China’s Hainan Free Trade Zone Pledges $140M in New Blockchain Support
Blockchain will continue to see major investment from China’s Hainan Free Trade Zone (FTZ) with new funds fostering local businesses. As local English-language news outlet Xinhua Net reported on Dec. 5, Hainan’s dedicated economic pilot zone has pledged to boost the role blockchain tech plays in the local economy.
South Korean Startup Claims to Have Solved Blockchain’s Speed Problem
The South Korean-based firm Bloom Technology announced that they have created a new technology that is able to speed up transactions on the blockchain. On Dec. 3, United Press International reported that Bloom Technology’s CEO, Lee Sang-yoon, said that the company's Lotus Chain technology has been able to reduce blockchain transaction processing times to fractions of a second.
Ripple Acquires Crypto Trading Firm to Expand Into Iceland
The acquisition adds six engineers to Ripple’s ranks. This new team will play an integral role in its On-Demand Liquidity (ODL) program. Per the announcement, Iceland will now serve as one of the company’s engineering hubs, joining London as another European base.
South Korea’s Shinhan Bank Developing a Blockchain Stock Lending System
Per the report, Shinhan Financial Investment signed an agreement with financial services company Directional to develop a blockchain-based stock lending service on May 28. Personal stock lending is part of a broader development of innovative financial services that are currently being pursued by the company.
Bitcoin Dips Below $10,000 for the Second Time in July
Bitcoin has dipped below $10,000 threshold for the second time this month after the biggest cryptocurrency broke a multi-month high above $13,700 on June 26. After Bitcoin attempted another recovery to reach nearly $11,000 yesterday, the major coin has dropped to $9,616 at press time, down 8.22% over the past 24 hours. The biggest cryptocurrency is down more than 22% over the past 7 days. Meanwhile, Bitcoin’s dominance on crypto markets has continued to surge, breaking new highs since April 2017. Over the past 24 hours, Bitcoin dominance increased by around 0.5% to reach 66.6% for the first time since mid-April 2019, according to CoinMarketCap.
Bitcoin Back Near $12K as BTC Shorters Lose $44 Million in One Morning
Bitcoin price (BTC) reached $12,000 on some exchanges on July 8 after a fresh uptick saw daily gains top another 6%. Data showed BTC/USD just hit its latest significant psychological level in trading at press time, having begun the day below $11,500.
Japan Data Initiative Brings Blockchain Security to 100 Major Businesses
A data-sharing initiative involving one hundred of Japan’s biggest companies will use blockchain for its security, English-language news outlet Nikkei Asian Review reported on June 17. The project, which will commence in spring 2020, aims for participants to share production data in order to enhance overall efficiency. Its controller is the Industrial Value Chain Initiative, an industry organization formed four years ago by manufacturers interested in the Internet of Things (IoT).
Why Lobbying Growth Is a Sign That Crypto Is Maturing
Crypto is on the march, and not just in terms of market price. Not only does data indicate that the number of ID-verified users of cryptocurrency doubled over 2018, but there are various other metrics that suggest that adoption is gaining traction. As many as 84% of companies worldwide are involved with blockchain-based technologies in some way, while cryptocurrency ownership is twice as high among young Americans than among the general United States population. And at a time when there's plenty of talk about the need for crypto to standardize and regulate itself before adoption can really take off, it would now seem that lobbying on cryptocurrency-related issues is also increasing.
US SEC Delays Decision on Bitwise Bitcoin ETF, Seeks Public Comment
The United States Securities and Exchange Commission (SEC) has again delayed its decision on cryptocurrency index fund provider Bitwise Asset Management’s bitcoin (BTC) exchange traded fund (ETF). The development was revealed in a filing published by the SEC on May 14.
English Premier League Soccer Club West Ham to Launch Fan Token in Partnership With Socios
London-based West Ham United — a soccer team that plays in the English Premier League — is partnering with blockchain platform Socios.com to launch a fan token ecosystem.