2nd Largest Chinese Bitcoin Mining Hardware Manufacturer Seeks $1 Billion IPO on Hong Kong Stock Exchange

China’s second-largest Bitcoin mining hardware manufacturer, Canaan Creative, is seeking to launch their Initial Public Offering (IPO) within the Hong Kong stock exchange. This reported by the South China morning Post on May 9.

The company is currently seeking to raise $1 billion for its IPO and had considered both Hong Kong and US marketplaces. If successful, this would make Canaan Creative the first blockchain company to be listed on Hong Kong’s city markets.

The company states that the vast majority of their clients come from China which has always remained as a crypto mining powerhouse due to its cheap supply of electricity.

Also worth noting, China has been reported to have the most patent filings for blockchain technology out of any country worldwide. Their blockchain patents account for 50 to 70% of Bitcoin mining worldwide.

Recent strict Chinese regulations have cracked down on the potential power usage of Bitcoin mining. This could significantly impact Canaan and their rivals like Bitmain.

The Bitcoin manufacturing giant, Bitmain, has attempted to circumvent these restrictions by Chinese authorities by extending its operations to other countries. Singapore, Canada, Switzerland are just a few other countries that welcome form Bitcoin mining operations.

Canaan may one day consider expanding its operations to these other countries, as well as the US, if Chinese power usage restrictions ensue.

Top 7 Cryptocurrency Trading Strategies for Bitcoin and Altcoins

cryptocurrency-trading-strategies-for-beginners

With so many cryptocurrency altcoins being touted as the next hottest investment since Apple stocks, Bitcoin definitely gets a run for its money. There are currently more than 1,200 cryptocurrencies at the time of this release. The choices are overwhelming, which makes it that much harder to decipher which one is actually going to get you that lambo or not. 

Two of the most popular questions, on the internet, regarding cryptocurrency are “What is the best cryptocurrency to invest in” and “What are the best trading strategies to use once I invest?”

Fortunately, I’m going to go over 7 of the most effective cryptocurrency investment and trading strategies in order to quickly fatten up that crypto wallet  of yours. 

So let’s cut to the chase and get straight to it shall we?

Trading Strategies to That  Actually Work

Let’s talk about investing in ICOs (Initial Coin Offerings)….

ico-initial-coin-offerings-cryptocurrencyWhy is investing in an ICO a smart move? An ICO is at its beginning stages of life, and this means you’re getting in on the ground floor. What does this mean for you? You’re able to purchase a coin much cheaper than when it’s released to the general public and therefore the potential to generate a huge profit can be rather significant. We’re talking 300-2500% profitable. Do your research on any of the coins that interest you. Below are a few points to look for before you invest.

  1. First check out some of the newest upcoming ICOs here for a nice selection and review on each one.
  2. What is the utility behind the coin, does it have a large supply and demand?
  3. Who’s the team behind the project? Have they worked on other cryptocurrency coins? What is there entire project mission?
  4. Do you have a continually expanding community of optimistic members (check forums)?
  5. There should be legal framework between the developers and the contributors. The terms and conditions set forth for the ICO should be clear.
  6. ICO funds should be held in an escrow wallet. One of the private keys needs to be held by a neutral third party to ensure all distribution is fair.

You should plan on purchasing several different ICOs , so don’t go putting all your “eggs into one basket”. If you don’t see an initial spike on the coin, upon initial release, wait until you see at least a 50%-100% return before selling.

Accumulating at the Lowest Price

It’s a smart idea to stick with a coin and accumulate it during its lowest price as it drops in value. It’s a common practice for traders & investors to withdraw some if not all of their investment, which essentially drives the price down. 

If this is a project you believe in, stick with it and hodl. A smart tip is to buy a coin that has already hit its first dip, as this will sometimes drive the price down to even cheaper than its initial ICO price.

Common reasons for a dip, once the ICO hits an exchange, can usually be linked back to the presale investors, along with the initial team and developers, who typically receive the coins for free. Be aware and cautious of those coins that are overly dumped.

Taking Advantage of Breakouts

This strategy can provide limited downside if done correctly. It is used by investors who actively trade, and are getting in on the initial stages of a trend. 

