The New York Stock Exchange parent company Intercontinental Exchange (ICE) announced on Friday that it plans to launch cash-settled bitcoin futures in November this year, before the approval of the Commodity Futures Trading Commission (CFTC). ICE said it will launch a new company called Bakkt, which will offer a one-day physical bitcoin futures transaction. The company was formed in partnership with Microsoft, Starbucks and the Boston Consulting Group (BCG). It is unclear how much money Bakkt has raised, but ICE and Microsoft have invested in the company and expect more investors, including Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol. Ventures and LLP.
Bakkt CEO Kelly Loeffler said: "Bakkt aims to provide a scalable entry point for organizations, businesses and consumers to participate in digital assets by improving efficiency, security and usability." Then added: “We are working together to create an open platform to help unlock the potential for digital assets to transform in the global marketplace and in the business world.” This statement was subsequently advertised, including what CNBC called “the biggest news of the year”. The current traditional framework actually allows for the sale of bitcoins, while the increased futures appear to operate only under the supervision of the CFTC. A one-day future is certainly not a futures, it is a spot transaction. However, individuals are not directly involved in such transactions.
The design first had Bakkt, which provided a platform for buying and selling, clearing funds from the buyer to the seller, and storing the “depot” of Bitcoin and sending it to the buyer. Then, those who can actually do this business are called brokers. Institutions buy and sell through these intermediaries, and finally buy from these intermediaries. The role of Starbucks here is still unclear. Some people report that they will start accepting bitcoin payments, and a Starbucks spokesperson told them, “Customers will not be able to pay for coffee in bitcoin.” Starbucks vice president Maria Smith said in a press release Such an interesting and ambiguous view is Starbucks' partnership and payment method. "As a flagship retailer, Starbucks will play a key role in developing practical, trusted and regulated applications for consumers, converting their digital assets into dollars for use by Starbucks.
As a leader in mobile payments, Starbucks rewards more than 15 million members, and Starbucks is committed to innovation and expanding payment options for our customers. “The confusion here is whether Starbucks immediately converts Bitcoin into US dollars, or whether Starbucks is just a company, just allowing Bakkt customers to convert Bitcoin into legal tender before they are used in Starbucks. In Fortune magazine A lengthy and somewhat cluttered article clarifies this confusion. The article claims that they spent hours talking to the CEO of ICE, but it looks like Starbucks has begun to enter this space.
Recently, Starbucks stocks have fallen sharply, so they may consider opening up new markets, and ICE is also. The infrastructure that the latter is building is useful to institutional investors, but whether they can actually get bitcoin or just create a CFTC tag can be confusing. It is unclear what their experience in protecting cryptocurrencies, and whether they realize that decentralizing power is not only a good thing, but also equally important in terms of security. However, companies like Bakkt already have competition, and there is likely to be more competition in the US and abroad, but this statement does indicate that many companies on Wall Street are entering the cryptocurrency sector.
Recently, UBS released a report on the evaluation of Bitcoin, which believes that Bitcoin is currently neither a currency nor a viable asset class. The report, published by the UBS strategist, concluded that “bitcoin does not meet the criteria that can be considered a currency, and the fixed supply and unstable dynamic demand make the price of Bitcoin highly volatile. This makes it difficult for Bitcoin to play the role of currency, and it is also difficult to be a new type of viable asset class."
On the other hand, the report does not rule out the possibility that Bitcoin will implement related functions in the future. The report pointed out that if Bitcoin can achieve scalability and regulatory support, it may one day “become a viable payment method and a legal asset class, so that even the most conservative and traditional investors can Participate in it.” At the same time, UBS said that because many people are optimistic about the blockchain technology in Bitcoin, it will continue to follow the development of Bitcoin. The research report is also a response to investors who are interested in cryptocurrency. “We have received a lot of questions about this topic before, and we hope to explain it to users in this article.”
The author compares Bitcoin based on "macro variables and the performance of various other asset classes" and compares Bitcoin with online payment provider PayPpal in many aspects. It is concluded that the scalability of Bitcoin is its The future will surpass one of the advantages of current online payment methods. This is not the first time UBS has been cautious about cryptocurrencies. In a report released in 2017, the cryptocurrency market rose sharply at the time. The bank announced the cryptocurrency as a "speculative bubble." However, the bank is optimistic about the blockchain and believes that “blockchain technology may have an important impact on various industries”.
