Daily News Digest Featured News

Wednesday May 30 2018, Daily News Digest

Bitcoin hashrate
Source: Quantum attacks on Bitcoin, and how to protect against them

News Comments

United States

International

European Union

United Kingdom

China/Hong Kong

Other

News Summary

United States

Here’s why Coinbase chose Chicago for its new engineering office (Built in Chicago), Rated: AAA

The new office will be filled primarily with engineers who will work on transitioning GDAX, the marketplace behind Coinbase’s retail brokerage, to a new platform named Coinbase Markets.

The goal of the transfer is to further professionalize the trading environment. That makes Chicago a natural fit from a talent perspective, given its ecosystem of trading firms and fintech companies.

Coinbase Index Feed Now Available on CryptoSlate (CryptoSlate), Rated: A

On a recent 1000% increase in transaction capacity, Coinbase restructured their code base and APIs. CryptoSlate has integrated with the leading cryptocurrency platform to make real-time Coinbase Index Fund information available via our news platform, delivering prime market insight as Coinbase sets the stage for the potential introduction of crypto ETFs.

The U.S Cryptocurrency Market Is About To Become More Competitive For Exchanges (Benzinga), Rated: AAA

In April, news broke that Coinbase has initiated discussions with U.S regulators about the possibility of setting up shop as a licensed brokerage firm and electronic trading platform. Coinbase still remains the largest cryptocurrency exchange in the world; hence, the move to subject itself to regulatory scrutiny is both surprising and understandable. Coinbase understands that it threads the thin line that separates security tokens from utility tokens.

Binance is the world’s second largest cryptocurrency exchange in terms of volume trades; yet, it is taking a slightly different route from Coinbase to establish market dominance. Binance has built up a reputation as an unassailable, hacker-proof, provably secure, and proactive cryptocurrency exchange.

Earlier this week news broke that eToro, a global investment platform is expanding its businessinto the U.S market. eToro USA has started a waiting list for people want to trade cryptocurrencies in the U.S. and it plans to launch a cryptocurrency exchange and digital wallet later in the year after securing regulatory approval.

Bitcoin Price Faces Last Major Support Level Before $ 5K (CoinDesk), Rated: AAA

The cryptocurrency’s technical charts saw a doji candle on Sunday, signaling short-term bearish exhaustion. However, a corrective rally remained elusive as bitcoin ran into offers above $7,400 and closed (as per UTC) at $7,143 – the lowest daily close since April 12, according to Bitfinex.

The losses signal a continuation of the sell-off from the recent high of $9,990 and indicate scope for a drop to $6,900 – a level that the bulls need to defend at all cost. If they can’t, prices may go as low as $5,000.

BTC daily chart
Source: CoinDesk

As a result, it’s likely that BTC will drop to $6,900 (triangle support) soon – although it may not happen in the next 24 hours as the short-duration chart shows a temporary bullish setup.

BTC 1 hour chart
Source: CoinDesk

A Bitcoin Halvening Is Two Years Away — Here’s What’ll Happen To The Bitcoin Price (Forbes), Rated: AAA

In around two year’s time (on May 27, 2020, unless wild swings in the mining hashrate change anything) the coin reward for mining new Bitcoin blocks will drop from 12.5 Bitcoin to 6.25 Bitcoin — and people are already thinking about what this could do to the Bitcoin price.

Much has changed for Bitcoin, cryptocurrency and blockchain since the last Bitcoin halving (something the community calls a halvening), which happened July 9, 2016, and each time it happens no one is entirely sure how the Bitcoin price, or the economy that has built up around it, will react.

A Bitcoin halvening — there have been two since Bitcoin’s creation in 2009 — is a fixed event and will occur after every 210,000 blocks are mined, or confirmed, by the system.

Bitcoin halvening
Source: CoinDesk and Forbes

The Bitcoin price has spiked after both of the first two halvening events

The Threat to Bitcoin from Quantum Computing (AIER.org), Rated: A

At nearly every lecture I’ve given on blockchain technology, and its most famous use case in Bitcoin, someone stands to ask about quantum computing. What exactly do I propose to do about this terrible threat?

My answer has been that I propose nothing personally but the very core of innovation in this sector is about problem solving. If there is a known problem, there are people working on solutions, with tremendous professional awards accruing to the winner. Governance models are designed to implement solutions. It’s this adaptivity that makes this technology so much superior to central planning over money and ledgers.

