Blockchain Market Update – December 13, 2018

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December 13, 2018 by
Blockchain Market Update – December 13, 2018

TD Ameritrade: Exploring idea to bring XRP and other cryptocurrencies to its 11 million retail investors. In response to question about whether it will give clients option to trade XRP, firm’s live broadcast said it’s working hard to make things like this happen—Financial Institution

Lightning Network: Scipio ERP, business management technology company, tested LN and saw it was not yet ready for commerce. They have found that while under the best conditions confirmations were reached within 5-10 seconds, some flaws are still present, with 1) LN making it hard to implement clustering, 2) LN has a difficult user interface, a contrast to other payment providers, and 3) it is a resource hog, requiring a Bitcoin node and a Lightning node installed on the same server as the business application—Project Development

SoftBank: Japanese multinational giant plans to sell its stake in Nvidia early next year as Nvidia’s share price continues to fall; main reason for the decline is that the demand for cryptocurrency mining is decreasing. Anonymous source revealed that SoftBank could profit $3B in this transaction, but whether they sell all of their shares or only a portion of them has not yet been finalized—Financial Institution

Terra: Announced partnership with Hanwha Galleria, a Korea-based company engaged in operation of department stores, to provide payment systems using blockchain technology. Stablecoin also was reported to have signed partnership agreement with Kakao Corp to develop blockchain-based payment system—Project Development

Dutch Central Bank: Intends to regulate crypto companies by requiring them to get licenses in order to operate, aiming to deter money laundering and terrorist funding. To qualify for a license, crypto companies must have a history of reporting unusual transactions and have a KYC system in place—Regulation

Forbes: Listed 4 major market trends to look out for in 2019: 1) Arrival of Security Tokens, 2) Rise of alternative asset classes, moving away from crypto into digital assets, 3) Creation of decentralized ecosystem platforms and new business models, 4) Development of Hybrid Models, systems that cater to both digital assets and fiat—Other

Venezuela: Reportedly begun forcibly converting pensioners’ monthly payments into petro, taking bolivares paid to its elderly residents and automatically swapping them for petros. Normally, a pensioner would receive their monthly sum in bolivares, shift funds to bank account, and withdraw fiat from local branch. However, government apparently converted residents’ bolivars to petros after sending the funds—Other

DenmarkTax agency Skattestyrelsen cracking down against nationals who secretly traded BTC on Finnish crypto exchange. 2,700 Danes have traded approximately $12M worth of BTC and did not report their earnings in the financial years of 2015 to 2017. The tax agency will go after every individual that ignored to mention their offshore BTC trades—Regulation

Monex: Japanese financial corporation to begin offering cryptocurrency trading service in US in first quarter of 2019. They will brand themselves Coincheck, a Japanese cryptocurrency exchange which Monex bought in April. Service caters to institutional traders—Financial Institution

UAE, Saudi Arabia: Central Bank of UAE and Saudi Arabian Monetary Authority entered into joint project to use blockchain tech and issue a digital currency accepted in cross-border transactions between two countries’ banks—Project Development

France: Parliament recommends investing up to €500M in blockchain technology in next three years. Other legal modifications suggested in parliamentary report include enabling the opening of bank accounts for blockchain-centered businesses who register with French stock market regulator, apparently a demanded change by companies—Regulation

Delphi: Digital asset investment firm found that 22.9M Bitcoin addresses are holding BTC. Nearly half contain less than 0.001 BTC, and almost 90% hold less than one-tenth of a Bitcoin. Just 20% of Bitcoin addresses contain more than $100 worth of BTC. While there are more than 1.5M Bitcoin addresses with over $1,000 in BTC, these holders make up less than 7% of all Bitcoin addresses—Other

Mt. Gox: Tokyo District Court requested a 10-year sentence against Mark Karpeles, the CEO of Mt.Gox. Prosecutors claim that Karpeles used customers’ funds for personal use and manipulated data on trading system to fabricate balance. Reportedly transferred 341 million yen ($3 million) of customers’ money to personal account in fall of 2013—Other

“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”

Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.

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