Ethereum 

‘No One Uses It’ — Bitcoin a Speculative Asset Like Gold

The Chairman of the United States Federal Reserve has said that a globally adopted cryptocurrency system could conceivably remove the need for reserve currencies.  Testifying before the Senate Banking Committee on July 11, Fed Chairman Jerome Powell gave his analysis of whether a cryptocurrency system with global prevalence could diminish — or even go so far as to remove the need for — so-called anchor currencies.  With the U.S. dollar de facto the world’s dominant reserve currency, Powell acknowledged the possibility of a preeminent cryptocurrency redrawing the current financial landscape…

Read More
Blockchain 

UK Financial Watchdog Grants License to London-Based Crypto Asset Firm

London-based crypto asset management firm Prime Factor Capital has obtained a license from the Financial Conduct Authority (FCA) to operate as a full-scope Alternative Investment Fund Manager (AIFM). The development was announced in a press release on July 1 Being FCA-authorized gives Prime Factor Capital the right to operate as a full-scope AIFM under the European Union’s AIFM Directive (AIFMD). The Directive is a regulation applied to private equity funds, hedge funds, and real estate funds, which sets standards for marketing in regards to raising private capital, risk monitoring and…

Read More
Blockchain 

Group of Digital Asset Trade Associations to Establish Global Cryptocurrency Association

A group of national trade associations representing the local Virtual Asset Service Providers (VASPs) announced their intention to establish an association to provide a global representative for firms in the industry in a press release shared with Cointelegraph on June 29. Per the release, the aforementioned Japanese trade association signed a Memorandum of Understanding (MoU) in Osaka aiming to establish the association. The associations that signed the agreement include the Australian Digital Commerce Association (ADCA), Singapore Cryptocurrency and Blockchain Industry Association, Japan Blockchain Association, Korean Blockchain Association, Hong Kong Blockchain…

Read More
Blockchain 

Ethereum-Based Synthetic Asset Platform Loses Over 37M Tokens in Oracle Attack

The Ethereum-based synthetic asset issuance platform Synthetix has lost over 37 million synthetic ETH (sETH) in an oracle attack, according to a report by The Block on June 24. While the amount of sETH in question is known to be over 37 million, the price of this loss in U.S. dollars is reportedly unknown due to its relative illiquidity on secondary markets. Synthetix allows users to mint and trade synthetic currencies peer-to-peer (P2P) on the Ethereum blockchain. One such synthetic currency is the token sETH, which apparently tracks the price…

Read More
Blockchain 

eToro Confirms Tokenized Asset Trial On Facebook Libra

United Kingdom-based trading platform eToro has conducted a successful trial of issuing tokenized assets on Facebook’s Libra protocol. The company confirmed the results in a blog post on June 20. According to a Github repository detailing its activities, eToroX, the firm’s recently-launched innovation and research offshoot, managed to debut its eToken on Libra. eToken is the technology behind eToro’s tokenized assets, with researchers explaining they wished to test Libra’s current capabilities in the first week of its existence. “By exploring Libra’s capabilities, and using Move IR (the intermediary representative layer…

Read More
Bitcoin 

Legislators Endorse Virtual Asset Summit Convened in Response to Coming FATF Crypto Rules

Global legislators have voiced their support for a forthcoming summit in Osaka, Japan, which will be devoted to virtual asset service providers’ (VASPs) response to a new set of recommendations set forward by the Financial Action Task Force (FATF). Cointelegraph Japan reported the news on June 19. According to the report, the V20 summit will take place alongside the G20 Leaders Summit in Osaka on June 28 and 29, and will convene G20 representatives, national blockchain associations, VASPs and legislators from numerous jurisdictions. Those in attendance will use the summit…

Read More
Blockchain 

Digital Asset Partners With Amazon AWS Aurora on Smart Contract Language Interoperability

Blockchain software firm Digital Asset has partnered with Amazon Web Services (AWS) Aurora to make its open-source smart contract language Digital Asset Modeling Language (DAML) more interoperable. The partnership was revealed in a press release acquired by a Cointelegraph correspondent at the IMN Synchronize Europe Conference in London on June 18. The partnership will enable multi-platform DAML support for various blockchain networks, notably including Hyperledger Fabric and blockchain consortium R3’s Corda, both specifically cited in the press release. Introduced in April 2016, DAML is an expressive language designed for financial…

Read More
Blockchain 

Major Korean Bank Signs MoU With Atomics Lab to Explore Crypto Asset Management

Major South Korean commercial lender KB Kookmin Bank has signed a Memorandum of Understanding with blockchain technology firm Atomics Lab to jointly explore digital asset management and protection solutions. The news was reported by local business news portal Business Korea on June 11. The MoU — signed yesterday, June 10, in Seoul — establishes that the two partners will focus on digital asset market growth and new crypto-related businesses. According to Business Korea, Atomics Labs is a firm specializing in blockchain development for the financial sector, and has been developing…

Read More
Blockchain 

Digital Asset Security Startup Fireblocks Leaves Stealth Mode With $16 Million in Funding

Digital asset cybersecurity startup Fireblocks announced its launch out of stealth mode with $16 million in funding, according to a press release shared with Cointelegraph on June 11. Per the release, Fireblocks obtained the capital during its Series A funding round from Cyberstarts, Tenaya Capital, EightRoads (Fidelity INTL), Swisscom Ventures and MState. The startup reportedly counts crypto merchant bank Galaxy Digital, over-the-counter digital trading platform Genesis Global Trading and others among its customers, with the company declaring: “Currently, Fireblocks is integrated with 15 digital asset exchanges and offers support for…

Read More
Bitcoin 

Bitcoin’s Recent Surge Due its Maturation as an Asset

New data suggests that bitcoin’s (BTC) growth is explained by its maturation as an asset based on conversations surrounding the leading cryptocurrency, Bloomberg reported on May 15. Bloomberg cited a report from web intelligence platform Indexica, that developed an index based on natural language processing of textual documents in an effort to explain bitcoin’s recent surge. The research reportedly revealed three major drivers of the coin’s growth, including conversations surrounding bitcoin, fewer concerns about fraud and a shift in the sentiment of how people talk about bitcoin from the past…

Read More