Port in Abu Dhabi Implementing Blockchain Technology
Maqta Gateway is a port in Abu Dhabi that is owned by a division of maritime developer, Abu Dhabi Ports. They have now announced that they are deploying their own blockchain technology for international imports and exports. The new technology is called "Silsal" which means "chain" in Arabic. This blockchain solution has never been implemented before and it is the first of its type. It will provide real-time tracking of shipments and cargo and will allow documents to be accessed electronically as opposed to printing. It will not only be time efficient but cost effective as well. International trading patterns will be shared on a decentralized ledger. This solution was created to fill the hole between importers and exporters in an industry that deals with a lot of change and numbers.
U.S. Securities and Exchange Commission Appoints New Crypto Advisor
The SEC has recently added a new cryptocurrency task force department. They have now hired a new crypto advisor. Valerie A. Szczepanik already has an extensive background in Wall Street and has been a regulator for quite some time now. Szczepanik has been appointed to facilitate the application of securities laws to ICOs and digital currencies.The position is new, and her official title is "Associate Director of Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation for Division Director Bill Hinman," Sheesh!
Japanese Bank Announces Cryptocurrency Exchange Backed by Ripple
SBI Holdings, a financial institution located in Japan, will be launching their own digital currency exchange and will be calling it "VCTRADE". They first announced that they would be doing this, back in 2016. VCTRADE will allow their community to trade XRP, and they will eventually add BTC to their platform. No definite dates have been announced yet on the array of cryptocurrencies to be added to the exchange, but SBI shared that it is in the works to add more assets for the near future. SBI is a major partner with Ripple and they operate SBI Ripple Asia. The financial institution focuses on money transfers and exchanges by implementing the XRP blockchain, for banks based in Asian countries.
Inventor of Beats Headphones is Having His Own ICO
Beats Headphones inventor, also known as Monster Products, has told the Securities and Exchange Commission (SEC) that they will be holding their very own initial coin offering or ICO. Monster Products is looking to raise around $300 million via sales of Monster Money Tokens (MMNY). The business has not been doing so well financially in the last few years. However, they are hoping that this will turn around as they will be creating an e-commerce platform via the Ethereum network and they are going to call it Monster Money Network. The new network will consist of three stages. The first stage is the platform, and it will be a typical payments processing system. The second stage involves the company developing an off-chain platform. In the last stage, Monster is anticipating that they can integrate the completed blockchain network into their core operations.
BTC Price is Tanking but it Will Rally Soon
Bitcoin has hit an all-time low in price but that is not to say that it will rally again soon. BTC prices have dropped 60% since its all-time high of $20,000, in December 2017. Currently the crypto market's top digital currency is priced at $7,400. Analysts believe that Bitcoin is going through a recovery process, and it's the first step in the process before it reaches highs again. Reports show us that Bitcoin's relative strength index or RSI is around 40. If the RSI for any digital asset reaches 30, it basically means that the cryptocurrency is oversold. Bitcoin has been on a decline since December 2017 due to the regulatory issues that have happened in the last few months. The global market's price changes and regulatory crackdowns have caused a lot of investors to become impatient and unhappy. However, around this time last year, BTC was at a price of $2,500 and the global market cap as a whole was at $85 million. Today we are seeing a total global market cap of a whopping $329 billion, and Bitcoin is trading much higher than it was last year. Sometimes the way to measure success is all based on your perspective. Don't lose hope!
TRX in Conversion to Its Very Own Blockchain
The tenth biggest cryptocurrency on the market, Tron (TRX), is said to be transitioning from the Ethereum network to its very own public blockchain. The TRX mainnet which is called the Odyssey 2.0 has officially been released today and this is an indicator that TRX is on the right track to have its own independent network. The network is still in testing and will be until June and this will allow the developers to set up digital wallets for users, before the network is officially launched. The final transition date is set for June 25th, and developers are calling this "Independence Day".
Crypto Ban Lifted in Zimbabwe
The high courts in Zimbabwe have lifted banning that was set by their central bank. The ban did not allow any of the country's financial institutions to offer services that dealt with digital asset exchanges. A Zimbabwe cryptocurrency exchange, Golix, reversed the central banks mandate that stops crypto trading. Golix put in an application with the high courts so that the ban can be lifted, and indeed it was. This is great news for crypto traders and investors in Zimbabwe. Trade on investors!
National Assembly of South Korea Proposes to Remove ICO Ban
It has been about eight months since a blanket ban has been placed on initial coin offerings in South Korea. The National Assembly in South Korea has made an official recommendation that will permit ICOs in the country. The Assembly is in the works of prepping and abiding by investor protection provisions. China has also placed a ban on ICOs and this has caused a lot of businesses and ICOs to set up shop in friendlier zones, such as Switzerland and Singapore.
Bank of England Interested in Digital Currencies
The Bank of England has not nixed the idea of a central-bank issued digital asset. Even though the bank did say that it was not interested in the beginning of the year, they have since changed their mind. The governor of the Bank of England, Mark Carney, stated that he is willing to consider cryptocurrencies only if they are issued by a financial institution. The only reason the central bank was worried about considering cryptocurrencies, is because they thought it would cause havoc to their financial system.
Former CEO of Visa Now Working With Startup
The former CEO of Visa that oversaw UK and Ireland, Marc O'Brien, has shared during an interview that he will be working with a digital asset startup called Crypterium. O'Brien served his time at Visa for six years. His team will be working to have digital assets be a form of legitimate payment, whether they are used for goods or services.