Blockchain Market Update – December 17, 2018

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December 18, 2018 by
Blockchain Market Update – December 17, 2018

LG CNS: Subsidiary of South Korean multinational conglomerate LG Corporation is currently promoting a pilot project called “Magofi (temporary name)” for employees of LG Technology Park. It is reported that this is a payment system based on cryptocurrency. Employees can pay and settle with tokens at the restaurant of LG Technology Park, replacing cards or cash—Project Development

U.S. NVCA: In a letter to the U.S. SEC, National Venture Capital Association expresses their want for more flexibility in what investments they can make. VC funds are limited when making what SEC views as “non-qualifying” investments, in order to protect investors. Such investments can only comprise 20% of a VC fund’s committed capital. That 20% also includes purchases of digital currency, but the NVCA wants those to be included within the 80%, arguing they should be able to invest in startups through preferred equity or digital currencies. They also ask that cryptos like BTC and ETH be considered cash equivalents, which VC funds may hold without limit—Regulation

Donald Trump: Announces he will appoint Mick Mulvaney as new acting White House Chief of Staff. Mick Mulvaney is a well-known Bitcoin proponent and has previously expressed his support of blockchain technology—Other

BTI Report: Blockchain Transparency Institute notes that among top 25 exchanges listed on CoinMarketCap, most are actively engaged in wash trading (creating fake volume to appear more dominant). Only two exchanges don’t do so: Bitfinex and Binance—Exchange

DDEX: To fork the 0x protocol, which is the backbone of the exchange. Although they use the term “fork”, in reality they rewrote a large portion of the codebase, with plans to ship a new order schema, an engine capable of true matching, robust market orders, and a fundamentally different liquidity sharing model. ZRX token will be removed, as fee-based tokens create more friction. Hence, the new protocol is named Hydro—Project Development

Coinbase: Will offer support for USDC stablecoin, teaming up with Circle as co-founding members of the Centre Consortium—Project Development

Ripple: Adds GMT, Israel’s largest and leading financial services firm with 250 branches across the country, into its network. GMT joins companies like MoneyGram, American Express, CIBC, Earthport, ANKBANK and many more who use Ripple’s platform—Project Development

MaltaIssued a 12-month transition period until exchanges must be fully licensed in order to continue to operate. Starting Nov. 2019, all exchanges need to abide by all the legal provisions regulating the sector to continue operations—Regulation

VeChain, BIOS: Blockchain platform partners with cloud provider in the UAE to co-market and implement a framework of blockchain-as-a-service and blockchain-enabled cloud services across the Energy, Finance, Retail, PetroChem, and Healthcare industries in the Middle East—Project Development

“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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