KPMG will publish two copies of The Pulse of Fintech each year. On July 31, they released the latest analysis of 2018, which shows the US block in the first half of this year. The chain investment scale has exceeded the total investment for the whole year of last year. KPMG's four world-renowned audit firms, along with Deloitte, Ernst & Young and PricewaterhouseCoopers, are known as the "Big Four." According to their report, the US blockchain industry's investment in the first two quarters of this year has attracted the attention of the entire market, and the investment is more focused on the late (extra) round of financing, many well-known companies and consortia began to emerge in this new Layout in the industry, not simply a "market participant." Therefore, KPMG suggests that the blockchain industry can boldly move forward rather than staying in the “experimental” phase.
KPMG listed two large-scale financing transactions, one is that the P2P payment company Circle has received $110 million in financing, the leading party is the cryptocurrency mining giant bit mainland; the other is the French well-known cryptocurrency wallet service. Provider Ledger has raised a new round of financing of $77 million. In the first half of the year, the total investment in the US blockchain market has exceeded last year. In addition, KPMG also specifically mentioned that the blockchain alliance R3 is trying to expand its business scope to the insurance industry. The well-known insurance industry blockchain alliance B3i has also released product prototypes and is trying to commercialize it. On the other hand, some new blockchain alliances focused on developing blockchain supply chain management solutions are also “rising”.
Regarding the initial token issuance (ICO), KPMG pointed out that although many countries have implemented a comprehensive ban on initial token issuance, the industry is still accelerating. The KPMG report pays special attention to Block.one, an EOS development company based in the Cayman Islands. In the first quarter of this year, EOS completed a one-year initial token issuance project and set a record of $4 billion in ICO financing. In the traditional financial industry, there are also some cases worthy of attention, especially in the UK market. In December last year, British financial technology startups began to support cryptocurrency transactions, and in April this year raised a financing of up to 250 million US dollars. In May of this year, Robinhood, a well-known mobile financial transaction application, announced that it supported cryptocurrency transactions and completed a financing of 363 million US dollars. It was also the largest financing transaction in the first half of this year.
In fact, in addition to the record high level of cryptocurrency financing, the scale of venture capital investment in the US financial technology industry is also growing. In the first half of this year, the amount of venture capital investment in the US financial technology industry has exceeded $5 billion. In addition to private equity and M&A transactions, the ability of the global financial technology industry to attract funds has exceeded “people’s imagination”, not only higher than last year’s total. Even surpassed the peak of 2015. According to an investment and financing analysis report issued by Crunchbase in February this year, the United States is far ahead of other countries in investing in the blockchain industry.
More and more people are beginning to explore the blockchain world, including traditional centralized organizations such as banks and governments, and are beginning to try to make this technology work for themselves. However, in this field, a word is used more and more frequently - distributed ledger technology / DLT (distributed ledger technology). And ironically, those who want to subvert the bitcoin and blockchain worlds—banks, governments, and large business groups—are the ones who use DLT the most.
Recently, the Bank of England announced that it will use the blockchain and DLT technology to upgrade the clearing system. This expression means that the two words are not mutually replaceable, so in this case, we need to know the difference between the two. Distributed ledger technology/DLT, as its name implies, DLT refers to a way of data logging that does not need to be stored or confirmed by any centralized subject. Although it sounds like a blockchain, it is not. In the context of DLT, the executor has greater control over the specific implementation of data storage and validation. In principle, they can develop a network architecture and specific functions that serve a specific purpose. In this way, it seems that it is not decentralized at all.
At the technical level, DLT has the characteristics of decentralization and relies on a consensus principle similar to blockchain. However, in the case that the centralized subject has control over a decentralized network, ideologically, that does not conform to the characteristics of the decentralized organization. DLT can be seen as a preliminary action to form a blockchain, but it is important that it does not have to build a chain that links the blocks. All it needs to do is to store the books in a distributed manner on many different servers and let them communicate with each other to ensure accurate and timely recording of transactions.
