Crypto weekly is authored by maaria
PRICE CHANGE: WTD/YTD
- BTC ($6,558): -2% / -51%
- ETH ($228): -7% / -69%
- LTC ($60): -2% / -73%
- XRP ($0.57): 0% / -70%
- Crypto Market Cap ($221B): -2% / -63%
- BTC Dominance: 52%
THIS WEEK IN CRYPTO
- Bitmain Technologies, the world's largest crypto mining company that controls 85% of the market for cryptocurrency-mining chips, is planning to pursue an IPO in Hong Kong. In its public filing Bitmain reported that it generated $2.8 billion in revenue in the first half of 2018 and reported profit of $743 million. The company held $887 million in crypto assets through end of June, a significant portion of which is in Bitcoin Cash. Bitcoin Cash rose more than 20% following Bitmain's filing, though it is still down 80% for the year. Link
- In its initial filings, Bitmain credits the increasing popularity of the broader crypto market for its growth. It pointed to Coinbase's growing userbase as a statistic: Coinbase users grew from 500,000 in 2013 to over 20 million users as of June 2018. Link
- The WSJ tracked funds from over 2,500 suspected crimes that used bitcoin and ether, identifying ~$90 million laundered through 46 crypto exchanges. The top five exchanges, by laundered funds received, include Binance, Bitfinex, ShapeShift, BTC-e, and Bittrex. Many of these criminals used the exchanges to convert bitcoin and ethereum into an untraceable cryptocurrency called Monero. Crypto advocates pushed back on the report, claiming that $2.7 billion is laundered through traditional banks everyday. Link
- Blockchain payments startup Veem raised $25 million in funding in a round led by Goldman Sachs. The company offers a payments platform for small businesses, aimed to provide, speed, security and low fees for sending and receiving international payments. The firm previously raised a $26 million Series B in 2017 from investors including GV, Silicon Valley Bank, Kleiner Perkins, and Pantera Capital. Link
- Walmart announced it would require all suppliers of leafy green vegetables for Sam's and Walmart to upload their data to the blockchain by September 2019. Walmart is hoping blockchain will bring transparency to the food supply chain process allowing them to track infected food sources much faster (in early tests the time to trace food sources was reduced from 7 days to 2.2 seconds) As part of the partnership, IBM is offering an onboarding system that will help suppliers deploy to the blockchain. Link
- Coinbase announced a major revamp of its policy for listing new coins - now companies can apply to have their coins listed in certain regions as long as they provide a legal defense for why the coin in question is not a security in that given jurisdiction. Coinbase's CTO Balaji Srinivasan described the move as key to more quickly listing additional coins and becoming a more globally-oriented company. The move could also better position Coinbase against competitors who support more coins on their exchanges. Link
- Binance, the world's top crypto exchange, announced plans to offer fiat-to-crypto trading in international markets and the release of a decentralized exchange to complement its current trading site. The company plans to open three fiat exchanges this year with a goal to grow to 10 in 2019. Binance CEO CZ Zhao ruled out launching in China, Japan, and the US due to regulatory hurdles. Link
- German fintech startup and blockchain banking service Bitwala announced the launch of the first-ever platform that will hold and manage both euro deposits and bitcoin funds with the same bank account. The platform is expected to launch in November and 30,000 customers have already signed up for the service. Bitwala also announced it had raised 4 million euros in funding from investors including Earlybird Ventures and Coparion. Link
- Coinbase launched a new suite of features, including a crypto basket that can be purchased in increments as small as $25. The bundle is a market-weighted basket of the five cryptocurrencies available on the exchange: bitcoin, bitcoin cash, ethereum, ethereum classic, and litecoin. Customers can sell the assets individually. Coinbase announced rolling out the feature would make buying more convenient and "less overwhelming" for customers. Link