This week, it was my pleasure to sit on a panel with Gavin Brennen of Macquarie University in Sydney, Australia, a physicist and one of the world experts on this topic. He presented a very nice paper that examined this question in some detail.

Bitcoin hashrate
Source: Quantum attacks on Bitcoin, and how to protect against them

Read Brennen’s paper here.

Peter Thiel Believes Bitcoin May Be on the Outs (Investopedia), Rated: A

The founder of PayPal Inc. believes that bitcoincould become less prominent in our daily investing and transacting. Peter Thiel, the billionaire entrepreneur and venture capitalist, expressed his belief that there is a 50% to 80% chance that bitcoin’s price will decline to a point at which the cryptocurrency, currently the largest in the world by market cap, will be effectively useless. The overseer of Founders Fund brought in up to $20 million of bitcoin to its portfolio back in January, prompting a 9% rise in the price of BTC within just a day of the purchase, according to AMBCrypto.com.

Four Things To Watch For In Cryptocurrency Regulation (Forbes), Rated: A

In 2017, crypto-enthusiasts saw their coins and tokens surge to a cumulative high of $750 billion in market value before the current “crypto winter” of global market capitalization fell to less than $400 billion. But even at these levels, cryptocurrencies are up approximately $300 billion in aggregate since April 17, 2017.  This represents an 11x investment for those who invested just one year ago.

Certain studies report that as many as 59% of Americans don’t report appropriate cryptocurrency-based capital gains to the IRS.

And, the government is hardly sitting idly by:

  • In early 2018, the SEC sent requestsfor information to crypto-funds, ICOs and exchanges;
  • The IRS collected 14,000 Coinbase account user’s activity logs; and
  • OFAC indicated that it may be adding crypto-wallet addresses to its Sanctions List.

Nasdaq Backs Bitcoin, Litecoin And Stellar As It Considers Cryptocurrency Exchange (FXEmpire), Rated: AAA

According to an article published on the Nasdaq website, the exchange has thrown its weight to three virtual currencies. Despite the market turmoil and the decline that has been witnessed in the digital currency market, Nasdaq is of the view that Stellar (XLM), Litecoin (LTC) and Bitcoin (BTC) are the virtual coins which are expected to beat the odds.

5 Bullish Cryptocurrency Happenings For May (Nasdaq), Rated: A

1. Nasdaq Embraces Cryptocurrency
The market just took a vast but underappreciated step toward the legitimization of cryptocurrency. The Nasdaq stock exchange stated that it is open to becoming a cryptocurrency exchange.

2. The CFTC Cracks Down
The Commodity Futures Trading Commission (CFTC) has stepped into the fray as the first U.S. regulator to issue guidance to exchanges and clearinghouses dealing with derivatives based on virtual currencies.

3. Institutions Start Coming On Board
Until recently, cryptocurrency investing was primarily an individual pursuit. The large institutional money managers and hedge funds shied away from the asset class due to lack of regulation and ultra-high risk.

4. Central Banks Interest
Even more bullish than institutional interest is central banks getting involved with cryptocurrency.

5. The Selloff
Yes, you read that right. I consider the current selloff a very bullish signal. Markets never go straight up. Healthy markets surge higher, then pull back, then push higher. Profit taking is a natural part of every market.

Poloniex Responds to Frozen Accounts Complaints (Bitcoin.com), Rated: A

Poloniex, the cryptocurrency trading platform which was taken over by Circle earlier this year, has finally responded to complaints by its clients about frozen accounts. Stories of legacy accounts getting locked have flooded social media and cryptocurrency forums over the last week. The company now tries to reassure these clients their funds are safe and explain the matter is required by law.

“We are happy to report that in the past 3 months we’ve seen a 33% increase in customers who are instantly verified, a 77% increase in customers who successfully pass our verification process, and an 85% decrease in customer waiting time for verification.”

WEISS RATINGS RELEASES 93 FREE CRYPTOCURRENCY GRADES THIS WEEK – WITH 7 MAJOR WINNERS (Bitcoinist), Rated: A

Weiss Ratings, a private company which provides research and analysis for consumers and business professionals, has released its list of 93 cryptocurrency ratings for free this week — with Bitcoin (BTC), Cardano (ADA), EOS (EOS), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and TRON (TRX) coming out on top. 

crypto ratings
Source: Bitcoinist
lowest rated cryptos
Source: Bitcoinist

Civic (CVC) Joins Binance Trading, Short-Term Breakout Fizzles Out (cryptovest), Rated: A

Civic (CVC), an ICO token tied to a system of blockchain-based identity service, had its breakout moment when Binance added it to its roster. Unfortunately, the breakout for CVC was short-lived, and very minor in perspective.

