Daily News Digest Featured News

Monday June 3 2018, Daily News Digest

crypto unicorns
Source: CB Insights

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United States


European Union



News Summary

United States

Matt Huang Leaving Sequoia Capital to Start Crypto Fund With Fred Ehrsam (WSJ), Rated: AAA

Sequoia Capital Partner Matt Huang will leave the firm to start a new cryptocurrency fund with Fred Ehrsam, co-founder of Coinbase, according to people familiar with the matter.

Sequoia will continue to invest in blockchain-related technologies and is making a substantial commitment to Messrs. Huang and Ehrsam’s new fund, a person familiar with the firm’s plans said.

The Price of Bitcoin Cratered in 2018. But Here’s Why ICOs and VC Funding to Crypto Is Breaking Records (Fortune), Rated: AAA

The value of cryptocurrency poster child Bitcoin may be flagging heading into the second half of 2018, but excitement in the space only appears to be increasing—at least, when considering venture capital funding and initial coin offerings (ICOs) during the first half of 2018.

Globally, venture investors poured in $964 million into blockchain or cryptocurrency-related startups in 2017. Now, not even half way through 2018, investors have already exceeded the prior year’s funding by plowing $1.4 billion into such startups.

Investors have poured $9.2 billion year-to-date into ICOs, according to Coinschedule, into a total of 343 offerings so far. Notably, Coinschedule also includes pre-sales, such as that of secure messaging platform Telegram’s massive $1.7 billion raise.

Bittrex exchange will let investors swap their dollars for cryptocurrency (CNBC), Rated: AAA

Bittrex, a Seattle-based cryptocurrency exchange, has struck an agreement that allows investors to buy digital coins with Americandollars. In the past, only coins traded on Coinbase, a digital currency exchange in California, could be bought with dollars. That is a fraction of the approximately 1500 digital coins floating around the universe of cryptocurrenices.

Square Adds $ 8 Billion in Market Value Aided by Bitcoin (Bitsonline), Rated: AAA

Looking back on Q1 2018, the bitcoin business led to Square pocketing more than $34 million USD in revenue. However, the payments company only netted $200,000 in profit from said busines, as the initial cost to purchase bitcoin from exchanges was $33.9 million. As reported on Bloomberg, Square’s stock price has jumped by half, adding $8 billion to its market value, since introducing bitcoin services on its Cash App last year.

About to Buy Cryptocurrencies? Look at These 3 Companies First (The Motley Fool), Rated: A

A crypto winner with plenty of bonus opportunities

Dan Caplinger (NVIDIA): A lot of investors are making concentrated bets on cryptocurrencies by putting all their money into tokens like bitcoin. There’s no reason why you can’t make money on the crypto trend, however, without an all-or-nothing proposition. NVIDIA has been a prime beneficiary of the rise in interest in cryptocurrencies, because its graphics processing chips are a key component in the crypto-mining rigs that miners of bitcoin and other tokens use to solve the complex mathematical problems required to create new blocks of cryptocurrency.

Better than bitcoin

Jordan Wathen (Visa): First, cash transactions are being increasingly replaced by cards and digital payments all around the world. In most places, it’s a simple matter of convenience and consumer preference. In others, it’s by government decree. India, the sixth-largest economy in the world, is cracking down on cash transactions to stamp out criminal activity and tax evasion. Visa, which has more than 50% share of debit and credit card spending within India’s borders, stands to be a natural beneficiary of the policy.

Bitcoin could boost this fintech company — but it isn’t the core of its business

Matt Frankel (Square): On the consumer side, the Square Cash peer-to-peer payments app is now the No. 1 financial app in the App Store, and its recent bitcoin integration provides a potential long-tailed revenue opportunity if bitcoin evolves into a mainstream payment method. And if it does, Square has a head start when it comes to integrating bitcoin acceptance into its merchant solutions.


Google’s decision to ban all bitcoin and cryptocurrency adverts on its platforms is ill-thought-out and potentially even unethical, according to industry experts.

IBM Will Beat Bitcoin (Forbes), Rated: A

IBM is a better bet than Bitcoin on Blockchain, and holds stronger promise to change the world. And that makes IBM a better long-term investment than the digital currency.