You want to invest at a precise entry, where you can identify resistance or support areas that are about to break out in a new direction. The coin either breaks upwards past a resistance (ceiling) or it breaks downwards past a support (base).

trading-pattern-breakout-cryptocurrency

Your best bet is to look for a clear breakout above resistance, and then wait for the bounce off that resistance which would be your new support. As soon as the coin starts trading beyond that new support, volatility in the market tends to increase which means prices will generally follow through the breakout direction.

These types of breakouts are important because they set up a new starting point for future volatility, thus increasing price action substantially. Chart patterns like head and shoulder patterns, flags, and triangles are a few to research when it comes to the most expansive types of breakouts.

The “Dollar Cost Averaging” Strategy

Here’s a strategy that doesn’t take a lot of time or knowledge to participate in. Dollar cost averaging is when you purchase a fixed amount of cryptocurrency at certain intervals while the price action is either moving up or down. 

dollar-cost-averaging-cryptocurrency-trading

What’s happening here is, you’re averaging out all the purchases within those set intervals (usually months) which can be averaged out to one average price. This price typically ends up being a much higher or lower price point then if you were to purchase in one lump sum at a single interval in time.

So for example, you plan on investing $2000 in Bitcoin, however you don’t want to just throw out your entire wad in one sitting.  Instead, you’re going to spend $500 at the 1st of each month for the next 4 months. This would look a little something like this…

– Month 1 – the price of Bitcoin is 9k. You purchase $500 worth. 
– Month 2 – the price of Bitcoin is 7k. You purchase $500 worth. 
– Month 3 – the price of Bitcoin is 8.5k. You purchase $500 worth. 
– Month 4 – the price of Bitcoin is 10k. You purchase $500 worth. 

Your total spend is $2000 at the price action of $8,625

As you can see, you were able to purchase Bitcoin at a much lower price than what you would have purchased at if you purchased in one lump sum on the first month. 

Now, you “always” want to make sure you’re doing your due diligence, by checking charts for proper technical analysis, in order to ensure you have the best chance of averaging down on a coin that will rally back to previous resistance lines (peaks).

Check at least 3-6 months history to ensure the currency has previously recovered, on several different occasions. I highly recommend you do this with a cryptocurrency that has been established over a longer period of time (BTC, ETH, NEO, OMG, LTC to name a few).

What you DO NOT want to do is “catch a falling knife” by dollar cost averaging your way down on a coin that holds no history of ever recovering to previous highs. Please make note of this.

The Balanced Portfolio Strategy

If you need balance in your life this may be the strategy for you. A balanced portfolio strategy includes purchasing various crypto coins, for the same amount across the market. 

Say you invest in-

  1. Litecoin
  2. Bitcoin
  3. Monero

You have a budget of $900. You’d invest $300 into each coin distributing your investment evenly. This way you’re spreading the risk across the board.

This is a good way to test different coins, when you’re unsure of which ones will do well for you or not. You’ll quickly find out which coins have the best shot in succeeding. From there you may want to only invest in one or two coins that have given you the lion’s share of profit.

The only downside to this strategy is that, for example, one of the coins produces a 10% gain while the other two lose 5%, you would be stuck with no profit, however this is rarely the case. Of course this would work in reversethe opposite could happen as well, so again, you’re essentially spreading out your risk across several coins with this strategy.

Tip: Make sure each coin you invest in are utilize different utilities. For example: one privacy coin, one security coin, one equity coin, etc.

The Unbalanced Portfolio Strategy

unbalanced-crypto-coin-stack-strategyThis is simply designating a percentage of crypto for investment into each coin solely on how well you think it will perform. You’ll allocate the highest percentages to the ones you think will perform the best.

If Litecoin has proven itself to you as the most profitable, then that’s the coin you invest the most into.

For Example:
Litecoin – 60%
Dash – 15%
Ethereum – 15%
Ripple – 10%

Predetermined percentages are what you would go off of, for each subsequent buy.

This is best suited for those that have done extensive research into each coin. Percentages for each coin can be changed, but make sure you have an educated reason before doing so.

