Day: May 2, 2018

The co-founder of the Ethereum Foundation appears unfazed by reports that the SEC may consider ETH a security #NEWS

Cryptocurrency exchanges have a responsibility to take this industry to the next level. Huobi Labs, a subsidiary of Huobi China, is looking to enter the blockchain industry. By setting up a $1 billion blockchain fund, the venture will mainly focus its attention on the Chinese market. The venture is also a key partnership with Tianya Community Network Technology, a social networking platform in the country.

Another Blockchain Fund

Various companies around the world have shown a keen interest in blockchain technology. Albeit most firms aren’t too sure Bitcoin has a future, they see merit in the underlying technology. Especially financial institutions and supply chain service providers can benefit from a distributed ledger-based venture.

In China, there is a very big interest in DLT as well. Huobi Labs acknowledges the potential for blockchain in the Asian region. By teaming up with Tianya Community Network Technology, a new $1bn blockchain fund is created. This money will be used to fund startups and ensure the DLT industry will continue to thrive in China.

Huobi Labs will also move its headquarters to Hainan Coast. It is still in China, but the new location is a lot closer to its partner Tianya. From this location, the development of a Global Cultural and Creative Blockchain Lab will begin to take shape. If successful, the joint venture will collaborate with universities to advance blockchain research.

A Potentially Smart Move by Huobi Labs

Most cryptocurrency enthusiasts know Huobi as a trading platform. The Chinese entity supports dozens of cryptocurrencies and digital assets alike. By now focusing part of the Huobi China on blockchain, the group can tackle both nascent industries at the same time. The Huobi trading platform has made inroads in 130 countries around the world.

It is not the first time Huobi Group aims to improve its presence within the region. The firm set up trading centers in various countries, including Singapore and Japan. Gaining a bigger foothold in China will prove to be challenging. Dozens of blockchain ventures are competing in this space, albeit there are not that many incubators and research centers.

How this will affect the future of blockchain in China, remains undetermined. Government officials remain wary of this technology and cryptocurrencies alike. With a native research center working with international universities, a paradigm shift appears to be on the horizon. Additionally, the Huobi Labs incubator will help foster a better ecosystem for these emerging technologies.

Image from Shutterstock

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Bitcoin has been trading in a narrowing price range over the past week, but a bullish breakout is looking likely.

For how much longer will companies like Facebook, which reported Q1 revenue this year of $11.97 billion, be able to retain a business model that capitalizes on free content generated by its users without rewarding them for it? Is it much of a stretch of the imagination to see it aligning its interests with that of its users instead of being in conflict with them?

Even though most cryptocurrencies are going through sideways trading momentum as of right now, the overall uptrend is still in place as we speak. Virtually all of the top 15 currencies ranked by market cap are in the green over the past 24 hours. The EOS price notes some of the biggest gains in the past day, even though it also saw a massive decline two days ago.

The EOS Price Remains Volatile

Any uptrend in the world of cryptocurrency will be squashed sooner or later. In the case of the EOS price, the extremely bullish trend in the past week and a half resulted in a spectacular decline starting two days ago. With a low of $16.82, it seemed as if the value per EOS would drop below $15 at some point, but that did not happen in the end. Instead, we are now dealing with a new EOS price uptrend, effectively pushed the value well beyond $17.5.

This 8.05% increase in the past 24 hours has been rather surprising for EOS. Although there is no real reason for the EOS price to remain below $17  -especially given all of the hype and speculation surrounding this token – any decline can often lead to panic selling. It seems most investors keep the confidence in EOS right now, although it remains to be seen whether or not a value of $20 can be reached before the week is over.

It is also interesting to note how EOS gained 6.87% over Bitcoin and 6.37% over Ethereum. With both of those currencies also recovering some minor losses, the coming days will be pretty interesting to keep an eye on. While some experts are convinced the sideways trading momentum will continue for some time to come, cryptocurrencies often prove these self-professed experts wrong. Whether or not history will repeat itself in this regard, remains to be determined.

Thanks to $2.878bn in 24-hour trading volume, EOS remains one of the most liquid altcoin markets to date. It is uncanny how investors throw billions of dollars at a token for a product that doesn’t even exist as of right now. Nor will it exist anytime soon, as there is only a testnet available at this point in time. Hype and speculation trump usability in this regard, although the same concept applies to quite a few altcoins as well.

Not much has changed in terms of exchanges dominating the EOS trading volume. OKEx is in the first place, followed by Bithumb and Upbit. Without Korean exchanges, the overall trading volume for EOS would be 38% lower, which seems to indicate different parts of the world show an increasing interest in EOS as of right now. If this trend remains in place, reaching an EOS price of $20 is not entirely out of the question.

Whether or not EOS has any long-term momentum, remains to be seen. Considering how this massive EOS price trend has only materialized a few weeks ago, it is difficult to predict where things will head next. It is a very intriguing market to keep an eye on, and one where loads of money can be made or lost in quick succession. The bigger question is whether or not the EOS price is still relevant a year from now, or if something else has taken its place entirely.

