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tZERO Reports Record digital securities Trading Volume In May

By
Adam Barry
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0

Wall Street’s security token trading platform tZERO announced in late May that it achieved record volumes in digital securities trading during the month thanks to an increase in users.

The digital securities trading platform revealed that it achieved its highest token trading volume in May with about 423,000 digital securities traded during the month. The digital securities trading platform is known as the tZERO ATS. This is an alternative trading system that trades digital securities. The increase in trading volume particularly came after tZERO’s parent company Overstock rolled out its digital dividends. The company distributed one ‘OSTKO’ security token for every 10 Overstock shares purchased by investors. Trading volume on tZERO increased by a factor of four in May 2020 compared to May 2019 and the year-to-date performance indicated 50% volume growth.

“Having significantly enhanced the liquidity on our platform, we are positioned to offer issuers and investors the best trading experience for tokenized securities,” stated tZERO’s CEO, Saum Noursalehi.

tZERO experienced a 15% increase in users on its cryptocurrency app which also has a crypto wallet where users can store their cryptocurrencies. The wallet supports a variety of digital assets including Ravencoin (RVN), Ethereum (ETH), and Bitcoin (BTC) among others.

tZero’s airdrop may have contributed to the increased trading volume

tZERO believes that the impressive growth in trading volumes may have been boosted by the airdrop as per the digital dividend issuance. The company’s former CEO Patrick Byrne insisted that an airdrop would contribute to higher volumes and it looks like his forecast was spot on. The company recently released data that revealed that the security tokens it issued cover 95% of all the security tokens trading volume and 71% of their market capitalization. This means that Tzero has been dominating the security tokens market.

The volumes growth report also comes amid concerns that users cannot trade OSTKO shares anywhere else other than on the tZERO platform. This has allowed the security tokens platform to enjoy exclusivity. The platform’s growth is also attributed to increased user trust since it is a Wall Street-based firm. The security tokens exchange platform is on the right path for which it was created, which is to enable Wall Street to leverage blockchain technology to achieve more efficiency, transparency, and accessibility.

A Third Of All Major Institutions Have Acquired Digital Assets According To Fidelity Investments

By
Adam Barry
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0

Fidelity Investment has revealed that it conducted a survey in which it discovered that roughly one-third of all major institutions across the world have invested in cryptocurrencies.

Fidelity involved 774 major firms from all over the world. It found out that roughly 36% of them had invested in cryptocurrencies or cryptocurrency derivatives. 441 institutions involved in the study were from the U.S, and 27% of them had invested in digital currencies this year. This is a slight jump from 22% in 2019. Across the pond in Europe, roughly half of the institutions were exposed to digital assets.

It was no surprise that a substantial number of institutions have invested in Bitcoin since it is the most common cryptocurrency. More than 25% of all the institutions own Bitcoin (BTC), while the next most popular cryptocurrency was Ether (ETH), with roughly 11% of the institutions investing in it. Interestingly, about 60% of the firms that have invested in digital currencies have done so through the spot markets. While the remaining 40% chose to invest in cryptocurrency derivatives.

“These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class,” stated Fidelity executive Tom Jessop.

Why are institutions more interested in cryptocurrencies now more than ever?

This year has been quite challenging or many institutions, especially due to the coronavirus, which caused a huge economic fallout across the globe. This has affected all types of businesses, from small ones to major corporations in one way or the other. The resulting economic downturn and economic uncertainty negatively affected the performance of many currencies across the world.

Investors and institutions have thus been shifting their wealth into assets that were immune to the economic downturn. Cryptocurrencies happen to be among those assets. This explains why more institutions have embraced digital currencies this year as they aim to protect their wealth from poor and corrosive economic performance.

Institutional interest in cryptocurrencies may also have something to do with the fact that there is widespread knowledge about digital currencies now than ever before. Firms are thus more confident in chartering cryptocurrency territory in the hopes of getting a piece of the proverbial pie.

Brave Collaborates With Rush Gaming K-POP Band BTS For Exclusive Browser In Japan

By
Adam Barry
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0

The Brave browser has reportedly teamed up with Rush Gaming and popular South Korean POP boyband BTS for the limited launch of its Browser in Japan.

Japanese news outlet Nikkei newspaper revealed the collaboration with BTS and Rush Gaming; Brave reportedly created a special version of its famous browser that will specifically target Japanese users, although it will be a limited launch. The company strategically collaborated with the boyband and gaming team to hype up the launch.

Brave will reward users for watching ads

Nikkei revealed that Brave’s limited edition browser will reward users similar to how the regular version of the browser rewards users for watching ads. Only this time, the users will earn points by watching ads to support the Rush Gaming team on their e-sports endeavor. The Japanese news outlet revealed that the collaboration is aimed at coming up with a new touchpoint between fans and their idols.

