While Nasdaq Inc. and Citigroup Inc. saw a burst of blockchain pilots that produced positive results over the last four years, Wall Street has yet to fully adopt the technology, with some believing the price of full adoption still outweighs the benefits.
In the International Monetary Fund’s (IMF) newly published FinTech note titled “The Rise of Digital Money,” the IMF states that banks will face “tough competition” and may even see their services surpassed by tech firms issuing digital money and stablecoins.
After receiving a C+ rating from Weiss in January 2018, the Weiss Ratings offshoot Weiss Crypto Ratings raised Bitcoin’s investment rating to an A-, making note of the network’s “reduction in tech roadblocks.”
The Financial Conduct Authority, a UK financial watchdog, has issued a press release stating the agency is consulting over a ban on the “sale, marketing and distribution to all retail consumers” of crypto-based derivatives including options and futures, as well as “unregulated transferable cryptoassets.”
Agustín Carstens, general manager of the Bank for International Settlements, stated that the banking institution was in support of central banks that want to research, make, and issue their own digital currency, adding that, thanks to projects like Libra, the market will evolve “sooner than we think.”
Countries within the eurozone could have an instant payments system implemented across all banks by 2020 as finance industry officials fear competition with Facebook’s Libra cryptocurrency.
With Bitcoin IRA offering hybrid crypto and fiat individual retirement accounts (IRAs) since 2016, the digital asset IRA firm has partnered with BitGo to launch crypto IRAs, allowing individuals to diversify their holdings among 12 different digital assets.
In PoolTogether’s Ethereum-based lottery, winners receive payment from interest earned on pools of the Dai stablecoin, while everyone else receives the price they paid for a ticket back. Backers of the Libra investment token, Facebook’s token released alongside Libra, will expect to earn a profit in a similar way.
PwC’s Halo tool can help blockchain firms, or any business dealing with cryptocurrencies, track cryptocurrency payments, ownership, and accounts, as well as bring all the information together in an easy-to-follow package.
Though the launch of Block.one’s decentralized social media platform, Voice, has yet to be announced, the company is hard at work figuring out how it can profit from the inflation of the platform’s token and use those profits to fund Voice’s development.
The index, provided by Cryptoindex, will take into account the “collective sentiments” expressed on social media platforms and within news coverage and will allow traders to view the top 100 performing cryptocurrencies.
Despite legal issues for US investors, many corporations are turning to initial exchange offerings to raise funds, and global investors are seeing plenty of returns.
To help mitigate losses in the volatile crypto market, Coinbase has suggested investors use a dollar cost averaging method, which smooths out drops and upticks in the market over time. In other words, the exchange wants people to apply a standard investing strategy to a not-so-standard asset.
In order to bring in talented crypto-analysts, investment firm BlockTower Capital is asking individuals to submit a written investment recommendation on a crypto asset or blockchain project. The top three candidates win bitcoin.
Along with officially announcing its cryptocurrency project, Facebook reportedly plans to develop ATM-like machines where users can buy the company’s crypto, as well as allow employees to take their salary in the form of the platform’s coin.
While details are sparse, Matrix, Jihan Wu’s new crypto service, will reportedly provide custody and lending services to Bitmain, quieting some rumors that Wu left Bitmain as a result of a disagreement with co-founder Micree Zhan.
Civil, a startup attempting to use blockchain tech to bring transparency between journalists and readers, will lose its account with First Republic. While it’s unclear why the bank has decided to terminate services, Civil’s COO believes it’s because the startup is a “crypto-related company.”
Despite some banks touting dedicated crypto onboarding services, European cryptocurrency firms are struggling with an unfriendly banking sector and incredibly steep account fees.
Back in March, crypto investment manager Bitwise claimed its research showed 95 percent of all reported crypto trading volume on unregulated exchanges was fake. Now, in a newly published white paper, Bitwise researchers have shown that, despite the fake trading volume, regulated bitcoin futures and improved custody services help keep the cryptocurrency’s price true.
During a Bloomberg TV interview, Nate Geraci, president of independent investment adviser ETF Store, stated the majority of millennial investors want to invest funds in a bitcoin ETF, if only the US Securities and Exchange Commission would let them.