Blockchain Market Update – November 20, 2018

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November 20, 2018 by
Blockchain Market Update – November 20, 2018

Standard Chartered: CEO William Winters notes that rise of blockchain technology, quantum computing, artificial intelligence and digital currencies will completely transform how banks operate in the future, and financial services industry has not achieved even one percent of the potential offered from digital transformation—Financial Institution

Singapore: Authorities continue development of new regulatory framework for payment services and moved the Payment Services Bill for its first reading in Parliament. Bill will expand scope of regulated payment services and will empower Monetary Authority of Singapore to regulate payment services for following key risks and concerns: 1) money-laundering and terrorism financing 2) loss of funds owed to consumers or merchants due to insolvency 3) fragmentation and limitations to interoperability and 4) technology and cyber risks. Bill comprises two parallel regulatory frameworks: 1) Designation Framework for Significant Payment Systems 2) Licensing Framework for Payment Service Providers—Regulation

EOS: Report authored by four experts with the assistance of Whiteblock Labs that ran benchmarks using an EOS testnet concludes that EOS real-world throughput no better than Ethereum’s and that its consensus algorithm doesn’t function properly. Report adds weight to the notion that in design, EOS more closely resembles a traditional cluster of servers such as Amazon Web Services than it does a decentralized blockchain. According to the report, in order to succeed as a base layer protocol, EOS needs to re-architect its infrastructure—Project Development

OKex: Changed terms on $135M of derivative contracts on its exchange. The move infuriated traders and saddled several with losses, underscoring the risks of using unregulated virtual currency exchanges. One trader claimed to have lost $700K because his hedging position on OKEx was abruptly closed at a level that didn’t reflect prevailing market prices. Complaints have been filed with Hong Kong’s Securities and Futures Commission—Exchange

Binance: CEO Zhao Changpeng responds to calls from Ripple and XRP supporters to add XRP to the leading cryptocurrency exchange as a base pair. On Twitter, CZ noted the strength of XRP community and asked them to send their best pitches for why he should pair every coin on the exchange with the digital asset—Exchange

Bitcoin: CME Bitcoin futures December contracts closed down by 11.28% or an equivalent of $615, and quoted at $4,835, hitting a record low since the previous month. CBOE Bitcoin futures January contract closed by 11.35% or an equivalent of $615, and quoted at $4,802.50, which also hit a record low since the previous month—Trading

CryptoCompare: Exchange review found that crypto-to-crypto exchanges have higher trading volumes than exchanges with fiat pairs. Data from mid-September to mid-October this year indicates that crypto-to-crypto exchanges had peak trading volumes of $7B per day, while exchanges with fiat pairs peaked at $4B. Report also shows CME and CBOE Bitcoin futures trading volumes are extremely low in comparison to Bitcoin spot volumes—Exchanges

Tencent Games: Partners with, a blockchain esports entertainment platform, to create a 24/7 live esports channel that will feature streamers from FaZe Clan, Method, and NRG; in addition to interactive functionality such as prediction games, trivia, and prizes for viewers. Channel would be powered by Theta rewards, and users would be able to purchase in-game items and upgrades using Theta tokens—Project Development

RSK: Bitcoin smart contract platform Rootstock is merging with offshoot established by its founders and partnership will allow it to expand to Ethereum and other platforms. The company was acquired by RIF Labs, a development lab established by some of RSK’s own founders, including CEO Diego Gutierrez-Zaldivar and Chief Scientist Sergio Demian Lerner. Acquisition opens doors for smart contract interoperability, as RIF OS’s framework could allow for RSK to interoperate with other smart contract platforms in the future —Project Development

Hang Seng Bank: Hong Kong-based bank completed pilot trade transaction using eTradeConnect platform, facilitating an end-to-end blockchain transaction between Clover Group International Limited and Regina Miracle International Limited for sale and purchase of apparel accessories. Pilot leveraged platform for preparing and transmitting digital trade documents, auto data matching, and raising of trade finance request—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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