The Week in Crypto 22/06/18

The News

• Andreessen Horowitz have launched a $300M cryptocurrency fund. a16z
• One of the largest exchanges in South Korea, Bithumb was hacked with $30M stolen. The exchange will reimburse the lost funds. cnbc
• The COO of Goldman Sachs announced the bank is exploring cryptocurrency trading beyond futures. bloomberg
• Tether, the cryptocurrency pegged to the USD released a legal report from a Washington-based law firm confirming that the currency is backed by physical reserves. Tether has been surrounded by speculation as there are $2.7 billion tethers in circulation, and until now the company has released nothing to verify it. tether

Capital

• Cardstack raised $35M in an ICO to build a ‘decentralized application orchestration platform’ that allows for better work flows between centralised and decentralised applications. cardstack

Adoption

• Anheuser-Busch is using the Ethereum blockchain to track and record advertising data. Different metrics, including the price, engagement and impressions are stored on the ethereum blockchain allowing all players in the sales chain to view and audit campaign data directly. globenewswire
• Stanford University have unveiled a blockchain research division. stanford
• Andy Warhol’s 1980 work 14 Small Electric Chairs will be auctioned off this month using the ethereum blockchain. ccn

Market:

• The was a big sell-off over the weekend as the market fell through new support levels. The overall market is down 12%, hitting a lows of $235 billion before slightly recovering and finishing the week at $250 billion. Bitcoin fell 8% briefly dipping below $6,000 USD, but is currently at $6,209 USD. Ether fell 15% and currently the global average is $450 USD.