15/08/2018: Biggest Stories in the Cryptosphere

blockex (37)in #bitcoin • 6 years ago (edited)

1. Ripple Has China In Its Mind

EU Strategic Accounts VP Jeremy Light has revealed that Ripple wants to enter China. It would do so by offering its distributed ledger technology (DLT) service to speed up cross-border payments. However, this is not the first contact with the country. In fact, the company previously signed the Hong Kong-based financial services company LianLian International, which carries out transactions between China, Europe and the US. A similar strategy would be followed in China, as Ripple would avoid offering its cryptocurrency XRP as service. The country previously banned cryptocurrencies, along with crypto trading and ICOs from the country. Furthermore, given the size of the country, Ripple would need a lot more than landing one client to establish itself.

2. $10 Million Token Venture Fund Launched By LINE

Japan-based messaging company LINE has launched a token venture fund with a capital commitment of US $10 million, Unblock Ventures Ltd. The money will be used to invest in early-stage blockchain startups. The company hopes that this will help towards the creation of a blockchain startup ecosystem. Unblock Ventures will act as fund’s manager while LINE’s subsidiary LVC Corporation will provide the capital. Also, the total amount is expected to grow over the years, depending on the blockchain industry development. “LINE is one of the first publicly traded corporations to formalize token investments through a corporate fund”. The initiative was announced today by the messaging company with a press release.

3. Venezuela Is Contemplating Creating a Central Bank For Cryptocurrencies

Venezuela is planning the launch of a central bank for cryptocurrencies. The country’s National Constituent Assembly is even arranging already for its inclusion in the Venezuelan Constitution as well as the establishment of a court above its Supreme Court. A draft will be presented in 35 days to the board of the Constituent Assembly. Included in the changes there is also the oil-backed cryptocurrency Petro and an “e court of constitutional guarantees”, which would be placed above the Supreme Court. Hermann Escarrá, one of the most influential figures in the assembly, was the one who announced the project. He also added that Venezuelan companies will gain greater access to foreign investment.