Main downside for this strategy is predicting percentages incorrectly and missing out on the best gains.

Investing Your Profit into Other Coins

investing-in-other-cryptocurrency-coins-bitcoin-litecoin-ethereumSo you’ve made some steady profit on the strategies covered above and have had success in building your wallet full of those nice, shiny cryptocurrency nuggets. Now is the time to pick up other potential coins that showcase huge potential.

You want to take half of the profit you have made on each coin, and start investing it into other coins with high profit margins. This will help leverage your investment in order to produce more gains on your return and create a well-diversified portfolio. Look for times when your profits go parabolic (spike in price). This typically means the price is unsustainable and would be a good time to cash out and reinvest into another cryptocurrency before the price drops.

Remember, when you’re first starting out, it’s a good idea not to invest in too many coins at one time. You want to be able to keep a steady hand on the pulse of your coins for the very best growth potential.

So Which Strategy Will You Use?

With all the strategies I covered above, choose one and stick to it. You can later try others later once you have a bit more experience under your belt. All your strategy to change and grow over time.

If you have any cryptocurrency investing questions, leave them in the comments below. I love to hear feedback from others. Thank you!

JPMorgan Pursues Blockchain Patent to Issue ICO Tokens

JPMorgan Wants to Use Blockchain to Issue ICO Tokens

American investment banking giant JPMorgan Chase is pursuing a patent for a distributed system that uses blockchain technology to issue virtual depository receipts that sound suspiciously like initial coin offering (ICO) tokens.

JPMorgan Wants to Host IPOs on a Blockchain

The patent application, filed by JPMorgan in January and published by the U.S. Patent & Trademark Office (USPTO) on Thursday, outlines a method whereby users on a distributed network such as a blockchain can tokenize assets and trade these virtual depository receipts.

To create a security token, an originator such as an asset owner or broker will encumber the asset by entrusting it to a qualified custodian, who will then authorize a virtual receipt for the deposited assets.

This virtual depository receipt would essentially be a security token, regulated under the authority of the U.S. Securities and Exchange Commission (SEC) or other local securities regulators. This designation would necessarily restrict how and where the tokens could be traded.

Depending on the nature of the asset, a token holder would also be able to redeem the receipt for the underlying asset by transferring it to the custodian, who would then cancel the tokens.

Notably, JPMorgan believes that one use case for this proposed system is to allow companies to hold initial public offerings (IPO) in a blockchain environment, more or less fulfilling the ultimate promise of the initial coin offering, though it is doubtful both that the firm would ever acknowledge that fact or refer to such token distribution events as ICOs.

Obligation-Backed Receipts

The patent also notes that the tokens could represent obligation-backed virtual receipts, more commonly known as debt equity.

This is not the first time that JPMorgan has mulled creating a platform to issue debt on a blockchain. Earlier this year, the firm partnered with the National Bank of Canada and a group of other firms to simulate the issuance of a $150 million Yankee certificate of deposit (CD) on Quorum — JPMorgan’s Ethereum-based enterprise blockchain platform — in parallel with an actual CD issued through conventional means.

“One of the mandates of the J.P. Morgan blockchain program is to identify how blockchain technology can create value, efficiency, and a better experience for our clients across the financial markets value chain,” said Christine Moy, JPMorgan’s blockchain program lead, at the time. “ We look forward to exploring blockchain-enabled capital markets applications, how these types of transformative opportunities can benefit our clients and counterparts.”

While JPMorgan has been generally hostile toward cryptocurrencies — CEO Jamie Dimon, many will remember, once routinely referred to bitcoin as a fraud — the firm has for years been a leader in the development of enterprise blockchain applications, which seek to capitalize the benefits of distributed ledger technology (DLT) in a private, permissioned environment, most notably through its development and promotion of Quorum.

Sirin Labs Plans to Release First Blockchain Smartphone in November

Sirin Labs Plans to Release First Blockchain Smartphone in November

Swiss smartphone developer, Sirin Labs, plans to release a blockchain based smartphone in November of this year, as reported on July 11.

