Crypto Weekly, 12th July 2019 Market News

Another week, another cryptocurrency exchange is hacked, doesn’t fill you with confidence, does it! And yes it is in Japan once again.

$32M hacked from Japanese cryptocurrency exchange Bitpoint
Japanese cryptocurrency exchange Bitpoint suspends all services after losing about $32 million in a hack that involved Ripple and other cryptocurrencies. The exchange, which is owned by Remixpoint Inc., said about 2.5 billion yen of stolen funds belonged to customers, while Bitpoint owned the rest.

Trump tweets opposition to crypto, specifically Libra and Bitcoin
Donald Trump voiced his opposition to cryptocurrencies as a whole, citing Bitcoin and Libra specifically, in a series of tweets published earlier today. Presumably, the impending congressional hearings on Facebook’s Libra Project, scheduled for next Tuesday and Wednesday, July 16 and July 17, also inspired Trump to tweet on the subject.

China’s response to Facebook’s Libra could be ‘Hong Kong style’ cryptocurrency
Zhou Xiaochuan, who served as the governor of the People’s Bank of China (PBOC) for over 15 years until 2018, revealed new thinking about Beijing’s own digital currency plans as the government scrambles to respond to Facebook’s proposed new Libra digital currency.

Singapore’s Stock Exchange backs new Ethereum security token platform
The new platform, 1X, went live Wednesday listing its first ethereum token, purchasable in Singapore dollars – Aggregate Asset Management (AAM), a company who raised $4 mil in FIAT in six weeks earlier this year. 1X aims to offer a platform for private entities looking to increase liquidity by generating funds leveraging blockchain tech.

Korea’s LG launches blockchain supply chain platform for school lunches
A subsidiary of South Korean conglomerate LG Corp is exploring supply chain transparency using blockchain to provide end-to-end information on school lunches. Collected and recorded data will include product production, procession, delivery, sales, and consumption information.

Facebook Blockchain lead addresses senators concerning Libra’s data security
Blockchain lead David Marcus assures US senators that Facebook’s new cryptocurrency will not provide a gateway for Facebook to access personal financial data. Marcus wrote a direct response to the Senate Banking Committee on Monday, stating his first-hand guarantees on data security; “I want to give you my personal assurance that we are committed to taking the time to do this right”.

$1 Million loans are now being minted on MakerDAO
The ethereum blockchain has become a hotbed for massive loans. This week alone, 1 million DAI stablecoins were minted by the 5th largest loan position on MakerDAO, with a transaction fee of less than a dollar (0.73 USD). MakerDAO’s Head of Proprietary Trading, Joe Quintilian, predicts loans could increase to $3 million by the close of 2019.

Block.one pours $150 million into its new social media platform
Block.one, the company behind the EOS blockchain, announced the release of its social media platform, Voice, cost $150 million to build. CEO Brendon Blumer confirms that while expensive to build, the social media platform will not have any bots operating upon it – instead only being populated by verifiable humans, tackling Facebook’s problem of fake accounts.

COMMUNITY NEWS

  • We just added 42 new crypto investors to CryptoList. Link
  • A great conversation with Edward Snowden covering Bitcoin and more. Link
  • Bitfinex says its 100x margin derivatives product is ready for prime time. Link
  • Singapore considering VAT cuts for cryptocurrency transactions. Link
  • Binance launches Pink Token to help solve period poverty in women. Link
  • Bitpanda raises €10 Million in private sale for its coin BEST. Link
  • Binance has slashed deposit and withdrawal times for BTC and ETH. Link
  • FINRA and US SEC have finally released statements regarding custody hurdles. Link
  • ShapeShift’s new non-custodial exchange now supports hardware wallets. Link
  • Polish crypto exchange, Bitmarket, has closed down due to a lack of liquidity. Link
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