10% Chinese Middle Class Invest On Crypto

According to a news report about, 10% Chinese middle class have invested in crypto.

The number might not be that impressive however if we look at the scenario in China, this is actually quite a high number.

The Chinese government’s anti-crypto actions have been effective, making it significantly harder to access digital investments compared to other countries.

Moreover, Chinese middle class in China are incredibly risk adverse and are mainly concerned with stable financial growth.

Taken all those into consideration, 10% is quite high rate of middle class crypto ownership in China.

There are several methods how Chinese cryptocurrency holders circumvent limitations for accessing digital assets, one of the most famous methods is via the use of Virtual Private Networks (VPNs), where the Chinese can access offshore trading platforms.

Another method is doing peer-to-peer transactions where a buyer and a seller utilize cold-storage solutions to exchange fiat currency for digital currency.

Although this method is a lot slower than using exchanges, it is still effective.

Finally, crypto exchanges makes themselves available by frequently changing their domain name to avoid the crypto exchange blockade of China government.

Google-Backed Fintech Using Crypto For Global Money Transfers

Veem, a cross-border payments platform has raised about $25 million in funding according to a famous financial news outlet.

Veem uses Bitcoin to move funds across businesses without the need of a bank and does not require either a receiver or a sender to hold Bitcoin directly.

The funding round was participated by GV (previously Google Ventures) and others like Kleiner Perkins, Pantera Capital, Silicon Valley Bank and Trend Forward Capital and led by Goldman Sachs.

The firm was founded by Marwan Forzely, who previously developed and sold a service to Western Union to allow the transfer provider to connect to customer accounts directly.

Veem uses an algorithm that will route transaction to the most effective payment rails available.

The platform is reported to have an increasing level of automation that will include built-in KYC/AML compliance.

Metal–Backed Cryptocurrency Being Offered By Swiss-Based Asset Management

Tiberius Group AG, a Switzerland-based asset management company is planning to launch its cryptocurrency that will be backed by precious metals.

The firm was founded in 2005 as a commodities asset management firm which currently manages around $350 million in assets.

The company will issue its own cryptocurrency called Tiberius-coin whose value will be pegged on the prices of copper, aluminum, nickel, cobalt, tin, gold and platinum.

The CEO at Tiberius Technology Ventures AG, Gluseppe Rapallo reveals that they have decided to peg their coin to a mix of technology metals, stability metals and electronic vehicle metals to give the coin diversification making it more stable and attractive for investors.

He also reveals that the coin will be offered at the price of $0.70 and sold in compliance with Swiss Law.

The supply will be based on demand and limited by the availability of the underlying metals.

The coins will be available for sale at the Estonian exchange LATOKEN.\

Cryptocurrencies Should Be Treated As Commodities According To U.S. Judge

According to news reports, a U.S. Judge has ruled that cryptocurrencies or virtual currencies fall under the jurisdiction of the Commodities Futures Trading Commission (CFTC), the U.S. derivatives regulator.

With this court ruling, the US agency can closely monitor and take action against cryptocurrency frauds.

In a court case that involves a company that perpetuated a $6 million fraud on unassuming investors on purchasing My Big Coin (MBC), which is a payments-focussed cryptocurrency, over 28 customers were scammed at around a total of $6 million.

A distraught investor lodged a lawsuit against the MBC and its founder Randall Crater, claiming the accused named their company to sound like Bitcoin and misguided investors by claiming MBC tokens were backed by gold.

District Judge Ray Zobel ruled MBC fell in the Commodity Exchange Acts’ definition of a commodity, as commodities are identified broadly by the law books instead of adhering to specifics.

The judge also added that Bitcoin and MBC are categorized as virtual currencies stating that Bitcoin futures traded CFTC-regulated bourses and by extension gains oversight of similar financial products.

UnionBank Of The Philippines Joins Blockchain Network Led By JP Morgan

One of the leading banks in the Philippines, UnionBank of the Philippines (UBP) has reportedly joined the blockchain-network led by JP Morgan, joining 75 other banks aiming to provide a live blockchain service to speed up payments systems.

The network dubbed as Interbank Information Network (IIN) is said to be capable of reducing the time it takes to transact using legacy systems and will be powered by the enterprise version of Ethereum blockchain called Quorum.

UBP is the first and only Philippine-based bank to join the initiative and is viewed as one of the banks that is at the forefront of blockchain adoption in the country.

Earlier this year the bank launched a blockchain-based internal communication platform for faster, cheaper and more secure distribution of information to employees.

It also launched Project i2i (Project Island-to-island), an Ethereum-based blockchain initiative that involved five rural banks in a pilot on a real-time retail payments under a plan to bring millions of unbanked Filipinos into the financial network by linking rural banks to the country’s central financial system.

Headlines for the world of Cryptocurrencies - September 29, 2018 Porsche Increasing Investment On Emerging Technologies / Cyptocurrency Law In Malta Will Take Effect On November 1, 2018 / Crypto Leaders Urges U.S. Congress To Accelerate Regulations Or They Might Just Leave / Is China Really Banning Cryptos? / UBS Ex-Bankers Are Building A Crypto Bank
Headlines for the world of Cryptocurrencies - September 28, 2018 Bakkt Will Launch Physical Bitcoin Futures / Coinbase Accelerating Its Digital Asset Listing / Google Unbans Crypto Ads / JP Morgan Increasing Its Blockchain-Powered Network Participants / BitPay Partners with BTC.com With BIP70 Support
Headlines for the world of Cryptocurrencies - September 27, 2018 Morgan Creek Capital Management Predicts Crypto Will Replace Fiat / Financial Expert Show Bullish Bitcoin Sentiment Indicators / Walmart Asking Produce Suppliers To Use Blockchain By September 2019 / Coinbase Partners With Token Startup To Attract Professional Traders / Japan's SBI Opening Corridor In Africa