Companies that prefer to use DLT rather than blockchain technology include Google, which recently partnered with Digital Asset to bring DLT tools to its cloud service customers. Blockchain, the blockchain is actually a distributed ledger built by a special underlying technology. As we know, the blockchain can be based on a decentralized network, creating a non-tamperable ledger, and all records are recognized by consensus mechanisms. The cryptographic signature and the recording of the link chain are features that separate the blockchain from the DLT. Of course, depending on the purpose of the particular blockchain, in some cases the public or the user still has the opportunity to change the way the network is organized and operated. Bitcoin is the purest example of blockchain and decentralization. It is not only decentralized at the technical and structural levels, but its management organization and development are also decentralized. In DLT, only technology is decentralized, and the main body of operations is not.
Organizations like the Bank of England are more inclined to use DLT to distinguish themselves from the uncertainty and fanaticism associated with blockchain. Of course, for the same reason, some organizations tend to use blockchains to attract more people's attention, although usually they don't create real blockchains.
For Bitcoin Cash (BCH) investors, it seems now easier to get citizenship in Antigua and Barbuda. As a “Pearl” on the Eastern Caribbean Sea, the National Council of Antigua and Barbuda unanimously passed a revised resolution of the Citizenship by Investment Program (CIP) Act this week, allowing for investment immigration. Use bitcoin cash and other cryptocurrencies.
According to local news media Antigua News Room, Antigua and Barbuda Prime Minister Gaston Browne said the amendment would allow cryptocurrency to obtain citizenship, of course, in addition to cryptocurrencies, Antigua The Barbados Citizenship Investment Program also accepts Euros and other legal tenders. Gaston Brown said: "We now offer an investment immigration mechanism that supports cryptocurrency payments. In fact, it can expand the investment immigration market because we have many cryptocurrency investors and they are very willing to get Antigua and Barbados’ citizenship, if you don’t accept cryptocurrency payments, means you will lose this market.”
The Antigua and Barbuda Investment Immigration Program allows individuals and their families to apply for investment immigration. On the one hand, it provides a large number of business opportunities and tax benefits for this emerging economy, and once it becomes a citizen of the country, it can obtain 132 countries free of visas. treatment. According to the latest amendment to the Citizenship Investment Plan Act, investment immigration applications can directly pay cryptocurrency through overseas accounts, and Antigua and Barbuda will convert cryptocurrencies into US dollars at the current exchange rate. The use of Bitcoin and Bitcoin cash ensures that Antigua and Barbuda investment immigration applicants can quickly complete transactions at a very low cost. The government believes that Bitcoin cash is already the most scalable and flexible in the world. One of the cryptocurrencies.
Although Bitcoin is still the site on the international stage, Dash is becoming one of Venezuela's most popular cryptocurrencies at the northern end of South America. According to Cryptobuyer, a Latin American cryptocurrency exchange, Dash has even great potential to surpass Bitcoin in the region. Cryptobuyer CEO Jorge Farias revealed that their cryptocurrency trading platform was integrated with Dash at the beginning of last year and is the first platform in Latin America and Venezuela to integrate Dash. He said: "We see Dash constantly hitting the highest volume every month, and sometimes even surpassing Bitcoin."
However, due to the anonymity of cryptocurrency transactions, Dash Public Outreach head Joël Valenzuela made some clarifications on the transaction. He said: “Cryptobuyer has a user account, so it is easy to track the Venezuelan legal tender. Bolivar and Dash trading, and usage.” However, Dash’s trading on the Cryptobuyer platform is not limited to market speculation. In fact, more and more Venezuelan local suppliers and merchants are beginning to accept Dash as a payment option. According to Joel Valenzuela, there are currently about 522 merchants in Venezuela accepting Dash, and users can find out all the merchant-specific information on Dash payment transactions on the Discover Dash website. Joel Valenzuela said: "Venezuela's merchants accepting Dash are very proud. They have posted notices on Dash in front of the store and at the cashier's office."
At present, Venezuela's domestic legal currency Bolivar seems to be on the verge of collapse, while on the other hand, cryptocurrency is becoming more and more popular. Contrary to popular belief, the use of cryptocurrency is now quite open in Venezuela, especially after the government has issued “Petro”, and the popularity of cryptocurrency has increased significantly. Joel Valenzuela added: "It is a misunderstanding to say that the Venezuelan government is opposed to cryptocurrencies. At present, Venezuela is in a serious economic crisis and people are eager to find a way out. In addition, the oil coins endorsed by the Venezuelan government against other The popularity of cryptocurrencies has also played a big role in promoting."