A U.S. District Court has ruled against Chinese conglomerate Alibaba Group in favor of a Dubai-based cryptocurrency foundation, Alibabacoin. The judge says Alibaba Group did not show any jurisdiction in the U.S. and China’s ban on initial coin offerings eliminates any potential confusion.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

No Jurisdiction for Alibaba

U.S. District Judge J. Paul Oetken ruled in favor of a cryptocurrency and its foundation on Monday against the Chinese giant Alibaba Group Holdings. He “rejected Alibaba Group Holdings Ltd’s bid for a preliminary injunction to block the Dubai cryptocurrency firm Alibabacoin Foundation from using the Alibaba name,” Reuters elaborated, adding that he explained:

Alibaba did not show he had jurisdiction, having failed to establish a ‘reasonable probability’ that Alibabacoin’s interactive websites were used to transact business with customers in New York.

In a complaint filed with the U.S District Court of Southern District of New York on April 2,
Alibaba Group accuses the defendants of using an “unlawful scheme to misappropriate” Alibaba’s brand name “in order to deceive investors in the U.S. and around the world.” The defendants used the Alibaba trademark to raise over $3.5 million from investors through initial coin offerings (ICOs) of Alibabacoins or Abbc Coins which “are neither registered nor approved by U.S. Regulators,” the Chinese company alleged.

The Alibabacoin Foundation argued that it was not trying to piggyback off the Alibaba name. Judge Oetken then dissolved a temporary restraining order against the foundation issued on April 2 by another judge.

This Is Not China

The court document shows that Alibaba Group Holding is a Cayman Islands company with its principal place of business in Hangzhou, China. Alibaba Foundation is a Dubai-based commercial organization with offices in Dubai and Minsk, Belarus. It is also known as the Alibabacoin Foundation and Abbc Foundation.

“The judge said it did not matter that Alibabacoin might eventually list its cryptocurrency on U.S. exchanges or that a New York company hosted one of its websites,” Reuters detailed, noting that:

Any injury Alibaba might have suffered to its business, goodwill and reputation from alleged trademark infringement likely occurred in China, where the e-commerce retailer is based.

Furthermore, the judge explained that “China’s ban on initial coin offerings in September eliminated a key source of potential confusion among consumers about its lack of ties to Alibaba,” the news outlet conveyed.

Do you think Alibaba should be able to stop Alibabacoin? Let us know in the comments section below.

Images courtesy of Shutterstock and Alibaba Group Holdings.

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Scientist.com, the popular online marketplace for research services, has revealed that is about introduce a blockchain-powered platform designed to track and protect pharmaceutical data.

The new program, Data Smart, will be the site’s first foray into using blockchain applications which provide tracking and protection of medical data. It is a sector which is beginning to entice companies looking to apply blockchain as a replacement for current systems which are fast becoming outmoded.

Online market researcher BIS Research estimates that blockchain in healthcare will reach over USD 5.6 billion by 2025, and some of the biggest beneficiaries of this technology will be pharmaceutical companies, which lose an estimated USD 200 billion to counterfeit drugs each year.

Data from Statista.com shows that in 2017, only 15% of healthcare applications stated their intent to adopt blockchain for commercial deployment, although 50% were still undecided.

Companies such as Pfizer, BlockRx, and Genetech now use the technology to improve security, while more recently, DHL and Accenture have linked to create their own blockchain-based prototype in March to “track pharmaceuticals across the supply chain”.

Data Smart will do exactly this, ensuring “the integrity of information”, stated Scientist in their press release, “In biopharma research, we need blockchain technology to verify and validate the supply chain and to ensure the integrity of research data.”

Another hurdle that Data Smart will overcome is the cost and time adhering to current regulations, which will now be overcome by validating the integrity of the supply chain. Scientist maintains that the application will help to reduce the current pressure being put on biopharma businesses, due to strict US data regulations.

Currently, a number of healthcare institutions are successfully using blockchain technology around the world, ranging from constant tracking in clinical trials, healthcare information, and pharma supply chain solutions.

Dr Christina Czeschik, a physician and specialist in medical informatics argues that there are “few other industries in which so many different viewpoints and agendas need to be reconciled to achieve a common goal” – which, in this case, is good patient care.

image source: https://pixabay.com/en/pill-capsule-flying-many-horde-1884777/ – qimino

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UniPAY, Exchange4Free, FairFX, RationalFX, and MoneyMatch are among 5 new customers to adopt Ripples xVia API solution to power payments.  xVia provides a payment platform for less developed countries with emerging markets so they can make faster payments and mitigate manual reconciliation costs.

Emerging markets

Emerging markets often have some aspects of a developed market, but don’t necessarily have a high income, many opportunities for foreign investment, capital flows, or any other developed qualities. The four largest emerging markets are Brazil, Russia, India, and China.

These markets currently face obstacles for global payments as they do not have financial systems in place to that of more developed countries. They are often reliant on banking systems outside their own countries so they can take part in global commerce. Digital commerce in these emerging markets is growing with more businesses looking to join the global economy. Hedge funds in the fourth quarter for China and India, were up 20 percent,  reaching USD 230 billion in assets under management.

