Weekly recap: Ethereum vs Ripple, Trezor, Binance, Stablecoins

Coincast TVOctober 1, 2018
Bitcoin, Money, Decentralized, Anonymous, Currency

Your weekly wrap-up of all things blockchain and cryptocurrency.

The big news last week was the showdown between Ethereum and Ripple, with Ripple briefly elbowing Ethereum out of second spot.

At one point, Ripple jumped 45 per cent in just 24 hours, momentarily earning itself superstar status in the crypto world.

This jump had a flow-on effect with Binance recording this year’s highest trading volume on Ripple and Bitcoin Cash.

In other news, the Australian financial watchdog issued a warning on misleading Initial Coin Offerings (ICOs) and crypto-asset funds targeted at retail investors.

ASIC said it had put a stop to five different ICOs from raising capital since April because of questionable investor protection measures – the watchdog even shut down one ICO permanently due to safety concerns.

In a major change to America’s biggest crypto brokerage last week, Coinbase announced a new policy for adding assets.

The new policy allows crypto developers to fill out an application form for their token to be listed to help speed up the process.

In other news, hardware wallet Trezor added the ability to buy and trade cryptocurrencies within its beta wallet’s interface.

Users can now swap between eleven different digital assets without the possibility of compromising funds by leaving them on the exchange.

Over to the Big Apple, where three crypto exchanges found themselves in the New York Attorney General’s dog house last week, accused of failing to provide information requested.

In a statement, the Attorney General accused Binance, Gate and Kraken of “possibly operating unlawfully in New York” and said she had dobbed them in to the New York State Department of Financial Services.

Kraken CEO Jesse Powell reminded the AG via Twitter that the exchange didn’t actually operate in New York.

“NY is that abusive, controlling ex you broke up with 3 years ago but they keep stalking you, throwing shade on your new relationships, unable to accept that you have happily moved on and are better off without them. #getoverit”Click To Tweet

And that’s not awkward at all…

Top cryptos of the week…

Bitcoin didn’t show any major movement last week, despite the SEC delaying its decision on yet another bitcoin exchange-traded fund.

It’s the second delay to the proposed ETF that was filed by options exchange Cboe in June, together with money management firm VanEck and crypto startup SolidX.

The new deadline for the SEC’s decision is December 29.

Short volume on Bitcoin has fallen 20 per cent since the delay, but the market seems to be feeling more positive about it all.

In a US$15 million deal, Andreessen Horowitz’s a16z venture fund has bought itself 6 per cent of Maker’s total token supply.

Maker is a platform that generates stablecoins made secure through smart contracts, it offers a solution that relies on provable smart contracts, rather than human audit.

Projects to watch…

Japanese banking giant SBI holdings is planning to launch its own crypto token for mobile retail payments.

Called S-Coin, the company is aiming to create a cashless transaction system in Japan. A token trial will start next month.

The University of Sydney has completed trials on a new hybrid fork-free blockchain that can clock 30,000 transactions per second.

Called Red Belly Blockchain, it’s described as a community ledger that lies somewhere between public and consortium blockchains.

And in a move a little left of field, crypto is gaining ground in football.

First, a French club announced its own cryptocurrency – now Brazilian football Club Avaí is set to launch a token sale as a club fundraiser.

Hoping to bridge the gap between fintech and sports, the club’s goal is to reach a global market.

With a hard cap of US$20 million, the token sale starts next week.

The week ahead…

Google is set to revise its crypto ad ban on exchanges advertising in the US and Japan, reversing its March decision.

Starting next month, registered crypto exchanges will be allowed to advertise on Google’s Adwords platform, targeting the US and Japanese audiences.

And crypto-funded web browser Brave has announced it’s planning a collaboration with blockchain identity platform Civic.

It’ll give Brave-verified publishers the ability to confirm their identity using Civic’s technology.

In conferences, Swell kicks off in San Fran on Monday with former U.S president Bill Clinton the big name guest at the Ripple event.

 

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