October 3, 2018
QUOTE OF THE DAY
“There are 3 eras of currency: Commodity based, politically based, and now, math based.”
- Chris Dixon
Good morning!
The cryptocurrency industry has so many cool projects and startups that we continue to discover every day. That being said, if you are part of, or know of a cool project that you think Unbankd should connect with, send us a short pitch!
Just reply to this email with your pitch and we'll aim to get back to you ASAP!
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The Unbankd Team
| COIN | PRICE | 24H |
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| BTC | $6,478.929927 | -1.45% |
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| ETH | $219.428577 | -3.91% |
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| XRP | $0.525147 | -6.37% |
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| BCH | $514.101533 | -4.08% |
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| EOS | $5.574136 | -1.38% |
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*Information as of 9:30 AM EST
Singapore Overtakes United States in ICO Race
Singapore is the ICO Capitol
According to research conducted by blockchain analytics firm Elementus, Singapore has overtaken the United States in terms of monthly ICO launches for the first time ever. The most recent data in Elementus’s study spanned the month of August.
Singapore was home to 17 token sales in August, while the United States hosted 15. Singapore’s 17 initial coin offerings accounted for roughly 16% of the world’s total for August.
The country is known for technology and innovation and with progressive crypto regulations, it has been able to lure in crypto startups.
United States needs to act if they don’t want to fall behind
Less crypto startups are being founded in the United States because of unclear regulations. The US government has acted extremely slow on crypto regulations and now it's starting to show.
Many experts agree that blockchain is bringing the next technological revolution and will have a significant impact on national economies. If the US wants to have a role in this disruption, it must establish more crypto-friendly regulations to recruit crypto startups back within its borders.
ICOs are becoming more competitive
It is apparent that ICOs are becoming more competitive. With less money to go around, fewer ICOs are having successful fundraisers.
CoinDesk Reveals Top 10 Blockchain Universities
CoinDesk has revealed the top 10 U.S. Universities for blockchain. The list was compiled using three criteria: the number of blockchain-related courses, the number of blockchain organizations on campus, and each school’s access to the blockchain technology industry.
The official rankings are here
1. Stanford University
2. University of California - Berkeley
3. New York University
4. Massachusetts Institute of Technology
5. Cornell University
6. Georgetown University
7. Harvard University
8. Duke University
9. Carnegie Mellon University
10. University of Pennsylvania
Blockchain talent is in demand
One major bottleneck to the blockchain boom is a lack of talent. As it is with any new technology, it is difficult to find people who have the technical knowledge. Crypto companies are constantly trying to recruit and train employees.
Students see this opportunity and are demanding crypto and blockchain classes from their universities. Schools are frantically trying to put together blockchain programs to capitalize on the new innovation.
Noble Bank Loses Tether and Bitfinex as Clients, Searches for Buyer
The For Sale sign is up
According to Bloomberg, Puerto Rico's Noble Bank is looking to sell itself for a price between $5 and $10 million - a number that is largely based off the value of its international financial entity license.
Allegedly, an unnamed source close to the matter told reporters that the decision to sell the business came after the bank had lost many clients, including crypto's very own Tether (USDT) and Bitfinex.
If true, where to next Tether?
After Wells Fargo dropped Tether and Bitfinex as clients last year, Noble Bank was the first stop for the crypto ventures because of its willingness to work with cryptocurrency-focused businesses.
In 2018 alone, Noble's cash holdings rose from $191 million to $3.3 billion and Noble's largest client Tether (USDT), a stablecoin with 1-to-1 backing in physical U.S. dollars, most likely accounted for a signifcant portion of Noble's business after it claimed to have more than $2 billion in reserves following a private audit that took place in June.
Now that sources are claiming Tether has left the island, it seems to have had a detrimental impact on Noble Bank, however, the situtation has yet to be confirmed by either party.
Crypto Could Solve 50 Year-Old Triffin Dilemma, Says St. Louis Fed VP
Andolfatto just plugged cryptocurrencies
Yesterday, David Andolfatto, an economist and vice president at the Federal Reserve Bank of St. Louis, spent an hour answering questions from curious Twitter users.
During the session, one user asked if cryptocurrencies could solve the 50 year-old Triffin Dilemma, a situation that causes a global reserve currency (currently U.S. dollars) to incur a trade deficit to maintain its position.
Andolfatto quickly responded in favor of cryptocurrencies saying:
"The Triffin Dilemma refers to the double-edged sword of possessing a currency that serves as the world reserve currency. If a private cryptocurrency were to replace a given world reserve currency, this would eliminate the dilemma for that currency."
Not so fast though
Though cryptocurrencies could theoretically solve the Triffin Dilemma, Andolfatto holds that it is unlikely a cryptocurrency would replace the U.S. dollar.
As for the reason behind his belief, Andolfatto mentioned that the U.S. dollar does not demand "decentralized consensus based record keeping" to accomplish its goals.
But wait, there's more...
- The Wall Street Journal reported their new finding that automated trading programs, or bots, are manipulating digital currency prices on cryptocurrency exchanges.
- Coinbase's leadership expansion continued Tuesday as it added Charles Schwab advisor Chris Dodds to its board of directors.
- According to Recode, San Francisco-based cryptocurrency exchange and wallet service Coinbase is finishing negotiations that would value the company at $8 billion.
AirSwap (AST)
AirSwap was built for a decentralized future, embracing the nature of blockchain as a distributed system. Users remain in control of their assets and trades are settled directly between peers, without a third party or any intermediary.
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