by Florin Oprea
The initial coin offering (ICO) craze is getting ridiculous. The latest evidence: A cryptotoken called “Useless Ethereum Token” has raised over $40,000 in just under three days.
FAO: We reported about this joke in our Friday’s edition. No seriously, I think somebody should put an end to this.
Caleb Simmons – Huffington Post
Corion, a unified, unregulated, decentralized, mobile cryptocurrency platform operating on the Ethereum Classic blockchain, is underway in its ICO. The offering, which will close on July 30, will pay out between 3-25% bonus to participants, with early birds earning 0.2% daily during the offering and service providers generating between 5-10x more return on existing 0-2.5% coin supply growth in the medium term.
Paul Vigna – The Wall Street Journal (subscription)
Two obscure companies with no sales raised nearly $400 million combined in recent days from outside investors. How did they do it? Via a new, unregulated fundraising method that has no connection to Wall Street and is based in the world of cryptocurrencies.
FAO: We have added this piece in our sister publication FinTech Daily News. The phenomenon has grabbed the attention of the main financial media too.
Pete Rizzo – CoinDesk
In this opinion piece, Rizzo discusses developments in bitcoin’s scaling debate, adding color to the cast of characters involved in the hopes of highlighting essential parts of the disagreement at play.
Michael del Castillo – CoinDesk
CFTC has granted blockchain startup LedgerX its formal registration as a swap execution facility (SEF), making it the second company ever to be granted the ability to trade digital currency derivatives.
Iyke Aru – The Cointelegraph
Another milestone achieved by Blockchain is the testing of Coinfirm’s platform Trudatum by the largest bank in Central Europe, PKO BP.
Yolanda Bobeldijk – Financial News
Ripple has said there are a “few things wrong” with blockchain in its purest form that make it unsuitable for banks requiring privacy and speed.
FAO: Touché! Marcus Treacher (global head of strategic accounts at Ripple): “Every single bank gets a copy of everything, even when it’s encrypted. That is not going to work.”
Jon Buck – The Cointelegraph
In a recent press release, Thomson Reuters announced the formation of a new startup tech incubator designed to help facilitate up and coming technological innovation including Blockchain.
International Business Times
Developed by the Enigma team at MIT, Catalyst aims to be the “glue” between cryptocurrency exchanges, while also extending open source algorithmic trading tools like Quantopian and Zipline for use in the cryptocurrencies ecosystem.
Alyssa Hertig – CoinDesk
It might sound surprising, but for the creator of the world’s fourth-largest cryptocurrency, the project was until recently only a part-time job.
FAO: Charlie Lee left Coinbase last month.
The former CEO of collapsed Bitcoin exchange MtGox heads to trial in Tokyo next week on charges stemming from the disappearance of hundreds of millions of dollars worth of the virtual currency from its digital vaults.
FAO: Oh the never ending story of the missing BTCs of MtGox…
Jordan Bishop – Forbes
Everything checked out: here was a man who had truly become filthy rich from Bitcoin.
FAO: A certain Mr. Smith invested $3000 in BTC in 2010…This kind of stories now appearing on every wall. Not so interesting anymore. At this BTC market cap we could easily fill a daily newsletter dedicated to crypto self-made millionaires, some by mistake…
Mizuho has completed a trade finance transaction between Australia and Japan, digitising all necessary documentation and sharing the data with multiple participants across a distributed ledger.
FAO: Last month Mizuho together with Nomura, Daiwa Securities Group, Sumitomo Mitsui Banking Corporation and R3 have tested a prototype developed using R3’s distributed ledger technology (DLT) platform Corda.
Alyssa Hertig – CoinDesk
Ethereum has created a platform that makes it easy for developers to create nearly any type of smart contract that they want, while bitcoin has been added similar functionality at a much slower pace. But bitcoin developers like Lightning Network paper co-author Tadge Dryja argue there’s a reason for adding smart contract functionality to bitcoin more cautiously.
Wolfie Zhao – CoinDesk
In a joint statement, the Polish National Bank and the Financial Supervision Commission delivered a broad warning against investing in digital currencies, citing price volatility and the risk of fraud. The regulators clarified that cryptocurrencies – it identifies bitcoin, litecoin and ether – are not considered legal tender in Poland.
The Russian Communications Ministry supports launching pilot projects involving cryptocurrencies, even if the experiments do not have a positive outcome, Communications Minister Nikolay Nikiforov said Saturday.
In June, Russia’s Central Bank (CBR) said that it had launched work on creating a national virtual currency.
FAO: Here’s is another piece I picked today about Russia’s crypto progress. Worth reading.
Marcuss – ValueWalk
Asian money is a massive force in cryptocurrency prices.
FAO: Of course. We have more coverage on this, as you already know. Try our website’s Archive.
Channel News Asia
Virtual currencies like bitcoin are assets but bitcoin in itself does not have the fundamental attributes needed to be a currency that could meet modern economic development needs, a Chinese central bank adviser said.
DNT: Interesting point of view..I am in a kind of disagree with it. What do you think?
Frank Chaparro – Business Insider
Cryptocurrencies have been red-hot lately. The price of bitcoin and an ether token, for instance, have been on a tear and are up 121% and 490%, respectively, since April 6.
Mike McGovern, the new head of Investor Services Fintech Offerings at Brown Brothers Harriman & Co, one of the oldest private banks in the US, thinks one blockchain is clearly superior.
Maria Terekhova – Business Insider
Although by this point most major financial institutions are exploring blockchain and distributed ledger technology (DLT) initiatives, and have even built solutions leveraging the technologies, so far these products have languished in a contained testing or proof of concept (POC) environment, and the prospect of taking them live seemed distant.
\Now, however, there are indications that FIs are finally moving beyond the POC stage.
Markets Media – Tim Coates, Synechron
Distributed ledgers might change financial services forever, but for now, financial firms should be prepared to take baby steps for at least a few years, according to experts.
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News