24/04/2018: Biggest Stories in the Cryptosphere by BlockEx

1. Self-Regulatory Body To Be Launched In Japan

Japanese news outlet Asahi Shimbun has reported that a self-regulatory body is set to be launched in Japan soon: the Japanese Cryptocurrency Exchange Association (JCEA). It will consist of the 16 licensed exchanges located in the country. A set of standards and best practices will be jointly created and followed by all members. Exchanges which are not licensed yet (approximately twelve) will also be advised by the group, especially in terms of cross-industry advancements. We first reported on the initiative back in February, where it was acknowledged it would take time.

2. Korean SK Telecom To Improve Its Services With Blockchain

South Korea-based SK Telecom plans to use blockchain in its payments and subscriptions process to improve client satisfaction. This will be achieved by creating a ‘real-name authentication program’. An asset management service is also under development. Customers will be able to trade valuable items on a peer-to-peer level. Financial and non-financial assets, cryptocurrencies included, will all be managed from the same place. Credit cards, bank accounts and mileage points will also be part of the assets which will be grouped in the basket. SK Telecom is also planning the launch of a token exchange hub aimed at helping startups and SMEs interested in ICOs. They would be connected with investors, who would provide capital for growth.

3. One In Five Financial Institutions Plan to Allow Crypto Trading

A survey conducted by Reuters revealed that one in five financial institutions is planning on allowing the trading of cryptocurrencies on its platform in the next 12 months. Out of this group, 70% has the intention of doing so within three to six months. The data was gathered from a pool of 400 Thomson Reuters Corp clients. Among the respondents, there were trading desks, asset managers and hedge funds from the largest banks. Despite regulatory concerns and uncertainty, the number of institutions operating in the industry was expected to grow, and it did so. This was due to higher interest from their clients, and hedge funds’ previous attempts at cryptocurrency trading.

4. Venture Capitalist Tim Draper Says Bitcoin Will Be Bigger Than The Internet

Tim Draper was an early investor in Skype, Tesla and Hotmail. The venture capitalist has now stated he believes Bitcoin will be bigger than those companies combined, even bigger than the internet. He shared his thoughts during the Intelligence Squared U.S. debate, which involved the Manhattan Institute’s Adam Smith Society. Draper previously affirmed that Bitcoin would reach $250,000 by 2022, and has now restated it. He went on to say that the cryptocurrency value will grow due to its expansion into everyday life situations. Draper previously purchased 30,000 coins, back in 2014. Despite them being worth $268 million now, he has no plans to sell them.

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