#CryptoCorner: #Bitcoin Hits Three-Month High Over Weekend as Chinese Stocks Plummet, Mastercard (NYSE: $MA) CEO Explains Exit from Libra (NasdaqGS: $FB)
#CryptoCorner: #Bitcoin
Hits Three-Month High Over Weekend as Chinese Stocks Plummet, Mastercard (NYSE:
$MA) CEO Explains Exit from Libra (NasdaqGS: $FB)
LINE (NYSE: $LN) #Crypto
to Trade in Japan in April, iSTOX Graduates from Singapore Regulatory Sandbox
and MIT Co-Develops Platform to Accelerate #Blockchain Transactions
Point Roberts, WA, Delta BC, February 3,
2020 - 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:
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this in full at https://www.investorideas.com/news/2020/crypto-corner/02031Bitcoin-Mastercard-Libra.asp
Stocks discussed: (NYSE:MA) (NasdaqGS:FB) (NYSE:LN)
Over the weekend,
Bitcoin (BTC) reached its
highest trading price since October 2019 with a peak of $9,608 USD. According
to data from CoinMarketCap, Bitcoin has
cooled down since then, and is trading for $9,305 at press time. An article
from BNN
Bloomberg
today links this recent surge to a downtrend in the Chinese stock market coming
off a recent holiday shutdown and fears of the Coronavirus. The piece quotes
Jehan Chu, managing partner with blockchain investment and advisory firm
Kenetic Capital:
“As trust in global institutions and markets continues
to deteriorate, we will see highly mobile digital assets like Bitcoin explode
in value.”
The CEO of
Mastercard (NYSE:MA), Ajay Banga, told
the Financial
Times
that the company withdrew from Facebook’s (NasdaqGS:FB) Libra project after becoming
disillusioned with its business model, according to a report from CoinDesk. Among his
concerns was a lack of clarity as to how Libra would actually make a profit
from its users.
"When you don’t understand how money gets made, it
gets made in ways you don’t like.”
According to the
CoinDesk report, “Banga also had concerns when association members would also
not firmly commit to know-your-customer (KYC), anti-money laundering (AML)
controls or data management controls.”
LVC Corporation, a
subsidiary of Japanese messaging giant LINE Corporation (NYSE:LN), has revealed plans to start
trading its “LINK” cryptocurrency in Japan in April of this year. The firm was
already trading LINK globally with the exception of the U.S. and Japanese
markets. According to the press release, “LVC has been preparing to roll out
the coins in the Japanese market in accordance with the Japan Virtual Currency
Exchange Association’s (JVCEA) official process to handle new digital
currency.”
Blockchain capital
markets platform iSTOX has graduated from Singapore’s central bank regulatory
sandbox, according to local outlet The
Business Times.
Henceforth, restrictions placed on the platform regarding size and capacity
have been lifted by the central bank, and iSTOX “has opened registration for
accredited and institutional investors.” iSTOX, which was designed by
blockchain-based infrastructure firm ICHX Tech, gives investors access to
“private markets, which are not traditionally available outside a small, closed
group of participants,” and according to the press release, the firm “plans to
bring on more issuances across different asset classes.” iSTOX chief operating
officer Darius Liu commented:
“While capital markets have seen many changes and innovations
over the years, the underlying core infrastructure hasn’t really changed since
the advent of electronic trading decades ago.”
MIT (Massachusetts
Institute of Technology) researchers have co-created a routing scheme that
could accelerate transactions on the blockchain, according to a recent
publication.
The solution proposed is the use of “payment channel networks (PCNs).” An
excerpt from the announcement explains:
Pairs of PCN users form off-blockchain escrow accounts
with a dedicated amount of money, forming a large, interconnected network of
joint accounts. Users route payments through these accounts, only pinging the blockchain to
establish and close the accounts, which speeds things up dramatically. Accounts
can also collect a tiny fee when transactions get routed through them.
The research will
culminate with the release of a paper this month at the USENIX Symposium on
Networked Systems Design and Implementation, outlining the “Spider”, which is
described as “a more efficient routing scheme that lets users invest only a
fraction of funds in each account and process roughly four times more
transactions before rebalancing on the blockchain.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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