Crypto Corner - July 16, 2018
Market Shows Weekend Recovery, Coinbase Teases Addition of New Assets, Swiss Digital Exchange May Allow Crypto Trading, Hong Kong to Launch Blockchain Finance Platform and Chile's Court of Appeals Rules in Favour of Orionx Exchange
This week opens with some positive development in the crypto space as the total market cap has improved from $250 billion USD on Friday morning to $268 billion USD at press time. According to data from CoinMarketCap, Bitcoin (BTC) has seen an increase in trading volume to $4.34 billion USD and is trading at just over $6600 USD. Moreover only five of the top 100 traded coins are showing a negative change in price in the past 24 hours.
According to a recent announcement from Coinbase, the crypto exchange is exploring the addition of new assets to their platform. The assets under consideration are: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). The blog post makes clear that unlike Ethereum Classic (ETC), which they are committed to adding, these assets are still under review and may be included in a limited capacity.
“...these assets will require additional exploratory work and we cannot guarantee they will be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”
SIX Group, the operator of Switzerland’s stock exchange, is open to cryptocurrency trading on its new digital platform according to an interview with company spokesman Stephan Meier on swissinfo.ch. Meier said SIX is concentrating on the development of the platform currently, but that crypto and ICO trading is a possibility.
“Currently we are focusing on building the platform and no decision has yet been made as to which specific products will be offered to list and trade. So it is also still open whether cryptocurrencies or already existing ICO tokens can be traded. But we will technically be able to add various digital assets to the platform.”
The Financial Times reports that the Hong Kong Monetary Authority plans to launch a blockchain-backed trade finance platform next month. The platform will link up with 21 banks, including Standard Chartered and HSBC. The system was designed by China’s Ping An Group.
Chile’s Court of Appeals ruled in favour of crypto exchange Orionx after the country’s Banco Estado had closed their deposit account, according to local outlet La Tercera. The Fourth Chamber of the Court of Appeals of Santiago accepted an appeal from Orionx, and ruled that Banco Estado had deprived the exchange of their right of equality before the law, outlined in Article 19 No.2 of the country’s constitution.
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Sam Mowers, Investorideas
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