“A pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every difficulty.”
- Winston Churchill
Happy Tuesday fellow readers! I hope Monday was kind to you all. Today happens to be the the birthday of arguably the greatest football (soccer) player to ever grace this planet, Pele. 🐐 The legendary Brazilian football player scored 1,281 goals in 22 years and also helped Brazil win the World Cup 3 times in his remarkable career. ⚽
In today's newsletter, we will be covering the venture capital arm of Singapore's sovereign fund investing in Binance, a potential launch date for The Intercontinental Exchange (ICE)'s Bakkt cryptocurrency trading platform and HTC's 'EXODUS 1' blockchain phone being now available for pre-orders.
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too! Happy reading! 📚
Slow but growing downward pressure
Yesterday, we saw the total market capitalization of the crypto sphere spiking from ~$208 billion to ~$211 billion earlier on in the day before falling back down to ~$208 billion where it is currently at. 24-hour volume has also been dropping since the start of the month and is currently averaging about $10.5 billion. 🤔
BTC also had a relatively quiet day and dropped slightly from ~$6,480 to ~$6,460. However, BTC is now currently trading below its 21-day EMA line and MACD indicators are signalling for continued downward price movement in the coming days. 👀
All eyes on you
The Bakkt cryptocurrency trading platform by The Intercontinental Exchange (ICE) could officially launch on 12 Dec and begin offering physically settled BTC futures contracts if it receives its regulatory approval from the Commodity Futures Trading Commission (CFTC). 🙏
The Bakkt platform will hold the BTC backing the futures contract in the ICE Digital Asset Warehouse. Each contract requires the delivery of one BTC to be held in the warehouse, and will be traded in U.S. dollar terms. For each exchange business day, one daily contract will be listed for trading. The futures contracts will then be cleared through ICE Clear US, another subsidiary of ICE. 😄
Another one to watch
Vertex Ventures, the venture capital arm of Singapore's sovereign fund, Temasek Holdings, has made a strategic investment in Binance and through which seeks to help the crypto exchange set up a new branch in Singapore. 💰
The goal of this partnership is to bring to market a fiat-to-crypto exchange called Binance Singapore and other fiat-crypto services in Southeast Asia. The "China" and "Southeast Asia & India" branches of Vertex Ventures also co-invested in Binance and will assist in bringing about the new transaction platforms. The total amounts invested were not disclosed.
HTC will start shipping the 'EXODUS 1' blockchain phone in December. 📱The early-access version of the HTC Exodus is now available for pre-order, and must be purchased with cryptocurrency (only BTC or ETH). It is available to customers in the U.S., Hong Kong, Singapore, New Zealand, the U.K. and about 30 other countries. 😲
HTC's decentralized chief officer, Phil Chen, is currently seeking the feedback from the blockchain community about the early-access version in order to improve upon the device and make it more secure. Also in an email conversation with the cryptocurrency news site, CoinDesk, Chen mentioned that "the HTC EXODUS 1 is about getting the consumer used to owning their own keys and going from there to develop the EXODUS into a device that can be for the broader market." 👍
A San Francisco-based smart contract security startup, Synthetic Minds, has raised $5.5 million from both Pantera Capital and Khosla Ventures. 🤑
The mobile payments startup, Square, has made its BTC cold storage solution, "Subzero", open-source. The documentation, code and tools for the cold storage solution are now publicly available on Github. 😲
ABN AMRO has partnered with both the logistics and IT arm of Samsung, Samsung SDS, and the Port of Rotterdam, to launch a blockchain pilot that seeks to create new efficiencies for container-based international trade. 🚢
Poll of the Day
On a scale of 1-10 (10 being the most excited), how excited are you for the launch of the Bakkt cryptocurrency exchange by ICE? 😀
And...do you think the launch of Bakkt will be the catalyst to the next crypto bull run? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "The U.S. SEC is taking too long to take a stance on cryptocurrencies"
The average vote was 8.9. Most seem to be in agreement of this. However, a good 14.3% of you guys voted a '5'. 😀
"Why do you think so?
You guys said:
Nervousness in the banking sector - Hmm, they fear us muahaha 🤣
A lack of understanding and lack of motivation to upset the status quo. All crooked intentions designed to help the big boys and stall till they’re all ready. - Possibly so. 🤔
Politics - It's always about politics 🤺
Because it doesn’t fit any current box perfectly. Also because of turf war between US agencies regarding regulations and oversight. - Interesting thought.
No rule book. - True, there is existing framework to build atop of. 😕
Need to get shit right - Gotta do things slow and steady to cover all bases. 👍
Instead of studying the cryptospace they open silly conferences where they invite ridiculous "experts" and WASTE TIME. Businesses are already moving out to Malta. It's not my opinion, its a fact. - 😂😂😂 I can sense the rage.
They do not understand the value of blockchain technology - All in due time. 👍
The lack of communication from the SEC is very poor and holding back investment. - This aspect can definitely be improved on.
It's government work.. things move differently there.. - So slowww. 🐌
"What do you think is the main reason holding back the U.S. SEC from taking a definitive stance on cryptocurrencies?"
You guys said:
The banking sector is not interested at the moment - I believe they are picking up some speed. The banking sector goes wherever the money is, and things are looking good for the space. 🤑
They still refuse to develop a brand new framework and are afraid to put it in one existing box in case that turns out to be a very bad choice that pushes companies outside the US. - A strict stance could backfire once people find loopholes.
Nobody wants to write the rule book. - Definitely a tough job!
I think they have secret interest - Hmmm 💭
The SEC is comprised of OLD people who cannot comprehend blockchain. - 😂 Old ain't gold
I think they just very cautious.. its a new product & bureaucracy takes its own time. - Agreed. 😉
Thank you all for reading! See you back here again tomorrow!💙💙💙
See you tomorrow! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!