Blockchain Media Company Acquires the Beyond Bitcoin Documentary at Cannes Film Festival (Coin Telegraph), Rated: B

Blockchain media company Slate Entertainment Group revealed its ‘seven figure deal’ on acquiring rights for a documentary about blockchain during the Cannes film festival, company representatives reported to Cointelegraph.

This study finds initial coin offerings deliver surprising returns (MarketWatch), Rated: AAA

“We find evidence of significant ICO (initial coin offering) underpricing,” wrote assistant professor Leonard Kostovetsky and Hugo Benedetti, a doctoral candidate, at Boston College Carroll School of Management, in a paper published in May. “With average returns of 179% from the ICO price to the first day’s opening market price, over a holding period that averages just 16 days.”

ICO returns
Source: MarketWatch

The findings revealed that those who were willing to wait until the ICO launched had buy-and-hold returns of 48% over the first 30 days of trading, and those returns continued to climb, significantly outperforming an index of ICOs as well as the No.1 digital currency, bitcoin.

Source: MarketWatch

Overstock.com’s Turn to Cryptocurrencies Isn’t Surprising (The Motley Fool), Rated: A

Recently, Overstock.com (NASDAQ:OSTK) has become less known for its retail operations and more as a cryptocurrency play as shares advanced about 500% earlier this year. But in the last two months, shares have given back much of those gains.

CEO Patrick Byrne, an early cryptocurrency convert who believes “bitcoin is more powerful than physical money”, has continued to position his company as a cryptocurrency business.

Bitcoin Cash Fund Begins a New Site to Push the Adoption of Bitcoin Cash (Smartereum), Rated: A

Bitcoincashers.org – the new site created by Bitcoin Cash Fund – is an online portal that will educate the general public on what digital currencies are, how they function, and how they can trade, sell, and purchase goods and services with these digital currencies.

ZenCash (ZEN) The Next Victim to 51% Attack (Investing.com), Rated: A

ZenCash (ZEN) saw a 51% attack on June 2, the core team noted. The trouble for ZEN comes just days after a successful listing on Binance. ZenCash is one of the ZClassic (ZCL) hard forks, and is vulnerable to newly released ASIC machines.

Crypto Investment Trusts Can Trade Like Stocks (Barron’s), Rated: A

Digital coins may well change how people buy and sell goods one day, but for the moment they’re mostly an investment, and a remarkably tough one to use and secure.

That’s why so many fund companies want to start exchange-traded funds that will track the price of digital coins and trade like any other ETF in a brokerage account. The Securities and Exchange Commission has so far squashed these hopes, citing the volatility of cryptocurrencies, among other reasons.

Which Is Developing A Bigger Bubble: Bitcoin Or The Stock Market? (GoldSeek), Rated: A

The problem is that most bubble-callers have no objective perspective through which they can determine that any market is in a bubble. As an example, one article I recently read suggests we are in a bubble in the Nasdaq because we have exceeded the 2000 bubble high in the market. Well, along those lines, maybe the Dow should not have exceeded the “bubble high” it struck in 1929!?

Eccentric ICO Promoter John McAfee Says He’s Releasing a Physical Cryptocurrency (CCN), Rated: A

Eccentric cybersecurity pioneer and initial coin offering (ICO) promoter John McAfee says that he is releasing a physical cryptocurrency called the “McAfee Redemption Unit” (MRU).

The physical notes come in seven denominations, ranging from 1 to 500 MRUs. Four of the notes feature pictures of McAfee in various stages of undress, including one in which he is surrounded by women, his nose covered in white powder (it’s a screenshot from this video).

How Hodl Hodl Is Building a Real Business With Bitcoin Smart Contracts (CoinDesk), Rated: A

In an industry where bitcoin has taken a backseat to networks like ethereum, at least when it comes to enabling more complex and exotic transactions, both founders behind the peer-to-peer exchange platform Hodl Hodl believe people are underestimating bitcoin’s potential. Unlike many of the new startups creating their own blockchains, Hodl Hodl is doing these complex transactions on the bitcoin blockchain, countering the narrative that bitcoin is only good as a store of value.

