Daily Cryptocurrency Bulletin For Tuesday, July 16, 2019

July 16, 2019 2:19 pm Published by

General News

Bitcoin Suisse, the Swiss crypto broker, has applied for banking and securities dealer licenses from Switzerland’s finance regulator, joining several other hopefuls from the cryptocurrency space including Bank Seba and blockchain startup Signum.

Facebook’s Senate hearing is today, with the House panel’s hearing following on tomorrow. David Marcus, Facebook’s blockchain lead, will testify at both. He expects “that this will be the broadest, most extensive, and most careful pre-launch oversight by regulators and central banks in FinTech’s history.” Hearings are likely to focus on Facebook’s privacy failings and lawmakers are also expected to grill David Marcus on the company’s choice of Switzerland as the home for the Libra Association. U.S. Treasury Secretary Steven Mnuchin has reiterated Trump’s comments claiming: “this is indeed a national security issue.” Meanwhile, Japan has set up a working group to examine the issues raised by Libra.

Samsung Electronics has joined six other major South Korean firms to develop a blockchain-based certificate and ID authentication network, including mobile carriers SK Telecom, LG Yuplus and KT, two banks – KEB Han and Wooriand – and securities infrastructure provider Koscom. The aim is to commercialise the product next year.

Seed CX has received Bitlicenses for two of its subsidiaries from the New York Department of Financial Services (NYDFS). Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC received approval, while Zero Hash has also gained a money transmitter license. 


Bitcoin $10,731.86 USD (3.76 percent): Canadian crypto solutions provider and trading platform operator Coinberry has struck its second municipal partnership in Canada to provide Bitcoin payments processing for property taxes. This comes as the Canadian Securities Administrators (CSA) are focusing on regulating DLT and crypto assets in its Business Plan 2019–2022, including custodial requirements and capital raising issues. 

Ethereum $226.15 USD (-0.31 percent): Set Labs, a San Francisco-based investment platform, unveiled a new Ethereum-based financial trading instrument. The “Trend Trading ETH 20 Day Simple Moving Average Crossover Set” uses a two year back tested moving average to capture the momentum of price swings and execute trades. Meanwhile, Vitalik Buterin has proposed using the Bitcoin Cash blockchain as a temporary scalability solution for the Ethereum network, as the network gears up for Ethereum 2.0. Bitcoin Cash’s blockchain provides a data throughput of 53 KB against Ethereum’s 8 KB.

Houbi $4.17 USD (3.22 percent) has increased the size of its quarterly burning event – removing 14,011,700 tokens from a 310,318,300 supply – at 116 percent greater rate than it did last quarter. The company cited “improving market conditions” and sales growth. Exchange tokens have been amongst the best performing coins in the market. 

Polkadot: The cryptocurrency futures exchange CoinFLEX is launching the first initial futures offering (IFO) tomorrow for Polkadot’s DOT token. The Polkadot IFO will be the first sale that requires participants to buy the exchange’s native FLEX token, giving holders access to “discount” contracts priced at $75 per DOT. This will be a determiner of whether Polkadot can reach its projected $1.2 billion valuation.

Ripple $4.17 USD (3.22 percent) has gained support from Stark Payments, a London-based crypto payment processor, with support for Litecoin on the horizon.

– WN.com, Jamie Saarloos

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