Brave is also capitalizing on its increasing popularity

The Ethereum blockchain-powered browser has been on a mission to change the ad experience, which has traditionally not been pleasing and has been aimed at benefiting the advertiser. Brave aims to provide a way for both users and content creators to be rewarded. The company uses its native Basic Attention Token (BAT) as the currency through which the in-browser reward system works.

Brave hopes that its unique approach will elevate the browser to new heights in terms of popularity while at the same time undercutting some of the popular rivals. The browser revealed that its user base grew by 125% in 2019. It reported that it had 15.4 million users by the end of May this year and determined to continue growing.

The browser has received praise from Joe Rogan through his podcast during a discussion about security and privacy. Rogan also encouraged his listeners to switch to the Brave browser. Brave is one of the startups that aim to take advantage of blockchain technology and cryptocurrencies. The technology has huge potential for growth as well as positive changes in key areas such as the speed of service delivery and security.

Suzhou City Rolls Out Notary Program Powered By Blockchain Technology

By
Adam Barry
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0

Chinese media have reported the launch of a new notary program but the hype around it because the program will be based on blockchain technology, the same technology that supports cryptocurrencies.

One news outlet named China Quality News announced that Chinese city authorities revealed the launch of the program, which aims to provide better notary services. The authorities revealed that the blockchain-based program will allow citizens to access government services and legal services with ease and securely. The program was reportedly sanctioned by the Suzhou Municipal Market Supervision Bureau and the city’s Municipal Bureau of Justice. It is currently in its pilot phase.

The blockchain-powered notary program will initially focus on various services related to life, property rights, health services, and personal freedoms, among others. The fact that it is based on blockchain technology means they are targeting immutability and rapid data processing, two of the major advantages that technology offers.

All the data handled by the program will be digital and will be stored and computed through cloud technology. This includes photos, video, and audio content that is used for legal purposes. The city’s blockchain-based network will be known as the Suzhou Notary Chain.

The city’s administrative law enforcement division will also use this network to facilitate the delivery of online notary services. This will eliminate the need for physical visits just to access notary services. Having the data digitally curated with blockchain technology means it will be faster and easier to retrieve.

“This will guarantee easy data storage, high security, non-tampering, and traceability, which will improve the transparency of the administrative law enforcement,” noted the authorities.

This is one of the numerous reports that highlight China’s increasing adoption of blockchain technology. Hainan Province in China also reportedly rolled out a blockchain-based program that aims to facilitate cross-border payments. The country is increasingly embracing technology, and rapid adoption could lead to the introduction of blockchain technology into many sectors. It might even encourage local businesses to start implementing the technology into their services. Adoption by governments is great news for the blockchain and cryptocurrency communities.

Integration Of Cryptocurrency Wallet Feature Into Kakao’s Chat App Attracts Several New Users

By
Adam Barry
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0

South Korean firm, Kakao, has announced that its crypto wallet function has exceeded 100,000 users just a day after it debuted in the chat app, KakaoTalk. The company announced the introduction of the cryptocurrency function to the app on June 3, 2020.

KakaoTalk Klip support 11 cryptocurrencies

According to the company, the launched KakaoTalk’s Klip has the potential of supporting up to 11 digital currencies. Almost 90% of South Koreans use the KakaoTalk chat app, and Kakao is hoping to draw most of the people through the app into the cryptocurrency space.

Klip which is a cryptocurrency mobile wallet allows users to get access to digital assets such as Box, Klay (KLAY), HINT, PIBBLE (PIB), Pet (BPT), ENT (ATT), Binz (BNS), TEMCO, Cosm (COSM), Pixel (PXL) and Insurium (ISR). The upsurge witnessed in user registration represents around 2% of the total population of more than 50 million users using the KakaoTalk app.

Before the launch of the wallet, Ground X, which is Kakao’s blockchain subsidiary and the Klaytn blockchain network operator, gave 50 Klay tokens to several wallet operators that registered early. This was an incentive aimed to appeal to users to try the new cryptocurrency features.

Ground X CEO upbeat about the potential of the crypto feature

The Ground X CEO, Han Jae Sun, is determined to create a positive perception regarding cryptocurrencies to millions of people in South Korea. Hans indicates that he was surprised about the reception of the feature received from the public. He added that the concept of cryptocurrencies is still new to many people in South Korea.

Kakao has been enhancing efforts to develop a blockchain network across its portfolio. Last year the CEO of the company, Yeo Min-soo, indicated that Ground X, which is its blockchain subsidiary, had created a network the same as Facebook’s Libra but was much advanced. In March, Min-soo had indicated that the company was planning to integrate the Klaytn wallet into the chat app. The CEO stated that the integration had massive potential for the 40 million users at the time.