Africa currently is dependent on mobile money for its primary method of commerce. Vietnam is quick to follow China with growth in e-commerce and is looking to digital wallets as a means for cross-border payments. South East Asia’s digital trade is rapidly growing with almost 30 percent of online sales made over social media.

Shaping the future of global commerce

Millions of new businesses and people are all looking to access the global market. India is set for more than a billion new people to be interested in banking over the next five years. With transaction times growing, a higher demand for financial services we need to improve the way in which we exchange currency around the world. “Ripple’s goal is to provide a fluid flow of money that can help provide the opportunity both into and out of emerging markets, but also broadly around the world.” Blockchain technology has the ability to create a decentralized solution to improve global commerce.

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Canadian and US fintech companies and investors have joined together to launch the Institute for Blockchain Innovation to guide the industry into the future.

Institute for Blockchain Innovation Created to Guide the Industry

A new think tank dedicated to the development of Blockchain and cryptocurrency industries called the Institute for Blockchain Innovation has been formed by US and Canadian companies and investors in the space.  As reported by Forbes the institute which was spearheaded by startup Finova Financial along with 60 other interested parties in order to “envision and design guard rails for the blockchain and cryptocurrency industries as they mature and become more mainstream.”

According to Greg Keough, Chairman & Co-Founder of the Institute, and CEO of Finova Financial, the institute will be an open source community where people will be encouraged to get involved in the Blockchain movement. A place to share and explore ideas and trends as well as to contribute to thought leadership for the future of all things blockchain. Keough was quoted as saying,

“We believe that the blockchain will be a powerful engine for bringing more people into prosperity and encouraging innovation at an unprecedented level.”

The institute has identified three major benefits that the cryptocurrency – blockchain industry has to offer.  First is blockchain’s decentralized structure which has led to a multitude of experiments across all fields of industry from finance to agriculture. Second, blockchain’s seamless transaction potential which can unify global banking networks and ease the hassle of remittance payments. Thirdly, is the immediate liquidity available when backing blockchain ventures, something startups outside of the crypto space can rarely offer to VC or angel investors.

The IBI is also intended as a platform for startups and all others in the crypto space to voice the positive aspects of cryptocurrencies and the potential of blockchain technology to improve society. With the weight of the institute behind them, the founders of the IBI hope to form partnerships in order to educate law and policymakers about the emerging technology and help to create beneficial regulation.

IBI Plans to Explore JCOs

First on the IBI’s agenda is to explore JOBS Crypto Offering or JCO. This unique fundraising platform is a combination of the relatively new initial coin offering with the more traditional initial public offering (IPO). A JCO issues securities that can be converted into crypto tokens by the company while still complying with the JOBS act regulation.

According to the Institute,

“the JCO is a next-gen hybrid that gives startups a pathway from the initial capital to IPO on the block chain so that companies all over the world can more easily tap into the financial resources they need to grow. This is a new approach to trading digital equity securities (commonly referred to as “equity tokens”) on the block chain that creates a solution for the regulatory gap in ICOs while providing liquidity in a crowdfunding model.”

Image from Shutterstock

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Peter Thiel’s Founders Fund has reportedly invested in a cryptocurrency startup that aims to optimize the bulk trading of cryptocurrencies.

Notable short-seller Andrew Left took aim at the world’s second-largest cryptocurrency in a new interview.

Key Highlights

• ADA price held the $0.3200 support level and recovered nicely against the US Dollar (tethered).
• There is a crucial bullish trend line forming with support at $0.3350 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair is on the move and it could extend gains above the $0.3600 resistance in the near term.

Cardano price gained made good gains against the US Dollar and Bitcoin. ADA/USD is now preparing for an upside break above the $0.3600 resistance level.

Cardano Price Resistance

After a decent downside correction, ADA price found support near $0.3200 against the US Dollar. The mentioned $0.3200 acted as a strong barrier for sellers and protected further declines. Moreover, the 61.8% Fib retracement level of the last leg from the $0.2810 swing low to $0.3880 swing high also acted as a support. The price formed a support base at $0.3200 and started an upside move.

It traded above 23.6% Fib retracement level of the last decline from the $0.3881 high to $0.3195 low. More importantly, it broke the $0.3400 resistance and the 100 hourly simple moving average. At the moment, the price is placed nicely in a bullish zone above $0.3400 and it could extend gains. A break above the $0.3600 resistance is needed for a push back towards the $0.3800 level. On the downside, there is a crucial bullish trend line forming with support at $0.3350 on the hourly chart of the ADA/USD pair.

The chart indicates that the pair remains supported on the downside near $0.3350. Below the mentioned $0.3350 level, the next major support and a pivot level is at $0.3200. As long as the price is above the $0.3200 support, it could continue to move higher in the bullish zone towards $0.3800.

Hourly MACD – The MACD for ADA/USD is currently flat in the bullish zone.

Hourly RSI – The RSI for ADA/USD is currently positioned above the 50 level.

Major Support Level – $0.3350

Major Resistance Level – $0.3600

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