Blockchain Market Update – November 16, 2018

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November 16, 2018 by
Blockchain Market Update – November 16, 2018

Coinchase: Blockchain crowdfunding platform launches no-fee consumer-to-consumer trading, aimed to improve liquidity of tokens available on the platform. Also allows users to trade tokens that are not listed on the exchange—Exchange

SECInvestigating ShapeShift AG CEO Eric Voorhees for alleged illegal fundraising of his affiliate Salt Lending Holdings. The company, which loans money to people using their cryptocurrency as collateral, received a subpoena from the SEC in Feb. seeking records related to a $50 million token sale it held last year. Regulators are looking at whether raising money while Eric Voorhees served on Salt’s board violated a 2014 SEC settlement that banned Eric Voorhees from fundraising—Regulation

Binance: Advises remaining users in Iran to withdraw their money as exchange seeks to comply with international sanctions. Sepehr Mohamadi, chairman of board of Blockchain Association of Iran, said emails have been sent for months, but their numbers recently increased following renewed U.S. sanctions effected on Nov. 5—Exchange

ICORating: Independent research firm reports that a total of over $1.8 billion was raised by 597 ICO projects in Q3 2018, down significantly from the $8.3 billion raised in Q2 2018. As per the report, there are multiple factors contributing to the drop in ICO fundraising, including high frequency of scams and fraud, uncertain regulations, declines in value of some of the most hyped ICO products from earlier this year, and general disappointment in the state of the markets. Regulatory uncertainty regarding the ICO industry is a huge contributing factor behind the drop in fundraising, as it is likely that many of the tokens resulting from ICOs are, in fact, securities products—Other

Microsoft: Launches cloud-based blockchain development kit powered by Azure, which extends the capability of their blockchain developer templates and Azure Blockchain Workbench. Also incorporates improvements that can be used to rapidly build blockchain-based applications as noted by Microsoft blockchain engineering lead Marc Mercuri—Project Development

Nasdaq, Deloitte: Developed Delivery-versus-payment (DvP) platform prototypes to facilitate settlement of tokenized assets across different blockchains for the Monetary Authority of Singapore, the central bank, and Singapore Exchange. The system is designed to speed up and simplify post-trade processes—Project Development

Ethereum: According to creator Mike McDonald, nearly 1% of all ETH (about 1 million ETH) is locked in MakerDAO smart contracts. Dai token’s market capitalization is around 1/3rd of that figure, at time of writing sitting around ~357,000 ETH—Project Development

Ripple: Partners with CIMB Group, the 5th largest bank in the ten-nation Association of Southeast Asian Nations, who will use Ripple’s network to power instant cross-border payments. According to Ripple, CIMB is one of the first banks to leverage blockchain tech in a region where payments are historically slow and inefficient—Financial Institution

Canaan Creative: IPO application to Hong Kong Exchanges and Clearing Limited (HKEX), with a funding target of $400M, has expired. With their application originally filed in May 2018, HKEX had many questions about the business model and prospects of Canaan Creative, and the company cannot complete the IPO this year because HKEX has not updated the listing hearing—Financial Institution

KPMG: Big Four accounting firm asserts that cryptos like BTC are not yet ready to be classified as real currencies, noting that using BTC as a store of value is a “fool’s errand.” In their report, KPMG details challenges facing the cryptocurrency industry as it seeks adoption by financial institutions. KPMG poses that crypto-assets must undergo what they call “institutionalization”—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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