Sirin Labs raised $157 million for the project during their Initial Coin Offering back in December 2017. There was $110 million gathered over the first 24 hours of the ICO.

The company had previously released a privacy focus smart phone in 2016. The intended price of this phone was at around $16,000. However, the new blockchain based phone, named Finney, is scheduled to be released at an expected price point of $1000 as reported by Sirin Labs.

Finney, which is based off of the android system, will run on their own operating system, SIRIN OS, and include a cold storage cryptocurrency wallet, token conversion service, and multi-blockchain decentralized applications store.

The phone will be developed and manufactured in Taiwan, by Foxconn Technology Group, the manufacturer such products like Apple, Google, Cisco, and Amazon.

According to the chief marketing officer of Sirin Labs, Finney will have a multilayer cyber security suite which will prevent unsuspecting users from connecting to a rogue network.

Sirin Labs intends to open their own shops worldwide with locations in the US, UK, and Japan. The company also plans to launch their own personal computer based on blockchain technology, which will be less costly than their smartphone.

In related news, the opera web browser will be releasing a beta version of their native cryptocurrency cold storage wallet for the android operating system.

Essential Cryptocurrency Trading Tools for 2018 & Beyond

Essential Cryptocurrency Trading Tools for 2018

Whether you’re looking to save up for retirement or just want to try your hand at compounding your income instead of it collecting digital dust in your bank account, then investing in cryptocurrency could be a great investment alternative for you.

Many people understand the fundamental idea of investing in crypto, but can the same methods translate over to trading? As you might’ve guessed, the two require very different ways of thinking and investing.

As far as the investing part is concerned, it all boils down to the fundamentals, like the technology and development team behind the project. Solid marketing and partnerships also play a major role when deciding to invest in a newer cryptocurrency or ICO. Other than that, HODLing seems to work well for most and can benefit you in the long run if you stay strong during the inevitable dips.

However if you’re looking to make money right now, you need a more short-term trading strategy…

This means you’ll be looking for more volatile, high liquidity cryptocurrency. The potentially lucrative nature of this digital asset, is a lot more volatile than traditional stocks or forex, which opens you up to a world of potentially high profit margins and risk.

That’s why cryptocurrency trading can get a bit complex and the reason why so many crypto traders need a wide variety of tools to help them navigate this newfound territory.

I’ve listed a variety of high end resources and tools that can help you improve your cryptocurrency trading success. Bookmark this page as you’ll most likely need to reference it throughout your crypto trading journey.

Welcome to the World of Cryptocurrency Trading Tools

 

There are a ton of tools out there used for a variety of purposes. You can use them in combination with each other, whether you’re investing or trading. Strategy is a huge part of cryptocurrency trading and so are the tools that you have in your arsenal.

Arming yourself with the right intel is everything when it comes to choosing the right cryptocurrency to trade or invest in. News sources will supply you with the most accurate and up-to-date information within the crypto sphere. Technical analysis will help you formulate a solid trading strategy off of the latest news.

If you end up choosing the right asset, at the right time, and formulate a congruent trading strategy, you’re halfway through the battle. So it’s very important to take your time and utilize these tools, to the best of your ability, in order to put all the odds in your favor.

Let’s start this list off with the most obvious choice…

CoinMarketCap

coinmarketcap-tools-cryptocurrencyYou can’t start a “crypto trading tool list” without mentioning this coveted resource. If you’ve spent more than five minutes within cryptocurrency ecosystem, I realize you’ve probably used this tool on many occasions by now.

This useful tool is your headquarters for all things cryptocurrency. It contains all the information you’ll ever need, on any cryptocurrency and exchange released to the public. Everything from graphs, official coin websites, social media information, market cap, exchanges that trade a particular coin you’re looking for, etc.

I’m sure you’re already very familiar with this tool by now, so let’s move on to the other goodies…

TradingView

tradingview cryptocurrency guide how toThis technical analysis trading portal contains anything and everything you ever wanted to know about the technical side of cryptocurrency like chart patterns, candlestick formations, as well as the most comprehensive list of charting tools and indicators you can find anywhere on the net.