Cryptocurrency Trader Says The Market Is Manipulated (Forbes), Rated: A

If you think cryptocurrencies are fairly priced by a free market, you are in for a shock. On Twitter today, a cryptocurrency trader defended the practise of pumping up trading volumes to attract buyers:

crypto sheep
Source: Twitter and Forbes
crypto tweet
Source: Twitter and Forbes

Monetizing computing resources on the blockchain (TechCrunch), Rated: A

Several blockchain applications profess to enable users to monetize various resources, whether it’s their unused storage and CPU power, or the tons of data they generate every day.

Regardless of whether they will succeed to deliver on their promises or not, these projects highlight one of the problems that haunts the centralized internet. Users are seldom rewarded for the great value they bring to platforms such as Facebook, Google and Amazon .

10 ways the enterprise could put blockchain to work (ZDNet), Rated: A

Despite the hype, enterprise blockchain adoption remains limited: Only 1 percent of more than 3,100 CIOs surveyed recently by Gartner said they had implemented some kind of blockchain within their organization, and just 8 percent said they were in short-term planning or active experimentation with the technology.

  1. Supply chain management
  2. Payments
  3. Data governance
  4. Smart contracts
  5. Identification
  6. Shared processes
  7. Disrupting business models
  8. Food safety
  9. Digital rights access
  10. Medical records


Slate Entertainment Group (SEG) is set up by Binge Media to develop decentralized platform SLATE powered by the SLX utility token. The blockchain-based VOD (video on demand) service will be an entertainment utility protocol that adheres to a multi-layer network: BVOD (blockchain video-on-demand), the electronic ticketing app Slatix, and the SLX utility token to enable access to premium entertainment. At the core of SLATE lies an immutable, distributed ledger meant to ensure trustworthy payment systems, seamless transactions, and structured incentives.

Blockchain Technology: Five Obstacles To Mainstream Adoption (Forbes), Rated: A

But I’m also a believer in the importance of acknowledging the obstacles that could impede mainstream adoption of blockchain technologies. A clear-eyed view of those obstacles will make it easier to address them early in the technology adoption curve, and make it more likely that we’ll end up with a thriving blockchain ecosystem in the future.

  1. Hype
  2. The potential that a blockchain can lose integrity
  3. ICOs that raise hundreds of millions of dollars based on little more than a white paper
  4. Finding the right balance in regulation
  5. Cybersecurity


  • First, a company decides whether or not they want to go this route.
  • Second, create a coin for your company valued at a set price. Essentially, the coin would be created to be sold to others for equity into the company. If your goal as a company is to raise $100 million, what you can do is create 100 million coins valued at a dollar each.
  • Next, write a white paper about your company goals, what you’re trying to accomplish, and how the business is going to be more valuable with investments.
  • Lastly, open it up to investors. And once you select them, they’ll send you their money, you’ll send them the coins, and now they own a percentage of the company.

Symply Data cryptocurrency mining center officially opens for business (Johnson City Press), Rated: B

In March, local entrepreneur and Symply Health CEO John Cannon officially announced the launch of his new cryptocurrency mining company, Symply Data Centers.

Now Cannon said the mining center in Piney Flats — the first of its kind in the region — is officially open for business to mine Ethereum, the second largest cryptocurrency behind Bitcoin.

Buying Groceries With Cryptocurrencies Becomes a Reality (BTCManager), Rated: B

In an attempt to bring cryptocurrencies into the mainstream, a crypto enthusiast entrepreneur (or a team) have come up with an innovative idea to blend two passions; virtual currencies and nutrition, by enabling grocery shopping using cryptocurrencies, known as CoinGrocer.

New York State Legislature Proposes Creation of Cryptocurrency Task Force (Coin Telegraph), Rated: B

The banks committee of the New York state legislature voted on Wednesday, May 30 to progress a bill that would create a digital currency task force. The task force would study the potential effects of the implementation of cryptocurrencies on financial markets in the state of New York.


Crypto Markets Gain $ 25 Bln Over the Week, Ethereum Price Above $ 600 (Coin Telegraph), Rated: AAA

Sunday, June 3: over the past 7 days, the total capitalization of crypto markets has increased by as much as $25 bln, with all of the top ten cryptocurrencieslisted on Coinmarketcap (CMC) currently in the green.

Bitcoin (BTC) is slightly up today, currently trading at $7,704, having gained about 1 percent in 24 hours to press time and around 6 percent over the week. However, the cryptocurrency is still down 17 percent over the last month.

