#CryptoCorner: BTC Cracks $9K before Swiftly Correcting,
Coinbase Supports EOS, SBI Introducing In-Store Cashless Payments
Point Roberts, WA, Delta BC May 31, 2019
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May
31
Crypto Corner
Stocks discussed: (TYO:8473)
Yesterday Bitcoin (BTC) briefly peaked at a trading price of
$9005, before quickly correcting down to the $8200-$8300 range for most of the
rest of the day, according to data from CoinMarketCap. The total crypto market
capitalization basically mirrored Bitcoin’s trajectory, peaking at $286 billion
and then sinking down to a current total of $267 billion. Consequently, most of
the top 100 coins listed by market cap are in the red going into the weekend.
At press time, Bitcoin is trading for $8437, Ether (ETH) for $261 and XRP for $0.43.
According to a blog post published yesterday, crypto exchange
giant Coinbase is now supporting the buying, selling, storing and trading of EOS. This latest addition to the platform will
be available in most jurisdictions excluding New York state and the U.K. The
blog describes EOS as:
EOS
is a cryptocurrency designed to support large-scale decentralized applications.
There are no fees to send or receive EOS. Instead, the protocol requires EOS to
use resources like RAM, CPU, and network bandwidth. It also rewards the
entities that run the network periodically with new EOS, effectively
substituting inflation for transaction fees.
SBI Ripple Asia,
which is a subsidiary of SBI Holdings, Inc. (TYO:8473) has announced the launch of in-store payments
based on the firm’s Money Tap service. Initially the service will be trialed as
a “demonstration test” to note customer feedback before launching the full service
within the space of a year. The announcement also reveals that SBI will promote
the move to cashless payments through Money Tap more generally. A loose
translation reads:
The SBI Group will continue to encourage local banks
and other financial institutions to participate in management as a shareholder
of Moneytap, and will actively strive to expand sales of the service, creating
a new local industry through cashlessization. Will contribute to the
development of society and to the reduction of social costs.
The International
Organization of Securities Commissions (IOSCO) has issued
a media release seeking feedback on the regulatory status of crypto exchange
platforms. This is based on a more expansive consultation report published by IOSCO. The
media release outlines the concerns surrounding crypto-asset trading platforms
(CTPs):
Many
of the issues related to the regulation of CTPs are common to traditional
securities trading venues, but may be heightened by how CTPs are operated.
Where a regulatory authority has determined that a crypto-asset is a security
and falls within its remit, the basic principles or objectives of securities
regulation should apply. The report, therefore, sets out that the IOSCO
Principles and Methodology provide useful guidance for regulatory authorities
considering the identified issues and risks.
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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