 QUOTE OF THE DAY  |
| It’s based on open market competition, and there will probably always be nodes willing to process transactions for free. - Satoshi Nakamoto |
Happy Wednesday! Don't forget we are still giving away copies of @cointradernik new book An Altcoin Trader's Handbook. Simply follow the steps in the 'Giveaway' section below to enter!
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $7,421.05 | +10.46% |
|
| ETH | $497.364 | +5.74% |
|
| XRP | $0.509936 | +8.03% |
|
| BCH | $867.29 | +9.4% |
|
| EOS | $8.87637 | +11.83% |
|
*Information as of 9:30 AM EST
World’s First Bank-Owned Cryptocurrency Exchange Opens to the Masses in Japan
SBI GROUP
- SBI Group, short for Strategic Business Innovator Group, is a financial services company based in Tokyo, Japan
- The company is relatively young, founded in 1999, and prides itself on being a financial innovator
SBI is keen on innovation, stating on its site:
"We will transcend traditional methods and bring financial innovations to the forefront of the financial industry, utilizing opportunities provided by the powerful price-cutting forces of the Internet and developing financial services that further enhance benefits for customers."
VCTRADE
- SBI has just opened up trading on its exchange dubbed VCTRADE, and being a bank-owned crypto exchange, it is the first of its kind in the world
- VCTRADE has been in the works for years and has had months of delays before finally launching
- At inception, VCTRADE is only available to retail investors and not any institutions or companies
- The exchange opens in one of the biggest cryptocurrency markets and had more than 20,000 pre registrations
SBI president, Yoshitaka Kitao, has high aspirations for his company’s exchange previously saying:
"When we do it, it will be number one in the blink of an eye, so quickly. So, even if a tremendous number of customers come, we will have a system that can bear [the influx of users]. We [also] have to pursue safety [norms and standards] thoroughly."
Crypto Mining Company Bitmain Opens Office in Silicon Valley
BITMAIN
- Bitmain is a privately owned Chinese company, founded in 2013 by Jihan Wu and Micree Zahn
- The company is one of the worlds largest Bitcoin miners and manufacturers of ASIC Bitcoin mining chips
- It also operates AntPool and BTC.com, which have been historically two of the largest mining pools in the mining industry
- Just last month, Jihan Wu indicated that the company is considering an IPO to raise additional capital
TECH CAPITAL
- Arguably the most powerful entity in crypto, which is maybe the fastest growing technology, it makes sense that Bitmain has decided to open an office in Silicon Valley
- Some speculate that this move is motivated by the company’s desire to IPO later this year
- Bitmain’s new office will act as a headquarters for its North American operations
- It has begun opening mining centers in Washington and Quebec and also has made investments in other American tech startups
Meet The Newest USD Stablecoin: USD Anchor
TECHNICALS
- Developed by a startup called Stronghold, USD Anchor is a new stablecoin that will be pegged to the US dollar
- USD Anchor is built on the Stellar and uses Stellar’s consensus protocol to verify transactions
Sean Bennett, Stronghold’s co-founder and CTO, explained the importance of stablecoins:
“The process for seamlessly managing and trading assets of any form from digital to traditional currencies, needs to evolve. Asset-backed tokens can provide seamless access to all currencies, improving the global movement of money."
BANKING PARTNER
- The dollars that back USD anchor will be held at a Nevada-chartered trust company called Prime Trust
- Prime Trust will then deposit the funds in banks that are insured by the FDIC
IBM PARTNERSHIP
- IBM, who has been heavily involved in blockchain, is partnering with Stronghold on USD Anchor
- IBM has plans to approach its financial institution clients about how they can use USD Anchor
PURPOSE OF STABLECOINS
- Stablecoins allow investors to hedge market volatility without selling back to fiat, which usually comes with fees
- Altcoin investors often complain about altcoins dependence on price movement, stablecoins pairings can be a solution for altcoins to breakaway from Bitcoin's influence
- Stablecoins are also useful for being the denominator in prediction markets that occur over a longer timeframe, as the stablecoin will remain consistent over the duration of the trad
Coinbase Reverses Its Statement Saying the SEC Gave Regulatory Approval to List Coins Considered Securities
NO APPROVAL
- Recently, Coinbase reported that it could now operate as a broker dealer after strategic acquisitions of licensed financial services firms
- However, Coinbase has since reversed its previous statement and now says that it had not received regulatory endorsement from the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA)
SEC NOT INVOLVED
- Rachel Horwitz, Vice President of Communications at Coinbase, wrote comments to Bloomberg stating that it is "not correct" to say the SEC and FINRA approved the purchases since the SEC was not involved
- FINRA declined to comment on the matter, however, the SEC did release a statement to clear things up
The SEC clarified that its talks with Coinbase about the new acquisitions were informal:
"The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff."
IT'S GIVEAWAY TIME!
That's right. It's giveaway time. This time we are giving away 3 copies of @cointradernik's newest book An Altcoin Trader's Handbook!
HOW TO ENTER:
- Click the 'Win Your Copy' button above
- Forward the Blockchain Brew newsletter to 3 new people
That's it! We will be tracking the results and announcing winners in the Friday, July 20th newsletter.
P.S. Don't miss this opportunity...this may be the easiest way to get a free book in your lifetime:)
- Sequoia China, Polychain Lead Blockchain Startup's $28 Million Round
- Mastercard Files Patent for Payment System Linking Blockchain Currency, Fiat Accounts
- Litecoin Founder Says in ‘Best Case’ Recent Bank Stake Could Result in Crypto Services
Bitcoin (BTC)
Cboe XBT Bitcoin Futures Trading Expiration date is 18 July, 2018.
WAX (WAX)
WAX will be at at Comic-Con from Jul 18-22.
Pundi X (NPXS)
Istanbul meetup from 18:00 to 21:00.
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