Ethereum (ETH) has gained around 5 percent over the 24-hour period, which places it above the $600 mark – the coin is trading at $621 as of press time.

Source: Coin Telegraph

The Word “Ethereum” Has Been Googled More Than 110 Million Times (CCN), Rated: A

ConsenSys, a blockchain venture production studio building decentralized applications on Ethereum, offered a census of the cryptocurrency’s contributions to blockchain in a recent blog. Here’s a brief rundown.

The word “Ethereum” has been referenced in more than 110 million Google searches in the last two years, the blog noted. On average, #ethereum gets tweeted 20,000 times daily.

Binance coin (BNB) pairs up with Ripple (XRP)- 2018 expects growth surge (BCFocus), Rated: AAA

Binance coin (BNB) is pairing up with Ripple (XRP) as per the recent announcement made by Binance. This declaration pertaning Binance coin made no impact on the Ripple price. The trading pairs of Binance have previously been briefly reported by BCFocus.

Has The Market Stopped Making New Unicorns? Not Really (CB Insights), Rated: AAA

Critics say market capitalization is a poor measure of a cryptoasset’s worth, as tokens often don’t grant token-holders voting rights and are backed by little more than a whitepaper and a dream. This contrasts with equity investments in private and public markets, where voting rights and cash flows are standard.

A market capitalization of $1B for a given cryptoasset doesn’t necessarily imply that $1B has been deployed to that cryptoasset. Rather, market capitalization is determined by multiplying outstanding tokens by the price of a single token on an exchange.

To illustrate, imagine a network with 1M tokens outstanding. If a single token is traded for $1,000 on an exchange, the token’s market capitalization is $1B according to the above formula — even though only $1,000 has been deployed to trade this cryptoasset. This implies severely limited liquidity.

crypto unicorns
Source: CB Insights

A Look At The Major Factors Affecting The Cryptocurrency Market (Minute Hack), Rated: A


Not only that but the excitement surrounding the likes of Bitcoin – which comes from the above factors – does, in itself, add to the hype around this, further inflating the value.


One thing that can bring the price crashing down to earth, however, is the advent of new regulation.


The more the public buys into cryptocurrency – as both an asset and a means of financial transaction – the harder it will be to ignore.


Bitcoin isn’t the only show in town when it comes to cryptocurrencies. There are now a whole host of alternatives that offer slightly different strengths and features.


New currencies and platforms are springing up all of the time as are devices such as ATMs.


Negative news stories – whether they be about scams or the use of cryptocurrencies for illegal transactions – can harm the reputation of this market, making would-be investors nervous about adding this asset to their portfolio.

Bitcoin whales

Another factor affecting Bitcoin is the fact that about 40 per cent of this asset is held by approximately 1,000 users.


In an article published last week, Skidelsky draws similarities between gold and Bitcoin, concluding that it’s incorrect to perceive flaws in money itself as the cause of “sick” economies. In other words, boom and bust cycles are natural occurrences, and the incumbent financial system is the best humans can do, if only the sluggish economies could just get it together.

But let’s leave the Keynes versus Hayek debate for another article. Instead, what stands out like a sore thumb is not only the complacency and the knee-jerk reaction to defend the status quo, but doing so through ignorance of Bitcoin’s fundamental properties.



This, in fact, makes Bitcoin the most elastic form of money ever created as the 21 billion digital units equal to roughly 2,099,999,997,690,000 (over 2 quadrillion) satoshis according to the calculations presented hereWhat’s more, new layer-2 applications built on top of the Bitcoin blockchain, such as the Lightning Network, will enable the ability to send even smaller amounts off-chain.



Inflation is also sometimes referred to as a “hidden tax” that is much easier to impose on citizens as opposed to direct taxation.

bitcoin inflation
Source: Bitcoinist


Yesterday, Bitcoinist reported that Bittrex, which has also been growing rapidly, has confirmed a deal with a New York-based bank that would allow its customers to buy Bitcoin with US dollars.

This is all fine and well, but one cannot help but ask: if Bittrex wants banks to “trust crypto,” how long before legacy Bittrex users get ‘Poloniex’d’? Will their accounts also be deactivated until a government-issued ID and a photograph are provided?


The team at Binance has communicated directly with the EOS team and has since confirmed that the EOS ERC20 Token Network will freeze at 9:59:59 PM UTC on June 2nd.

According to an official announcement, Binance will reopen EOS deposits until 4:00 PM UTC on June 2nd. After that time, the popular exchange “will suspend deposits again and process the EOS Mainnet Swap as previously announced.”


Last month, Huobi — currently the third largest cryptocurrency exchange by trade volume — announced plans to launch a one billion USD blockchain incubator. The project, dubbed “Huobi Labs,” would be a collaborative effort between the popular Asian exchange and Tianya Community Network, a well-known Chinese social media company.

Top 5 Altcoin Cryptocurrencies Exchanges (FX Empire), Rated: A

  1. Coinbase
  • Fiat Support: Yes
  • Order Types: Market, Limit Stop Limit
  • Transaction Fees: No Marker fees, moderate taker fees
  1. Binance
  • Fiat Support: No
  • Altcoin Support: Yes
  • Order Types: Market, Limit Stop Limit
  • Transaction Fees: 0.1%
  1. CEX.IO
  • Fiat Support: Yes
  • Altcoin Support: Yes
  • Order Types: Market, limit stop limit
  • Transaction fees: Moderate taker, lower maker
  1. HitBTC

Launched in 2013, HitBTC cast itself as an advanced Bitcoin Exchange that allows people to trade bitcoin in exchange for other cryptocurrencies such as Ripple, Dash, and Zcash.

  1. YoBit

YoBit is a Russian based cryptocurrency exchange founded in 2015.  YoBit platform allows people from all walks of life to buy and sell a vast array of cryptocurrencies.  In addition to bitcoin, the exchange offers support to hundreds of other Altcoins.  The exchange currently supports two fiat currencies, the U.S dollar, and the Russian Ruble

eToro Research Study About “Who Are The Cryptocurrency Investors”? (Bitcoin Exchange Guide), Rated: AAA

One of the first points that has been analyzed by eToro was the age range of crypto investors. They separated four age groups (18-23, 24-35, 36-54 and 55+) and linked that with the favorite cryptocurrencies purchased. It is surprising to discover that most virtual currency investors are not linked to a specific age range.

eToro cryptocurrency
Source: Bitcoin Exchange Guide
crypto investors
Source: Bitcoin Exchange Guide

Another interesting fact that eToro unveiled is that investors come from different industries. There is no defined economic sector that has invested in virtual currencies.

crypto investing profits
Source: Bitcoin Exchange Guide

Kyber Network: Decentralized Exchanges Have Low Liquidity, But that May Change (BTCManager), Rated: A

In an interview with Timothy Tam, former executive at Goldman Sachs and the founder of Coinfi, Kyber Networkfounder Loi Luu stated that despite high anticipation from the global cryptocurrency community, decentralized exchanges have not been able to achieve high liquidity and popularity.

Public or Private? Blockchain Distinctions Are Falling Out of Fashion (CoinDesk), Rated: A

“Convergence” may mean different things to different people in blockchain, but it’s a word that’s appearing more and more in public rhetoric of late.

For some, it simply means that innovations developed on a public blockchain powered by a cryptocurrency can be leveraged on a private blockchain used by enterprises, and vice versa. But to others, the rise of the term shows that the lines between these categories, once starkly drawn, are starting to fade.

Traveling the world on cryptocurrency alone is tricky, but possible (The Next Web), Rated: A

Two years ago, Felix Weiss, a software developer, inspired awe from the entire cryptocurrency community when he traveled the world for 18 months using only bitcoins. As more businesses around the world appear to accept cryptocurrency payments, I wonder if repeating this feat is easier now in 2018.

I tracked down travel services accepting cryptocurrencies to see how luxurious or humble your travel experience would be if you decide to take the Weiss route.

European Union

Top Crypto Exchange Binance Seeks 20 Major Partners for Giant $ 1 Bln Fund (Coin Telegraph), Rated: AAA

Binance, currently the world’s largest cryptocurrency exchange by trade volume, plans to create a $1 bln cryptocurrency-based fund, an executive confirmed June 1.

The fund seeks to onboard only significant heavyweights as partners, members requiring at least $100 mln under asset management. Binance is seeking a total of twenty such partners.

New Binance Listings Are Losing Their Luster (Bitcoin.com), Rated: A

While any new coin added to Binance can expect an immediate jump in price, the extent of the Binance bounce appears to be waning. It’s common practice for Binance to commence trading four hours after announcing a new listing. Up until recently, a coin could expect to soar in price off the news and then keep rising for hours or even days after trading commenced on the platform. Over the past month, the trajectory taken by new coins has changed, however. The price is still sure to soar, but now its appreciation is typically short-lived, and more akin to that of a classic pump and dump.

IOTA Extends Gains As Major Cryptos Drop (Forbes), Rated: A

IOTA continued to climb today, building upon its recent gains as many other top cryptocurrencies fell in value.

The price of IOTA rose to as much as $1.89 today at 05:04 UTC (1:00 a.m. EST), having gained nearly 12% over the last 24 hours, CoinMarketCap data shows.

Estonia Rolls Back Its Plan to Issue National Digital Currency (Coin Telegraph), Rated: A

Estonia rolled back its plan to establish a national cryptocurrency Estcoinfollowing criticism from the President of the European Central Bank, Mario Draghi, and local banking authorities, Bloomberg reported June 1.

French Government Seeks to Regulate ICOs by Early 2019 (Live Bitcoin News), Rated: A

It now seems France is preparing to introduce a Pact on the Initial Coin Offerings. A very interesting development which seems to regulate ICOs moving forward, yet without banning the concept altogether.

Italy Just Took A Step Closer To Mass Blockchain Adoption (Forbes), Rated: A

After months of uncertainty Italy has agreed a coalition government — sending a sigh of relief across global markets and pushing Italian bond prices sharply higher after an earlier rout.

The new government may do more than settle markets, however, with plans to push blockchain technology — which underpins the volatile and disruptive digital currency Bitcoin — into mainstream use.

Theta Token (THETA) Plummeting Despite the Binance Listing (CryptoRecorder), Rated: B

Theta Token (THETA), currently ranked among the top 100 cryptos while being placed at the spot number 91 by the latest events, has been mentioned by Binance in one of their latest announcements, so it seemed like Theta might surge with having its listing announced a couple of days back. However, it seems that Theta Token started to plummet against the dollar despite the supplement by Binance gave in the form of the announced listing that should take place on May 29th.

United Kingdom

U.K. Government Said to Explore New Cryptocurrency Tax Guidance (BNA.com), Rated: AAA

Officials have met with tax practitioners to discuss the U.K.’s treatment of cryptocurrencies, the person said, asking not to be identified as the information is private. The government is especially looking at the taxation of how businesses raise capital in the U.K. for a new cryptocurrency.


Internet Giant Baidu Unveils Energy-Efficient ‘Super Chain’ Blockchain Protocol (Coin Telegraph), Rated: AAA

Chinese internet giant Baidu has announced the next step in its blockchain integration in the form of a protocol aimed at reducing mining energy consumption, according to a report by China News Weekly today, June 3.

Dubbed ‘Super Chain,’ chief scientist at Baidu’s blockchain division Xiao Wei revealed the protocol at a local conference over the weekend.


Coastal Town Claims to be First “Digital Currency-Friendly” in Australia (Bitcoin.com), Rated: AAA

Agnes Water, a beach town situated five hours north of Brisbane International Airport, has proclaimed itself to be the first “digital currency-friendly” tourist town in Australia. Over 30 businesses now accept cryptocurrency as a form of payment in Agnes Water – despite being home to just over two thousand residents.


Huobi Is Launching a Cryptocurrency Exchange-Traded Fund (CoinDesk), Rated: AAA

Cryptocurrency trading platform Huobi is launching a crypto-based exchange-traded fund (ETF), an investment option that will allow retail investors to gain exposure to a basket of assets instead of just one at a time.

Huobi Partners on $ 93 Million China-South Korea Blockchain Fund (CoinDesk), Rated: A

Hot on the heels of its recently announced cryptocurrency ETF offering, Huobi has revealed a new partnership that will see it launch an investment fund dedicated to blockchain startups in China and South Korea.

According to a report by the China Money Network on Friday, the cryptocurrency exchange has teamed up with Chinese investment firm NewMargin Capital and South Korean securities firm Kiwoom Securities on the joint effort. Banks from South Korea, including Korea Development Bank and Industrial Bank Of Korea, are to invest in the fund as limited partners, the report adds.