Joel Valenzuela admits to play the role of a private currency in Venezuela's so poor economy. However, Dash is not so competitive in the market overnight. In September last year, Dash Caracas held its first Dash conference in the region, and then Dash Venezuela began to expand its influence in Venezuela. On the one hand, it held various conferences to educate users on the one hand, and on the other hand, accelerated the promotion and acceptance of merchants. . Dash is a cryptocurrency that focuses on daily payment transaction services and is currently ranked 14th on CoinMarketCap with a market capitalization of approximately $2 billion. It is worth mentioning that the Dashnet network is two-tiered, using workload proofs and proof of equity to achieve a distributed consensus.
Barclays, the world's most powerful international commercial bank, applied for two patents related to cryptocurrencies this week. The 300-year-old traditional bank is grabbing patents on cryptocurrency transfers and distributed ledger data storage. There seems to be a trend now that companies inside and outside the ecosystem have to lock in the future potential of money.
Barclays applied for two cryptocurrency patents, perhaps this is a sign of what is going to happen. Barclays Bank, founded in London in the late 17th century, applied for two patents to the US Patent and Trademark Office this week. One is about "a method and system for transferring digital currency from a payer to a recipient, including receiving a data identifier describing the first entity," Patent Application No. 1511964.7.
The other is "a method and system for recording data describing the first entity, the data describing the first entity being verified by the second entity, wherein the identifier is associated with the data, the identifier being generated by the first entity public key." Inventor Julian Wilson and David Fulton are both from Cheshire, England. No institution has more financial heritage than Barclays. It is an important member of the British Stock Exchange and has a place on the New York Stock Exchange. A study published a few years ago shows that it is the most powerful bank in the world. In the past two years, the bank has been particularly active in the field of cryptocurrency. Last summer, it publicly worried about the threat of cryptocurrency technology to its industry. This spring, it partnered with Coinbase and there are rumors that it is considering its own cryptocurrency trading platform. The above patents only increase speculation that the bank is positioning its future finances.
All related specialties, MasterCard seems to be applying for cryptocurrency patents. The eco-company Nchain has steadily embarked on this path and recently won three more patents. Another bank, Bank of America, officially became the king of cryptocurrency patents this year. Barclays' patent, "Secure Digital Data Operations," refers to the retrieval of accounts on a blockchain based on received identifiers. The account is verified with the public key of the second entity. Data describing the first entity is extracted from the retrieved entry, and a block on the blockchain containing the account is verified using the public key of the third entity.
Its other patent, "Data Validation and Storage," appears to use at least one private key of a second entity to verify and store cryptographic signature data describing the first entity. Submit the transaction to the blockchain containing the encrypted signature data. This is a method of obtaining data describing the first entity, which is endorsed by the second entity. An identifier that describes the data describing the first entity. Retrieve the account on the blockchain based on the received identifier. Verify the account using the second entity public key. Data describing the first entity is extracted from the retrieved entries.
According to the Malta Times report on July 20, the Malta Financial Services Authority (MFSA) said in a statement that blockchain companies must wait until the recently adopted framework to take effect before they can apply for approval and authorization. In a statement released today, MFSA said it is developing a new framework that will support the recently passed blockchain law, so operators must wait for an announcement from the agency before submitting an approval and authorization request. The Virtual Financial Assets Act (VFAA), adopted by the Maltese Parliament on July 5, will regulate distributed ledger technology (DLT). According to the report, according to the legislation, Malta became the first country in the world to provide legal certainty for blockchain companies.
According to the Malta Times, in the past few weeks, MSFA has been reviewing stakeholder views on new regulations and considering various VFAA related issues ranging from fees to administrative penalties. According to reports, the MFSA also consulted on the so-called rule book of the recently passed law, the first chapter of which was open until the end of July. Subsequently, MFSA will release two more chapters, which will refer to VFAA issuers and service providers. At the end of the consultation period, MFSA will issue final rules and rules for the VFAA to facilitate the entry into force of the new regulations.