- A group of US lawmakers asked SEC chairman Jay Clayton to clarify when ICOs are considered securities sales. In the letter, Representatives requested clarity on how SEC is approaching token sales, saying that "current uncertainty surround the treatment of offers and sales of digital tokens is hindering innovation in the US and will ultimately drive business elsewhere." Link
- Several former UBS bankers raised 100 million Swiss francs (around $104 million) to establish a regulated crypto bank called SEBA Crypto AG (SEBA) SEBA has said it will develop and offer traditional banking services to firms in the crypto industry and will provide crypto trading, asset management, and custody services for institutions looking to move into the space. SEBA has applied for a banking and securities license from the Swiss financial authorities. Link
- Swiss startup Amun AG is seeking regulatory approval from Swiss regulators for an exchange-traded product that would track a basket of the top virtual currencies. The news comes after US regulators continue to deny approval for crypto ETFs, citing concerns such as market manipulation and liquidity. Switzerland has shown a relatively friendly attitude toward crypto, with some people calling Zug "crypto valley". Link
- Hyperledger, the open source effort created to advance cross-industry blockchain technologies, signed shipping giant FedEx to the group. FedEx joins 270 other organizations committed to bringing enterprise blockchain technology to the mainstream by developing open source frameworks to drive new business models. Link
- AT&T announced a blockchain-as-a-service platform to help businesses automate and digitize processes using blockchain technology. The platform can be used to track movement of goods for manufacturers, allow healthcare providers to share patient data while maintaining privacy, and can help retailers manage stock and track deliveries. Link
- Cryptocurrency company Ripple is formalizing its philanthropic efforts and committing an additional $25 million of its cryptocurrency, XRP, to educational and financial inclusion initiatives, with a particular focus on STEM. Ripple recently donated to DonorsChoose, 17 universities, and Ellen DeGeneres Wildlife Fund. Link
- Blok.Partyhttps://hes32-ctp.trendmicro.com:443/wis/clicktime/v1/query?url=http%3a%2f%2fblok.party&umid=9a1f53b7-ddb3-4296-aed4-63ae5be21a0c&auth=292e8a7e1963da87a21d501bd20ee673fe71072a-95b0b9543712ac7c7253bc7dfced15e641668198, the creator of the blockchain-based PlayTable video game console, announced it raised $10 million in new funding and unveiled a content partnership to create its own version of popular board game Settlers of Catan. The company has received 10,000 pre-orders for its console and will start shipping its first devices in fall. Link
- The US House of Representatives passed a bill that would establish a crypto task force called the "Independent Financial Technology Task Force" to fight the illicit use of cryptocurrency. The bill contains a reward policy of up to $450,000 for providing information to regulators that leads to convictions. Link
- Google is ending its sweeping ban on crypto-related advertising and plans to allow regulated crypto exchanges to buy ads in the US and Japan beginning in October. ICOs, wallets, and trading advice are still banned from advertising on the platform. Link
- Galaxy Digital, the merchant bank started by ex-Fortress trader Mike Novogratz, hired Joshua Lim, formerly a director at UBS, as the director of trading strategy. Lim joins David Sweet, a 20-year trading veteran, who is head of quantitative trading at the firm. Link
- Peer-to-peer file sharing service BitTorrent will begin incentivizing users by paying them with crypto tokens. The news comes following BitTorrent's acquisition of blockchain startup Tron. BitTorrent seeders will earn Tron's TRX tokens for remaining online for longer periods of time, as well as for dedicating bandwidth and storage. Users downloading content can also pay seeders with tokens. Link
- Circle becomes the latest crypto firm to launch a stablecoin. The new coin, called USDC, should maintain a consistent exchange range with the US dollar and will be usable on Circle Poloniex and Circle Trade. Link
- Have someone you want added to the distribution list? Send me an email at maaria@sound-ventures.commailto:maaria@sound-ventures.com
Maaria Bajwa
maariabajwa@gmail.commailto:maariabajwa@gmail.com
408.306.2185 (cell)