The FinTex Forum — Weekly Newsletter
January 26, 2018
Market Activity and Trends
Amazon’s Automated Grocery Store of the Future Opens Monday | Reuters | January 21, 2018 |
Amazon.com Inc (AMZN.O) will open its checkout-free grocery store to the public on Monday after more than a year of testing, the company said, moving forward on an experiment that could dramatically alter brick-and-mortar retail.
For grocers, the store’s opening heralds another potential disruption at the hands of the world’s largest online retailer, which bought high-end supermarket chain Whole Foods Market last year for $13.7 billion. Long lines can deter shoppers, so a company that figures out how to eradicate wait times will have an advantage.
Alibaba Launches Crypto Mining Platform Despite PBoC’s Restrictions Coinspeaker | January 19, 2018 |
Chinese e-commerce giant Alibaba is interested in entering the cryptocurrency mining market. It has launched a new cryptocurrency mining platform called ‘P2P Nodes’, which was registered by Alibaba on October 10th in Nanjing, the capital city of Jiangsu province.
According to recent reports, the Chinese government might block access to all crypto trading platforms, both domestic and international, to its citizens on the country’s highly censored internet. One of China’s largest cloud-based crypto mining pools — ViaBTC — recently closed its doors, asserting the vague reasons of controlling speculation and protecting its investor interests.
Bitcoin Plunges to $10,000, Half Its Peak Price, as Investor Fears Blossom Fortune | January 20, 2018 |
The price of bitcoin, the world’s biggest and best known cryptocurrency, fell to as low as $10,0000 on the Luxembourg-based Bitstamp exchange, the lowest since Dec. 1.
Bitcoin touched a peak of almost $20,000 in December — and indeed crossed over that threshold on some exchanges — but has since been roiled by several large sell-offs. Other cryptocurrencies plunged as well. Ethereum and Ripple were both down heavily after reports South Korea and China could ban cryptocurrency trading, sparking worries of a wider regulatory crackdown.
Investors in South Korea and Japan, the two largest cryptocurrency trading nations, were sitting on the sidelines Tuesday waiting for the regulatory uncertainty to clear before placing further bets. Market analysts believe the light trading volume caused bitcoin’s price to plunge.
Ripple, the Firm Behind the Cryptocurrency XRP, Just Added 2 Financial Services Firms to its Roster | Business Insider | January 24, 2018 |
The financial technology company, best known for its native digital currency XRP, on Wednesday announced that two payment companies — IDT Corporation and Mercury FX — would begin using its xRapid product to settle certain transactions.
The news suggests Ripple is making inroads among traditional financial services players. Ripple stands out in the cryptocurrency world as a company that seeks to partner with, rather than topple, the existing financial system. Its approach has drawn investors to its digital currency XRP. It’s up more than 500% over the past three months, according to Markets Insider data.
SEC Chairman Gives ICO Lawyers A “Stern” Talking To | Brave New Coin | January 24, 2018 |
U.S. Securities and Exchange Commission chairman Jay Clayton has once again expressed his concern with the attitudes and approach taken by many in the legal profession when advising ICO clients. Giving the opening address at the annual Securities Regulation Institute conference in Washington, Clayton said; “My first message is simple and a bit stern. Market professionals, especially gatekeepers, need to act responsibly and hold themselves to high standards.
U.S. Securities and Exchange Commission chairman Jay Clayton has once again expressed his concern with the attitudes and approach taken by many in the legal profession when advising ICO clients. Giving the opening address at the annual Securities Regulation Institute conference in Washington, Clayton said; “My first message is simple and a bit stern. Market professionals, especially gatekeepers, need to act responsibly and hold themselves to high standards.
