Cryptocurrency Daily News Bulletin: August 13, 2018

August 13, 2018 2:11 pm Published by

General News

Facebook blockchain head David Marcus announced he was quitting his position on the board of Coinbase. This comes as there have been increasing speculation of Facebook expanding into crypto markets. However, a Facebook spokesperson told CNBC that the move was “to avoid the appearance of conflict, rather than because of an actual conflict.”

The Tokyo Stock Exchange (TSE) is feeling “troubled” over the prospective takeover of Beat Holdings, a company listed on its bourse by Noah Ark Technologies, a Hong Kong company reportedly looking at launching crypto exchanges in Japan and other jurisdictions where Beat have an established presence, alongside plans for an ICO launch. The TSE is trying to stay away from the crypto sector which it perceives lacks investor protections. Beat and its own shareholders are also resisting Noah Ark’s planned takeover as Beat, claiming Noah are trying to buy its way into the TSE to benefit from the credibility of a listing. Noah is currently Beat’s biggest shareholder with a 15% stake.

China’s first digital invoice on the blockchain has been issued in the south-eastern city of Shenzhen. The pilot blockchain ecosystem for invoices developed by Tencent — the developer of the 1 billion-user social media platform WeChat — is the only such pilot to have received the official approval of the State Administration of Taxation. Meanwhile, the Chinese government is moving to make blockchain literacy the norm across public offices with the publication of a book titled “Blockchain – A Guide for Officials”. The book starts with an explanation of the origin and features of blockchain, then explaining current and future applications and challenges the tech brings to the business and legal world.

India: A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is working on a set of regulations to allow certain crypto assets to be used; legalising crypto tokenisation rather than all cryptocurrencies.

Japan’s Financial Services Agency (FSA) has published the results of its on-site inspections of crypto exchange operators. They claim “substantial” ongoing review of registration procedures will be necessary and that it will continue to give “priority to investor protection.” The comprehensive document identified a wide array of problems across exchanges’ business models, risk management and compliance, internal audits, corporate governance and insufficient AML measures among certain exchanges.

Singapore-based VC firm Golden Gate Ventures (GGV) will launch a $10 million fund for investments in blockchain and crypto companies. The leading VC firm will invest in early-stage companies including crypto exchanges, security providers, and blockchain tech startups through the LuneX Ventures fund. Drijkoningen, GGV’s former head of growth, claims “valuations have come down to more reasonable levels and the industry is moving from pioneers to early adopters, which is a great time to start investing.”

Turkey’s crypto exchanges surged in trading volume over the weekend as the country’s fiat currency plunged to record lows on economic jitters. Exchanges experienced rises of more than 100 percent, although absolute volumes remain relatively small.

U.S. Financial Crimes Enforcement Network (FinCEN) director, Kenneth A. Blanco, has revealed that the agency has seen a surge in filings of crypto-related Suspicious Activity Reports (SARs). The number of complaints now exceeds 1,500 per month

Cryptocurrencies

Bitcoin’s $6,486.76 USD (2.06 percent) $6,000 price region has been described as a crucial support by Rivemont Crypto Fund, based in Canada. This comes as BTC’s dominance has reached a year’s all-time high (51.3%) despite the total industry market cap reaching its lowest ($205 billion). Meanwhile, Renaissance Macro Research’s head of technical research Jeff deGraaf concluded it may be “game over” if BTC price breaches the 2018 low of $5,800 in a new analysis. He claims BTC’s has been developing a top with the appearance of a “descending triangle over months, with reduced volatility and little [fanfare]. Once the top is complete on the support violation, the security in question can often be considered permanently impaired”.

NEO $18.99 USD (0.33 percent): Aphelion, a decentralized exchange project, has released a web-based NEO wallet that is designed for mobile platforms.

Ripple $0.308105 USD (0.50 percent) have caught a break after a remand filed by plaintiff Ryan Coffey against defendants Ripple Labs Inc., XRP II, LLC, an ancillary of Ripple, and CEO Bradley Garlinghouse has been ruled over by the court. The plaintiff initially filed the patent on May 3, 2018, accusing the defendants after investing in XRP. Meanwhile, Weiss Ratings says XRP is the fastest crypto and is the best choice for transferring funds between exchanges.

Stellar $0.240370 USD (7.33 percent) have recently met with Facebook’s blockchain research group to discuss how the social media conglomerate could leverage DLT as it explores potentially building out a payments network, the Business Insider reports. However, a Facebook spokesman reportedly told Cheddar that the company is “not engaged in any discussions with Stellar, and we are not considering building on their technology.” Stellar has rallied over the weekend and today after the news, along with a partnership announcement with SHIFT Markets; a provider of “a turn-key solution to launch your own FX and crypto exchange”. Ian McAfee, SHIFT’s CEO and Founder, said: “This is an exciting partnership for us as many of our exchange clients would like to offer Lumens trading on their exchange… We aim to increase Lumen liquidity and usage for both major and exotic fiats.”

Tether $1.01 USD (1.28 percent) has issued new tokens worth $50 million over the weekend, its first issue since late March where Tether released 300 million USDT.

Tezos $1.43 USD (-8.71 percent) Foundation announced it will be issuing financial grants to research institutions for blockchain tech and smart contracts development, including Cornell University, the University of Beira Interior, the University of Illinois at Urbana-Champaign and France-IOI.

Tron $0.022904 USD (0.27 percent) has been added as a new payment option at the Bitcoin Superstore. The company gives users a way to pay for items using crypto at 200,000 stores, including Amazon and Starbucks. Meanwhile, Tron payment platform Seedit is ready for launch on Twitter, allowing users to send TRX around the world in an instant using a variety of social media platforms. Tron has also formed a strategic partnership with Moshroom, a leading portable smart toilet supplier in China, “to work on blockchain technologies, especially cryptocurrencies”. Lastly, Tron have acquired the domain name Blockchain.org. It plans to create a platform offering “big data analysis, project evaluation, information search and other services for users in the blockchain field.”

ZenCash $19.85 USD (0.42 percent) has become the largest node network with over 17000 nodes. The largest network node makes the coin more resilient to hacks and power failures. It also protects the voting system from outside interference.

WN.com, Jamie Saarloos



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