“All strange and terrible events are welcome, but comforts we despise.”
Happy Wednesday, fellow readers! Hang in there and continue the grind, it's already half way through the week! Did you know that today in history, specifically in 1969, The Beatles' last album, Abbey Road, was released. Here comes the sun (Doo Doo Doo Doo)~~ 🌞
In today's newsletter, we will be covering Coinbase's new listing procedure, Google reversing its cryptoexchange advertising ban and 75 more banks onboarding the Interbank Information Network (IIN) blockchain trial.
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too! Happy reading! 📚
Not quite out of the waters yet
The cryptosphere experienced a small win today, up ~$4.5 billion to ~$212 billion. However, momentum is still currently in favor of the bears for the near future. BTC's RSI levels on the daily chart increased slightly from ~44 yesterday to ~45.5 today, but MACD indicators are still signalling the start of a short term bull run. It still remains highly likely that we will see BTC test the rising support line at ~$6,260 very soon with moderate momentum. 💥
BTC is up 0.59% to ~$6,466, whereas the other cryptocurrencies saw gains in the range of ~1-6%. Today's notable mover is XRP, which is up ~18.46%. It is now only about ~$500 million away from overtaking ETH as the second biggest cryptocurrency by total market capitalization. 😲
Opening of the floodgates
Coinbase has announced a new procedure for listing assets to speed up the process of listing digital assets that meet the exchange’s standards. 📢
In a blog post, Coinbase revealed that it is getting increasingly difficult to list all crypto assets in a "secure and compliant way" and hence had come up with the solution of listing them in a "jurisdiction-by jurisdiction manner" such that asset availability becomes dependent on the location the user is in. 👨⚖️
Issuers now have to complete a signup form detailing its asset information, which then is evaluated against Coinbase's new digital asset framework that will be regularly updated. The new listing process is currently free for issuers, but an application fee may soon be implemented depending on the volume of submissions to “defray the legal and operational costs associated with evaluating and listing new assets.” ✍️
Hello, old friend
In an official post yesterday, Google revealed that it will begin "to allow regulated cryptocurrency exchanges to advertise in the U.S. and Japan" starting in October, essentially uplifting the ban it made earlier this year. 🙌
However, advertisers will first need to be "certified with Google for the specific country in which their ads will serve" in order to advertise on Google's Adwords platform. 📝
Join da party
A trial payments blockchain called the the Interbank Information Network (IIN) launched by JPMorgan, Australia's ANZ and the Royal Bank of Canada, has just gained over 75 new bank participants, including the likes of Societe Generale and Santander. 🤝
IIN is built on the ethereum-based blockchain network developed by JPMorgan, Quorum, and is purposed to cut both the time and costs required for interbank payments using traditional methods, by more efficiently managing payments that get held up, sometimes up to weeks, for compliance reasons. 🐢 These banks will now start to transact not run of the mill payments of about $14,500 over IIN each day.
An Australian federal science agency, The Commonwealth Scientific and Industrial Research Organization (CSIRO), has in collaboration with the University of Sydney, completed a global test on a blockchain network and announced that the system can process 30,000 cross-border transactions per second. 😲
Dairy Farmers of America (DFA), a U.S. cooperative owned by dairy farmer-members in 48 states, has teamed up with food fintech startup ripe.io to pilot a blockchain-powered project that seeks to improve the food supply chain's transparency. 🤖
According to McAfee's recently published "MacAfee Labs Threats Report: September 2018", cryptocurrency mining malware attacks have increased by 86% in Q2 2018. The biggest target remains to be personal computers, but handheld devices are becoming increasingly targeted. 👿
Poll of the Day
How much do you agree: "Coinbase has been the most impressive firm in the crypto space this year" 🤔
And...do you think that any decentralized exchange will be able to become a top cryptocurrency exchange by 2025? Also, is a blockchain legal framework or blockchain adoption more needed at this time? Share with me! 😆
What you said
"On a scale of 1-10 (with 10 being most likely), how likely do you think BTC will fall below $6,000 at some point between now and the end of 2018?"
The average vote was 5.2, pretty much split right down the middle. Very even sentiment between our bullish and bearish newsletter readers. Will definitely keep my eyes peeled on the outcome of this one. 👀
"Which G7 nation will be the first to create a legal framework for blockchain?"
41.7% voted for "U.S.".
25% voted for "Japan".
16.7% voted for "Canada".
8.3% voted for "Germany".
8.3% voted for "U.K.".
0% voted for "France".
0% voted for "Italy".
Those who voted for "U.S" said:
They have invested heavily in systems to support blockchain and want to lead in this. - This does seem true. The funding coming from the U.S. seems to be the highest out of any other country. 💰
They're willing to implement the tech. - There certainly are many U.S. blockchain initiatives. 👍
Among the choice given US look best bet. - I agree! 😊
IBM is pushing for it. - They are just one of the many big organizations pushing for blockchain reform. ✔️
Cause they lead in almost everything. - Hard to dispute this at the moment. Although, there are also many Asian countries that seem to be embracing the blockchain revolution. 🤗
Those who voted for "Japan" said:
Japan seems to be embracing Fintec / blockchain. Whereas the west seem to be dragging their heels. - True. However, many big name blockchain firms currently reside in the U.S.. This may prompt the U.S. government to finally create a legal framework to enable these firms to extend their lead in terms of blockchain technology. 💪
"Which do you think is more needed at this time?"
58.3% voted for "Blockchain legal framework".
41.7% voted for "Blockchain adoption".
It seems that you guys feel that having a structured legislative is more important for the blockchain space at this time. Perhaps it's because only then can companies fully put the pedal to the gas on their blockchain initiatives. 🏎️...
Thank you all for reading! See you back here again tomorrow!💙💙💙
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