Blockchain Market Update – November 1, 2018

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November 1, 2018 by
Blockchain Market Update – November 1, 2018

Siemens: Announced an investment of up to 600 million euros (US$681 million) in Berlin to make part of the German capital into an industrial and technology hub, dubbed Siemensstadt or Siemens city. Activities in fields such as distributed energy systems and energy management, electric vehicle technology, machine learning, artificial intelligence, data analytics and blockchain are to be based there—Project Development

Coinbase IPO: In an interview with Bloomberg, Asiff Hirji, President and COO of Coinbase, stated that Coinbase won’t conduct an IPO anytime soon, despite its latest funding round that raised its valuation to $8 billion.—Exchange

Coinbase Custody: Wilshire Phoenix, a New York-based investment firm that provides structuring, advisory and asset management services, teams up with cryptocurrency leader to release new institutional fund by year-end. Expects to launch a fund in 2018 that is organized as a statutory trust and which will be capped at $500MM.—Exchange

Bithumb: South Korea’s top cryptocurrency exchange has signed a deal with a U.S. fintech company SeriesOne to set up a security token exchange in America. The agreement with SeriesOne calls for Bithumb to invest in and provide technical support for the establishment of the envisioned security token exchange; pushing to establish during the first half of next year—Exchange

Vitalik/DevCon4: Announced during keynote that Serenity will be introduced in four phases. First phase, dubbed phase zero, will introduce “beacon chain,” the new proof-of-stake based blockchain that will co-exist alongside ethereum and allow Casper validators to participate. Following phase one is simplified version of Serenity featuring “shards as data chains” that will be able handle data storage but won’t be able to transfer smart contracts or money from one shard to another. Phase three will enable cross-shard communication, meaning users send messages and funds to each other across different shards—Project Development

Al Zarooni Group: Al Zarooni Group and Crypto Bulls have joined hands to launch the Crypto Bulls Exchange, the first official cryptocurrency exchange to be registered in the UAE. The Crypto Bulls Exchange will also be the first crypto exchange in the GCC after this merger is implemented and in adherence to regulations announced by the Abu Dhabi government for ICOs and digital assets—Exchange

China: Cybersecurity Regulator CAC wants feedback on its blockchain DLT rule proposal by Nov 2. Rules are designed to regulate the blockchain ecosystem within China but have received mixed reactions from DLT experts.In the legislation, DLT companies will need to store data for inspection going back up to six months. Real-name registration will also be required —Regulation

Malta: According to the latest rules issued by the Malta Financial Services Authority, inexperienced investors will only be able to buy €5,000 worth of virtual financial assets – such as initial coin offerings – over any 12-month period. Only those defined as experienced investors will be able to invest more, such as those who have already dabbled in ICOs, and whose funds invested do not exceed 1% of their net worth—Regulation

India: Government still considering a blanket ban on the use of bitcoin and other cryptocurrencies. On Oct. 30, at a meeting of the financial stability and development council, “The council…deliberated on the issues and challenges of crypto assets/currency and was briefed about the deliberations in the high-level committee chaired by the secretary to devise an appropriate legal framework to ban use of private cryptocurrencies in India,” the government’s Press Information Bureau said in a release—Regulation

Goldman Sachs: Will soon start rolling out a Bitcoin derivatives trading facility for its clients and have been working with a small number of clients to actively trade the product. They are also finding ways to implement custody of the cryptocurrency for its customers. However, the report also states that the investment firm is not in a hurry to launch new tradable products in the market.—Financial Institution

“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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