CVC slid by 15% overnight to $0.28, within the usual price range and fluctuation. The asset has drifted sideways for months, and it is unknown if Binance would help boost the price.

I Would Be Shocked If Bitcoin Prices Weren’t Manipulated (Forbes), Rated: A

According the FT and Bloomberg, the Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies.  Well, duh?  Of course they are.

Traders With Pockets Full of Crypto Quit Wall Street (Bloomberg), Rated: A

Adrian Xinli Zhang was climbing the ranks at Deutsche Bank AG in New York when he discovered Bitcoin. The 29-year-old made enough money trading digital currencies in his spare time to leave the German bank in March, the same month he was promoted to director, people familiar with the matter said.

$ 500 Million In Ripple (XRP) Possibly Lost Forever After Billionaire Owner Dies Unexpectedly (Ethereum World News), Rated: A

The recent sudden death of Crypto Billionaire, Mathew Mellon, has raised questions about what happens to our crypto-assets when we die. Most of these assets are locked away in mobile apps, online exchanges and wallets and the occasional hardware wallet. Our wallet passwords, pass-codes, mnemonic phrases and digital keys are only known to ourselves. Perhaps we can live with the thought of only around $2,000 being lost when we die, but what if this amount is approximately $500 Million worth of Ripple (XRP)?

Bitcoin Spinoff Hacked in Rare ‘51% Attack’ (Fortune), Rated: A

Hackers compromised the cryptocurrency Bitcoin Gold—a lesser known offshoot of the original Bitcoin—this month, using superior computing power to falsify the currency’s ledger and swindle at least $18 million from online exchanges.

The hacking incident, which was reported in a blog post earlier this month, is significant because it shows how a so-called 51% percent attack, which poses an existential threat to any Bitcoin-like currency, is not just a theoretical concern.

Bitcoin Cash Still Facing Decline after CNBC Feature (Global Coin Report), Rated: A

In the confusing world of Cryptocurrency markets, it is no surprise to find successful cryptocurrencies taking the tumble. Such is the case for Bitcoin Cash, a major Cryptocurrency that has taken almost a 10% dip in its value over the past week. This comes as a surprise to many, as Bitcoin Cash got featured on a news segment on CNBC recently, which was expected to improve Bitcoin Cash’s position.

Got Unreported Cryptocurrency Income? Mount A Defense (Law360), Rated: A

On Feb. 23, 2018, the digital currency exchange Coinbase Inc. informed a group of around 13,000 customers that it would be turning over their user records to the Internal Revenue Service in response to the agency’s court order. This decision represents a major policy change on Coinbase’s part, as it had previously refused to share its customer information. Even if you’re not among the 13,000 affected customers, owning cryptocurrency means you may well be exposed to IRS scrutiny in the near future.

Bitcoin Core Fees Fall to Their Lowest in Years (Bitcoin.com), Rated: A

Fees on the bitcoin core network have reached their lowest in seven years, with the median cost of sending BTC currently standing at $0.11. While there are several reasons why BTC fees are low, one of them is obvious: less people are using the network. The number of daily transactions has dropped sharply since last year, and has declined further in the past month.

Litecoin [LTC] donations implied on 500-year-old growth forest of Native Americans (AMBCrypto), Rated: A

According to a Reddit post, Litecoin will now support “NDPONICS”, a 500-year-old growth forest protected by Americans. NDPONICS runs agricultural programs and the entire project is handled by Native Americans.

SEC charges cryptocurrency company that raised $ 21 million with fraud (The Hill), Rated: A

The Securities and Exchange Commission (SEC) on Tuesday announced that it is suing the blockchain company behind a $21 million initial coin offering (ICO) for fraud.

The agency also received court approval to freeze the assets of Titanium Blockchain Infrastructure Services Inc., the company running the alleged scheme.

Average ICO Investor Makes 82 Percent Profit (CCN), Rated: AAA

The 54-page report, titled “Digital Tulips? Returns to Investors in Initial Coin Offerings,” examined 4,003 ICOs which raised a combined $12 billion and tracked the value of their tokens across different timeframes.

