#CryptoCorner Episode 410: Riot (NasdaqGS: $RIOT) Purchases 1,000 More S19 Antminers, Tencent Cloud (OTC: $TCEHY) Launches “Industry #Blockchain League” and Kakao’s “Klip” #Crypto Wallet Brings Surge of New Users
#CryptoCorner
Episode 410: Riot (NasdaqGS: $RIOT) Purchases 1,000 More S19 Antminers, Tencent
Cloud (OTC: $TCEHY) Launches “Industry #Blockchain League” and Kakao’s “Klip” #Crypto
Wallet Brings Surge of New Users
Point Roberts, WA, Delta BC June 5, 2020 -
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Stocks discussed: (NasdaqGS:RIOT) (OTC:TCEHY)
(KSE:035720)
A report published
by the Federal Reserve Bank of Philadelphia, titled: Central Bank Digital Currency: Central
Banking for All,
finds that the introduction of a CBDC may lead to a monopoly for central banks
at the expense of private options. The report’s Abstract reads:
The introduction of a central bank digital currency
(CBDC) allows the central bank to engage in large-scale intermediation by
competing with private financial interme-diaries for deposits. Yet, since a
central bank is not an investment expert, it cannot invest in long-term
projects itself, but relies on investment banks to do so. We derive an
equivalence result that shows that absent a banking panic, the set of
allocations achieved with private financial intermediation will also be
achieved with a CBDC. Dur-ing a panic, however, we show that the rigidity of
the central bank’s contract with the investment banks has the capacity to deter
runs. Thus, the central bank is more stable than the commercial banking sector.
Depositors internalize this feature ex-ante, andthe central bank arises as a
deposit monopolist, attracting all deposits away from the commercial banking
sector. This monopoly might endanger maturity transformation.Keywords: central
bank digital currency, central banking, intermediation, maturity
transformation, bank runs, lender of last resort.
Riot Blockchain, Inc.
(NasdaqGS:RIOT) has purchased an
additional 1,000 Bitmain S19 Pro Antminers for $2.3 million from BitmainTech,
according to a recent press
release.
The company now anticipates its aggregate operating hash rate to reach 567
petahash per second by Q4 2020, given the deployment of all its 7,040
next-generation miners. An excerpt from the press release reads:
By advancing on these goals with the most energy
efficient miners available, Riot has established a more strategically
advantageous position relative to less efficient competition. Coupled with the
unique ability to efficiently access the capital markets as a Nasdaq-listed
company, Riot is positioned to operate more effectively post-halving and create
value for its shareholders.
Tencent Cloud, the
cloud computing subsidiary of Tencent (OTC:TCEHY), announced the
launch of the Industry Blockchain League, according to outlet China
Banking News.
The League “hopes to expand to at least 100 members in 2020,” comprising
“enterprise, industry associations, industry media, investment
organisations, tertiary institutions and think tanks.” According to the
article, the purpose of the League is “to jointly advance industry
blockchain standards, as well as research and development into core
blockchain technologies and industry implementation.”
Cointelegraph reports that South
Korean internet giant Kakao’s (KSE:035720) chat app,
KakaoTalk, witnessed a surge of new users following integration of its “Klip”
crypto wallet service on June 3. Specifically, the company “announced that its
new crypto wallet function surpassed 100,000 users in less than a day.” In
Klip’s official announcement, Jason Han, CEO of Kakao blockchain subsidiary
Ground X, said:
“Klip enables people to experience digital assets,
which are the core elements of the next internet paradigm, on the mobile
platform that they feel the most comfortable with. We have focused on
developing a digital wallet that is easy and convenient enough to be used by
those who have no previous experience with blockchain technology.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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