Bloomberg Sets Its Bitcoin Price Prediction At $20,000 Before The End Of 2020

By
Adam Barry
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0

Bloomberg revealed in a recent report that it is optimistic about Bitcoin’s performance this year, and its analysts are confident that the price of the cryptocurrency will reach $20,000 this year.

The last time that Bitcoin rallied to $20,000 was in 2017 at the height of the cryptocurrency frenzy that led to a Bitcoin bubble. However, the price has since then gone down and has not approached such levels since then. Analysts are predicting that the cryptocurrency will be gaining aggressively this year, due to the effect of coronavirus on the equities market.

Equities have been on the decline as investors lose confidence due to the economic fallout caused by the coronavirus pandemic. Investors have thus been parking their money in asset classes with a lower level of risk. Cryptocurrencies such as Bitcoin have subsequently become more attractive as a means through which investors can protect their wealth as traditional securities become more prone to risk.

Bloomberg believes that the declining equities market will be the underpinnings on which the next major Bitcoin rally will be based. The company is convinced that Bitcoin might hit new historic highs of $28,000 or possibly higher before the end of 2020. The company also reported that there has been increased interest in the cryptocurrency lately, especially from institutional investors.

“So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019,” stated Bloomberg.

A price tag above $20,000 is not so far-fetched, considering that Bitcoin has already tested it before.  In 2019 Bitcoin peaked at $14,000, and this year analysts from Bloomberg believe that it has the potential to rally to new historic highs because the market factors are in its favor. The recent Bloomberg report stated that the only way that Bitcoin will not reach $20,000 and higher this year is if something goes wrong.

Bitcoin experienced a sudden spike on Tuesday, which saw the cryptocurrency rally above to $10,000 after trading below that level since mid-February. The cryptocurrency traded at $9,661 at the time of this press.

Bitcoin Jumps Above $10,000 On Tuesday, Adam Black Thinks Price Will Continue To Rally Amid Global Crisis

By
Adam Barry
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0

Tuesday turned out to be an interesting day for the cryptocurrency market. Particularly because of Bitcoin’s massive spike that saw it rally above $10,000, mainly due to large accounts buying the cryptocurrency.

The price of the cryptocurrency experienced a sudden upsurge that pushed it to highs of around $10,340. The price stayed within those levels for a few hours before plummeting below $9,500, thus undoing the gains that were witnessed a few hours prior. Numerous exchanges registered a spike in Bitcoin trading volumes during the sessions. A Bitfinex executive confirmed that there were major Bitcoin purchases on the exchange.

“We’ve seen some big buys on Finex since the spike,” stated Paolo Ardoino, Bitfinex’s Chief Technical Officer.

Ardoino also noted that the exchange continued to witness Bitcoin buy volumes even after the price surpassed the $10,000 price level. He even noted that there were two major purchases at $10,145 and $10,170 price levels, and each purchase was for $1.4 million. However, the price recovery below $10,000 restores the uncertainty about Bitcoin’s performance moving forward.

Adam Back from Blockstream believes that Bitcoin will reach $300,000

Black, who happens to be a Bitcoin holder, is confident that the cryptocurrency will continue to gain value in the future. He is convinced that the price of one Bitcoin will reach $300,000 in the next five years. There is currently some speculation that coronavirus’s current economic downturn will lead to more money printing. This may end up causing inflation and other economic problems.

In such cases, people might rush to buy cryptocurrencies, including Bitcoin, to protect their wealth. This might drive up the price of the cryptocurrency. There has also been talk about institutional buyers coming in with the same goal of persevering their wealth. This would provide a significant boost to the price of Bitcoin.

Bitcoin’s performance on Tuesday was an indicator that the cryptocurrency is still heavily influenced by speculation. The question that is lingering on many Bitcoin fans is whether the cryptocurrency will experience another massive rally. However, Bitcoin has proved quite unpredictable in the past, which means that it accurately determines the price direction.

Canaan Inc (NASDAQ:CAN) To Distribute Shares Worth $12.4 Million To Its Employees

By
Adam Barry
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0

Integrated circuit (ASIC) manufacturer Canaan Inc (NASDAQ:CAN) recently submitted a filing with the U.S Securities and Exchange Commission in which it plans to reward its employees with shares valued at $12.4 million.

The company made the filing through a form called S-8 on May 27 this year, revealing its plan to give its employees a total of 51,624,000 class A ordinary shares worth $12.4 million. The shares will be issued at $0.24 maximum share price. The S-8 form is usually used by companies when they need to issue options or shares to its employees, and a company must make the filing before the share issuance.

