The rundown: Bitcoin and all major virtual currencies were down in the morning; the Swiss Financial Market Supervisory Authority has issued the country’s first cryptocurrency asset management license; the UK’s Ofcom to explore how blockchain technology could help to improve landline telephone numbers; IBM has launched its blockchain-based food tracking network; Dubai has launched its own digital currency.
Here is what is happening in the cryptocurrency market on Tuesday.
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The Swiss Financial Market Supervisory Authority (FINMA) has issued the country’s first cryptocurrency asset management license to a crypto investment fund Crypto Fund, local newspaper Swissinfo reports. Crypto Fund is a subsidiary of Zug-based Crypto Finance AG.
The United Kingdom Office of Communications, better known as Ofcom, has received a $91,600 grant from the Department of Business, Energy and Industrial Strategy to explore how blockchain technology could help better manage landline telephone numbers. Ofcom says that it will use the money to develop blockchain technology to improve how UK telephone numbers are managed.
Online automotive parts store Newparts announced that it has started accepting payments in seven cryptocurrencies. The retailer has teamed up with e-commerce platform Shopping Cart Elite to allow customers make payments in cryptocurrencies, including including Bitcoin Diamond (BCD), Bitcoin Cash (BCH), Bitcoin (BTC), Bitcoin Gold (BTG), Dash, Ethereum (ETH), Litecoin (LTC) and Zcoin (XZC).
U.S. tech giant IBM has launched its blockchain-based food tracking network called Food Trust. The blockchain-based cloud network will allow retailers, suppliers, growers and food industry providers to quickly trace products as little as a few seconds instead of days or weeks, according to the company.
German blockchain banking service Bitwala has teamed up with Berlin-based banking platform solarisBank to introduce blockchain bank accounts in Germany. The partnership will build “a bridge between the worlds of blockchain and traditional banking by connecting conventional bank accounts with cryptocurrencies.” They plan to launch the first German blockchain bank account in November.
CSIRO’s Data61 and the Commonwealth Bank of Australia have developed an app as part of a trial to explore the potential for blockchain technology in creating ‘smart money’. The National Disability Insurance Scheme was selected by the parties as the first case study for the proof of concept, as it involves highly personalized payment conditions.
The Dubai government has launched its own digital currency to allow citizens to make digital payments for school fees, bills and retail purchases. The currency, called emcash, is launched by emcredit, a state-backed subsidiary of the Dubai Department of Economic Development, through a partnership with blockchain payment provider Pundi X and Ebooc Fintech & Loyalty Labs LLC.
Cryptocurrency exchange Binance announced that it has decided to delist and cease trading on all trading pairs for the four cryptocurrencies, including Bytecoin (BCN); ChatCoin (CHAT); Iconomi (ICN); and Triggers (TRIG). The move is part of the company’s “periodic reviews of each digital asset listed on our platform to ensure projects maintain a high standard of quality,” the exchange said in a statement.
The United Arab Emirates plans to introduce initial coin offerings (ICOs) in 2019, Reuters reported, citing Obaid Saif al-Zaabi, the CEO of the UAE Securities and Commodities Authority (SCA). Saif al-Zaabi told the news agency that they are working on regulations for ICOs after the “board of the Emirates Securities & Commodities Authority has approved considering ICOs as securities.” He noted that regulations should be finalized in the first half of 2019.
Cryptocurrency Prices Today (As of 8:30 AM EST)
Bitcoin (BTC) is down 0.66% over the past 24 hours, trading at $6,609.88.
Ethereum (ETH) is trading at $226.83 in the morning, down 0.81% over a 24 hour period.
EOS is trading at $5.87, down 0.34% over the past 24 hours.
Ripple (XRP) is trading at $0.4765, down 3.74% over a 24-hour period.
Litecoin (LTC) is trading at $58.73, down 0.47% over a 24-hour period.
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