At the time of writing the market cap was
Update of the Cryptocurrency Markets
Bakkt took advantage of Crypto Winter – In what could be called an extremely sound and smart move, Intercontinental Exchange Inc (ICE) took advantage of the “crypto winter” and purchased crypto assets at a discount for its institutional cryptocurrency trading platform Bakkt, as reported by Reuters.
Square observes revenue rise through Bitcoin – Payment platform Square observed a revenue high from bitcoin (BTC) sales through its Cash app. As per the letter to shareholders outlining first quarter (Q1) 2019 financial figures, square reveals the company’s total net revenue of Q1 2019, that grew 43% year over year, amounting to $959 million. Within which the bitcoin revenue was marked as $65.5 million. For the same period, Bitcoin costs amounted to $64.7 million, implying that overall bitcoin profits amounted to roughly $830,000.
CoinMarketCap’s Sixth Anniversary – CoinMarketCap (CMC), a major source of data about all traded digital currencies, celebrates it sixth-anniversary with a series of announcements in its blog post on May 1. Including warning exchanges that they fail to provide mandatory data by June, they will be removed from its calculations.
The Crypto market cap tracker incorporated a brand new alliance called the Data Accountability & Transparency Alliance (DATA) on its sixth birthday, that will provide “greater transparency, accountability, and disclosure from projects in the crypto space.”
Tidecoin, the world’s first Yen denominated cryptocurrency – TiedCo announced the release of Tiedcoin, a new stablecoin that will be fully collateralized by euro (EUR) and yen (JPY,) the world’s first Yen denominated cryptocurrency.
TiedCo has entered an exclusive partnership with the beaXchange, wherein, the token will be traded on the fully-featured cryptocurrency trading platform. The terms of the agreement between the two entitle TiedCo to act as a market maker of these coins and to stand in the market to buy-back all coins issued at near face value.
Ontology to launch PAX tokens – Stablecoin issuer Paxos has partnered with Ontology to issue up to 100 million of its PAX tokens. Pegged 1:1 to the U.S. dollar, the token will be live on Ontology’s blockchain network starting from next month. Ontology announced Friday, that the launch will purportedly aid individuals and businesses using Ontology’s ONT token to transact in fiat-pegged tokens.
Launched last September, Paxos Standard (PAX) is a regulated U.S. dollar-backed stablecoin. Until now, it was only available on the ethereum blockchain as an ERC-20 token, but now there will be a second option.
Amazon Web Services Launches AMB – Amazon’s cloud computing platform subsidiary, Amazon Web Services (AWS) has made its Amazon Managed Blockchain (AMB) public to enable customers to set up blockchain networks within their organizations.
In order to achieve the said use, the product will employ Ethereum and Hyperledger open source frameworks. Amazon specifically notes that AMB can scale to support thousands to millions of transactions. The retail giant further adds that the blockchain-as-a-service (BaaS), will not only allow the businesses to develop their own networks quickly but at a lower cost as well by eliminating the need “to provision hardware, install software, create and manage certificates for access control, and configure network settings.”
Facebook veterans launch an ETH-Based digital collectible app – Editional, a New York startup founded by a group of Facebook veterans launches an ether (ETH)-powered mobile social app to support the creation and trading of unique digital collectibles.
Mitigating the issue of spam calls with Blockchain – Indian Tech Giant, Tech Mahindra will be employing a blockchain solution aimed at mitigating the issue of spam calls. The new solution is in line with the Telecom Regulatory Authority of India (TRAI)’s regulations that allow using of blockchain in order to protect mobile phone subscribers from unsolicited Commercial Communication (UCC) or spam calls. Speaking to journalists in Hyderabad, Rajesh Dhuddu, Global Practice Leader stated that the solution would purportedly impact over 300 million mobile subscribers in the country.
Blockchain-based digital certificates – Under the initiative by the Singapore government-level project called OpenCerts, students from 18 educational institutions in the country will receive blockchain-based digital certificates starting in 2019. Powered by the Ethereum (ETH) blockchain, this open-source platform plans to provide a reliable way to issue and verify certificates, boost the security of data, the efficiency of issuance and validation processes, and reduce costs associated with traditional paper certificates.
Five Canadian banks to employ Verified.Me – Tech startup SecureKey Technologies’s blockchain-based user identification system, Verified.Me digital identity system will be employed by five Canadian banks. As per the report, Verified.Me digital identity system is now available to clients of the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Desjardins Group.
Soon it will also be incorporated by the Bank of Montreal and National Bank of Canada as well, while Sun Life Financial will reportedly be the first North American insurer to use the system.
Jaguar Land Rover Partners With Iota For Crypto Rewards Program – United Kingdom car manufacturer Jaguar Land Rover has employed blockchain network Iota to offer rewards in cryptocurrency to drivers for data reporting. A key idea behind the plan is to gather better information on road conditions and vehicle performance, for which Jaguar will distribute Iota’s Iota tokens to Smart Wallets tied to participating drivers. The drives could redeem their rewards for various products including road tolls and even coffee, as stated by Jaguar.
What Survey Says
Institutional investors already own digital assets – As per a survey conducted by a United States-based asset management firm, Fidelity Investments, 22% of institutional investors already own digital assets. As per the survey, the firm surveyed 411 U.S. institutional investors amidst which 40% of respondents showed willingness towards investing in digital assets within the next five years. Moreover, almost half i.e. 47% of respondents believe that there is a place for digital assets in their investment portfolios.
Tether not fully backed by USD – The controversy behind USD stablecoin Tether (USDT) intensifies as the company’s lawyers confirmed in documents released on April 30, that Tether only has enough cash to back three-quarters of its increasing supply. As part of an ongoing legal process, it was revealed by the New York Attorney General, Zoe Phillips of law firm Morgan Lewis that at the time of writing, 74% of Tether’s reserves had USD and equivalent backing. The reported figures fall short of the promises made by the Tether executives.
SEC Suspends trading in the securities for Bitcoin Generation – The United States Securities and Exchange Commission (SEC) temporarily suspends trading in the securities of crypto exchange Bitcoin Generation, effective from 9:30 pm EDT on April 29 until 11:59 pm EDT on May 10.
As per the announcement made by the government agency on April 29, the decision is “due to concerns about the accuracy and adequacy of information in the marketplace”, in regards to the company’s outstanding common stock, promotional activities and its market impact, along with the current financial condition.
As aforementioned, the week that was, was a thrilling one, not just in terms of market cap or price point, but in terms of development as well as controversies. What are your thoughts on the week that was?
Image Source – Stock Photo Secret