Crypto News Recap: Cryptocurrencies seeing gains as Italy announces intentions to join the 26-member European Blockchain Partnership

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by QuantalyticsResearch

Crypto News

  • According to Italy’s Member of Parliament, Mirella Liuzzi, Italy is about to enter the European Blockchain Partnership, a coalition of 26 EU countries. According to Liuzzi, Italy will officially join this partnership tomorrow, September 28th. Liuzzi also went on to mention that Italy will be hiring a slew of blockchain experts to develop national strategy for blockchain technology and cryptocurrency markets.
  • AT&T, the world’s largest telecom firm, has launched a variety of blockchain services targeting a plethora of different industries. In a press release Wednesday, AT&T said a large part of the blockchain services are focused on automating and digitizing the firm’s supply chain process. AT&T’s blockchain platforms are reportedly designed to work alongside IBM Blockchain and Microsoft’s Azure.
  • Bitmain’s public offering documents filed yesterday reveal that the crypto mining giant lost roughly USD$400 million last quarter. After filing offering documents with the Stock Exchange of Hong Kong, BitMEX research conducted a thorough analysis of the heavily redacted documents. Bitmain generated USD$1.2 billion of profit in 2017 and USD$742 million in the first half of 2018 but faced problems when the firm placed a large amount of orders with their production partners as growth slowed last quarter.
  • Compound, an Ethereum-based startup, is launching a product that would allow individuals to invest in cryptocurrencies while generating interest. Users on Compound’s platform will offer the option to issue short-term loans from their crypto earnings, effectively resulting in short-term interest generation. This creation by Compound is known in traditional financial markets as a money market.
  • Members of US Congress are backing House Resolution 5036, a bill that aims to establish the Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing. The bill was referred to the House of Representatives on Wednesday. The bill has a provision to prevent “rogue and foreign actors from evading sanctions”, a line that may be alluding to North Korea’s alleged usage of cryptos to avoid sanctions.
  • Ripple announced today that it is launching a charitable program, dubbed Ripple for Good, that will pool USD$25 million from the firm with USD$80 million of donations. While Ripple has yet to finalize its program, Ripple will likely focus on educational programs in fields of science, technology, engineering, and mathematics (STEM) and financial technology (FinTech). Ripple has already donated USD$50 million to 17 different universities this year as a part of its University Blockchain Research Initiative.
  • The National Stock Exchange of India announced that it is testing a platform powered by blockchain technology to conduct e-voting for publicly traded companies. The blockchain platform will tokenize voting rights while connect the firm, registrar, transfer agents, and regulators. News outlet Hindu Businessline noted in its report on this announcement that tokenized votes will be easy to transfer and proxy.
  • South Korean government officials have made the decision to exclude companies that trade digital assets from the venture business classification. Cryptocurrency exchanges have already been excluded from this business classification by South Korea’s Ministry of Small and Medium-sized Enterprises and Startups. The goal of this move by South Korean officials appears to be to protect citizens from “illegal activities” that are associated with digital asset businesses.
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