The study found that the average ICO token rose 179 percent from its token sale price to its opening price after achieving listing on a cryptocurrency exchange, a holding period that lasted an average of just 16 days. Even after assuming that tokens that failed to achieve listing within 60 days represent total losses for buyers, the average investor managed to net an 82 percent profit against USD.

ICO token returns
Source: Boston College

Read the full report here.

Ben & Jerry’s Bets On Blockchain To Cancel Out The Carbon In Every Scoop (Forbes), Rated: A

A bowl of Phish Food ice cream might be a guilty pleasure, but Ben & Jerry’s is on a mission to ease your conscience.

At its Scoop Shop in London’s Soho, the environmental impact of every cone of Cookie Dough and Karamel Sutra has been calculated, and is being offset in a novel way.

It’s the first real-world example of trading carbon credits on the high street, powered by blockchain.

No Miners? Intel Seeks to Automate DLT Block Verification (CoinDesk), Rated: B

In a filing released last Thursday by the U.S. Patent and Trademark Office, the company outlines a method by which it would partition and update distributed ledgersautomatically, with a processor able to independently verify that new blocks are valid and able to be attached to the ledger.

Virginia Tech to build blockchain-focused curriculum (EdScoop), Rated: B

With the help of a $3 million investment, Virginia Tech’s computer science department will create a blockchain-focused curriculum, marking the university’s first foray into studying the much-hyped technology.

Cryptocurrency Exchange Hires Ex-US Attorney, Bryan Cave Partner as GC (The American Lawyer), Rated: B

Former federal prosecutor and Bryan Cave Leighton Paisner partner Mary Beth Buchanan has landed in a general counsel role at Kraken, a cryptocurrency exchange operator that has taken a defiant stance toward a New York attorney general inquiry of several businesses in the crypto sector.

International

Binance, Bitfinex And More To Support EOS (EOS) Token Swap (Ethereum World News), Rated: AAA

The current countdown to the EOS (EOS) MainNet launch reads 5 Hours, 9 Hours and 50 Minutes at the moment of writing this. At exactly 22:59:59 UTC on June 2nd, EOS tokens will become frozen on the Ethereum blockchain and the MainNet launch will occur shortly afterwords.

It is therefore with this background that Ethereum World News wanted to inform you of the known exchanges that will be supporting the token swap.

Crypto Markets Make Slight Rebound After Bitcoin Touched Monthly Lows (Coin Telegraph), Rated: AAA

Tuesday, May 29: crypto markets are steadily rebounding with all top ten coins listed on Coinmarketcap in the green.

crypto markets

After hitting monthly lows yesterday, Bitcoin (BTC) is slightly up 3.94 percent over the past 24 hours, trading at $7,513 at press time.

Bitcoin price
Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has seen a more significant growth of almost 9 percent over a 24 hours period, trading at $571. Still, the major altcoin saw a major decline over the course of the past week, down 12 percent.

Quadratic Voting: A New Way to Govern Blockchains for Enterprises (Forbes), Rated: A

While it can provide a secured ledger, thereby reducing risk, there remain worries over the intersection of regulation and technology behind blockchain. There is much to be understood in tradeoffs between the trustful distributed systems that underlie much of the systems today, and the trustless decentralized networks many blockchain entrepreneurs believe will be the bedrock for future applications.

Faast Platform Connects With Popular Wallets Offering Cross-Chain Swaps (Bitcoin.com), Rated: A

There’s a new application called Faast, a service that claims to enable secure cross-chain trades by utilizing a few popular wallet clients and two well-known hardware devices Ledger and Trezor. This means users can swap BTC for ETH, and trade various ERC-20 tokens in a secure manner without leaving a trusted environment.

European Union

EOS Raises Record-Breaking $ 4 Billion from Crowdsale (CryptoSlate), Rated: AAA

EOS has sold over 900 million ERC-20 tokens worth nearly $4 billion USD in their yearlong coin offering launched June 26, 2017.

Dwarfing most other ICOs and nearly doubling the second largest coin offering of this year (Telegram at $1.7 billion USD), EOS is well-prepared to launch its mainnet on June 2 and compete with Ethereum for the mantle of the most popular blockchain operating system.

