BLOCKCHAIN NEWS: WEEKLY OVERVIEW (24/11/2017)
This week was pretty eventful — cryptocurrency price rallies and regulations, Tether wallet hack, blockchain adoption, and MtGox rebirth. Let’s take a closer glance at what has happened in the last 7 days.
BLOCKCHAIN, BANKS, AND GOVERNMENTS
Korean Financial Supervisory Service announced it was not going to regulate Bitcoin and other cryptocurrencies till they are recognized as legitimate payment tools. “Though we are monitoring the practice of cryptocurrency trading, we don’t have plans right now to directly supervise exchanges,” they said.
The Israeli Ministry of Finance is about to create a working team on digital currencies. In this team, the government will closely work with heads of the big accounting firms to study the issues related to cryptocurrencies.
Although Japan has become very loyal towards cryptocurrency business, it doesn’t mean that it will fully adopt blockchain. Thus, a senior Bank of Japan (BOJ) has stated that digital currencies were not going to replace fiat money anytime soon.
Raiffeisen Bank has joined the R3 consortium and will now contribute to building the new operating system for financial markets with a distributed ledger platform Corda, together with over 160 other banks, tech companies, and financial services firms.
Axis Bank, Standard Chartered bank, and RAKBANK will now use Ripple network for fast and transparent international payments between India, Singapore, and UAE. The customers of these banks will be able to literally send cross-border payments in several minutes.
Nasdaq is about to deliver blockchain e-voting solution to the South African capital markets. This will enable remote participation in the voting, secure identification of shareholders, data safety in an immutable ledger, and other benefits.
ALTCOINS: TO THE MOON?
This week, several altcoins have updated their historical price records. Thus, Monero has crossed the point of $155 shortly after Ledger wallet confirmed its support. Dash has updated its maximum to $570. Moreover, Ethereum has shown an active growth over the past week, overcoming the $427 point, which is probably connected with the developers preparing to test Casper, a proof-of-stake protocol and the basis for a new test network. Ironically, after the recent military takeover of the capital in Zimbabwe, Bitcoin prices on the local exchanges have approached $13,000, which is almost twice the average market rate.
TETHERING AND MTGOXING
The company behind Tether, which serves as a substitute for the US dollar to be easily sent between exchanges without fiat trading, has been recently hacked, with $31 million worth of its tokens stolen. What is interesting, Tether is owned and operated by the same people as Bitfinex. Moreover, there are rumors that Tether was hacked by the same person who hacked Bitstamp in 2015.
The crypto industry will never, ever forget MtGox. But MtGox seems to be reminding about it on its own. Mark Karpeles, the founder of this exchange, has announced that he was going to revive MtGox, and for that purpose, he needs $245 million. “Should anyone have 245 million USD sitting around and want to purchase MtGox, just drop me an email.” Would you buy it?
Cryptocurrency Fund L.P.
· LINKEDIN: www.linkedin.com/company/18250378/
· TECHNICAL ANALYSIS: www.tradingview.com/u/Cryptocurrency_Fund/
· TWITTER: www.twitter.com/cryptofund_info
· INVESTORS: email@example.com
· ICO FUNDING: www.cryptocurrencyfund.us/ico
· OTHER REQUESTS: firstname.lastname@example.org
· SUGGESTIONS: email@example.com
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF A FUND. AT THE TIME ARTICLE WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.