Canaan’s stock price surged by 25.00% to $2.65 at the time of this press, and this boost in the stock price is largely courtesy of investors reacting to the announcement about the share issuance. However, the stock price has so far lost a huge chunk of its value, especially considering that its share price was $9 during its initial public offering in November 2019. The company managed to raise $90 million through the IPO.

The share price has a 52-week high of $13, but things started going south when Canaan was accused of business malpractices. The company reportedly misrepresented its revenue targets for 2020 as part of its plan to make its IPO more attractive to investors. A law firm called Rosen Law Firm filed a class-action suit against Canaan for the use of false information to intentionally mislead investors. Thus investors started pulling out, causing a sharp decline in the share price.

Another factor that may have contributed to Canaan’s declining share price is the declining demand for cryptocurrency mining equipment, especially as the crypto hype cooled down. The series of events resulted in a $5.6 million loss in Q1 2020. The ASIC manufacturer’s recent decision to issue class A ordinary shares to the company is part of the company’s plan to encourage investors to jump on board. The currently low stock price is a particularly good entry point, but only if its performance improves.

Amazon.com, Inc. (NASDAQ:AMZN) Files Patent For Blockchain-based Supply Chain Management

By
Adam Barry
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0

Ecommerce giant Amazon.com, Inc. (NASDAQ:AMZN) recently filed a patent for a supply chain management system for tracking goods, and it is based on blockchain technology.

The patent which the company filed on May 26 highlights the plan to create a tracking solution that will leverage blockchain technology to facilitate the sale of authentic goods on Amazon’s e-commerce platform. The company reportedly decided to use blockchain to address the security and transparency issues that plague traditional database systems. It, therefore, hopes that using decentralized ledger technology will allow it to leapfrog those issues.

“Features are disclosed for an interface for verifiable tracking of an item through a supply chain using a distributed electronic ledger,” states the abstract for the patent.

The patent explains that Amazon will use its enterprise services platform, which will tie in blockchain technology to introduce more trust into the company’s global supply chain. The solution will enable more efficient tracking of products from the production line and across the supply chain until the product reaches the end-user.

Amazon’s blockchain-related patent highlights the first Bitcoin whitepaper to point out how immutable and time-bound blockchain features can help facilitate the authenticity and tracking of items in a supply chain. This might be a game-changer for Amazon, especially towards solving the problem of authenticity, which has been a major stumbling block for the company. The existence of counterfeit products on Amazon has discouraged major companies such as Nike and Birkenstock from selling their products on Amazon.

 The e-commerce behemoth hopes that the new move will help eliminate the problem of counterfeits and perhaps even encourage major brands to embrace its platform. The patent also revealed that multiple parties, including producers, distributors, couriers, and even the consumers will be able to contribute to events on the ledger. However, this will only happen if the party receives approval from a certification authority.

The news about Amazon filing a patent for a system that involves blockchain technology is also a huge plus for the blockchain community. The fact that a major company such as Amazon is planning to use the technology may encourage other major companies to embrace blockchain, thus adding to the adoption momentum that may help bring it into the mainstream.

China’s New Civil Code Will Allow It Citizens to Pass on Legal Inheritance of Cryptocurrency to Their Heirs

By
Adam Barry
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0

There has been a growing demand for the legalization of cryptocurrencies in many countries across the world. However, while some of the countries are going big on them, others are still afraid of embracing them. For a very long time, China has been struggling with a lot of uncertainty about whether or not it should legalize blockchains even though it is still anxious about cryptocurrencies.

But a New Civil Code Is Protecting the Inheritance of Cryptocurrency

The Chinese state has legalized the inheritance of Cryptocurrency. According to Xinhua news, during the Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference, the parliament authorized a new civil code, which protects the rights of inheritance. This means the Chinese citizens are permitted to pass over their Cryptocurrency to their beneficiaries.

The new code is effective in January 2021, according to Lixin Yang, a professor at Renmin University of China. It states, “When a natural person dies, the legacy is the personal legal property left by she/he…this means “internet property and virtual currency will be inherited.”

China’s Determination to Create a Truly Digital Society 

China’s move to protect the right to inherit digital assets is largely symbolic. This is according to AYO. NEWS, which explained that previously, someone could just access the wallet using a key. As a show of true commitment to its support of the digital economy, China has inaugurated a national blockchain-based service network, which will boost new blockchain projects.

Apart from coronavirus pandemic, the launch of digital currency, including the yuan, is one of the most historical events of 2020 in China. This will facilitate online transactions, which, in return, will avail cash flow in society. Businesses and financial institutions can easily access their credit data and cash flow information from an online database. Additionally, the regulatory authorities will be able to trace all transactions.

The introduction of digital currency was timely. The coronavirus pandemic may also have played a significant role, given the strong recommendation of using contactless payments. This has been one of the primary perceptions and recommendations of hygiene standards for controlling the spread of the virus.

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