The Month in Crypto — July 19

US Congress ask to halt Facebook’s crypto project Libra, Visa and a16z invest in crypto security company Anchorage, BITPoint hacked for $32M.

The News

• The US Congress asked Facebook to pause development on their controversial cryptocurrency project, Libra, citing regulatory concerns over the impact of a global currency controlled by a private corporation. theguardian
• Japanese exchange BITPoint was hacked with $32M in various cryptocurrencies stolen. time
• German Regulators approved a tokenised real-estate-backed bond. The Berlin-based company will offer USD$280M worth of tokens over the ethereum public blockchain. coindesk

Capital

• Visa and Andreessen Horowitz have invested in a $40M series B round in the cryptocurrency security start-up, Anchorage. The start-up is positioning itself as a secure cryptocurrency wallet service for Facebook’s Libra coin. techcrunch
• Sia, the company behind a decentralised cloud storage platform raised $3.5M round led by Bain Capital Partners with notable investors such as Bessemer Venture Partners also participating. sia
• Shell invested an undisclosed amount in the start-up LO3. The company has built a blockchain to allow neighbours to buy and sell locally produced energy using the existing network of power cables. forbes
• Kraken, one of the large US cryptocurrency exchanges, acquired Interexchange. The company is a leading portfolio reconciliation tool for institutional traders. kraken

Adoption

• Fujitsu announced a digital ID system built on the blockchain to minimise fraud in online transactions. fujitsu
• The Ugandan President announced a partnership with the medical blockchain start-up, MediConnect, in an effort to tackle counterfeit drugs in the country. verdict
• The Australian supermarket chain IGA now accepts cryptocurrencies as a form of payment through a partnership with Travelbybit. fxstreet

Market:

After five months of gains, the positive market run has reversed and the market was down 8% in July. Bitcoin remained neutral and was only down 2% for the month, finishing with a global average of USD $10,015. Ethereum performed worse, ending July 24% down at USD $214.