This massive powerhouse of a site also contains a social media style platform where traders can share and discuss their charts and trading strategies. I can’t even begin to tell you how valuable this is.

Learning to trade from real trading experts and viewing how they set up their real life trading strategies is a powerful learning tool to add to your educational cryptocurrency trading arsenal.

TradingView is accessible from anywhere in the world and they even allow you to utilize their charts, drawing tools, and indicators for free. If you spend any amount of time on various cryptocurrency trading sites, you’ll notice that most of them, including reputable crypto exchanges, use TradingView charts.

If there’s one place that you want to learn more about technical analysis via plotting your own charts as well as learning from a network of professionals, TradingView is the place to be.

I could write an entire book on how valuable TradingView is, but I don’t think either one of us has the time for that.

DISCLAIMER: Coinigy is another widely used trading platform that many crypto traders use. I started out on this platform but find it to be extremely buggy and takes up a lot of your computer resources if you leave the chart up for too long. Their customer support isn’t that great either.

I highly recommend TradingView over Coinigy for serious traders. I’ll most likely write up a detailed comparison in the near future.

Moving down the list…

CoinTracking

cointracking info crypto track digital assets of coins bitcoin

Ditch those bloated Google spreadsheets and let CoinTracking do all the heavy lifting for you. Keeping track of your cryptocurrency trading activity is a rather daunting task this tool quickly eliminates for you.

The service imports your trades from 24 of the most popular cryptocurrency exchanges. Importation can be done via CSV files or API. Once all your trades have been imported, you can start analyzing your ROI and stay up-to-date with your profit loss ratios and resulting taxes.

This is the ultimate cryptocurrency tracking tool. I highly recommend it if you plan on trading more than a few times per month. Read more about the tool here.

Cryptocurrency News Sites

I suppose this isn’t so much of a tool “per se” but a place you want to frequent when you want to keep a pulse on the latest happenings within the crypto ecosystem. Look at it like your daily newspaper for stocks, which is absolutely essential if you want to keep up with your expanding investment portfolio or current trades.

Some of the more established sites are:

Cointelegraph
CoinDesk
CCN (CryptoCoinNews)

These news portals never post misleading information and are always the first to bring you the latest updates on the crypto world. There are many other sources like CryptoCoinJunky (shameless plug), where we filter through some the more important news releases of the day as well as provide you with trading guides, altcoin reviews, exchange reviews, and other useful information that will help you along your trading journey.

Sign up for our newsletter on the sidebar above (or below related news on mobile) and receive a free Crypto Coin Junky Handbook that contains 147 pages on everything you ever wanted to know about trading, investing, and other various aspects of the game.

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Moving onto more pressing matters….

ICOStats

ico stats performance crypto tracker tool reviewThis is an incredible tool if your into investing in ICO’s and are looking for a type of CoinMarketCap style site that specializes in Initial Coin Offerings. Here you’ll find basic information on any particular ICO that’s currently available or soon to be released to the public and accepting investors like you.

There’s also a very handy tool that calculates the potential profit (or loss) of your ICO, which will come in handy when you’re looking to keep track of how much you currently earned on your investment.

Ledger Nano Wallet

ledger nano cryptocurrency wallet hardware crypto The ideal security device for your precious cryptocurrency coins and the Cadillac of hardware wallets. It’s robust security features are unrivaled. It connects to your computer via a USB and embeds a secure OLED display to confirm each transaction with a single press of its side buttons.

There are many different reasons to use this wallet over others like…

  • Hardware wallets are always the most secure form of storing your cryptocurrency
  • They’re immune to viruses
  • Portability
  • They look cool (not really a benefit, but could be in the right situation)

Cryptowat.ch

cryptowatch site charts review live crypto prices and moreThe first time you view this site you might think you’ve been transported back to the 1990s era of the internet, however don’t let the retro appearance fool you, as it’s one of the top trading platforms to buy and sell digital assets, with all market comparisons located in one spot.

This site is owned by the cryptocurrency exchange, Kraken, and is a comprehensive charting and trading platform that offers technical charting for a large variety of crypto exchanges. Despite handling real-time data from over 22 different exchanges, the platform also provides accurate currency statistics (no lag) which will allow you to execute instant trades from their intuitive trading panel.

