Cryptocurrencies gave up their upward trend, witnessed over the past few days, early Wednesday, led by the double-digit decline in altcoins. In other news, Hong Kong and Singapore have emerged as the new initial coin offering hotspots. Meanwhile, a Japanese power utilities major entered a partnership with a blockchain-based energy trading platform to test peer-to-peer trading in renewable energy. In South Korea, a telecom giant plans to use blockchain technologies to provide asset management and payment service within this year.
Here is a wrap of the main news from the cryptocurrency and blockchain world over the past 24 hours.
Hong Kong And Singapore Emerge As New ICO Hotspots
Token sales ban in China and South Korea is perhaps turning into a blessing in disguise for Singapore and Hong Kong, where the number of initial coin offerings has skyrocketed in recent months. The phenomenal increase in the number of companies launching ICOs in the Chinese self-administered territory and Singapore is attributed to a favorable environment they provide to companies that seek to raise funds outside their home countries. Read more...
Power Ledger, Japan's KEPCO Partner To Trial P2P Renewable Energy Trading
A Japanese electric utility major has partnered with the blockchain start-up Power Ledger to trial peer-to-peer renewable energy trading in the country. The effort aims to provide communities with cheaper energy systems to offset existing energy costs. Generating customers will be allowed to monetize their renewable energy investments by selling their excess energy peer-to-peer. Read more...
South Korea's SK Telecom To Launch Blockchain-based Asset Management Service
SK Telecom plans to use blockchain technologies to provide asset management and payment service within this year, The Korea Herald reported, citing the South Korean telecom operator's blockchain unit head. The company would also build a platform named "Token Exchange Hub," aiming to boost transparent financial deals by blockchain startups and small and medium-size enterprises. Read more...
Bill Allowing Companies To Store Data On Blockchain Progresses In California
A California Senate panel has signaled a "go-ahead" to a Bill that allows companies in the state to store data, including information about stockholders, on a blockchain. Bill 838, which was introduced by Senator Robert Hertzberg in January, aims to establish a secure method to issue and transfer corporate share certificates. The State Senate's Banking and Financial Institutions Committee referred the measure to the Judiciary Committee with a recommendation to approve it. Read more...
MobileCoin Raises $30 Mln In Bitcoin, Ether, Led By Binance Labs
MobileCoin, a new cryptocurrency project, announced a fundraising round led by blockchain technology incubator Binance Labs for $30 million denominated in Ethereum and Bitcoin. The capital will be used to build out its team and processes to deliver the coin. Binance Labs, which concentrates on pre-ICO projects, said, "A mobile-first, user-friendly cryptocurrency, like MobileCoin, plays a critical role in driving mainstream cryptocurrency adoption. Read more...
Virtual Crypto Technologies Launches NetoBit Cash Tablet
Israeli start-up Virtual Crypto Technologies Ltd. has launched a tablet device called "NetoBit Cash" that allows the purchase, sale, and conversions of Bitcoin and other cryptocurrencies in retail points of sale, e-commerce websites and online shops. Virtual Crypto is developer of software and hardware for the purchase and sale of cryptocurrencies through ATMs, tablets, PCs and or mobile devices. Read more...
Tutorial: Crypto Lexicon - REKT
Borrowed from online gaming slang, REKT means wrecked or ruined, usually in reference to a big loss suffered in a cryptocurrency trade. An example from a reddit post: "I saw a 12 Million Dollar position get liquidated last night, some people got completely rekt." Read more...
Current Prices
As of 9.38 am on Wednesday, Bitcoin was down 3.76 percent at $9,041.48 and Ethereum was lower by 12.74 percent at $617.63 on Coinbase.
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