Blockchain Market Update – November 3, 2018

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November 5, 2018 by
Blockchain Market Update – November 3, 2018

HSBC, India: In India’s first, HSBC executed a trade finance transaction involving an export by Reliance Industries to an American client, Tricon Energy, using the blockchain, which massively reduced the time taken for processing the documents. The blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the typical 7-10 days to less than a day—Financial Institution 

Jake Chervinsky: Kobre & Kim lawyer noted that the SEC’s Nov. 5 deadline is for the public to submit statements to the SEC, not for the SEC to conclude its review of the rejected bitcoin ETFs, after Ran Neuner announced decision would be made by this weekend. The SEC will need time to review those statements before writing a final order—Regulation 

Taiwan: Amended its laws that regulate crypto transactions. The revisions give the country’s Financial Supervisory Commission the authority to crack down on anonymous virtual currency transactions and now requires virtual currency platforms to require users to register their real names—Regulation 

Grayscale Investments: As per their Q3 report, $81.1M went into Grayscale’s digital currency trusts, 70% coming from institutional investors. Year-to-date, $329.5M of new funds went into Grayscale’s investment products with a total of 59% coming from institutional investors—Financial Institution 

U.S. SEC: Explained in their latest annual report that reducing the number of crypto-related scams is currently among their top priorities. The report specifically cites ICOs as one such sector of the industry they are focusing on. Additionally, the SEC states they are launching multiple initiatives with partner agencies to reduce fraud in the crypto and DLT sectors—Regulation 

Element Group: Researched and outlined the correlation between mining difficulty and bitcoin price movements, among other effects. Observing BTC’s mining difficulty indicates that mining BTC is becoming less difficult. The reduction of mining difficulty often occurs toward the bottom of market cycles, when bitcoin sell pressure abates and prices find their lows—Mining 

U.S. FED: Compound founder Rober Leshner pointed out that cryptocurrency has so far only existed in a low interest rate US economy. As this starts to reverse, a series of rate hikes by the Federal Reserve put crypto in uncharted waters. Currently, the odds of an increase in interest rates by 200-225 bps at the next Fed meeting scheduled for November 8th is over 90%—Trading 

NetEase: Chinese internet tech company is preparing to launch its third blockchain application following NetEase Star and Ease Headlines. Dubbed NetEase Quanquan (or NetEase Circle), this new blockchain application serves as a social platform and is currently in a closed beta-test stage—Project Development 

Venezuela: Their Supreme Court of Justice now recognizes the crypto Petro as legal tender. Additionally, the gov’t of Venezuela has decreed that they will promote and guarantee the use of cryptocurrencies as a means of payment in public institutions, and private companies inside and outside the national territory—Regulation 

Kik: The messaging app’s native currency, KIN, is now usable on 12 mobile apps on the platform. On these apps, users can spend the token to buy features and even earn KIN for performing tasks. These apps include everything from dating, business networking, productivity, and mental health—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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