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Last week Crypto news today #31

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We hope that everything is well and you are keeping safe. The uncertainty around COVID continues with people predicting 1930 depression style downturn. Others are hopeful that most of the jobs will be replaced once everything goes back to the normal.  

No one knows when that ‘normal’ will return or how it will look.  

Turning to the Crypto side of things – Bitcoin saw a major flash-crash on May 9th who some are pointing to a whale dump (purportedly $100 Million dollars worth). Reasons aside, Coinbase yet again goes offline as soon as the crash presented a buying opportunity.  We were able to open an MCO account within minutes and wrote about it: Coinbase screwed up again – we switched to Crypto.com [MCO].

The flash crash was an excuse for the Reddit community to unleash the meme army. And so, Bart returned to the Bitcoin meme land.  For those of you who don’t know what this means – check this out.

Bart returns to bitcoin!!!

Let’s get back to the news from the blockchain and crypto space.

Veteran Wall St. Investor Paul Tudor Jones endorses Bitcoin

Of course, the big buzz this week was about Paul Tudor Jones’s endorsement for Bitcoin. Paul called Bitcoin the ‘fast horse’, however, he is not directly buying physical bitcoin. He will be dealing with Bitcoin futures, which is still a significant endorsement coming from the traditional capital market side.  Paul is well respected on the Wall St. and is a well known figure. This endorsement will certainly put asset managers on the notice since investors don’t want to be left behind on a lucrative investment opportunity, especially something that was openly endorsed by someone with Paul’s cadre. Forbes reported “The best profit-maximizing strategy is to own the fastest horse,” Jones, the founder and chief executive officer of Tudor Investment Corp., said in a market outlook note he entitled ‘The Great Monetary Inflation.’ “If I am forced to forecast, my bet is it will be Bitcoin.”

72 Billion in equities to move to Axcore Blockchain 

The Options Clearing House (OCC) has signed a deal with Axoni to move $72 Billion equities under its deal to the blockchain and hopes to give greater control of market data to each investor directly.  This move is also expected to help reduce the auditing efforts since the data will all be vetted by the blockchain live.  Forbes reportedThrough a deal signed with New York-based Axoni, the upgraded stock-lending platform, which now has $72 billion in equities on loan across the Americas, will see each participant in a deal run their own nodes on the Axcore blockchain, giving them direct access to the same pool of data in real-time, instead of having to rely on a series of time-consuming messages asking for and receiving data.”  

Telegram update: Free TON community launches TON Crystal token

Given the court case and all, Telegram Crypto project has hit a roadblock.  That has not stopped the community from creating a new project called Free TON.  This project will have its own token called TON Crystal.  “Since we believe in freedom of speech, in information sharing, and in free software, we have decided to give the power back to the community and unanimously proclaim the launch of the Free TON blockchain and the Free TON Crystal (or TON for short) as its native token,” reads the Free TON page. About 150 companies and individuals have already signed the Declaration of Decentralization.  The project already has 2358 validators at the time of this writing against the minimum of 300.  The project was unveiled live on YouTube, for those of you who are interested in watching that event, below is the video.

The Launch of Free TON

Hi all, we are going to start at 14.00 CET. Please take your seats! Livestream starts at 41:48. See also: Free TON website: https://freeton.org Blockchain Ex…

Chiliz and UFC announce Global Partnership

Blockchain based fan-engagement platform, Chiliz, has entered into an exclusive partnership with UFC.  Chiliz will use its voting and rewards app Socios.com on this partnership.  The announcement disclosed that “Socios.com has partnered with major soccer clubs including FC Barcelona, Juventus, Paris Saint-Germain,  Atlético de Madrid, Galatasaray, AS Roma, CA Independiente and esports giants OG to produce club-branded digital assets known as Fan Tokens. Using Chiliz $CHZ, the cryptocurrency that powers Socios.com, Fan Tokens can be bought and sold via the app’s Marketplace or via the world’s first cryptocurrency exchange for sports & entertainment, Chiliz.net. Fan Tokens give the owner the right to vote in club-designated polls and earn once-in-a-lifetime experiences.”

