#CryptoCorner: Bank of Korea Report Claims “Risks of Digital Assets is Insignificant”, #Facebook’s ( $FB) Director of Engineering Joins Company’s Growing #Blockchain Team, Gemini Hires #NYSE’s Robert Cornish as CTO and Philippines Accredits Two Exchanges

#CryptoCorner: Bank of Korea Report Claims “Risks of Digital Assets is Insignificant”, #Facebook’s ( $FB) Director of Engineering Joins Company’s Growing #Blockchain Team, Gemini Hires #NYSE’s Robert Cornish as CTO and Philippines Accredits Two Exchanges

Point Roberts, WA, Delta BC – July 9, 2018 -  Investorideas.com, a leader in crypto and blockchain investing news reports on what’s driving the cryptocurrency markets with today’s edition of Crypto Corner.

Crypto Corner – July 9th

Bank of Korea Report Claims “Risks of Digital Assets is Insignificant”, Facebook’s Director of Engineering Joins Company’s Growing Blockchain Team, Gemini Hires NYSE’s Robert Cornish as CTO and Philippines Accredits Two Exchanges

Coming in off the weekend data from CoinMarketCap indicates that the total market cap has risen some $8 billion USD since Friday for a current total of $274 billion USD. This is a bit lower than Sunday’s peak of about $280 billion USD. Similarly Bitcoin (BTC) is trading at $6805 USD, an improvement over Friday’s $6600 USD, but not quite as high as yesterday when it nearly reached $6900 USD.

South Korean news outlet Yonhap reports that the country’s outstanding balance of cryptocurrency investment totals 2 trillion won ($1.79 billion USD) as of December 2017. This information was taken from a Bank of Korea (BoK) report. This accounts for 8 percent of the total deposits operated by South Korean brokerage houses, which add up to 26 trillion won ($23.37 billion USD). According to the central bank report:

"The amount of crypto-asset investment is not really big, compared with other equity markets, and local financial institutions' exposure to possible risks of digital assets is insignificant. Against this backdrop, we expect crypto-assets to have a limited impact on the South Korean financial market."

A report from TechCrunch indicates that Facebook Director of Engineering Evan Cheng is now the Director of Engineering of the company’s blockchain team. Cheng had previously worked at Apple for almost 10 years and had been Facebook’s Director of Engineering for three. Facebook’s blockchain team is headed by four-year Messenger chief David Marcus.

According to a press release on Business Wire, cryptocurrency exchange Gemini has hired Robert Cornish as their Chief Technology Officer. Cornish was most recently the Chief Information Officer of the New York Stock Exchange (NYSE). The press release quotes Gemini CEO Tyler Winklevoss on Cornish joining the company:

“Rob is a tremendous addition to our team. He will ensure that Gemini continues to deliver the best platform experience to our customers as possible and set the standards of excellence for the cryptocurrency industry as a whole. Rob is globally recognized for his abilities in leading high-performing engineering teams, his expertise in exchange and matching-engine architecture, and running high-throughput platforms that are both secure and resilient.”

The central bank of the Philippines has accredited two crypto exchanges according to a report from Business World. The central bank Deputy Governor Chuchi G. Fonacier has confirmed the two approved companies as Virtual Currency Philippines, Inc. and ETranss. They join three previously accredited exchanges including Rebittance, Inc. and Betur, Inc. (Coins.ph) and BloomSolutions.

Sam Mowers, Investorideas

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