The rundown: Bitcoin and all major currencies were up in the morning; Epoch Partners announces the world’s first cryptocurrency IPO; the automotive blockchain market will reach $5.29 billion by 2030 says a new report; Unocoin officially announces plans for crypto ATMs in India; Hong Kong is planning to regulate cryptocurrency trading platforms; Barclays (NYSE:BCS) has dropped its plan for a cryptocurrency trading desk, and Sony announced a blockchain-powered rights management system for digital content.
Here is what is happening in the cryptocurrency market on Monday.
In the News
Cayman Islands-based Epoch Partners has announced the world’s first retail public offering of a cryptocurrency and digital assets related fund. The securities registration statement for the fund was filed on EDINET, the disclosure system of the Japanese Financial Services Agency, on Sept. 28, with subscriptions being opened on October 15th. According to the registration statement, subscriptions are to be capped at about $900 million.
Blockchain-based entertainment startup Bombay Sour has added Oscar-winning The King’s Speech Producer Simon Egan to its advisory board. Bombay Sour is building a mobile entertainment platform for Gen Z and Millennials called Zest which will use blockchain technology to share IP rights with its subscribers so they can become co-producers of curated premium content.
A new report released by MarketsandMarkets reveals that the automotive blockchain market is projected to grow to $5.29 billion by 2030 from $0.35 billion in 2020 at a CAGR of 31.19% during the forecast period. According to the report, titled “Automotive Blockchain Market by Application (Financing, Mobility Solutions, Smart Contract, Supply Chain), Provider (Application & Solution, Middleware, Infrastructure & Protocol), Mobility (Personal, Shared, Commercial) and Region – Global Forecast to 2030”, the requirements for decentralized business transactions and increasing blockchain applications in the automotive industry are expected to drive the market for automotive blockchain in the coming years.
Unocoin, one of the largest crypto exchanges in India, says that it will launch 30 crypto ATMs in three Indian cities. Speaking with Bitcoin.com, CEO Sathvik Vishwanath confirmed the reports that the exchange is preparing to set up crypto ATMs to help customers cash in and cash out.
The Securities and Futures Commission of Hong Kong is exploring options to regulate cryptocurrency trading platforms in a bid to protect investors, Chairman Carlson Tong Ka-shing told the South China Morning Post. “We do not think imposing a total ban on these platforms is necessarily the right approach, and it will not work in today’s internet world when trading can cross national boundaries,” Tong was quoted as saying.
London-based multinational investment bank Barclays has dropped its plan to launch a cryptocurrency trading desk, news.Bitcoin.com reported citing a report by Financial News London. The bank had assembled a team of four executives to assess the long-term viability of cryptocurrencies as an asset class, according to the report.
Japanese technology firm Sony announced the development of a blockchain-powered rights management system for digital content. The system, being jointly developed by Sony Corporation, Sony Music Entertainment, and Sony Global Education, focuses on the management of rights-related information of written works.
Cryptocurrency Prices Today (As of 7:44 AM EST)
Bitcoin (BTC) is up 6.68% over the past 24 hours, trading at $6,719.36.
Ethereum (ETH) is trading at $215.21 in the morning, up 7.54% over a 24-hour period.
EOS is trading at $5.71, up 8.14% over the past 24 hours.
Ripple (XRP) is trading at $ 5.71, up 9.62% over a 24-hour period.
Litecoin (LTC) is trading at $ 54.87, up 3.20% over a 24-hour period.
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