Crypto News Round-up October 1

RESEARCH

More than a third of all Bitcoins have been lost

Research from Chainalysis has found 36% of BTC in circulation is lost, 30% is held by long-term investors and 22% is held by ‘speculators’. On their blog, they suggest these figures have held true since June which means the market is much less susceptible to hype or sudden price movements based on news.

REGULATION

‘Crypto is the future of money’ Malta PM tells UN

Malta’s Prime Minister Joseph Muscat has told the UN that crypto is the future of money — and that’s why the island nation is embracing it. “I passionately believe technology revolutionizes and improves systems. This is why in Malta, we have launched ourselves as the blockchain island,” he said. It has paid off with Binance setting up shop in Malta, and Tron announcing it would set up an office there.

CHINA

Chinese Bitcoin Billionaire Exits Crypto Industry

Li Xiaolai, the founder of Beijing-based venture capital firm BitFund and a widely recognized billionaire Bitcoin investor in China, has publicly stated that he will no longer invest in ICO and blockchain projects. Possible reasons are the crackdown on ICOs by the government and a significant increase in the number of scams.

STABLE COINS

First British Pound-backed Stable Coin Announced

London Blockchain Exchange (LBX), a UK based blockchain start-up currently offering OTC trading services, has announced plans to launch the first UK Pound Sterling backed stable coin- LBXPeg. The token will be pegged to the Pound one-for-one, and the currency reserves will be held in an account in a third-party bank. It would be minted within 10 days.

RIPPLE

Thailand bank pioneers big move on Ripple Blockchain

Thailand’s Siam Commerical Bank (SCB) will be the world’s first bank to use RippleNet’s “multi-hop” feature. The feature allows SCB to settle frictionless payments on behalf of other financial institutions in Ripple’s growing, enterprise blockchain network.

TRADING

Morgan Stanley plans Bitcoin swap trading option for clients

CCN began part one of a multi-part interview series covering the inevitable dangers that will occur once Wall Street starts offering crypto-based products. Starting off the series is former Morgan Stanley executive Caitlin Long. Long touches on the SEC’s lack of urgency, Morgan Stanley’s clearing and settlement infrastructure, and the current “crypto problem.”