Prior to this, it was reported that operators should monitor the regulatory agency's announcement on the virtual financial asset framework in order to keep abreast of developments and updates. Malta is currently planning to establish an encrypted and friendly regulatory environment and become a “blockchain island”. Many encryption and blockchain companies are already in Malta, including encryption exchanges OKex, Binance and BitBay.
Earlier this month, Bins announced plans to build a blockchain-based bank with tokenized ownership. The future “Founder Bank” will be owned by digital token investors and headquartered in Malta, aiming to be the world's first dispersed community bank.
Russian regulators say that starting this fall, cryptocurrency owners and miners will have to bear all current tax obligations. Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, said in an interview with the local news media "Izvestia" that there is currently no plan to develop "single currency" for cryptocurrency. "The tax framework." He revealed that during the Russian State Duma Fall Conference, a series of regulations focusing on “digital financial assets” will be approved.
Anatoly Aksakov said: "In the latest regulatory documents, there is no institutional constraint on the separate taxation of cryptocurrency owners." That is, cryptocurrency mining and redemption transactions will follow Russia's current tax regulations and systems are managed. Previously, Russia had hoped to legislate on July 1, but from the current situation, this target may have to be postponed. According to the current tax law, users have the responsibility and obligation to calculate their own income and pay taxes according to law.
It is worth mentioning that in a recent bankruptcy case in Russia, the judge incorporated the defendant's bitcoin holdings into his private property. The verdict was “very interesting” because it seemed that Bitcoin was considered “property”. It is still in the early stages of legislation. However, Anatoly Aksakov revealed that Russia did not rule out the possibility of introducing a separate cryptocurrency tax law in the future, which was mainly influenced by government decision-making sentiment. He added: "If the government believes that the cryptocurrency business requires a separate tax law, they will create it. But at this stage, there should be no other form of dealing with cryptocurrency taxation."
Currently in Russia, cryptocurrency mining and exchange transactions are in a “grey zone”, and informal cryptocurrency exchanges abound, providing people with exchange services for Bitcoin, Ethereum and legal currency rubles, but these transactions are basically Both use a semi-anonymous account to complete.
The only actively managed cryptocurrency fund in Canada currently holds approximately 91% of its assets, and the fund is said to have taken a position based on the uncertainty of the market's recent trajectory. The Rivemont Crypto Fund, based in Quebec, wrote in a two-week report on Facebook that as of July 13, 90.9% of its $3 million ($2.3 million) in assets were denominated in legal tender, with the remaining 9.1. % is denominated in bitcoin. It is worth noting that Rivemont has been licensed to trade five other cryptocurrencies: Ethereum, Litecoin, XRP, Bitcoin Cash and Ethereum Classic.
This is not to say that when the technology is bullish, the company is reluctant to rejoin the cryptocurrency. In fact, the company said that at some point in the previous reporting cycle, half of the fund's assets were denominated in Bitcoin and Ethereum. However, the company stated that it took a “disciplined path and resold our position, waiting for our investors to make profitable entry points in the future.” This flight to Fiat was in the latest investment strategy of Livimont. Not isolated. In fact, the last two reporting cycles have ended and most of the funds held by the fund are cash rather than cryptocurrency.
"Technically, it's necessary to see if we're going to be more or less successful," the company said in its report with a 30-day moving average for Bitcoin. “According to the current portrait, any major exposure must be hasty.” Rivemont launched on December 14, 2017, and Bitcoin prices hit a record high of $19,891. As a result, the company largely missed the goal of a top-percent return of 25,000% for top-level cryptocurrency hedge funds. However, the recent downturn has not caused Rivemont to have a negative impact on the long-term prospects of the market.
The company said in its latest report that "those who believe that the interest in cryptocurrencies has lost momentum are not closely watched." "The opposite is happening." In a conversation with Bloomberg, Rivemont president and portfolio manager Martin Lalonde made a double adjustment to the assessment, saying the company is optimistic that bitcoin prices could triple by three in the next few years.
"We are very optimistic, we think it may be easy to double or triple from the current position," he said, adding that he is not sure about its recent trajectory. “I would say that the current cryptocurrency market is not really in a bull market, so people are waiting for it to fall further,” he concluded.