state-issued cryptocurrency. The move is occasioned by the fact that the country is set to come under renewed economic sanctions from the US.
London-based fintech hub Lattice 80 has launched a Crypto Asia Index to help institutions and Asian retail investors better understand the market.
Muyao Shen – CoinDesk
Karma is real. Just as the crypto community was – not so secretly – displaying its joy over Facebook’s historic stock loss, bitcoin’s price took a surprising drop below $8,000. A reaction to the news that bitcoin ETF, one proposed by brothers and co-investors Tyler and Cameron Winklevoss, had been rejected for the second time, it was viewed as another blow to the market.
Money management firm VanEck has responded to the SEC’s concerns over bitcoin ETFs in a letter to the regulator made public on the agency’s website. Addressed to Dalia Blass, director of the SEC’s division of investment management, the letter tackles the five points of order from the SEC’s previous communication with the industry, namely: valuation, liquidity, custody, arbitrage, and potential manipulation.
Bhushan Akolkar – CoinSpeaker
HitBTC becomes the first to list one-of-a-kind crypto EUR to crypto USD pair, which now goes for a live trading.
Edward Kelso – Bitcoin.com
The Securities Commissioner of South Carolina dismissed its previous order of nearly half a year ago against Genesis Mining. It’s rare, and some say this is a first for the state, as the Commissioner hasn’t previously withdrawn such an order. The company plans to resume services in the United States as a result. The case also might mark a turning point in such for firms beginning to fight back against regulators.
Anna Hirtenstein – Bloomberg (subscription)
Julio Gil-Pulgar – Bitcoinist
As bitcoin mining becomes more expensive and is criticized as being detrimental to the environment, several initiatives are being put forward to reverse this situation. The latest move comes from Brookstone Partners, which involves building a 900-megawatt wind farm in Morocco dedicated to mining bitcoin.
Via Bitcoin Exchange Guide – Former Goldman Sachs hedge fund manager Benedicte N. Nolens, switches to Circle’s crypto trading firm
John Detrixhe – Quartz
Crypto Twitter is rallying behind a sympathetic watchdog at the US SEC. Not long after commissioner Hester Peirce dissented from the agency’s rejection of a bitcoin ETF, her count of Twitter followers soared.
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Viren Vaghela & Donal Griffin – Bloomberg (subscription)
Retail punters now have another way to make risky wagers on cryptocurrencies.
CMC Markets a London-based brokerage controlled by Peter Cruddas, has joined rivals including Plus500 and IG Group Holdings in allowing amateur investors to make bets on Bitcoin and Ethereum.
DNT: Retail traders can use contracts-for-difference, a form of derivatives largely banned in the U.S., and borrow funds to inflate the size of their bets, the firm said in a statement, according to Bloomberg.
Yolanda Bobeldijk – Financial News (subscription)
Helen Partz – Cointelegraph
Forex exchange settlement giant CLS is in the final stages of testing its blockchain payment service for banks, Financial News reported. The service is reportedly set to be launched later this summer, with at least seven banks expected to sign on to the system in the early months.
Helen Partz – Cointelegraph
UK-based service TransferGo has reportedly become the world’s first remittance operator to offer crypto trading, Bloomberg reported. TransferGo now lets customers buy and sell five major cryptocurrencies –– Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. According to TransferGo CEO and founder Daumantas Dvilinskas, the crypto trading option was launched “in response to demand from our user base”:
Rachel Evans & Carolina Wilson – Bloomberg (subscription)
The U.S. SEC again denied an exchange’s request to list a cryptocurrency ETF run by Tyler and Cameron Winklevoss, steepening the odds that any of a clutch of similar proposals will make the grade. The SEC decided to reject the rule change needed for the Winklevoss fund to start trading after reviewing a March 2017 decision, which came to the same conclusion.
Elizabeth Dexheimer – Bloomberg (subscription)
Bill Huizenga, a key member of the House Financial Services Committee wants to see lawmakers focus next year on oversight of the “muddied and fairly opaque” markets for ICOs and trading digital tokens.
Nathaniel Popper – The New York Times
Hedge funds go to the Cayman Islands to incorporate. Big companies are generally domiciled in Delaware. And online poker companies often set up their bases in Gibraltar and Malta. Now the race is on to become the go-to destination for cryptocurrency companies that are looking for shelter from regulatory uncertainty in the United States and Asia.
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Daniel Roberts – Yahoo Finance
Suddenly, cryptocurrencies are rebounding — fast. The timing is auspicious for New Wave Capital, a San Francisco firm launching on Thursday that touts itself as the first crypto robo-advisor. The premise: Cryptocurrency portfolio investing for regular people—that is, not just accredited investors, who typically must prove a minimum income of $200,000 or net worth of $1 million.
Colin Harper – Bitcoin magazine
Google just nixed any app that mines cryptocurrencies from its Play Store. With a recent update to the store’s policies, the tech monolith rewrote its stance on cryptocurrency apps.
“We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency”.
The Dubai International Financial Centre (DIFC) Courts have partnered with Smart Dubai to create the world’s first Court of the Blockchain. Building on existing dispute resolution services, the alliance will initially explore how to aid verification of court judgments for cross-border enforcement.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News