Many popular cryptocurrency platforms support Cryptowat.ch like Coinbase, Poloniex, CES.IO, Bitfinex, Huobi, and many others.  Click here for a list.

Blockfolio

blockfolio app android ios crypto tracking reviewOne of the most beloved tools from the crypto trading community. This Android/iOS app works as a position and investment tracker. It allows you to pin various cryptocurrencies on your customized dashboard and view them on a simplified graph. This allows users to keep track of orders, set alarms for particular price notifications and most importantly, allows you to input your trade data. This is the type of tool you need to have in order to track how much you’ve earned from a particular trade.

This is a must-have tool for those of you who are meticulous about keeping track of all the various cryptocurrencies circulating in your portfolio. The only issue I have with it is that it doesn’t connect via API to any market or exchange, so your trading data is not entered into the app automatically. So for now, you have to manually input your trading data.

All in all, it’s worth having as it’s free. If you’re trading or investing with over a dozen or so cryptocurrencies, keeping track of your profit ratio can prove to be a difficult task without it.

Another great alternative to Blockfolio is Delta . I’ve been hearing a lot of people singing its praises lately.

CoinMarketCal

coinmarketcal logo review crypto market community This site is a great “evidence based”, community driven, crypto news verification portal that accumulates 6 months of history on many various news reports, altcoin releases, and just about anything going on within the crypto ecosystem.

This is THE perfect tool to differentiate between authentic news and rumors on your favorite cryptocurrency. Once you’ve gathered the authentic up information, only then can you formulate your trading strategy.

You can expect an accuracy rate of well over 90% due to the fact that it’s community evidence driven. This is a great place to visit in order to substantiate the difference between rumors and the news.

CoinCheckup

coincheckup market analysis cryptoThe perfect site to check up and analyze your favorite cryptocurrency, ICO, arbitrage, or potential investment opportunities.

This research platform gives you a ton of insights from various angles like…

  • Coin Specs
  • Investment stats
  • Predictions
  • Charts & Detailed Analysis
  • Github Analysis
  • Market Data
  • News and a lot more

One of my favorite features is the “general average investment stats”. It gives you a great overall picture of volatility and returns of a particular coin over the course of a 7 to 30 day period.

They’ve also recently added an ICO analysis chart, pump and dump updates, arbitrage opportunities, and a host of other categories.

Check out all their analyzation features here.

BONUS: Deadcoins

dead coins crypto and icos exit scam scammer icoOk…. So this site isn’t really that essential, however it is a good place to check if you find yourself getting a bit overly enthusiastic about a particular altcoin that looks too good to be true.

This site is an accumulation of numerous shitcoins which lists the ones that you’ll end up losing your hard earned money on. Deadcoins operates in the way Wikipedia does, where people find a report coins with absolutely no growth potential and report them as a way to prevent other users from falling into their trap.

Wrapping things up…

I highly recommend you bookmark a few these tools in order to better help you decide where to put your money when investing in any future crypto project.

These tools don’t necessarily mean that you’re going to make a guaranteed profit, however it does allow you to make a very informed buying decision, which is half the battle. Placing probability in your favor is the name of the game when it comes to any solid trading strategy.

Let me hear from you in the comments below regarding your thoughts are on the tools outlined above. If you have any other useful tools that you think should be added to the list, let me know. Up

Bitmain Opens 20,000 Square Foot Office in Silicon Valley

Bitmain Opens 20,000 Square Foot Office in Silicon Valley

The cryptocurrency industries largest crypto mining company, Bitmain, just opened their new office in Silicon Valley ahead of its planned Initial Public Offering (IPO) later in the year.

According to the Silicon Valley Business Journal, the China based cryptocurrency mining hardware manufacturer moved into a 20,000 square foot office space in downtown San Jose California. The company filled the last vacancy of the city’s Riverpark Towers office building, which is known to be the hub of tech startups like Cohesity, Okta, and WeWork.

