Blockchain Market Update – October 2, 2018

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October 2, 2018 by
Blockchain Market Update – October 2, 2018

Deloitte: The leading auditing and consulting company noted there are five main obstacles to overcome for mainstream blockchain adoption. These are uncertainty of regulatory frameworks, lack of collaboration between blockchain-associated firms, and complex nature and high costs of blockchain applications. Also, absence of standardization and probability of operations consuming a lot of time were listed as challenges to the adoption—Other

Wyoming: Looking to draft legislation to allow creation of crypto bank to serve the needs of the digital asset and blockchain firms in the state. The crypto bank would function as a special purpose depository institution, offering a regulatory safe harbor. Only established businesses will be allowed to become members of the bank—Regulation

Hyperledger, EEATwo of blockchain’s biggest consortiums have agreed to collaborate on bringing common standards to the blockchain space and foster a wider open-source community. This collaboration is significant because the Enterprise Ethereum Alliance (EEA) and Hyperledger represent two of the three largest enterprise blockchain communities—Project Development

Noble Bank: The Puerto Rico-based bank, believed to be Bitfinex’s banking partner, is trying to keep afloat and has been frantically searching for funding, according to two highly placed sources, including one at a large crypto exchange. The bank, with a large chunk of assets coming from Tether’s U.S. dollars, is said to have reached out to at least one large holder of the “stablecoin” in hopes of getting a cash lifeline, but the solicitation was rejected. The source would not elaborate on the size of the request—Financial Institution

Ripple: The real-time settlement platform xRapid is now commercially available. Currently, Cuallix is managing the key remittance corridor from the U.S. to Mexico, while MercuryFX will reportedly deploy xRapid in the Europe to Mexico corridor. Per the statement, Catalyst Corporate Federal Credit Union, which serves member and client credit unions in the U.S., will use xRapid to develop a new cross-border payment service.—Project Development

Northern Bitcoin AG: The German BTC mining company is now listed in the Munich Stock Exchange in the section for medium-sized enterprises. Since April 2015, the company has been listed on the over-the-counter market of the Munich exchange, which is a rung below its current listing—Other

Bithumb: Plans to launch decentralized exchange, dubbed “DEX.” It may hit the market in the middle of October following its beta test. Bithumb stated that, its existing trading system is easily susceptible to hacks, and releases the DEX to counter such vulnerabilities. They have partnered with ONEROOT to benefit from their R1 protocol in building their decentralized exchange—Exchange

ConsenSys: The Ethereum development studio has invested $6.5M in blockchain startup founded by former R3 executive. DrumG Technologies, formed by Tim Grant, R3’s former head of business development, is also adding ConsenSys founder and CEO Joseph Lubin to its board of directors. The investment comes as a Series A minority funding round in which ConsenSys is the sole participating investor—Project Development

Bill Clinton: Highlighted the need to avoid too much regulation of new technologies like blockchain as he took the stage at Ripple’s Swell conference in San Francisco—Other

FXCM Group: The international provider of online foreign exchange trading, CFD trading, BTC, and related services, announced on October 2 that clients trading with Forex Capital Markets Limited and FXCM Australia Pty Limited can now begin trading the first crypto CFD, Bitcoin—Financial Institution

Cumberland: Bobby Cho, Global Head of Trading for Cumberland, notes that institutional investors are becoming more involved in the crypto market. Buyers such as hedge funds have replaced high-net-worth individuals as the biggest buyers of large swaths of digital coins worth more than $100,000 through private transactions—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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