#CryptoCorner: #Altcoins Lead Modest Market Recovery, WEF Report Claims #Blockchain Could Add $1 Trillion to World Trade Volumes, Japan’s FSA to Add More Personnel, #Huobi Acquires Majority Stake in Japan’s #BitTrade and #Crypto Exchange #OKCoin to Expand to 20 More U.S. States
#CryptoCorner: #Altcoins Lead Modest Market Recovery, WEF Report Claims #Blockchain
Could Add $1 Trillion to World Trade Volumes, Japan’s FSA to Add More
Personnel, #Huobi Acquires Majority Stake in Japan’s #BitTrade and #Crypto
Exchange #OKCoin to Expand to 20 More U.S. States
September 13th #CryptoCorner and Podcast sponsored by Crypto
payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA, Delta BC September -, 2018 - Investorideas.com, a leader in crypto and
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September 13, 2018 Crypto
Corner
Altcoins Lead Modest Market Recovery, WEF Report Claims Blockchain Could
Add $1 Trillion to World Trade Volumes, Japan’s FSA to Add More Personnel,
Huobi Acquires Majority Stake in Japan’s BitTrade and Crypto Exchange OKCoin to
Expand to 20 More U.S. States
The crypto market has exhibited impressive growth
in the last day with total market capitalization recovering to $199 billion
USD, an increase of some $11 billion USD according to data from CoinMarketCap. Bitcoin (BTC) helped drive the recovery with a modest 3 percent
increase over yesterday, now trading at about $6500 USD. The real success
story, however, is Ethereum (ETH), which surged nearly 18 percent and is now
trading at $203 USD. Similarly, other altcoins such as Litecoin (LTC), Monero
(XMR), Dash (DASH) and ZCash (ZEC) saw double-digit percentage increases.
A joint report published today by the World Economic Forum (WEF)
in collaboration with Bain & Company claims, among other things, that
blockchain technology could add $1.1 trillion to world trade volumes. Titled Trade Tech – A New Age for Trade and Supply
Chain Finance, the report reveals the Asian Development Bank estimates that
the trade financing gap in 2017 was $1.5 trillion, which blockchain adoption
could considerably reduce. The report also indicates that blockchain would
particularly help small business ventures and developing economies.
Distributed ledger and other innovations offer new
efficiencies and can help dismantle financing barriers for small and
medium-sized enterprises (SMEs) and emerging markets.
Reuters Japan reports that the country’s regulatory body, the
Financial Services Agency (FSA), plans to expand its personnel by 12 people to
help to cope with increasing demand from the crypto space. The FSA has a
registration waitlist of over 160 companies, and the overburdened team is also
responsible for monitoring virtual currency traders and supervision of
unregistered contractors.
One of only 16 companies to have been approved and
licensed by the FSA is BitTrade, which has recently been acquired by crypto
exchange giant Huobi, according to a report from Business Insider. The report notes that both companies’ management
teams intend to “aggressively
scale up the platform to provide more professional and compliant services while
enhancing its international user-friendly experience”, with the eventual goal
of global expansion. BitTrade owner, Singaporean entrepreneur Eric Cheng, said
of the partnership:
We are delighted to be partnering with Huobi, a
global leader in the crypto currency industry which continues to grow
exponentially. Together, we will leverage on Huobi's global footprint,
excellent management team and advanced security systems to grow BitTrade into a
market-leading position in Japan. Having a long-term partnership with an
established brand such as Huobi is the right step for BitTrade as we look to
continue our rapid growth trajectory."
Crypto exchange OKCoin, which established a U.S.
headquarters in San Francisco earlier this summer, announced via Medium that it was expanding to 20 additional states. The 20 new states include: Alaska,
Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland,
Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey,
Tennessee, Texas, Utah and Wisconsin. OKCoin CEO Tim Buyn is quoted in the
release:
“In order for
the cryptocurrency market to reach its full potential, exchanges like OKCoin
have to work with existing and new regulators for convertible virtual currency,
digital goods, and/or securities. Our team has worked diligently within the
complexities of the US regulatory frameworks. We’re excited to take this major
step forward as we aim to break down the barriers preventing a truly global
digital asset market while adhering to long established regulations.”
Sam Mowers, Investorideas
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