The expansion of Bitmain’s company is not surprising after the firm was recently valued at over $12 billion following the end of last month’s $400 million funding round. This makes it the most valuable cryptocurrency company in the world as well as the most valuable privately held tech startup.

Cryptocurrency companies have centered themselves around the same geographic locations as other tech industries. This recent move will better position Bitmain to expand and manage its digital empire. The company has been targeting expansion into the United States and Canada due to the industry’s uncertain future in China. The company has currently opened mining centers in both Washington state and Québec , Canada.

Bitmain has started investing in other tech startups, so it’s moved to Silicon Valley would naturally benefit its investment capital arm of the company.

The crypto mining company recently led a $110 million funding round for well renowned cryptocurrency trading desk, exchange, and investing app Circle.  Bitmain has also announced that they plan on creating a USD pegged stablecoin in the near future.

Recently, Bitmain invested $50 million in the Opera web browser, which allowed it a controlling stake in the company. Shortly after the investment, the company announced that it would integrate an Ethereum wallet into their web browser.

Just this week, Bitmain also funded a round for the launch startup Block.one (creator of EOS cryptocurrency), alongside PayPal cofounder Peter Theil. The investment capital size was not announced publicly.

Swiss Stock Exchange (SIX Group) Open to Trading Cryptocurrency On Their Upcoming Platform

Swiss Stock Exchange Open to Trading Cryptocurrency On Their Platform

Switzerland’s principal stock exchange, SIX Group, announced that they’re open to the possibility of trading cryptocurrency on their digital trading platform. Although the platform is still in development, they expect to launch by mid 2019. This stated in an interview with the Swiss info news outlet on July 15.

SIX Group (Swiss Infrastructure And Exchange), is the country’s largest stock market and plans to launch a fully regulated platform for cryptocurrency. The service intends to offer a wide range of services including Initial Coin Offerings (ICO) consultation from those companies that are not classified as securities.

A spokesperson of SIX Group, Stephan Meier, stated that there is a real need for transparency and accountability within the crypto sphere. According to him, this would benefit both investors and businesses in the industry as well as the participants of institutional markets.

“Traditional service providers and investors are interested in our upcoming service for offering digital currency and want to take advantage of these opportunities for raising capital and trading in digital assets.”

Meier didn’t disclose what specific cryptocurrency would be offered to listings on their upcoming platform. He claimed that the company would technically be able to add various cryptocurrency to the platform and that each digital asset would undergo a “due diligence” process before being added. However, he still noted that the question of whether cryptocurrency will be added still an open discussion.

Meier claims that SIX Group is looking to build a bridge between traditional finance services and digital communities. He emphasized that the company would be working in close proximity with regulation authorities in order to find out what areas need to be adjusted for additional legal framework.

Switzerland was reported earlier in the week to be the second most favorable country for ICO’s in terms of funds raised which was only outperformed by the United States

New Study Shows 80% of ICOs Operated in 2017 Were Scams

New Study Shows That 80% of ICOs Conducted in 2017 Were Scams

A recent study prepared by the Statis group ICO advisory firm identified that over 80% of ICO’s in 2017 were scams. The study examined the lifecycle of these ICO’s from the initial proposal of sell to the mature phase of trading on a cryptocurrency exchange.

The research revealed that over 70% of the ICO funding went to higher-quality projects, while over 80% of the projects were identified as scams. This study labeled an ICO death as “not listed on exchanges for trading” and “not updating code within their Github contribution page for over three months”.

According to the research, total ICO funds raised from these companies in 2017 amounted to $11.9 billion. 11% of the ICO funded ($1.34 billion) went towards scam these scam coins. The vast majority went to larger scam projects like Pincoin ($660 million), Savedroid ($50 million), and Arisebank ($600). The three ICO’s alone equaled $1.31 billion. While a larger number of ICO’s were scams, they received little funding as compared to the industry as a whole.

Techcrunch released another report earlier this year from Coinopsy and Deadcoins, which discovered that over 1000 cryptocurrency projects are already dead as of June 30, 2018. According to the Coinopsy list, there were 247 dead coins, while Deadcoins contained a 830 “dead list” of cryptocurrencies.