Binance Academy Initiative Gives Free Blockchain and Crypto Education (Bitcoin Exchange Guide), Rated: AAA

Binance, the famous cryptocurrency exchange, has recently launched a new initiative to help people to learn more about the crypto world and how it works: The Binance Academy Initiative. The objective of the platform is to allow users to use accurate, neutral and entirely free information about the cryptocurrency market.

BITCOIN BEATS EURO AS BREWING ITALIAN CRISIS DELIVERS 6% MONTHLY LOSSES (Bitcoinist), Rated: AAA

Data uploaded to social media by eToro analyst Mati Greenspan shows that despite its downturn in May, Bitcoin is still 7% higher than it was April 1, while the euro has dropped 6%.

Euro USD
Source: https://twitter.com/WhalePanda/status/1001381464980774912/photo/1

7 Myths About Ethereum Decentralization (Coin Telegraph), Rated: AAA

Is Ethereum 100 percent decentralized, anyway? This question has been frequently raised by the community and developers over the past two years.

Myth 1: Decentralization means distribution
Vitalik states that decentralization is one of the fundamental concepts in blockchain, which is essential for protecting the networks from such problems as faults, attacks, and collusions. Although “thousands of hours of research” and development are aimed at achieving and improving decentralization, the exact meaning of the term is still unclear.

decentralization vs. distributed network
Source: Vitalik Buterin

Myth 2: Blockchain is resistant to errors

centralization
Source: Vitalik Buterin

Myth 3: The Ethereum network is protected against attacks

Read the full article.

Ethereum Drops 14% as Cryptocurrency Market Declines Billion Overnight (CCN), Rated: A

The price of Ether, the native cryptocurrency of the Ethereum blockchain network, has dropped 14 percent overnight as other major cryptocurrencies like bitcoin, Ripple, and Bitcoin Cash fell in the range of 2 to 6 percent.

Within one hour, the price of Ether dropped from $574 to $492,  by more than 14 percent. While ETH rebounded relatively fast from the $492 mark by 6 percent, it is still down around 10 percent from $574.

bitfinex ether
Source: CCN

Ethereum’s Price Drop Possibly Due To Large ETH Sell-Off By EOS (Coin Telegraph), Rated: A

The price of Ethereum (ETH) has fallen today, May 28, with tech site TrustNodesblaming the drop on a large sale of ETH on crypto exchange Bitfinex that they attribute to EOS.

Ethereum is currently trading around $515, down 8.49 percent over a 24 hour period at press time.

ethereum
Source: Coin Telegraph

Ethereum Network Noted Major Growth in 2017, Analytics Firm Claims (NewsBTC), Rated: A

Alethio’s Christian Crowley recently shared some interesting statistics regarding this particular situation. According to the company’s analytics, Ethereum is now home to over 700 tokens issued on top of this blockchain infrastructure. Most of the tokens adhere to the ERC20 standard, albeit some are exploring ERC223 as well.

The more intriguing statistic is how there are over 1,000 dApps live on in development.

Alethio claims close to 1 million transactions are processed per day. Considering how nearly 100,000 new users join the network daily, that number will continue to increase.

Ethereum Classic Claims Successful Blockchain Fork (CoinDesk), Rated: A

Ethereum classic has removed its so-called “difficulty bomb.”

Designed to increase the difficulty of mining its blockchain over time, the code was a feature of the original ethereum codebase (which later split into ethereum classic and ethereum) in 2016. The successful network upgrade took place at block 5,900,000, according to available network data and statements from developers involved in the project.

First Smart Contract Testnet for Cardano is Live (Live Bitcoin News), Rated: A

There is a lot of hype and excitement surrounding the Cardano project. This is despite the lack of any real technology in the form of live products. Things are slowly changing in this regard. The test for the Cardano smart contracts has launched this week.

Crypto wallet provider Ledger adds Peercoin support (EconoTimes), Rated: A

Ledger, a leading bitcoin hardware wallet provider, has announced support for Peercoin (PPC) cryptocurrency on its platform.

The company also said that the support for Wanchain (WAN) is likely to be added next week. Support for other altcoins including Monero (XMR) is currently in progress.

East Ventures backs crypto wallet BRD in $ 32m funding round (Deal Street Asia), Rated: A

Southeast Asia- and Japan-focused venture capital firm East Ventures has backed Switzerland-based cryptocurrency wallet startup BRD in its $32-million funding round.

TransCrypt Payments Messaging App Platform Launches For Telegram (Bitcoin Exchange Guide), Rated: A

TransCrypt, a payment platform has just announced its payment app which can be downloaded and used to send and receive payments in cryptocurrency via popular messaging platform Telegram.

