Weekly Updates: Latest Crypto News (April 2–8)

2–8 April — New tokens on exchanges, huge cryptocurrency players and Japanese ICO regulations. Read Read TEOZ Weekly Updates for more.

1. Bitfinex introduces 12 tokens

One of the largest exchanges introduces a set of 12 tokens at once, the total capitalization of which exceeds $1.1 billion.

The list of new tokens:

• Aion (AION)
• IOSToken (IOST)
• Request Network (REQ)
• Raiden Network (RDN)
• Loopring (LRC)
• BnkToTheFuture Token (BFT)
• Cofound.it (CFI)
• Wax (WAX)
• SingularityNET (AGI)
• MedicalChain (MTN)
• Odem (ODEM)
• Dai (DAI)

This is a positive news for ERC-20 tokens and the whole Ethereum ecosystem. Last week, we already learned about Coinbase’s plans for preparing the listing of ERC-20 tokens. In this respect, Bitfinex is ahead of Coinbase.

The CEO of Jean-Louis van der Velde Bitfinex commented on the news as follows:

“We are excited to be going the extra distance to accommodate the needs and expectations of our traders. Looking forward, we will continue to expand our service offerings to best address their needs, and to maintain an advanced and supportive trading platform for the growing digital asset community.”

All tokens will be tradable against BTC, ETH, and USD. As the liquidity grows, marginal trading will also be opened.

Source: https://medium.com/bitfinex/bitfinex-introduces-trading-for-12-new-ethereum-tokens-d008d5a2e720

2) Circle to structure business processes at Poloniex

In February Circle bought the Poloniex exchange for $ 400 million. For 6 weeks, the Circle and the Poloniex exchange teams have been working together. Circle admires the success of the exchange since it was achieved from scratch, without serious capital and marketing. The whole path of the Poloniex exchange was passed with the enthusiasm of its founders. The exchange has grown to such a size that it’s time to set up all business processes, which is what Circle is now doing. During this 6 weeks, 76,000 out of 159,000 problems and questions have been solved. The support department was replenished with six new agents. The team of developers became three times bigger and will deal with the infrastructure of wallets. Also, business process tuning takes place in the following areas: input and output of funds, account registration, and verification, development of answers to frequently asked questions. The analytical department of Teoz positively assesses the synergistic effect of Circle and Poloniex. Perhaps, gradually the exchange will again be able to pull ahead.

Source: https://poloniex.com/press-releases/2018.04.06-Circle-Poloniex-Journey-Six-Weeks-In/

3) Venture giant Venrock is entering the cryptocurrency market with long-term plans

Venrock is a venture company founded in 1969 by the grandson of the world’s first dollar billionaire Rockefeller. The company began its journey with one million dollars. Now its capital is over $ 3 billion. According to Venrock.com, during this time the fund has invested in over 250 companies. Intel and Apple are among the world’s companies. Venrock will co-operate with the CoinFund, which specializes in investing in cryptocurrencies and early projects related to blockchain technology. We recommend to follow the investments of these two companies on the Crunchbase website:

Venrock on Crunchbase: https://www.crunchbase.com/organization/venrock

CoinFund on Crunchbase: https://www.crunchbase.com/organization/coinfund

David Pakman, partner of Venrock, comments on the cooperation as follows:

“I am not interested in short term profits, despite the speculation-driven volatility associated with cryptocurrencies. There are a lot of crypto traders in the market. There are a lot of cryptocurrency hedge funds. This is different. In fact, to us, it looks a little bit more like venture capital.”

Professionals are not focused on short-term profit. They understand that the market is very volatile now. We also urge our investors to look at the huge prospects of the cryptocurrency market and focus on long-term results. Anyone who can outwait the current downturns in the market will multiply the capital in the coming years.

Source: http://fortune.com/2018/04/06/crypto-vc-venrock-coinfund/

News on market regulation:

1) Japan published a proposals for investment in ICO

Tokyo University, Tama, in cooperation with the government of Japan, published its proposals for the ICO. It should be noted that the document was drafted by a working group. At the moment, it has no legal force, but it is the basis for the ICO regulation.

Japan continues to follow the path of legalization and regulation of the сryptocurrency. The document has the following points:

• KYC, the investor of ICO projects should be identified;
• ICO and cryptocurrency should not be used for money laundering;
• ICO should provide plans for the development of the project and the use of funds or cryptocurrency assets;
• Investors should be protected;
• Projects must report to investors and controlling structures;
• Crypto-exchanges must develop standards for listing new tokens;
• Insider trading will be punished.

The document consists of 7 pages and represents more a philosophy of future regulation than concrete steps. In general, the proposals of the working group are designed to bring order to the unregulated industry.

Source: https://www.tama.ac.jp/crs/2018_ico_en.pdf

2) The SEC will consider applications for the creation of a Bitcoin ETF

The SEC commission took on the requests for the creation of Bitcoin ETF. Bitcoin futures are already traded on US exchanges, but there are legal barriers to creating a cryptocurrency ETF. For the time being, the commission will first have to resolve all infrastructure issues. The SEC is ready to consider the comments of all interested parties. On April 6, the first two comments already appeared on the document’s website. One of them:

“Consumers want Bitcoin ETFs, it’s a commodity that is real, not disappearing, and good for the market as a hedge against stocks and bonds. Please be open minded and approve high quality Bitcoin ETFs, a new generation wants this product and right now GBTC is our only option”.

We will expect that demand and interest from different sides will push the commission, and we will soon see Bitcoin ETF. Investors who are used to protection and regulation will be able to start investing in an understandable and affordable product. And this means that the cryptocurrency sector expects a new inflow of funds.

Source: https://www.sec.gov/comments/sr-cboebzx-2018-001/cboebzx2018001.htm

The TOP-10 cryptocurrencies this week

For the third week, we have been observing the stability in leaders. There was only a castling between Cardano and Stellar. Bitcoin has approached minima of this year. In general, there is a consolidation at the current levels. All assets grow within the limits of 7%, and only Bitcoin Cash has insignificantly lost its grounds.

The Teoz fund’s token price increased from $ 1.54 to $ 1.55 (+ 0.65%). Last week we have corrected the shares in the assets of the fund and added new projects Elastos and Zilliqa. Both projects occupied 1% of the total portfolio. After adding to the portfolio, Elastos has already shown the growth of over 30%. We removed Ripple, Bitcoin Cash and Ethereum Classic from the portfolio. Teoz Fund for the first time participated in the early stage of investment in blockchain technology projects. The new asset’s token will appear in the portfolio immediately after the public ICO and the listing on exchanges.

Russian version: https://goo.gl/FoVNN4

TEOZ fund is an index fund created by financial market professionals with an in-depth understanding of the crypto industry and an underlying blockchain technology.

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