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Last Week Crypto News Today #4

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Recession.  Bitcoin resurgence.  Adoption.

News in the media has been blasting around these topics (these and Mr. Trump’s Dorian debacle).

For the recession, we have written a few articles on the subject, below for your reference: What will recession do to bitcoin?  |  What happens to bitcoin if stock market crashes?

Bitcoin is having an incredible year so far.  It has risen about 300% from its $3000 price range at the beginning of the year. Probably still the best performing asset this year.

In terms of adoption, there is a lot going on. Let’s cover them in this edition.

Apple is “watching the Cryptocurrency”

Could Apple be the next Facebook to shake the market by introducing its own cryptocurrency?  Probably not anytime soon but Apple is watching the space with keen interest.  During an interview with CNN, Jennifer Bailey, vice president of Apple Pay  said “We’re watching cryptocurrency. We think it’s interesting. We think it has interesting long-term potential.”

Samsung’s Galaxy Note 10 to make holding cryptocurrency friendlier

samsung galaxySamsung is about to unveil its KlaytnPhone, a smartphone that can“boast the blockchain platform’s full breadth of transaction services,” according to the Wall Street Journal. While the blockchain phones are not new, Samsung itself has released included crypto wallets on its Galaxy S10 and HTC had opened pre-order last year for its blockchain phones.  However, KlaytnPhone is expected to be the one with full transaction service capabilities.

Burundi bans crypto in totality!

crypto banned in burundiEast African nation, Burundi, has banned crypto trading in totality according to Bloomberg. It looks like the title has later been changed to “Burundi bans trading of Digital Currencies”, however, the original title appears to be “Burundi says ‘none of that craze here’” according to the google search result and the text in the web address.

This makes Bitcoin and Ethereum illegal in Burundi.  However, what happens to the individuals who have bought these digital assets before the ban and whether holding would be criminal is unclear since the ban explicitly states ‘trading’.

VanEck and SolidX to offer Bitcoin ETF to large investors

SEC may be testing the patience of the companies that have patiently waited in the queue for ETF approval.  However, VanEck and SolidX may be taking an alternative route:  Offer the Bitcoin ETF to Institutions and Accredited Investors, according to Bloomberg.  Article reads “The companies said in a statement on Tuesday that by using Rule 144A of the Securities Act of 1933 they’ll be able to issue shares in the VanEck SolidX Bitcoin Trust to qualified institutional buyers. The shares are the first Bitcoin product for institutions that is cleared and features the same creation-and-redemption process common with traditional ETFs, according to the statement.”

Bitwala makes Crypto Mobile Bank available to 31 countries

Bitwala cryptocurrencyCustomers from 31 countries in the European Economic Area can access Bitwala’s Bitcoin Banking services on the phone.  According to the Press Release, “Bitwala is Germany’s cryptocurrency flagship with the mission of building the bank to bridge traditional and Blockchain-based finance.”  Deposits of up to EURO 100,000 is covered by the Germany deposit guarantee scheme.  “Hacking Bitwala is as useless as breaking the Blockchain itself and that our customers are fully in control of their Bitcoin wallets at all times. Therefore, we are the safest way to buy, sell, and store bitcoin – now even on your smartphone,” said Christoph Iwaniez, Chief Financial Officer at Bitwala.

Japan’s messaging giant LINE gets crypto license

Line gets crypto licenseMost popular messaging app in Japan, LINE, has successfully acquired license for crypto exchange business. As the messenger based crypto payments appear to be the next big payment modality, LINE’s approval helps it to build solutions to compete with AliPay and Facebook’s Libra cryptocurrency.

Bakkt on track to open its Futures on September 23, as planned

BakktIn a Tweet, Bakkt confirmed that it is on track to offer Bitcoin Futures on its platform on September 23, 2019 as planned.  Company said it is on track to launch the platform to the public.  “Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23. The availability of physical delivery brings more flexibility in managing bitcoin exposure,” tweet read.

Daimler to use blockchain to track used cars value in real time

DaimlerAccording to an article in Freight Waves, Mercedes-Benz will utilize blockchain to track the value of used cars.  This move is expected to increase buyer confidence in the resale value of their car by providing reliable data that is tracked in real time.   This is also expected to normalize the parity in used cars depending on the source.  Benz is working with PlatOn to develop this used car management system.  “Daimler, the parent company of Mercedes-Benz, has been quite busy within the blockchain space looking to leverage the nascent technology – specifically in the payment space,” according to the article.

PwC will accept bitcoin for payments start October 1, 2019 accepting

PWC accepts crypto paymentsFor a conservative public accounting firm to accept bitcoin in payments is a bullish sign for the space.  However, their press release hints a more bullish future for crypto space.  “PwC Luxembourg is stepping further into blockchain and crypto-assets by accepting Bitcoin payments from its clients as from 1 October 2019, in a move acknowledging the needs of clients and the willingness of the Luxembourgish Firm to support the growing national crypto ecosystem.”

Crypto firms have to register with De Nederlandsche Bank

DNB cryptoFrom January 10, 2020 companies serving in the cryptocurrency space will have to register with De Nederlandsche Bank (DNB) and will have to comply with similar rules to that of other banking businesses.  DNB said it is ready to speak with the companies operating in the space in building the framework.


Burger King is accepting bitcoin for online orders in Germany

Bitcoin appeared on the Burger King’s payment methods on their official website in Germany. The site reads (translated using google translate) “Click through the menu, fill your cart and pay for your food online via Klarna, PayPal, Bitcoin, debit or credit card. You can also pay for your BURGER KING® delivery in cash.”  Some folks are saying that this is only through a food delivery service that accepts bitcoin and Burger King itself doesn’t accept bitcoin.  However, bitcoin as a payment method on its official website makes it official.

Manny Pacquiao launches his own cryptocurrency, other celebrities to follow

Manny Pacquiao cryptoCrypto may have found its celebrity pal in Manny Pacquiao. Pacquiao launched his own cryptocurrency token called “Pac”.  The token will be listed on Singapore’s Global Crypto Offering Exchange (GCOX).  Probably one of the most popular personality of Philippines, an endorsement from Manny is a great step in the right direction.  More celebrities are expected to follow the suite.

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About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

Read more about the author here.

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