#CryptoCorner - Market Shows Very Slight Recovery, 12 out of 12 Exchanges Approved by #Korean #Blockchain Association, South Korean Legislators Commit to Aiding Blockchain Growth
#CryptoCorner - Market
Shows Very Slight Recovery, 12 out of 12 Exchanges Approved by #Korean #Blockchain
Association, South Korean Legislators Commit to Aiding Blockchain Growth
July 13th #CryptoCorner and Podcast sponsored by Crypto payment tech,
#Flip @FlipToPay ($NXTD)
Point Roberts, WA, Delta BC – July 13, 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.
Listen to the Crypto Corner Podcast:
Crypto
Corner – July 13, 2018
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/07131SouthKoera.asp
Market Shows Very Slight Recovery, 12 out of 12 Exchanges Approved by
Korean Blockchain Association, South Korean Legislators Commit to Aiding
Blockchain Growth and Study Reveals 80% of ICOs Last Year Were ‘Scams’
Going into the weekend the crypto market is looking
a bit healthier than yesterday, with the total market cap sitting at $250
billion USD. While this is a long way from the January 7 peak of $835 billion
USD, it’s still a $5 billion USD improvement over yesterday. Bitcoin (BTC) is
trading at $6271 at press time and most of the top 100 coins have shown a
modest recovery since the most recent drop. All this data is from CoinMarketCap.
The Korea Herald reports that the Korean Blockchain Association
(KBA), a self-regulatory body in the South Korean crypto space, on Wednesday
approved 12 exchanges for meeting “minimum requirements” after security
inspections. The inspections were launched in May on 14 of the 23 exchanges
that comprise the KBA, but two of them – Sunny7 and Komid – withdrew. Notably,
the inspections did not include a hacking simulation, despite high profile
hacks of Bithumb and Coinrail in June. The report in the Herald says the KBA’s
head, Jhun Ha-jin, conceded that security flaws were found among the 12
exchanges but did not elaborate on them in a subsequent press conference. The Korea Times quotes Jhun on the 12 exchanges meeting the KBA’s
standards:
"The
result indicates the 12 exchanges satisfy the minimum requirement for their
operations. It is like a driver's license. It is hard to tell whether they are
good drivers or not."
South Korean
legislators met today at the 4th Vice Ministerial Meeting on 'Growth through
Innovation', where they resolved to promote growth and investment in new
technology such as blockchain. A press release from the meeting indicates lawmakers’ intention to foster
growth in blockchain technology through favourable taxation policies and
supporting investment.
A recent study entitled “CRYPTOASSET MARKET COVERAGE INITIATION: NETWORK
CREATION” conducted by ICO advisory firm Satis Group, has revealed that more
than 80 percent of ICOs last year were scams.
●
Over 70% of ICO funding (by $ volume)
to-date went to higher quality projects, although over 80% of projects (by # share) were identified as scams.
However, the
report states that of the $12 billion USD raised for ICOs, only $1.3 billion
(11 percent) went to identified scams.
“Although
~1/10th of all ICO fundraising went to Identified Scams, the vast majority of
the $1.3B was from just
three
projects, which were all relatively old school frauds by no means unique to
ICOs (Pincoin ($660M),
Arisebank
($600M), and Savedroid (~$50M)).”
Sam Mowers, Investorideas
Crypto Corner Sponsors:
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cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD).
By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders
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