#CryptoCorner: HIVE (TSXV: $HIVE.V) Transitions GPUs to Blockbase and US Commissioner Endorses FedNow Central Bank Payments System

#CryptoCorner: HIVE (TSXV: $HIVE.V) Transitions GPUs to Blockbase and US Commissioner Endorses FedNow Central Bank Payments System

Point Roberts, WA, Delta BC November 8, 2019 -  Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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Stocks discussed: (SGX:MU7) (TSXV:HIVE) (NasdaqGS:FB)

The crypto market took a tumble overnight, dropping from a peak total market cap yesterday of $250 billion to a present market cap of $237 billion, according to data from CoinMarketCap. Consequently, most of the top 100 cryptocurrencies listed by market cap are in the red today. Bitcoin (BTC) lost about five percent of its trading price in the last 24 hours, going from around $9,200 to a present price of $8,780.

Singapore-based banking and finance giant DBS Bank (SGX:MU7) has partnered with the government of Singapore, along with commodity trading firm Trafigura Group, to launch a blockchain trade platform, according to a report from CoinDesk. The platform, called ICC TradeFlow, will be open-source, and “will connect partners from different countries, reducing end-to-end document transit time from 45 days to just 20”. An excerpt from the CoinDesk report reads:

The partners plan to add more enhancements to the platform as more countries join the new trade finance system. According to the release, the participants claim they can build a more trusted relationship between counterparties, adding more background information such as credit ratings on trade participants, vessels and couriers.

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has completed the transition of its GPU chips in Sweden to Blockbase Group from Genesis Mining in line with its strategic partnership with Blockbase signed in August. Frank Holmes, HIVE's Interim Executive Chairman, explained:

"We have successfully taken full control of our Ethereum-mining operations in Sweden with no significant shutdown of our equipment or facility. We have seen improvements in the efficiency and performance of our Swedish facility by leveraging Blockbase's newer software. Additionally, we have identified opportunities to reduce our mining energy costs – the most significant portion of site operating costs - by entering into direct agreements with local electricity suppliers. As we have previously noted, we expect this new operational structure in Sweden to result in more efficient operations, a lower cost structure, and greater flexibility in our operations.”

Rohit Chopra, a commissioner at the United States Federal Trade Commission, has endorsed the Federal Reserve’s development of “a new, round-the-clock, real-time payments system” called FedNow Service, according to a letter addressed to the Federal Reserve’s Board of Governors yesterday. Chopra considers the project “a natural extension of the Federal Reserve’s existing role in check clearing, wire transfers, and the automated clearinghouse (ACH) system” and warns that a “private megabank monopoly over our electronic payments system will suppress innovation and distort incentives in our markets”. Chopra also includes a criticism of Facebook’s (NasdaqGS:FB) Libra cryptocurrency project in the letter:

“Under the auspices of making payments faster and cheaper, Facebook has announced plans to launch Libra, a new private currency and payments system. The vague and scant details on the tech platform’s proposed shadow global central bank have sounded international alarm bells, particularly in light of Facebook’s ongoing scandals and reputation for abuse. The laundry list of risks raised by the Libra project will take time to unpack and address.”

Sam Mowers, Investorideas

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