Is Crypto in a Bubble? Wikipedia Co-Founder Says Yes (Cryptocurrency News), Rated: A

Today, at the BlockShow Europe 2018 conference, Jimmy Wales, one of the founders of Wikipedia, gave his opinion on one of the most popular questions in the crypto space: is crypto in a bubble? The answer? Yes. However, it’s not just crypto. Wales also believes blockchain is in a bubble as well.

Three out of Ten Germans Are Considering Crypto Investing (Investing.com), Rated: A

Twenty nine percent of Germans are interested in cryptocurrencies as a form of investment, Cointelegraph auf Deutsch reported Tuesday, May 29. German bank Postbank came to this conclusion after a survey of 3,100 Germans, which was conducted from the end of February to the end of March 2018.

When asked about why are they interested in crypto, 60 percent of women and 51 percent of men cited “independence from established financial systems” as an important factor. The possibility of high returns, on the other hand, especially attracts men: 56 percent against 36 percent of women. For every third potential cryptocurrency investor, anonymity is also important.

Zichain: Advisory Board Appointment (GlobeNewswire), Rated: B

Zichain, a crypto finance company, is pleased to announce the appointment of Mr Alexander Borodich to its Advisory Board.

United Kingdom

Mark Carney changes mind AGAIN as Bank of England moves toward ‘Brit coin’ (Express), Rated: AAA

BANK of England governor Mark Carney admitted he is open-minded about the prospect of a UK digital currency to rival bitcoin, once dubbed a ‘Brit coin’.

Mr Carney told an audience in Sweden “the future of central banking may involve fewer central bankers”, instead suggesting the prospect of a central bank digital currency (CBDC).

A London-Based Company Successfully Trademarks the Name ‘Bitcoin (Bitcoin.com), Rated: A

Multiple reports and public filings have shown a UK-based firm called ‘A.B.C. IPHoldings South West’ has successfully acquired a trademark for the name ‘Bitcoin’. According to a merchant on Etsy, IP-Holdings sent a cease and desist order because they were selling Bitcoin-themed t-shirts.

Scottish ‘Crypto Clinic’ Treats Bitcoin Trading Addicts (CoinTelegraph), Rated: A

A Scottish hospital is treating people who are addicted to trading cryptocurrencies in the UK’s first ever ‘crypto clinic,’ the Evening Standard reported today, May 28.

British FX Firm Currencies Direct Pilots Ripple Tech (CoinDesk), Rated: B

A foreign exchange (FX) brokerage based in the UK has announced that it successfully tested distributed ledger startup Ripple’s xRapid product, which uses the digital asset XRP.

China/Hong Kong

OKEX Overtaking Binance as Leading Cryptocurrency Platform (ICO Examiner), Rated: AAA

Exchange data assembled by Coinhills appears to show what was previously thought by many to be the world’s leading trading platform now occupying fourth place, claiming 13.5% of market share. OKEx is the current market leader with a 15.7% share of overall trading volume.

China prosecutes 98 people, recovers US$ 268 million in OneCoin cryptocurrency investigation (SCMP), Rated: A

A local Chinese procurator’s office prosecuted 98 people and recovered 1.7 billion yuan (US$267.5 million) in connection with an alleged cryptocurrency pyramid scheme involving OneCoin, according to a report by China’s state-owned newspaper Procuratorial Daily.

The alleged pyramid scheme, which is thought to involve up to 15 billion yuan (US$2.4 billion), had been under investigation since July 2016 and was supervised by the Ministry of Public Security. Companies associated with OneCoin, the cryptocurrency founded by Ruja Ignatova, are being investigated in the UK, US, Ireland, Italy, Canada and the Ukraine.

Blockchain Projects Go From Boom to Bust in 15 Months (Coin Telegraph), Rated: A

Chinese government analysis has concluded the average lifespan of a blockchain project is 1.22 years, sources report May 28.

Speaking at the ongoing China International Big Data Industry Expo 2018 in Guizhou, He Baohong of the China Academy of Information and Communications Technology (CAICT) said only 8% of the blockchain projects ever launched are still alive.

This ‘Uber of China’ Creator Is Building a Ride-Hailing App Based on Bitcoin Technology (Fortune), Rated: B

The founder of Chinese ride-hailing firm Kuaidi Dache, now a part of the “Uber of China” Didi Chuxing, announced plans to create a blockchain-based ride hailing app Sunday.

