The overall crypto market cap is still a shadow of what it once was, slightly over $200 billion, via live Blockmodo data. Despite the bearish markets, however, a lot is happening behind the scenes.
In today’s roundup, we’ll review Coinbase’s asset custody approval, Bitmain confusion, a gold-backed crypto failure, and growing mainstream interest. Let’s catch up on the action!
NY Gives Coinbase The Green Light To Offer Crypto Custody Services
Coinbase recently announced it’s official custodianship of crypto assets, in accordance with New York regulation.
This basically means Coinbase is in line with New York regulation to securely hold specified crypto assets for customers. The assets listed are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and XRP.
New York is known for its crackdowns and inquiries into the crypto space.
Investors Received False Information About Bitmain Funding Round
Bitmain is one of the most popular producers for crypto mining equipment. They have seen many news headlines over the past several months with talks of their Initial Public Offering (IPO).
Recently, potential investors reportedly received documents with false statements about Bitmain being backed by two companies named Digital Sky Technologies Global and GIC Private Limited.
It is currently unclear who put these false statements into said documents.
Canadian Border Services Begins Testing IBM Blockchain For Shipping
Yet another example of mainstream interest in blockchain technology and application. The Canadian Border Services Agency (CBSA) recently publicized a partnership with the sizeable Port of Montreal, and will use a project called TradeLens.
IBM, in collaboration with A.P. Moller-Maersk Group (Denmark-based shipping company), is behind the development of TradeLens.
TradeLens “is aimed at modernizing the shipping industry by digitizing the ‘paper trail with electronic scheduling, clearance and billing while tracing containers,’ and is expected to be fully commercial by the end of the year”, according to a report by CoinDesk.
Major Agriculture Companies Partner To Use Blockchain In Grain Trading
ABCD stands for 4 companies – Archer Daniels Midland Co., Bunge LTD., Cargill Inc., and Louis Dreyfus Co. These are the 4 most sizeable agriculture businesses in the world.
ABCD “are working together to standardize and digitize international grain trades using technologies such as blockchain and artificial intelligence”, according to a report by Reuters.
CoinTelegraph explained in their article, that “In the long run, ABCD plans to integrate blockchain technology on different levels of the supply chain, including shipping, storage, and customer experience”.
UK Government Vetoes Royal Mint’s Launch Of Digital Gold After CME Exit
A British institution called Her Majesty’s Royal Mint originally had plans to start up a cryptocurrency backed by gold.
Reports from today explain that the U.K. government has put a stop to those plans. Plans for this gold-backed cryptocurrency (called RMG) date all the way back to 2016.
RMG tokens were to open near the end of 2017, with a trading launch on the Chicago Mercantile Exchange (CME) at some point. Due to alleged management changes, however, the CME changed their tune, no longer desiring involvement.
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