Blockchain Market Update – October 26, 2018

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October 26, 2018 by
Blockchain Market Update – October 26, 2018

National Bank of Canada: First bank to integrate J.P. Morgan’s blockchain-powered Interbank Information Network (IIN) into its operations to exchange information related to payments with other banks—Financial Institution

Japan: The Financial Services Agency (FSA) is considering leverage caps on margin trading, between two to four times the deposits proposed. According to the FSA’s own data from April this year, Japan is home to over 3.5 million active cryptocurrency traders, with a majority aged from 20 to 40 years. A Nikkei report also adds that seven of the sixteen licensed cryptocurrency exchanges provide margin-trading platforms. Incidentally, a self-regulatory body representing those licensed exchange operators has already enforced a 4-to-1 limit on margin trading earlier in July—Regulation

Visa CEO: According to Alfred Kelly, cryptos do not pose a threat to Visa in the near term, but they are prepared to implement crypto-friendly systems if the digital currencies become more established. Visa would consider entering the business of crypto if they think that crypto starts moving from being more of a commodity to actually really being a payment instrument—Financial Institution

Ripple: In their Q3 2018 XRP Markets Report, Ripple announced it sold $163.33M in XRP, more than double compared to the last quarter, which was $75.53M. Most of increase came from institutional direct sales, where Ripple subsidiary XRP II sold $98.06M, compared to only $16.87M quarter before. They saw much smaller increase in programmatic sales quarter-over-quarter, going from $56.66M to $65.27M—Other

CoinDesk: Received unconfirmed claims regarding pre-initial public offering funding round for Bitmain Technologies. Investors received pitch decks falsely suggesting the company had secured financial backing from Digital Sky Technologies Global and GIC Private Limited, an investigation by CoinDesk has found. CoinDesk was unable to verify the authenticity of the claims, but representatives for both companies have denied their company’s involvement in the IPO. Bitmain has not responded to multiple inquiries—Other

Royal Mint: Frozen plans to launch their digital gold token after their partnership with U.S. exchange group CME failed, as CME decided to pull out of deal at last minute, leaving the Mint without a trading venue. The government of U.K. vetoed plan to have tokens trade on a crypto exchange. The demise of the project highlights the wariness of governments to become involved in the unregulated world of crypto. It also reflects the cooling enthusiasm towards digital assets at the CME—Other

Coinbase: Ran Neuner, CNBC host, claims Coinbase to announce IPO and exposed details of Coinbase statistics. There are 25 million total accounts, 7 million accounts with “fiat of crypto”, and 600,000 monthly active trading accounts. Saw $90M in revenue last quarter and $450M revenue in Q4 2017. Revenue sources are 80%from consumers, 15% institutional accounts, and 5% not disclosed—Other

PJM Interconnection: The largest U.S. power market and Energy Web Foundation are developing a digital ledger system to track electricity from wind and solar power plants as it’s produced, delivered, traded, and sold. They expect to start a pilot program by the end of the first quarter—Project Development

Radar Relay: The wallet-to-wallet decentralized trading platform for Ethereum-based tokens now supports short Ethereum (sETH) trading on a noncustodial venue. sETH is a short position abstracted in an Ethereum token built on the dYdX protocol. This advanced trading option provides users with the ability to hedge portfolio risks through a tokenized short position—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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