This Week in Crypto: Smartphones, Patents, and a Whole Lotta $$
CFA Exams to get Even More Killer
The already insane Chartered Financial Analyst aka CFA exams are getting a new twist: crypto. The CFA exam is known to be killer, covering a vast array of financial topics. The exam is taken by over hundreds of thousands of individuals, and presents those who pass with a certification of accreditation. By early 2019, a financial technology section will be added to the exam. Topics covered in this section include crypto and blockchain. Machine learning, AI, and automated trading may also be added into this section.
Blockchain and Smartphones
HTC Corp and Sirin Labs have both announced the release of blockchain enabled smartphones. The companies are scaling into the growing market of blockchain based technology and are planning on combining the technology with the ever popular smartphone. The built in blockchain technology in the phones includes cold wallets for crypto storage, exchanges, encrypted communication, and more. According to HTC corp, there is a growing list of customers that have participated in the phone’s presale ahead of its launch. Both Sirin Labs and HTC Corp believe that blockchain technology in a smartphone is something that will place them ahead of the competition, as a growing demand for blockchain will create a market for phones enabled with it.
JP Morgan Blockchain Patent
Banking giant JP Morgan has filed a patent application for “Virtual Receipts” that “are tokens that can provide investors, brokers, and firms with a channel to link an asset with its digital representation on a distributed system for ownership tracking, transfers, transactions, distribution and other processes that may be conducted on a distributed system. The patent also includes plans to issue a security token (these would be the virtual depository receipts) that will be managed by the U.S. Securities and Exchange Commission.
Chinese City Launches $1 billion Blockchain Development Fund
The district government in Nanjing City plans to launch a $1.4 billion blockchain fund that will be backed publicly as well as by private investors.The fund will go towards startups, crypto projects, academic institutions, and industrial companies that plan to use blockchain technology.Other Chinese cities have also launched blockchain funds as the nation and its president believes that blockchain is an economic breakthrough.
Worldwide Spending on Blockchain expected to reach $11.7 Billion by 2022
The International Data Corporation projects that by 2022, $11.7b will be spent on Blockchain. The projection for the end of this year is expected to be $1.5 billion. This projection shows a 73.2% annual growth rate.The number is a result of blockchain technology being adapted by many different industries.The banking and finance industry is the biggest contributor to this number with a projection of $552 million being spent.