Cryptocurrency Daily News Bulletin: August 8, 2018

August 8, 2018 1:31 pm Published by

General News

Coinbase rolled out several improvements to its brokerage platform. First, the company raised the default daily buy limits for Coinbase users to $25,000, a seven-fold increase over the previous maximum, and eliminated buy and sell limits for wire transfers. Coinbase will now also allow users to begin trading crypto’s immediately following a purchase.

Barclays: Two bank employees have been working on setting up a new cryptocurrency trading desk in Barclays. According to the Business Insider, two LinkedIn profiles of employee’s stated that they were “hired to produce a business plan for integrating a digital assets trading desk into Barclays’ marketing business.”

Omniex, the institution-oriented crypto trading platform, has expanded its staff with high profile experts, including former execs of major U.S. financial regulators. Former U.S. SEC chairman Arthur Levitt and Federal Deposit Insurance Corp (FDIC) chair Sheila Bair join as members of the board of advisors. Maartje Bus, former head of capital markets at Thomson Reuters, and Tom Eidt, former head of KCG’s regulatory affairs, were appointed as strategic head of partnerships and chief compliance officer, respectively.

Australian entrepreneur and co-founder of Finder, Fred Schebesta, revealed that he is all set to build the first crypto bank in Australia, a ‘multibillion-dollar’ scheme which he plans to complete within the next 18 months, as he seeks to partner with another Australian bank.

Iran: Accenture PLC’s cybersecurity intelligence group has followed five Iranian built ransomware variations in the last two years and claim that hackers in that country are working on ransomware to secure bitcoin payments, ahead of the imposition of US tariffs.

Switzerland: a second Swiss bank — private bank Maerki Baumann — has agreed to form banking partnership with crypto firms. Previously, Falcon Private Bank was the highest-profile Swiss bank offering services to blockchain companies, including custodial and asset management services through a cooperation agreement with Bitcoin Suisse AG.

The UK FCA has announced the creation of a global initiative, dubbed the Global Financial Innovation Network (GFIN), to improve collaboration on fintech innovations between regulators and companies. The FCA said one key theme focused on how regulators around the world can work together to pilot cross-border payments based on DLT and how to regulate ICO’s, which often extend beyond borders.

Cryptocurrencies

Bitcoin $6,516.47 USD (-7.97 percent): Former Goldman Sachs president and Trump advisor, Gary Cohn, has revealed that he is eyeing the crypto world but not bitcoin. He claims the ‘complicated’ nature of bitcoin worked against the flagship cryptocurrency, predicting that the global cryptocurrency of the future will be one that is well understood and one which is not generated by mining. These comments come after a big overnight drop in crypto markets, where BTC crashed below the crucial $6,800 support level, and now lies below $6,500. Analysts have attributed the delay of the decision of the U.S. SEC to approve or reject VanEck-SolidX and CBOE Bitcoin ETFs until September 30th as a possible contributor to the move. Nonetheless, the lack of volume and big down move down indicates that the market will find a new bottom for the year.

Meanwhile, DEA special agent Lilita Infante said that criminal activity accounts for approximately 10 percent of on-chain bitcoin transactions, down from a high of 90 percent in 2013. She claims the market is now filled with much more speculators than criminals.

EOS $6.03 USD (-15.05 percent): Havven, a blockchain start-up that sets out to offer cross-blockchain payments, has announced it is planning to bring its existing stablecoin to the EOS network. The Australia-based project is expecting to issue its nUSD stablecoin on EOS by the end of this year after launching on the ethereum network in June. The goal is not to switch the token’s fundamental network from ethereum to EOS, but to issue nUSD on both networks separately – a mission it claims will “offer cross-blockchain stablecoins.”

Meanwhile, EOS has unveiled a $1M seed funding program at the Sydney Hackathon.

IOTA $0.664154 USD (-16.70 percent) has announced that it is stepping up its attempts to gain traction in the United States, as they search for a new business development manager for North America.

Lisk $3.52 USD (-10.22 percent) is launching its first sidechain ICO, Madana, which is a decentralized marketplace for data exploration that permits the members of the Lisk network to be part of the data market without facing privacy flaws. With Madana, data developers and anyone that produces DApps, can monetize their creations rather than having to hand over their apps to third parties to generate income.

NEO $23.37 USD (-13.48 percent) founder, Erik Zhang, has detailed the next stage of NEO’s development. The NEO 3.0 roadmap shows how the platform plans to transform the future of smart contracts, as they aim to serve large-scale commercial applications by designing features for stability, high TPS and accommodation for large data storage. They also aim to reduce GAS costs for users who want to develop on NEO. The proposals have been put forward to the community to reach consensus.

Nem $0.125918 USD (-12.29 percent): A member of the Ukraine Central Election Commission, Oleksandr Stelmakh, is investigating the use of blockchain in elections, asking citizens to participate in a “test vote” that had been created in partnership with a local NEM Foundation group, using NEM’s blockchain platform.

Ripple’s $0.352620 USD (-14.49 percent) XRP has been added by Bitcoin Superstore – a crypto-only store – to the digital coins it accepts as payment. XRP can now be used to buy products from over 200,000 online stores. Despite this, XRP took a big hit overnight reaching a new 2018-low, as it continues to be bombarded by bad press and investor lawsuits stemming from the coin’s price decline.

WN.com, Jamie Saarloos



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