CoinLinked to enable users to purchase any product from any website

A project launched by Wall St. Veteran, Jenny Q. Ta, called CoinLinked will give crypto-holders the ability to buy any product from any ecommerce website in the world.  The press release notes “Our aim is to grow the crypto industry by connecting the traditional marketplaces of today with the digital currencies of tomorrow,” said Jenny Q. Ta, CEO and Founder of CoinLinked. “We’ve designed this platform to vastly simplify the spending of digital assets, making the buying process smoother, faster, more intuitive, and more convenient for today’s crypto-holder. By combining a simple and efficient drop-shipping solution with a robust rewards system, the evolution of Social Networthing® takes on a whole new meaning. Especially in light of this new world we’re entering due to COVID-19, we’re streamlining the entire e-commerce process for people who want to move away from the dangers of spending or holding physical currency and want to purchase essential or other goods with crypto-payments.” 

3 blockchain projects partners with Telangana, India on Blockchain Accelerator 

Telangana Blockchain newsMatic Network, Harmony and æternity have entered into partnership with T-Block Accelerator, an initiative of Telangana Blockchain District. “A first-of-its-kind public blockchain accelerator organised by Telangana government and Tech Mahindra and run by IBC Media, an innovation management company, T-Block Accelerator is aimed at startups that have a strong blockchain use-case; thereby accelerating the startup growth and therefore contributing to the growth of the overall industry,” according to the news.

Thank you for reading and sharing this article. Stay safe and healthy!

If you want to follow the blockchain and cryptocurrency adoption trajectory – you can check the crypto news chronicled from 2017 to date here.

Bart Image Source: “El Barto” by LudvigVonConrad is licensed under CC BY-SA 2.0 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Crypto News

Crypto News Today #53

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A rather slow week in the crypto space.  

Bitcoin on track to $100,000 by 2025

A Bloomberg report titled “Bitcoin Trend, Adding Zeroes” predicts that $100,000 by 2025 is on track.  “Bitcoin could continue doing what it has for most of its nascent existence, appreciating in price on the back of increasing adoption, but at a slower pace as we see it. The first-born crypto has had a tendency to add zeros to its price from around $10 in 2011. It took about four years to go from $1,000 to $10,000 in 2017, so doubling that time frame for maturation could get the price toward $100,000 in about five more years. Or the new technology could fail, but our demand indicators are positive. With the exception of stable coins, the rest of the crypto market is subject to excess supply and competition,” report read.

Another company joins the $100 Million Bitcoin club

Stone Ridge created a subsidiary called New York Digital Investment Group (NYDIG) to act as the custodian of its own customers bitcoin.  The move was prompted by the growing demand from customers who were willingly investing 1% to 5% of their portfolio in Bitcoin.  Forbes reported that “Stone Ridge Holdings Group revealed NYDIG is acting as custodian of 10,000 of the parent company’s bitcoin, valued at $115 million at today’s price.” “The two largest funds currently managed by NYDIG are the $190 million Institutional Bitcoin Fund LP, disclosed in regulatory documents in June and the $140 million Bitcoin Yield Enhancement Fund LP disclosed in May,” the article revealed.

Coinbase lost 5% of its workforce, got over 1000 requests from FBI

coinbase best exchangeAbout 5% of the workforce left Coinbase due to its ‘no politics at work’ stance. At the same time, it has allegedly received more than 1000 requests from agencies, mainly FBI, regarding crypto transactions. While these news are unrelated – Reddit and other social media channels are flaring up with anarchists rhetoric calling crypto users to move away from the capitalists Coinbase. We are indifferent on the matter.

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

 

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Crypto News

Crypto News Today #52

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On ramps are being built to pave the world’s businesses to the blockchain. Latest in this trajectory is EY, one of the world’s big 4 accounting firms, who has built a solution to onboard businesses onto blockchain.

EY launches Ethereum Solution ONP

OpsChain Network Procurement (ONP) which is expected to help convert the procurement contracts into digital smart contracts and automate volume discounts/rebates has been launched by Ernst & Young (EY) on Ethereum Blockchain. EY is one of the Big 4 accounting firms in the world that has been eyeing to be at the forefront of blockchain technology and this ONP is a great addition to its forte. “EY OpsChain Network Procurement supports network-level business processes by moving those business processes outside of any single ERP system and into a shared blockchain-based smart contract. It builds upon EY experience with other procurement activities, such as software royalty calculations, where shifting to blockchain-based contracts has compressed cycle times by more than 90% and cut costs by 40%,” according to the press release.

