#CryptoCorner: Market Pullback, BIS Chief Supporting CBDCs, Xetra Lists First #Blockchain Company, Huobi Partners with Nervos for DeFi Services and Busan to Launch Local #Crypto
#CryptoCorner: Market Pullback, BIS Chief Supporting CBDCs,
Xetra Lists First #Blockchain Company, Huobi Partners with Nervos for DeFi
Services and Busan to Launch Local #Crypto
Point Roberts WA, Delta BC, July 1, 2019
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July
1 Crypto Corner
Stocks discussed: (BWQ.F)
Over the weekend the
crypto market has seen a pullback as total market capitalization has sunk from
its Friday peak of about $350 billion to $306 billion this morning, according
to data from CoinMarketCap.
Bitcoin (BTC) is still trading for more than $10,000
($10,490 at press time), a support level it reached on June 21 which it hasn’t
yet dipped below. With 61 percent of the market, Bitcoin still dominates with a
market cap of about $187 billion.
CoinDesk reports that Agustin Carstens, chief
of the Bank for International Settlements (BIS), has expressed support for
central bank digital currencies (CBDCs) in a recent interview with the Financial Times. Regarding global central
banks that are already developing CBDCs, Carstens said, “we are working on it,
supporting them”. Carstens has described cryptocurrencies as a “Ponzi scheme”
as recently as a year ago.
German financial
news site DGAP reports that blockchain development firm
Advanced Blockchain AG (BWQ.F) has been listed on Deutsche Boese’s
Xetra exchange. According to the report the Berlin-based company:
“…focuses on the design, development and implementation
of distributed ledger technology (DLT) software for businesses and their
products and services.”
Huobi Group has partnered with blockchain network Nervos to
develop a new public blockchain focused on decentralized financial (DeFi)
services. Provisionally called the Huobi Finance Chain, the project is
described as “a regulator-friendly, high-performance financial blockchain that
allows enterprises, financial institutions, and exchanges to deploy their own
blockchains, tokenized assets, and DeFi services”. Leon Li, CEO and Founder of Huobi Group,
commented:
"The mission of Huobi Group is to make finance
more efficient and make wealth accessible to all. This project is not only in
line with Huobi's overall strategy, but it also fulfils our core mission. From
a strategic point of view, decentralized financial services are still in an
early stage of development. The market demand is clear, however, and we believe
this is a very definite business opportunity.”
Busan, South
Korea’s most populous city after the capital Seoul, will be issuing a
blockchain-based local cryptocurrency, according to local outlet ETNews.
The currency will be a stablecoin, equal to the local currency in the BNK Busan
Bank account. This development follows the selection of Busan as a blockchain
regulation-free zone.
Sam
Mowers, Investorideas
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