Weekly Crypto Report — 21.08.18
The last couple of weeks have been rough on the crypto market, there’s no denying that, but if you look hard enough, there are some interesting slivers of hope through the clouds of darkness, and here are just a few bits of news we found interesting in these tough times:
Ethereum Co-Founder Joseph Lubin Doesn’t Believe Market Collapse Prevents Growth:
Joseph Lubin, the co-founder of Ethereum and ConsenSys, said in an interview this week that he doesn’t believe that crypto market slumps prevent further growth. He added that each bubble brings in a significant burst of activity, as more developers join the community. Lubin noted that the crypto market volatility can be attributed to “trader types,” i.e. speculative investors, saying that it is not necessarily an indicator of underlying infrastructure enhancement.
Turkish Lira’s Fall Highlights Rising Crypto Interest In Turkey:
In an article this week, Bloomberg writes about the currency crisis in Turkey caused by geopolitical factors, juxtaposing Bitcoin’s comparatively low volatility in the country. According to data from Google Trends, interest in Bitcoin increased markedly within Turkey in August, while local exchanges have seen volumes rise by over 150 percent this week alone.
European Parliament Works On Crowdfunding Regulations Covering ICOs:
The European Parliament’s Committee on Economic and Monetary Affairs is developing new crowdfunding regulations that could extend to some initial coin offerings (ICOs), possibly bringing some ICOs within the remit of the new draft regulatory framework for crowdfunding. According to a report, the draft crowdfunding rules might not be an answer for ICO regulation, but are at the least a “much-needed step.”
Bank Of China Partners With China UnionPay For Blockchain Payment Systems:
The state-backed Bank of China (BOC) and financial services corporation China UnionPay (CUP) have announced a partnership to look into the application of blockchain for payment system development. According to the announcement, the impetus to explore blockchain came as a response to market demand. The two firms plan on jointly investigating big data and distributed ledger technology deployment in order to improve mobile banking products.
Blockchain Startup Axoxii Raises $32 Million With Goldman Sachs, VC Investors
Enterprise-focused blockchain startup Axoni has raised $32 million in a Series B funding round led by Goldman Sachs and Nyca Partners, with numerous other investors including Wells Fargo, JPMorgan, Citigroup, and Andreessen Horowitz. The fresh investment brings Axoni’s total financing to $55 million to date.
South Korea Budgets $880 Million for Tech Including Blockchain:
The South Korean government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain.
According to a government release on Tuesday, deputy prime minister Kim Dong Yeon hosted a ministerial meeting on Aug. 13 to address the administration’s investment plan for innovation growth in the next five years.
Will the First Bitcoin ETF Make the Crypto Market Even More Volatile?
The first Bitcoin exchange-traded fund (ETF) is expected to be approved by February of 2019. But, some experts have stated that ETFs may increase the volatility of the market.
Over the past few months, analysts have been divided on the effect of the ruling of the US Securities and Exchange Commission (SEC) regarding Bitcoin ETFs on the crypto market.
Chinese Retail Giant JD.com Launches Open Blockchain Platform:
JD.com, China’s largest retailer and e-commerce provider, has deployed an open blockchain platform to enable customers to have their own blockchain solutions to improve the transparency, efficiency and security of their operations, the company announced on its corporate blog.
The JD Blockchain Open Platform expands the company’s Retail as a Service and will allow customers to build smart contracts on both private and public enterprise clouds.
The platform will allow companies to streamline tracking of product movement, property assessments, digital copyrights and authenticity certifications. The company oversees quality control of its offerings on the app store to allow users to customize applications.
And it wouldn’t be a crypto report without our handy little charts, would it?
so here they are: