Daily News Digest Featured News

Friday October 12 2018, Daily News Digest

Bitcoin

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United States

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News Summary

United States

Bitcoin slumps more than 5%, puts ‘digital gold’ status in jeopardy (MarketWatch), Rated: AAA

Bitcoin prices on Thursday finally broke out of a recent lull, dropping as much as 6% and putting the $6,000 level back in play.

A single bitcoin BTCUSD, +0.08%  was last going for $6,202.07, down 5.5% since Wednesday at 5 p.m. Eastern Time on the Kraken exchange. Earlier in the session, the world’s largest digital currency traded to an intraday low of $6,125.75, its lowest level since Sept. 19.

Bitcoin struggles to prove its ‘safe haven’ case, nosediving with the broader markets (CNBC), Rated: A

Bitcoin’s role as a “safe haven” asset in turbulent times is looking more unlikely.

Bitcoin

Bitcoin Technicals Are Breaking Bad After Sideways Trade (Bloomberg), Rated: AAA

The world’s biggest digital token entered a new negative divergence pattern Thursday, according to the Directional Movement Index, a technical momentum indicator. The index’s ADX line, which determines the strength of the trend, appears to have bottomed and has started to curl upwards. This could indicate that the negative trend is gathering momentum and that it could have more room to run.

Bitcoin trends
Source: Bitcoin

Coinbase’s Active Customers Drop 80% in Crypto Slump, Study Says (Bloomberg), Rated: AAA

Coinbase Inc., one of the world’s largest crypto exchanges, has taken an even bigger hit than the broader market, according to data collected by fintech-focused venture firm Tribe Capital. Tribe said it found the number of monthly U.S. customers buying and selling on the platform in September declined about 80 percent from December, when the price of Bitcoin reached its all-time high of nearly $20,000. Over that same period, Bitcoin fell about 60 percent.

Those numbers echo the findings of research firm Diar Ltd., which said that Coinbase’s U.S. dollar volumes had also fallen 80 percent from the fourth quarter of 2017 to the third quarter of 2018.

Coinbase

Coinbase Launches First ERC-20 Token on Platform (CoinTelegraph), Rated: A

Leading U.S. cryptocurrency exchange Coinbase has started listing 0x (ZRX) token, according to an announcement published Oct. 11. The move marks the first time Coinbase has added support for an ERC-20 token.

0x Surges on Coinbase Pro Listing, More Coins to Follow (Cryptonews), Rated: A

After Coinbase started to accept deposits of the 0x (ZRX) token on its Coinbase Pro platform yesterday, the token shot up nearly 35% on strong volume, before it started to sell off again. ZRX is up by more than 15% in the last 24 hours (UTC 06:14 AM) and is the only non-stablecoin in green among top 50 cryptocurrencies by market capitalization.

0x Coinbase
Source: Cryptonews

Coinbase’s active traders decline; index fund to close (Seeking Alpha), Rated: A

In a different, but related, development, Coinbase is shutting its index fund to re-focus on a new retail offer, The Block reports, citing a person familiar with the matter. The fund attracted fewer clients and raised less funds than expected.

Instead, Coinbase is starting a new feature called “Coinbase Bundle” that allows users to buy a bundle of coins listed on its exchange with a starting investment of as little as $25.

Former Coinbase Executive Joins Bakkt Amid Crypto Futures Launch, Massive Anticipation (NewsBTC), Rated: B

On October 4th, as reported by NewsBTC, many investors were shocked when Bloomberg revealed that Adam White, Coinbase’s fifth employee, had unexpectedly decided to close his tenure at the San Francisco-based startup, now valued at a staggering $8 billion.

Now, just a week after this news broke, The Block has exclusively reported that Adam White has already found at home at Bakkt, an up and coming crypto platform that has partnered with some of the world’s leading corporations.

Tron Introduces A New Blockchain Smart Contract Development Kit (Kryptomoney), Rated: A

The Tron Team released a development kit specifically designed to work on the platform on October 9. The new release enables the developers to access different tools to develop their solutions such as the TronBox, the TronStudio, the TronGrid, and the TronWeb. Fueled by these tools, programmers can easily create content, decentralized applications, smart contracts and many other things on the Tron blockchain.

Blockstream’s New Solution To Bitcoin’s Liquidity Problem Looks Oddly Familiar (Forbes), Rated: A

Bitcoin is illiquid. Proof of work is appallingly slow and expensive, and the fragmented cryptocurrency market structure means that there is a chronic shortage of liquidity. Furthermore, all transactions are visible to everyone, which makes markets volatile and invites front-running. Consequently, using Bitcoin for high-volume transactions is a nonstarter.

This is not my opinion. It is Blockstream’s.

  • The high latency of the public Bitcoin network requires bitcoin to be tied up in multiple exchange and brokerage environments
  • Due to market fragmentation, local currency trade in bitcoin can be subject to illiquidity

Elevated Returns Closes $ 18M Tokenized Asset Offering of the St. Regis Aspen Report (Bit-Media), Rated: A

Elevated Returns – an asset management company with an established track record of extracting alpha value out of its investments spanning real estate hospitality and consumer brands – today announced the $18M closing of Aspen Digital Inc, a tokenized real estate offering providing investors exposure to the St. Regis Aspen Resort. The Company also announced its bid to acquire 24.9% of a Bangkok-based Seamico Securities as part of its expansion plan in South East Asia.

Origin DApp: A decentralized marketplace on Ethereum mainnet aims to disrupt gig economy  (Packethub), Rated: A

Large organizations like Airbnb or Uber often charge 20-30% as commission for providing a service. One of the goals of Origin mainnet is to host such services that are peer-to-peer. This will eliminate the middleman and the cost of services will go down. Think of it like Craigslist, but Ethereum based and decentralized on a blockchain network. Your account would be your Ethereum wallet.

How Regulations Could Help Cryptocurrencies Grow (Mondaq), Rated: A

In How Regulations Could Help Cryptocurrencies Grow,” published in the Harvard Business Review, Jones Day partners Stephen Obie and Mark Rasmussen explain why effective government oversight is critical to bringing accountability and stability to this emerging asset class. Mr. Obie and Mr. Rasmussen discuss specific actions the SEC could take to promote clarity and innovation in the cryptocurrency market in this edition of Jones Day Talks Technology.

Listen to the podcast here.

SpankChain Smart Contract Compromised, Hackers Take $ 38,000 in Ethereum (CryptoSlate), Rated: A

Blockchain-based adult entertainment protocol SpankChain revealed the theft of 165.8 ether (ETH), worth $38,000 at the time. The move occurred after hackers exploited a smart contract bug on the protocol, according to an official release on Oct.9.

SpankChain Says Hacker Returned Stolen Crypto Funds (CoinDesk), Rated: A

A hacker who stole 165.38 ETH from the SpankChain platform has returned the funds.

The hacker also helped SpankChain recover the roughly 4,000 BOOTY tokens that were frozen as a result of the attack, which the company then bought, another tweet added.

In turn, SpankChain sent the hacker, whose identity was not disclosed, $5,000 in reward money, $4,000 for the BOOTY tokens and the 5.5 ETH the hacker originally used to execute the attack against the platform. As the hacker had supplied the 5.5 ETH originally, SpankChain’s total monetary cost was $9,000.

Cops Arrest Infamous SIM Swapper Who Allegedly Stole $ 14 Million in Cryptocurrency (Motherboard), Rated: A

Authorities in Oklahoma City arrested a man who sources in the criminal hacking community believe to be one of the most infamous “SIM swappers,” who steal cellphone numbers and use them in cryptocurrency heists. He is accused of stealing $14 million in cryptocurrency in one single heist.

Execs Say Blockchain Adoption Has Been ‘Harder Than Expected’ (Forbes), Rated: A

57% of executives polled said that implementing distributed ledger technology (DLT) at the enterprise level has been harder than expected, according to a report released today by consulting firm Greenwich Associates.

42% of firms identified scalability, which refers to a network’s ability to process a high volume of transactions at high speeds, as a “major issue.” Interestingly, scalability was a major issue for just 7% of dedicated blockchain technology companies.

blockchain scalability

Alibaba Patent Application Seeks 3rd Party Intervention In Smart Contracts (CryptoCoin Reporter), Rated: A

Blockchain technology is gaining rapid adoption as firms rush to exploit it. Interestingly, firms are also ramping up patent applications for novel blockchain solutions. The latest Alibaba (NYSE:BABA) patent application is one which seeks to combat illegal activities over blockchain.

More higher education institutions turning to crypto investments (CoinGeek), Rated: A

Cryptocurrency investments on an institutional level are gaining pace, despite the belief by some that the market is about to implode. A few days ago, the Ivy League school, Yale University, decided to invest in a large, $400-million investment fund offered by Paradigm. Now, five more universities are putting their endowments to good use and have invested in other funds.

According to a report that first surfaced by media outlet The Information, Dartmouth College, Massachusetts Institute of Technology, Harvard University, Stanford University and the University of North Carolina are now crypto investors. Each has invested in at least one cryptocurrency fund by way of their school’s endowments.

US Customs Agency Hopes to Evaluate Blockchain Pilot by December (CoinDesk), Rated: A

Members of a government advisory group, the Commercial Customs Operations Advisory Committee(COAC), met on October 3 to advocate for regulatory reform around different trade-focused areas, with “emerging technologies” coming up as a point of conversation.

In particular, U.S. Customs and Border Protection (CBP) representatives said the agency has concluded its latest round of testing blockchain technology for supply chain management, according to a press release published Tuesday.

CBP is working to determine if a blockchain-based platform can streamline the agency’s efforts to track shipments around the world as part of the soon-to-be-replaced North American Free Trade Agreement (NAFTA) and the Central American Free Trade Agreement (CAFTA), as previously reported.

Senate Committee Hears Two Very Different Takes On Blockchain (ETHNews), Rated: A

Members of the US Senate have made yet another effort to find out what cryptocurrency and blockchains are. Two months ago, it was the energy committee’s turn. Today, it was the Committee on Banking, Housing and Urban Affairs, which hosted two experts who had firmly anti- and pro-crypto positions, respectively: Nouriel Roubini, professor of economics at NYU’s Stern School of Business, and Peter Van Valkenburgh, director of research at Coin Center.

For the first witness, Roubini, the answer was simple: There is no value in any of it, and it probably can’t be improved.

Auditing Firm PwC Teams Up With Lending Startup ‘Cred’ To Develop Stablecoin (XBT.net), Rated: A

Auditing firm PricewaterhouseCoopers (PwC) has partnered with Cred, a decentralized lending startup, which is currently developing a stablecoin that is pegged to the U.S. Dollar as they look to challenge Tether, the leading stablecoin.

Hundreds of ICOs Being Secretly Investigated by SEC, Claims Report (Bitcoin.com), Rated: A

Yahoo Finance and Decrypt claims that “Hundreds of startups that did token sales are finding out they’re in violation of securities law— including many that were sure they did it the right way.”

US Court Issues Emergency Order Halting a Planned Initial Coin Offering (Bitcoin.com), Rated: B

The Securities and Exchange Commission (SEC) has announced on Thursday that it has obtained an emergency court order halting a planned ICO by Blockvest. The Southern California District Court order also stopped an ongoing pre-ICO sale by the company and its founder, Reginald Buddy Ringgold, III, as well as freezing the defendants’ assets.

SEC Files Subpoena Enforcement Against Alleged Pump And Dump ICO (BlockTribune), Rated: B

According to the SEC’s application, filed on October 5 in US District Court for the Central District of California, the agency is investigating Saint James Holding and Investment Company Trust and its trustee, Jeffre James, as part of a probe into an alleged pump-and-dump scheme in the stock of Cherubim Interests Inc.

HBUS Hires Former Intuit And PwC Director As Chief Compliance Officer (PR Newswire), Rated: B

HBUS, the exclusive U.S. strategic partner of Huobi, the world’s leading digital currency marketplace, announced today Megan Monroe-Coleman as Chief Compliance Officer. Monroe-Coleman previously served as MTL Compliance Officer at Intuit, following the acquisition of Mint, where she was also a compliance officer. AT HBUS, she’ll be directly responsible for U.S. compliance functions and implementing comprehensive framework for regulatory compliance and risk.

International

Cryptocurrencies continue plunge with another $ 6 billion of value wiped out in a day (CNBC), Rated: AAA

Over $6 billion was wiped off global cryptocurrency markets in a day, led by XRP and ethereum as prices of digital coins continued to fall.

The entire market capitalization or value of cryptocurrencies had plunged $6.72 billion in 24 hours as of about 11:32 a.m. HK/SIN time on Friday, according to data from Coinmarketcap.com. That came after a sharp sell-off across the board on Thursday, which erased billions of dollars of value in a matter of hours.

Friday’s drop was led by XRP, which was trading at around 39.13 cents at 11.32 a.m. HK/SIN time, marking a 7.9 percent drop from the day before. It fell as low as 37.89 cents. Ethereum also fell to around $191.07, dropping 7.4 percent from the day before.

Nearly $ 13 billion wiped off of cryptocurrency market as major coins plunge (CNBC), Rated: A

The price of major cryptocurrencies plunged on Thursday with nearly $13 billion of value being wiped out in a matter of hours.

At around 10:23 a.m. HK/SIN, bitcoin had fallen nearly 5 percent to $6,303, while XRP and ethereum both tanked over 10 percent, according to data from Coinmarketcap.com.

The Not-So-Killer Whales of Bitcoin (Chainalysis), Rated: AAA

In August 2018, rumors flared about a $2 billion whale, or outsized bitcoin holder, who was suspected of single-handedly setting off a 15% plunge in bitcoin’s value by selling off more than 50,000 coins in a month, according to Bloomberg.

Intensive analysis of bitcoin’s 32 largest wallets, however, shows these fears to be overblown.

  • Traders:  These whales regularly engage with exchanges to buy and sell bitcoin. With nine wallets controlling over 332,000 coins, worth just over $2 billion, whales who actively trade make up the largest category, but only about a third of total whale holdings.
  • Miners/Early Adopters:  This group includes 15 investors, also holding a total of 332,000 coins, worth a bit more than $2 billion.
  • Lost: Lost whales make up another large part of the pod with five wallets holding over 212,000 coins, worth approximately $1.3 billion. These are wallets where the owner has lost their private keys and can no longer access their bitcoin.
  • Criminals: This is the smallest segment amongst the whales with three wallets, over 125,000 coins and just short of $790 million in asset value.
Bitcoin whales
Source: Chainalysis

Cryptocurrencies Pose No Risk to Global Financial Stability: International Watchdog (CCN), Rated: AAA

report published by the Financial Stability Board(FSB) on Wednesday, claimed that cryptocurrencies do not pose a risk to global financial stability at the present time while suggesting crypto markets need to be monitored.

cryptocurrencies
Source: Financial Stability Board

Read the full report here.

List Of Top 15 Cryptocurrency Lending Platform  (Kryptomoney), Rated: AAA

Changelly Gets Integration on CoolBitX Hardware Wallet for Instant Crypto Swaps (Bitcoin Exchange Guide), Rated: A

An announcement by CoolBitX team today confirmed the partnership to Changelly Exchange. The partnership will see the latter provide instant and seamless exchange services on the CoolWallet S, the latest device from the mobile cryptocurrency hardware wallet company. CoolBitX is backed by $13 million in funding from investors like SBI Holdings and Bitmain.

Seeking Sanctions Resistance Through Blockchain Technology (Forbes), Rated: A

Policy experts can argue about the appropriateness of various sanctions policies. Some voice concerns that the U.S. overuses sanctions tools while others convey that the U.S. must increase targeted sanctions to hinder the financiers that enable terrorists and corrupt regimes. But there has never been the prospect that sanctioning could become a moot option against some states embracing new financial technologies. Until now.

Crypto Wallet Provider Blockchain Hiring Bank Executive For Global Regulatory Push (Bitrazzi), Rated: B

Due to the lack in regulatory, Blockchain, a crypto wallet provider, hired Ben Melnicki, formerly Noble Bank’s chief compliance officer, to increase its legal team.

Blockbid, Whale Tech, TMA Solutions Join on Blockchain Development (ThirtyK), Rated: B

Blockbid continued its recent flurry of activity, announcing partnerships on Wednesday with Whale Tech and TMA Solutions to increase the pipeline of blockchain developers ready to work on projects.

European Union

Binance to Delist Four Cryptocurrency Coins, Their Prices Drop (Toshi Times), Rated: AAA

Binance, the cryptocurrency exchange behemoth, has announced that it will delist four cryptocurrencies. More specifically, Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG) are the coins on the chopping block.

Bytecoin (BCN) is struggling for air – Binance delisting could be the final nail in the coffin (Captain Altcoin), Rated: A

Bytecoin peaked on September 8th with the price of $0.002194 before falling down to $0.001741 on 12th. The currency struggled to break through the $0.002 until the 21st when we saw Bytecoin explode up to $0.002362 with a strong volume of $7.5 million behind the move. After slightly correcting, BCN ran up again on the 28th to the value of $0.002518. From here onwards the currency retracted somewhat and kept hovering around $0.0022 until this day. As major news from Binance dropped today, Bytecoin experienced a massive drop-off which led the price to its current monthly lows of $0.001696.

Bytecoin
Source: Captain Altcoin

Binance Coin Now Accepted For Real Estate Purchases and 2 More Cases of BNB Adoption (Ethereum World News), Rated: A

In a tweet earlier today, Binance CEO, Changpeng Zhao, could not hold his excitement as Binance Coin (BNB) was announced as now being accepted by the Propy Inc: a real estatefirm that accepts payments in cryptocurrencies. The firm known as Propy made the announcement as follows:

Propy will accept BNB for home buying! @Binance Chain is coming and $BNB, which is a great store of value today, will turn into programmable money. For the rapidly growing BNB community, we make it possible to invest in real estate with easy paperwork at Propy!

Ripple partnered Earthport offers its cross-border payment solutions to Belguim’s largest bank (AMBCrypto), Rated: A

BNP Paribas, Belgium’s largest bank with an annual revenue of $49 billion, recently announced that its subsidiary BNP Paribas Fortis partnered with Earthport.

BNP Paribas’ partnership with Earthport would enable them to gain access to Earthport’s payments network which offers lower cost and transparent international payments.

Major Swiss Bank and Securities Dealer Adds Ethereum CFDs (Ethereum World News), Rated: A

Dukascopy Bank SA; one of Europe’s Biggest Forex Exchange, has decided to enter the crypto market by allowing trading of Ethereum CFDs, in what could be excellent news for the European Ethereum ecosystem.

Professional crypto trading platform now available in CoinMetro’s open beta (Coin Rivet), Rated: A

Today, crypto exchange CoinMetroannounces its new trading user interface (UI), featuring multiple order and execution types, charting tools and trade history, with rapid order processing. As part of the ongoing open beta, the trading platform currently operates in a risk-free ‘demo’ version, allowing users to practise trading and explore the CoinMetro exchange platform without putting their own money at risk.

CoinMetro welcomes aboard Hansecoin  (Fintech Finance), Rated: B

Today, crypto exchange CoinMetro announced that Estonia-based Hansecoin will be the first project on its ICO Express platform. ICO Express is a platform that gives vetted ICOs access to transparent and secure funding rounds, and tokens issued will be immediately tradable on the CoinMetro exchange.

Hansecoin is a project to tokenise hard assets such as real estate, enabling the creation of Asset-Backed Tokens to provide investment access into traditionally illiquid assets such as real estate.

United Kingdom

Crypto companies in UK now have a banking option (CoinGeek), Rated: A

The LBX platform, LBX Pay, will allow users to store, transfer and manage funds, whether they be “regular” currency or digital. It is going to be offered, at first, to the business market, but could eventually be rolled out to other sectors, as well. LBX states that the retail version will “provide all consumers with a whole new way to interact with their cryptocurrency.”

LBX Pay will be available to traders, investment fund managers and initial coin offerings (ICO).

China

China Has 19 Ways to “Kill” Bitcoin, Paper Says (Ethereum World News), Rated: AAA

A scientific work published by researchers from Princeton University and Florida International University revealed that China has more than enough possibilities and motives to “kill” Bitcoin or at least to do considerable damage to the blockchain’s stability.

The paper entitled “The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin” elaborates extensively on the love/hate relationship between China and cryptocurrencies. While the government has maintained a restrictive policy against the use of cryptos, mining activity is highly popular in the country.

china mining pools
Source: Princeton University, Florida International University

Read the full report here.

China’s Central Bank Seeks Digital Currency Specialists (CoinTelegraph), Rated: A

The Chinese central bank, the People’s Bank of China (PBoC), has opened four positions for crypto-related professionals, according to a document published Wednesday, Oct. 10 on the bank’s website.

Per the paper, PBoC is seeking two engineers at their Digital Money Institute with experience in blockchain and cryptography, security, and chip design. The bank wants the engineers to develop a secure big data platform and a chip processor that would allow crypto transactions.

Australia

TxTenna – the First App That Lets You Use Bitcoin Offline (Bitcoin.com.au), Rated: AAA

Internet is not available at all times to all people. Mobile data services can be disrupted and free WiFi is not easily accessible in certain locations across the globe. This is one of the key reasons why Samourai Wallet partnered with goTenna to create the first mobile app for storing and sending Bitcoin that works offline. goTenna specialises in developing consumer-grade mesh networking devices which operate on a peer-to-peer basis.

APAC

Coinbase: Crypto Regulation In Japan Is “Good For Us” (Ethereum World News), Rated: AAA

More specifically, as revealed by Lempres, more than 99% of crypto holdings are held in well-secured cold wallet solutions, while only 1% of funds are held in “hot wallets,” which are susceptible to attacks from third-party hackers. Not only does Coinbase only hold 1% of consumer-owned crypto assets in hot wallets, but it was also revealed that the 1% is fully insured, which gives investors peace of mind. Lempres added, “the Japanese government is more focused on security… that is good for us.”

Korea’s Largest Bitcoin Exchange Sells Stake in $ 350 Million Deal (CoinDesk), Rated: AAA

Bithumb, currently the largest cryptocurrency exchange in South Korea by trading volume, just confirmed it has sold more than 38 percent of its total ownership to a blockchain consortium based in Singapore, for 400 billion won, or $350 million.

Singapore Looks to Build New Ripple-Powered Blockchain Invoice Trading Platform (Bitcoin Exchange Guide), Rated: A

Global Market Insights recently released a report, discussing the blockchain market in the Asian Pacific and the substantial progress that it’s made. Multiple investments can be credited, but the way that the industry is changing leads the experts to believe that this could be a 16-billion-dollar market in the next seven years.

In 2016, there were about 130 deals involving blockchain startups, which amounted to about $545 million at the time. This foundation let the market flourish over the next year, allowing it to grow 50% and gain $1 billion over that time for from the deals.

Crypto Firm Pundi X Introduces Blockchain-Powered XPhone (NewsBTC), Rated: A

Crypto startup Pundi X today revealed a new blockchain-powered smartphone called the XPhone, at the ongoing XBlockchain Summit in Bali.

India’s Government is ‘Evaluating’ a State Cryptocurrency (CCN), Rated: A

A panel under India’s finance ministry tasked to propose regulations for cryptocurrencies like bitcoin is reportedly set to recommend a state cryptocurrency backed by the government, instead.

South Korea to Decide on ICO Legality in November, Official Says (CoinDesk), Rated: A

The South Korean government will make a decision in November on whether it will allow initial coin offerings (ICOs) again in the country, a top-level official has said.

South Korea Remains Firm on ICO Ban Despite Calls for Legality, For Now (CCN), Rated: B

The chairman of South Korea’s primary markets regulator has reaffirmed the authority’s initial coin offering (ICO) ban in a top-level meeting on Thursday.

Canada

As cryptocurrencies slump, Coinsquare doubles down on growth (Financial Post), Rated: AAA

The “great crypto crash.” A “rout.” A “meltdown.” That’s how the business press described the drop in cryptocurrency values last month — just as Coinsquare listed two new ETFs on the Toronto Stock Exchange.

But that doesn’t seem to ruffle CEO Cole Diamond. In fact, he says the Canadian company has further plans for expansion, including its cryptocurrency mining operations. According to a February report from Coherent Market Insights, that alone is set to be a $38-billion (U.S.) global market by 2025.

MENA

Initial Coin Offering Fully Regulated In UAE By 2019 (Crypto Disrupt), Rated: AAA

The United Arab Emirates (UAE) are set to become among the first countries to have a comprehensive set of regulatory guidelines surrounding the Initial Coin Offering (ICO). By 2019, ICOs are to be officially allowed and regulated, and the country further intends to use the investment model as a form of corporate fundraising attributed primarily to the decline in the price of oil.

Dubai Becomes World’s First City to Launch Blockchain-Based Digital Currency (Market Exclusive), Rated: A

Dubai has launched its own digital currency to allow citizens and residents make digital payments for school fees, bills and retail purchases.

The blockchain-based digital currency called emcash will be used by citizens to make retail payments in-store, pay for government utilities, telecommunication, and school fees in government shop fronts, Emcredit, the Dubai’s official credit bureau, said in a statement.

Bahrain’s digital currency exchange Rain eyes GCC launch next year (International Investment), Rated: B

A Bahrain-based cryptocurrency exchange is set to expand in the GCC, aiming to secure a full operational licence across the region by 2019.

Rain was founded in 2016 by four entrepreneurs – Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago.

Africa

Crypto in Africa: Paxful looking at cryptocurrency’s potential in East Africa (CoinGeek), Rated: AAA

Paxful, a peer-to-peer marketplace, is reportedlylooking at the cryptocurrency market’s growth potential in East Africa. The startup has already set up shop in Rwanda, ventured into Kenya, and has grown over the last three years into a global peer-to-peer crypto marketplace. It reportedly handles $15 million in crypto transactions, BTC in particular, per week from across the world.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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