#CryptoCorner: #Crypto Rally Mellows, Peter Gabriel Invests in #Blockchain Company, Singapore’s CrimsonLogic Launches Cross-Border Blockchain Trade Network, Congressional Crypto Hearings ‘Seemed to Go Quite Well’ and MasterCard (NYSE: $MA) Wins Crypto Patent
#CryptoCorner: #Crypto Rally Mellows, Peter Gabriel
Invests in #Blockchain Company, Singapore’s CrimsonLogic Launches Cross-Border
Blockchain Trade Network, Congressional Crypto Hearings ‘Seemed to Go Quite
Well’ and MasterCard (NYSE: $MA) Wins Crypto Patent
Stocks discussed: (NYSE: $MA)
July 19th #CryptoCorner and Podcast sponsored by Crypto payment tech,
#Flip @FlipToPay ($NXTD)
Point Roberts, WA, Delta BC – July 19, 2018 - Investorideas.com, a leader in crypto and
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Crypto
Corner – July 19, 2018
Crypto Rally Mellows, Peter Gabriel Invests in Blockchain Company,
Singapore’s CrimsonLogic Launches Cross-Border Blockchain Trade Network,
Congressional Crypto Hearings ‘Seemed to Go Quite Well’ and MasterCard Wins
Crypto Patent
Stocks discussed: (NYSE:MA)
After Tuesday’s impressive rally we saw the crypto
market retreat a bit yesterday, with the total market cap getting as low as
$285 billion USD. Bitcoin (BTC), being relatively reflective of the wider
market in this case, peaked yesterday at $7534 USD, dropped as low as $7280 USD
and has now recovered somewhat to $7426 USD at press time, according to data
from CoinMarketCap. The rally we saw on Tuesday may have abated, but most coins are
keeping most of their recently accrued value for now.
British musician, and former lead singer of
Genesis, Peter Gabriel has invested in blockchain company Provenance, according
to a recent press release. Provenance utilizes blockchain technology to
create greater transparency in food transportation. The “Sledgehammer”-singer
is joining investors, led by
Working Capital Fund, including Digital Currency Group, Merian Ventures and
Plug and Play. Gabriel commented on the investment:
"We
need to be able to trust the source and distribution chain, particularly when
it comes to guaranteeing that things are produced ethically and in an
ecologically sound way. I am convinced that the service Provenance provides,
using their blockchain data system, is going to find a big role going forward
and will be of great use to the consumer and provide a level playing field for
smaller, independent producers on which to compete with the big players. Jessi
Baker and her team are very impressive and I fully expect them to do really
well."
Singapore’s
Global eTrade Services (GeTS), a subsidiary of e-government service provider
CrimsonLogic, has announced the launch of the world’s first cross-border global
blockchain trade network. The network, known as the Open Trade Blockchain
(OTB), is aimed at boosting efficiency, security and transparency in trade
between China and the Association of Southeast Asian Nations (ASEAN).
Both crypto hearings
in the USA seemed to go quite well, with the exception of an outburst
from Congressman Brad Sherman who said that the USA should ban purchasing and
mining cryptocurrencies.
Sherman is a known
opponent of cryptocurrencies who's top campaign contributors include the online payment processor
Allied Wallet, the company with the most to lose, should cryptocurrencies gain
more prominence.
The good news is that
Congressman Sherman's allies in these efforts are dwindling as many government
officials do see the value of a new technology that allows for the
decentralization of applications and creates programmable money, and the rest
of the meeting seemed very productive.
When Visa &
MasterCard (NYSE:MA) came out with a crypto ban earlier this
year it definitely affected things.
Previous studies
showed that most crypto purchases in the USA were done with credit cards and so
this ban, as well as the advertising bans by Google and Facebook, may very well
have contributed to the current retracement in crypto this year.
A few months later,
when MasterCard reporting their quarterly earnings, it became clear that the
loss of business was actually hurting MA's bottom line.
On Tuesday, the
credit card giant won a surprising patent in the United States. According to the filing, it seems that MasterCard may have had a
change of heart and is now looking to bridge the gap between blockchain-based
assets and fiat currencies.
Of course, we have no
idea what they intend to do with this patent or when/if they will ever put it
to use. However, this is certainly an encouraging update for those hoping for a
greater level of cooperation between crypto and traditional finance.
Sam Mowers, Investorideas
Crypto Corner Sponsors:
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