These cyber security company Carbon Black, conducted research in June of roughly around $1.1 billion worth of digital currency which was found stolen in the first half of 2018. The security company stated that cyber criminals take advantage of the dark web in order to initiate large-scale cryptocurrency theft. Estimated reports showcase 12,000 marketplaces and 34,000 offerings associated with crypto theft that hackers took advantage of.

The consulting firms PwC and Swiss Crypto Valley Association released a report showing the volume of ICO’s between January and May 2018. The report shows that $13.7 billion worth of ICO funding has already been accumulated, which is twice as much as the entire year of 2017.

 

South Korean Officials To Develop New Cryptocurrency Exchange & Blockchain Regulations

South Korean Officials To Develop New Cryptocurrency Exchange & Blockchain Regulations

The Korea Times reported today that South Korean regulators are finalizing drafts of bills intended to develop a set of rules on cryptocurrencies, blockchain technology, and initial coin offerings (ICO’s).

South Korea lawmakers will introduce the draft as an extraordinary session of national assembly which is going to Take Pl., July 13th through 26. According to Korea times, representative Song Hee-Kyung, of the Liberty Party Korea is calling for regulations on crypto trading platforms in order to prevent money laundering, personal data leaks, and cyber crimes.

South Korean officials are reportedly planning to present new regulatory bills on the legal status of digital currencies and the legal requirements for cryptocurrency exchanges. Many officials are calling for more security measures for cryptocurrency exchanges with regard to the recent string of crypto hacks.

As of recent, South Korean regulators have been gradually changing their stance towards cryptocurrency. Last month, the government announced that they plan to reverse the ICO ban which they initially enacted back in September of 2017.

The South Korean Ministry of Science And Technology also strengthened their cooperation with the US in order to advance the “Fourth Industrial Revolution” powered by blockchain technology.

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Latest Crypto News

CoinMarketCap Removes Volume Requirement for Cryptocurrency Exchanges

CoinMarketCap Removes Volume Requirement for Cryptocurrency Exchanges

CoinMarketCap Removes Volume Requirement for Cryptocurrency Exchanges CoinMarketCap, the cryptocurrency data aggregation site, recently removed their volume requirements for crypto exchange listings on their platform, citing data transparency and clarity concerns. The giant cryptocurrency portal

JPMorgan Wants to Use Blockchain to Issue ICO Tokens

JPMorgan Pursues Blockchain Patent to Issue ICO Tokens

JPMorgan Pursues Blockchain Patent to Issue ICO Tokens American investment banking giant JPMorgan Chase is pursuing a patent for a distributed system that uses blockchain technology to issue virtual depository receipts that sound suspiciously like

IBM Backs Dollar Pegged Stablecoin on Stellar Network

IBM Backs Dollar Pegged Stablecoin on Stellar Network

IBM Backs Dollar Pegged Stablecoin on Stellar Network The San Francisco-based financial institution, Stronghold, has been developing a trade-in payment ecosystem which is launched an asset backed token on the stellar network. Buyers will be

The Fastest Cryptocurrency Transaction Speeds for 2018

The Fastest Cryptocurrency Transaction Speeds for 2018

The Fastest Cryptocurrency Transaction Speeds for 2018 The development of blockchain technology and cryptocurrency in general have everything to do with the inadequacies of the current financial system. Consumers are sick and tired of the

Wells Fargo Files Patent for Tokenization System to Protect Data

Wells Fargo Files Patent for Tokenization System to Protect Data

Wells Fargo Files Patent for Tokenization System to Protect Data San-Francisco-based bank Wells Fargo has outlined a patent for a tokenization system that would protect data, according to a filing published by the U.S. Patent and Trademark Office (USPTO)

Bitmain Opens 20,000 Square Foot Office in Silicon Valley

Bitmain Opens 20,000 Square Foot Office in Silicon Valley

Bitmain Opens 20,000 Square Foot Office in Silicon Valley The cryptocurrency industries largest crypto mining company, Bitmain, just opened their new office in Silicon Valley ahead of its planned Initial Public Offering (IPO) later in

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