Crypto Corner - June 29, 2018
Bitcoin Dips Below $6K as Market Suffers, Coinbase Opens in Portland, OR and German Bank Offers Service for Crypto and Blockchain Companies
In the past 24 hours the cryptocurrency market cap has dropped from $246 billion USD to about $235 billion USD at press time, a loss of roughly $11 billion USD. According to data from CoinMarketCap, all but two coins, Tether (USDT) and RChain (RHOC), are in the red for the past day of trading. Bitcoin (BTC) itself has dropped below the $6000 USD barrier for the second time this year, having previously dipped on Sunday, June 24. At press time it is trading at $5910 USD. In an analysis of how the market may recover, CCN quotes BlockTower founder Ari Paul in a report today:
"Institutional money started trickling into cryptocurrency in mid 2017, but it's been slower than many (including myself) expected. That doesn't mean it's not coming. There are a lot of pieces that need to come together, one big piece being third party custody. Custody isn't binary. It's not like Coinbase custody will launch and suddenly every pension will throw $100 million into BTC. It takes time for custody solutions to gain trustworthiness. But. I think we'll have solid third party custody by September of this year."
U.S. based crypto exchange giant, Coinbase, is opening an office in Portland, Oregon, according to an announcement today. The company also expects to add 100 jobs to the local economy within their first year.
The potential of cryptocurrency and blockchain technology is energizing a passionate group of people around the world, and we know those people are not all centralized in Silicon Valley. We signed a 7-year lease on the new Portland office and renovations will break ground in the coming weeks.
Germany's solarisBank now allows crypto and blockchain companies in the European Economic Area (EEA) to conduct business with its new "Blockchain Factory". One service the Blockchain Factory will offer is the "Automated Trust Account", which is an automated escrow account for cryptocurrency marketplaces and eases the buying and selling of fiat currencies. solarisBank CEO Roland Folz explains the niche the bank will be filling:
"There is high demand from the blockchain world for a licensed partner that forms the technological and regulatory bridge to traditional banking - as a technology company with a banking licence we are the natural partner."
Sam Mowers, Investorideas
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