Crypto Market Summary: Week of 16Jul18
This week's update covers Tech, Reg, Use Cases and Markets.
So many entities are exploring crypto and blockchain for their businesses. It does seem nobody wishes to be left behind. The trend is expected to last. Crypto and blockchain will be included as curriculum in the CFA exams. Have to note though that crypto and blockchain could still be irrelevant/ under-deliver.
Tech:
- Mastercard wins a patent which enables clearing of cryptocurrency transactions through current fiat currency systems.
Reg:
- SBI Holdings (Japan FI) launched a crypto exchange.
- India's supreme court postpones hearing on RBI's bar which limits crypto firms from receiving banking services. Pending the hearing, the supreme court has upheld the bar.
Use Cases:
- Stable-value token "USD Anchor", which runs on blockchain Stellar, will feature FDIC-insured USD collateral, compared to Tether's non-FDIC insured collateral. KYC/ AML is done only on cash deposits and withdrawals. IBM is a partner and will help market the token to its FI network.
- Singapore has a government-backed cross-border trade blockchain platform "GeTS Open Trade". Accredited compliance firms serve as nodes to validate the blockchain.
- Startup "POINT" is seeking to build a consolidated KYC and credit database service. It has access to >1.5 billion Chinese profiles through its partnership with Teleinfo (effective parent Ministry of Industrial and IT) and Zhong Cheng Xin (a rating agency).
Markets:
- Blackrock's reported interest in blockchain sent prices of Bitcoin up 4.5% in 2h.
- CFA exams to include crypto and blockchain under section "Fintech in Investment Management".
Links
https://www.coindesk.com/mastercard-wins-patent-for-speeding-up-crypto-payments/
https://www.ccn.com/worlds-first-bank-owned-cryptocurrency-exchange-launches-publicly-in-japan/
https://www.coindesk.com/indias-supreme-court-pushes-crypto-banking-ban-hearing-to-september/
https://www.coindesk.com/ibm-is-helping-launch-a-price-stable-cryptocurrency-insured-by-the-fdic/
https://www.coindesk.com/government-backed-blockchain-trade-platform-launches-in-singapore/
https://www.coindesk.com/chinese-credit-rating-firm-backs-blockchain-startups-8-million-round/
http://amp.timeinc.net/fortune/2018/07/17/bitcoin-cryptocurrencies-blockrock-blockchain