Universities to Build Blockchain DAO for Affordable Education (CoinDesk), Rated: B

A group of top-tier Chinese universities in China is planning to build a decentralized, blockchain-powered organization aimed to make educational resources more accessible and affordable.

Asia

The Biggest Digital Currency Exchange in South Korea Will Ban Trading In Iran and North Korea (Smartereum), Rated: AAA

The biggest digital currency exchange in South Korea – Bithumb together with Upbit, has banned the trading of digital currency in North Korea, Iraq, Iran, Sri Lanka, and seven other nations which are considered as high-risk jurisdiction by the NCCT Initiative.

Singapore Startup Raises US$ 8M In ICO For Blockchain Fraud Prevention Platform (Coin Journal), Rated: A

Singapore-headquartered startup Uppsala Foundation has raised US$8 million in its initial coin offering (ICO) for the development of its fraud prevention blockchain, Sentinel Protocol. The public token sale reached its sales target under four minutes, the company said.

How Korea’s Largest Mobile Giant Is Embracing Blockchain (CoinDesk), Rated: A

Kakao is a corporate giant that dominates the Korean mobile market. Its mobile messaging app Kakaotalk accounts for 94 percent of the domestic market. Based on this overwhelming market share, Kakao has successfully expanded its operations into markets such as advertising, gaming, mobile banking, taxi services and music.

The company recently announced a new blockchain business.

MENA

Israeli Financial Institutions Will Be Required to Report Suspicious Cryptocurrency Activity (CTech), Rated: AAA

As of June 1, brokers, banks, money changers and cryptocurrency trade and commerce platforms in Israel will be obligated to report any suspicious cryptocurrency activity by their clients. In a legislation draft dated May 23, the Israel Money Laundering and Terror Financing Prohibition Authority has proposed several red flags which will require disclosure.

Ripple (XRP) In The Middle East –A Big Bull Making Strategic Runs (Oracle Times), Rated: A

Ripple has been displaying the capability of its self-claimed preaches with countless of partnerships and recognitions around the world. Today, in the Middle East, the anchor of altcoin is well rooted.

In a recent news, Ripple has got a support from the Kuwaiti part of the middle east, in a partnership with the Kuwait Finance House‏ that joined hands with RippleNet for cross-border payments.

Africa

$ 8M crypto investment scam triggers probe in South Africa (CoinGeek), Rated: AAA

An investigation has been launched by South Africa’s Serious Economic Offenses Unit against a company named Bitcaw Trading after it had allegedly victimized 28,000 investors, with losses amounting to 1 billion rand ($8 million), and counting.

Bermuda

Bermudian Government Inks $ 10 Million MOU with Blockchain Startup Shyft (BTCManager), Rated: AAA

The MOU was signed between Premier of Bermuda David Burt, and Shyft Chairman Joseph Weinberg at Consensus 2018, a mega cryptocurrency summit held at New York. According to the MOU, Shyft will allocate $10 million to create new job opportunities in the island nation while at the same time educate Bermudians on the distributed ledger technology.

Caribbean

Cryptocurrencies Filling The Caribbean Banking Void (Forbes), Rated: AAA

One of the largest crypto exchanges Bitfinex is heading to Puerto Rico. The Caribbean presents a unique advantage for cryptocurrencies, as a way to work around the biggest impediment to the space which is government regulation. How will the rise of cryptocurrencies impact Caribbean islands?

Puerto Rico’s Noble Bank has taken up the mantle as custodian for Bitfinex, according to Bloomberg. However, Noble doesn’t actually hold the money. Instead, it uses Bank of New York Mellon Corp. as stated on its website.

Latin America

Chilean Bank Reopens Accounts of Cryptocurrency Exchanges (Bitcoin.com), Rated: AAA

Bancoestado, the only public bank in Chile, on Thursday “finalized the first [re]opening of a current account for Cryptomkt, as confirmed by Martín Jofré, founding partner of the cryptocurrency platform,” La Tercera reported.

The move follows the order by Chile’s Tribunal for the Defense of Free Competition (TDLC) in April for three of the country’s largest banks to reopen the accounts of two crypto exchanges. Bancoestado, Scotiabank, and Itaú were all ordered to reopen bank accounts of Cryptomkt and Buda.com.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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