News of the week

Wells Fargo and Mastercard See Long Term Potential in Blockchain

Wells Fargo CEO Tim Sloan and Mastercard CEO Ajaypal Banga agreed that the blockchain technology has long-term potential, but it has not been realized yet. Banga emphasized that the technology has been very slow to roll out, pointing at a blockchain pilot carried out between the bank with the Commonwealth Bank in Australia back in October 2016. Sloan stressed that the pilot resulted in just one transaction, concluding that DLT will have more impact “over time.”

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Japan Approves 2 New Crypto Exchanges

Japan’s top financial regulator has shared some stats pertaining to cryptocurrency exchange registrations. Out of 23 new applications the regulator has received, two have been approved so far — one from Rakuten Wallet Co. Ltd. and the other from Decurret Co. Ltd. In addition, there are over 140 more companies interested in entering the market.

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Mt. Gox’s Karpeles Appeals Conviction

Mark Karpeles, who headed bankrupted bitcoin exchange Mt. Gox, is appealing his conviction on charges of manipulating electronic data. Karpeles’ lawyer said his client had merely tried to reduce the risks for Mt. Gox users. The Tokyo District Court cleared Karpeles earlier this month of embezzlement and breach of trust charges, handing him a suspended sentence, meaning he wouldn’t have to serve jail time.

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14% of Major Crypto Exchanges Are Licensed by Regulators

Only 14 percent of 216 global crypto exchanges were confirmed as being licensed by regulators, regulatory technology startup Coinfirm found in its crypto exchange risk report. Coinfirm studied 216 global cryptocurrency exchanges to outline the key risks that can be associated with each platform, as well as to assist monitors in developing necessary regulatory frameworks. The analyzed exchanges reportedly represent more than 90 percent of global crypto market activity.

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IOHK: The Cryptocurrency Industry Needs a “WiFi or Bluetooth moment”

Charles Hoskinson, a founder of IOHK, the firm that developed cryptocurrency Cardano (ADA), said that the cryptocurrency industry needs a “WiFi or Bluetooth moment”. Speaking about the status of the cryptocurrency industry, Hoskinson said that it needs specific standards that will facilitate the development of more interoperability. Per Hoskinson, it will allow communication and information to be traded in an easier way among both digital currency and traditional financial institutions.

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Blockchain Exchange Secures $50 Million in Diamonds for ETF Launch

Blockchain-based trading platform CEDEX says it has now secured a supply of more than 6,000 diamonds ahead of its launch of a diamond exchange-traded fund. CEDEX said that the diamonds – worth over $50 million – will provide traders with a variety of investment options prior to the launch of the ETF, which is currently in development. The supply comes from diamond holders registering their stock on the exchange for trading.

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