Daily Cryptocurrency Bulletin For Monday, June 24, 2019June 24, 2019 1:54 pm
The Bank for International Settlements (BIS) has issued its annual report for 2019, expressing concerns over the expected disruption as big tech firms like Facebook enter the financial space. BIS specifically raises concern over Facebook’s new Libra project, claiming “big techs have the potential to become dominant through the advantages afforded by the data-network-activities loop, raising competition and data privacy issues.” As such, BIS will be prioritising a “comprehensive approach” on financial, data privacy and competition policy.
Galaxy Digital founder Mike Novogratz claims they are expanding into cryptocurrency options contracts to meet demand from institutional investors – mainly crypto mining firms and lenders seeking to hedge against the “inherent volatility risk” of cryptocurrencies.
Russia’s Ministry of Finance, Deputy Finance Minister Alexei Moiseev, is open to adding legislation to an upcoming bill on digital assets that would legalize cryptocurrency trading, but not as a means of payment. In regard to “the use of Facebook cryptocurrency as a payment instrument in Russia, at this stage, will be banned.”
Bitcoin $10,893.81 USD (2.46 percent) has set a new price high for 2019, reaching as high as $11,304 today. Traders have now broken the key $10,000 handle, with BTC market dominance rising 60 percent – with most altcoins staying relatively flat.
Ethereum: One of the biggest insurance providers in the world, MetLife, is testing a new proof of concept on the Ethereum blockchain. “MetLife’s Singapore-based incubator LumenLab is collaborating with Singapore Press Holdings and NTUC Income on a platform of smart contracts known as ‘Lifechain’ to help loved ones quickly determine if the deceased was protected with a policy and automatically file a claim.”
IOTA $0.454319 USD (-2.10 percent) have partnered with Alyx — the luxe fashion brand founded Matthew Williams — to launch an IOTA-based pilot for supply chain transparency. Williams has launched the blockchain pilot together with manufacturing giant Avery Dennison and London-based internet of things (IoT) software firm Evrythng.
Litecoin $136.17 USD (-2.75 percent) has announced All American Ford, the largest Ford Dealer in the Northeast is now accepting LTC.
Ripple $0.464351 USD (-1.40 percent) client SendFriend is launching today in New Jersey, providing a cheap way for overseas Filipino workers to send money to the Philippines using Ripple’s cross-border payment technology – with plans to utilize xRapid. Banesco Panamá and Scotiabank Chile, two Latin American banks, are both testing how they can move capital with Ripple’s xCurrent. Banesco Panamá is now working with regulators to ensure it is fully compliant and is also looking at xRapid. Meanwhile, Euro Exim Bank’s head of compliance and operations, Graham Bright, claims they are exploring Ripple’s suite of payment technologies to power contracts for instruments like FX, bonds and derivatives. The bank also plans to launch one of the world’s first bank-backed crypto exchanges. Lastly, Leapfrog Technologies, a company that develops digital software as a service (SaaS) products has formed a strategic partnership with Ripple.
ZCash$108.43 USD (-3.51 percent): The Electric Coin Company (ECC), the firm behind ZCash, intends to build a new scalable zcash blockchain. ECC is considering implementing sharding, a scalability solution Ethereum devs also plan to integrate soon.
– WN.com, Jamie Saarloos