KuCoin hack hauls $130 Million, creates a stir re: decentralization

KuCoin got hacked during the week for 100s of millions of dollars.  However, according to the KuCoin CEO Johnny Lyu substantial part of those stolen funds have been recovered. Over $200 Million in stolen funds have been recovered. While many crypto maximalists were furious at the fact that KuCoin and the projects supporting KuCoin were able to freeze the funds in the suspected accounts, some argued that the key tenet of blockchain and cryptocurrencies is the ability to be not shut down by an external force. Say what may – this recovery of funds has been welcomed by those who use KuCoin. In a clear twist of the plot, KuCoin was able to turn these things around and instill confidence in the exchange. The latest in this hack thriller is that KuCoin claims to have located the hackers and are now working with the authorities to take the legal action.

The man who called banking system a scam buys his first Bitcoin

The UK politician whose speech against the banking scam has been referred to by crypto communities, Godfrey Bloom,  has tweeted that he made his first purchase of Bitcoin. 

 

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Crypto News

Crypto News Today #51

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This week people are reminded why Blockchain and cryptocurrencies are needed.  An expose by Buzzfeed reviewed the FinCEN files to show that major financial institutions have been assisting and facilitating illicit affairs to earn their fees.

$2 Trillion scandal shows why we need blockchain now

Standard Chartered, HSBC, Bank of America and many of the world’s biggest financial institutions have been secretly mining money in the form of fees for the world’s most dangerous individuals and entities.  “A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins,” reports Buzzfeed which ran an expose on the whole matter.  This reminds us one more time that the number one choice of criminals is not bitcoin or cryptocurrency which remain quite traceable.  Criminals use cash and also major bank accounts in broad daylight for their illicit affairs.

OCC issues clarification for banks regarding stablecoins

Office of Comptroller of the Currency issued clarification about banks holding cryptocurrencies, specifically, stablecoins.  Essentially, OCC gave greenlight for banks to hold stablecoins as long as they have 1:1 reserve.  “A bank providing services in support of a stablecoin project must comply with all applicable laws and regulations and ensure that it has instituted appropriate controls and conducted sufficient due diligence commensurate with the risks associated with maintaining a relationship with a stablecoin issuer. The due diligence process should facilitate an understanding of the risks of cryptocurrency and include a review for compliance with applicable laws and regulations, including those related to the Bank Secrecy Act (BSA) and anti-money laundering,” OCC letter clarified.

Cryptos are part of Visa’s future strategy

Digital assets and blockchain technology are going to be important parts of Visa’s future,” was the conclusion of an exclusive Forbes interview with Terry Angelos, SVP global head of fintech at Visa and Cuy Sheffield, senior director, head of crypto at Visa. “We are seeing significant interest in demand from crypto companies that want to work with Visa and connect their clients to our network of 60-plus million merchants,” Terry mentioned during the interview. Visa expects to be part of broader cryptocurrency adoption and also work closely with the world’s major banks in the CBDC adoption.

EU announces plan to regulate cryptocurrencies

European Commission is working on introducing a framework to regulate cryptocurrencies.  It could potentially take a year or more for these regulations to come out.  Investor protection and enabling innovation will be cornerstones of these proposed plans.  The new plan will mean that crypto-asset companies authorized by one of the 27 EU countries will be able to provide its services across all the other member states, according to the CNBC.

Gemini is expanding into United Kingdom

Winklevoss brothers brainchild, Gemini, is expanding into the UK as it received the electronic money license from the Financial Conduct Authority (FCA).  This move will allow residents of the UK to buy bitcoin using a debit card on the Gemini platform.  According to the article in Bloomberg, Gemini is looking to expand into Singapore next.  

Fun Fact: Norway, Blackrock and Vanguard hold Bitcoin, indirectly

The Norwegian Government Pension Fund, which owns 1.5% of MicroStrategy, effectively owns roughly 577 bitcoins. Blackrock and Vanguard also own shares in Microstrategy which in turn makes them indirect holders of Bitcoin. Source: Forbes.

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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