HitBTC Suspends its Services in Japan (CryptoCrimson), Rated: AAA

HitBTC, the Hong-Kong based cryptocurrency exchange has suspended its own services for Western citizens to prevent any problem with the nation’s financial regulator as it isn’t licensed to function in Japan. Clients with Western IP addresses will be requested to supply their residency data within the market’s know-your-customer (KYC) process to demonstrate they aren’t inhabitants of Japan.


Sachaknisay Sov uses a virtual currency similar to bitcoin. This year, when the taxi driver, 31, was looking for a way to pay bills and afford repairs to his motorcycle, he took a US$500 loan in the form of digital tokens that could be traded for cash in selected pawn shops.

Previously, he paid at least 18 per cent interest for every penny he had borrowed. Now, he pays 5 per cent.

SBI Launches Japan’s First Bank-Backed Crypto Exchange (CoinDesk), Rated: A

Japanese financial giant SBI Holdings announced on Monday that its in-house cryptocurrency exchange is now live, after a months-long delay due to security concerns.

Called VCTRADE, the service is currently only open for users who have pre-registered with the platform in October 2017, the company said in the announcementand expects it to be available for a wider public in July of this year.

Digital Currency Exchange BitTrade Purchased By Foreign Investor for $ 50 Million (Coinnounce), Rated: A

Asia One reported, Digital Currency Exchange Of Japan, BitTrade is purchased by a multi millionaire businessman for S$67 million (approximately $50 million).

South Korea Recognises Cryptocurrency As Assets (Altcoin Buzz), Rated: A

South Korea’s Supreme Court has recently confiscated 191 Bitcoins from a man who operated on a pornographic site, therefore, recognizing cryptocurrencies as assets, reports South China Morning Post.

EOS tokens worth millions stolen; Block.one scam (BCFocus), Rated: A

EOS and ETH tokens worth millions of dollars have reportedly been stolen from the Block.one system. Due to the incident, Block.one has temporarily terminated its Zendesk email support system.

This is How Blockchain is Digitalizing Trust (Entrepreneur), Rated: A

Modern economy runs on 5 letters – TRUST. But traditionally, trust is ensured by intermediaries and central authorities – governments, trading platforms, stock exchanges etc. Remember, banks don’t lend their own money! They are just an intermediary between the depositors and those who need the money. So are insurance companies, stock and commodity exchanges. At their core, they are an aggregator of vast amounts of centralized data.


A Startup Uses Bitcoin to Reduce Friction of Doing Business in Africa (NewsBTC), Rated: AAA

Even so, these remittance providers still pose a problem. Consumers need to travel hours to pick up money and return home. Additionally, there are the relatively high fees associated with money transfers to and from Africa. The price to pay for convenience is quite steep. While remittance transfer fees have droppedover the years, there’s still a lot of room for improvements.

Bitcoin can make a positive impact on the financial industry. This is especially true when it comes to regions where financial hardshiphas become the new normal. Companies such as BitPesa try to disrupt the negative financial cycle in Africa by introducing Bitcoin-based solutions.

Latin America

Huobi Expected to Enter Brazilian Cryptocurrency Market (Bitcoin.com), Rated: AAA

The third largest cryptocurrency exchange by volume, Huobi, appears poised to enter the Brazilian market – with local reports indicating that the company has established an office in São Paulo, in addition to seeking to hire local talent. The interest in Brazil’s market comes at a time of peak interest in cryptocurrency among Brazilian citizens, according to reports.


Corporate Currency Adds Liquidity to Crypto markets (Crypto-News), Rated: AAA

Zeex, a blockchain-based platform lets digital currency holders purchase gift cards to a large selection of significant retailers. Using the Ethereum blockchain’s capable infrastructure, Zeex provides rapid transaction speeds that more closely mimic the use of credit or debit cards at online platforms. Regarding retail liquidity, this of the most profound expression of usable digital currency that we’ve seen since Bitcoin first launched in 2009.

Abu Dhabi Ports Launches First Domestic Blockchain Solution for Logistics (Coin Telegraph), Rated: A

Maqta Gateway LLC, a wholly owned subsidiary of Abu Dhabi Ports, has become the first entity in Abu Dhabi to deploy its own blockchain solution, Construction Business News reports June 2.


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