#CryptoCorner: #Bitcoin Hits Three-Month High Over Weekend as Chinese Stocks Plummet, Mastercard (NYSE: $MA) CEO Explains Exit from Libra (NasdaqGS: $FB)
LINE (NYSE: $LN) #Crypto to Trade in Japan in April, iSTOX Graduates from Singapore Regulatory Sandbox and MIT Co-Develops Platform to Accelerate #Blockchain Transactions
Point Roberts, WA, Delta BC, February 3, 2020 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Read this in full at https://www.investorideas.com/news/2020/crypto-corner/02031Bitcoin-Mastercard-Libra.asp
Stocks discussed: (NYSE:MA) (NasdaqGS:FB) (NYSE:LN)
Over the weekend, Bitcoin (BTC) reached its highest trading price since October 2019 with a peak of $9,608 USD. According to data from CoinMarketCap, Bitcoin has cooled down since then, and is trading for $9,305 at press time. An article from BNN Bloomberg today links this recent surge to a downtrend in the Chinese stock market coming off a recent holiday shutdown and fears of the Coronavirus. The piece quotes Jehan Chu, managing partner with blockchain investment and advisory firm Kenetic Capital:
“As trust in global institutions and markets continues to deteriorate, we will see highly mobile digital assets like Bitcoin explode in value.”
The CEO of Mastercard (NYSE:MA), Ajay Banga, told the Financial Times that the company withdrew from Facebook’s (NasdaqGS:FB) Libra project after becoming disillusioned with its business model, according to a report from CoinDesk. Among his concerns was a lack of clarity as to how Libra would actually make a profit from its users.
"When you don’t understand how money gets made, it gets made in ways you don’t like.”
According to the CoinDesk report, “Banga also had concerns when association members would also not firmly commit to know-your-customer (KYC), anti-money laundering (AML) controls or data management controls.”
LVC Corporation, a subsidiary of Japanese messaging giant LINE Corporation (NYSE:LN), has revealed plans to start trading its “LINK” cryptocurrency in Japan in April of this year. The firm was already trading LINK globally with the exception of the U.S. and Japanese markets. According to the press release, “LVC has been preparing to roll out the coins in the Japanese market in accordance with the Japan Virtual Currency Exchange Association’s (JVCEA) official process to handle new digital currency.”
Blockchain capital markets platform iSTOX has graduated from Singapore’s central bank regulatory sandbox, according to local outlet The Business Times. Henceforth, restrictions placed on the platform regarding size and capacity have been lifted by the central bank, and iSTOX “has opened registration for accredited and institutional investors.” iSTOX, which was designed by blockchain-based infrastructure firm ICHX Tech, gives investors access to “private markets, which are not traditionally available outside a small, closed group of participants,” and according to the press release, the firm “plans to bring on more issuances across different asset classes.” iSTOX chief operating officer Darius Liu commented:
“While capital markets have seen many changes and innovations over the years, the underlying core infrastructure hasn’t really changed since the advent of electronic trading decades ago.”
MIT (Massachusetts Institute of Technology) researchers have co-created a routing scheme that could accelerate transactions on the blockchain, according to a recent publication. The solution proposed is the use of “payment channel networks (PCNs).” An excerpt from the announcement explains:
Pairs of PCN users form off-blockchain escrow accounts with a dedicated amount of money, forming a large, interconnected network of joint accounts. Users route payments through these accounts, only pinging the blockchain to establish and close the accounts, which speeds things up dramatically. Accounts can also collect a tiny fee when transactions get routed through them.
The research will culminate with the release of a paper this month at the USENIX Symposium on Networked Systems Design and Implementation, outlining the “Spider”, which is described as “a more efficient routing scheme that lets users invest only a fraction of funds in each account and process roughly four times more transactions before rebalancing on the blockchain.”
Sam Mowers, Investorideas
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