#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 .
Listen
to today’s Crypto Corner Podcast:
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
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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