Cryptocurrency News: 28 of May - 3rd of June (China, IOTA, Vechain, Request, Visa, Bittrex, Gemini)
The market recorded some reasonable gains this week.
There are some bullish sings which could continue into the beginning of June but some negative news could react in reversal
Chinese President and blockchain technology
On 28th of May Chinese President Xi Jinping said in a speech that blockchain has "breakthrough" applications. Blockchain is a technology underlying most of the cryptocurrencies out there.
A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications," he said. Xi also emphasized the need for China to focus on technological development and become the global center of science and innovation.
While Bitcoin trading and "initial coin offering" are currently banned the news that China values blockchain and wants to becaome a science and innovation could be a bullish sign for cryptocurrency.
DNB ASA and IOTA partnership
On 31st of May DNB ASA and the IOTA Foundation signed a cooperation agreement to drive open innovation and co-creation in the space of citizen centric innovation, machine economy and decentralised data marketplaces
DNB ASA is Norway’s largest financial services group and one of the largest in the Nordic region in terms of market capitalisation. DNB’s bank branches in Norway include in-store postal and banking outlets, Post office counters, Internet banking, mobile services.
The Group offers a full range of financial services, including loans, savings, advisory services, insurance and pension products for retail and corporate customers.
The Bank and IOTA will proactively engage with their respective ecosystems of stakeholders to co-create and explore new business models across industries. This could result in some real life applications of the Tangle.
VeChainThor Platform bas been undergoing a series of third-party blockchain security testing, alpha testing, code audits, code testing, and mobile wallet security testing. They annouced partnerships with multiple security firms during for mainnet testing including Secureware, Hosho, SlowMist and HackenProof
MustangChain will be utilizing the VeChainThor Blockchain. It will be a properly-regulated global standard to validate, authenticate, and manage equine identity, historical data, and value/data transactions through the MustangChain Platform and the use of the fraud-proof Sealed Verification System (SVS).
Partnership with Decent.bet (DBET) is a transparent, smart contract based sports betting platform and online casino. Today it was announced that DBET will be switching from Ethereum to the VeChainThor Blockchain.
Request Network Shopify Plugin
On 1st of June a Shopify plugin called Reqify was released. Reqify is a simple way to accept cryptocurrency payments in Shopify store, with no setup fees, no monthly fees and no hidden costs.
Shopify is an e-commerce platform for online stores and retail point-of-sale systems with more than 600k merchants using platform with total gross merchandise volume exceeding $55 billion.
Request seamlessly integrates into Shopify, with a simple non-technical installation process meaning that shops can accept cryptocurrencies in seconds.
This is great for wide adoption for crypto and hopefully we can see 'Pay with Request' in online shops soon.
On 1st of June Visa sufered a hardware failure that left many European customers unable to make some payments.
He said: "Our goal is to ensure all Visa payments work reliably 24 hours a day, 365 days a year. We fell well short of this goal today and we apologise to all of our partners and Visa account holders for any inconvenience this may have caused."
Bittrex and Binance news
On 31st of May Bittrex aquired a bank agreement that will allow the users for direct crypto-USD pairs. The pact will let corporate clients in some states buy and sell crypto using dollars — a move that could help the trading venue bring in more users. Bittrex is working with New York-based Signature Bank, which will hold the dollar-denominated funds, along with other financial firm.
Also on 31st of May Binance Labs, the blockchain incubator arm of the major cryptocurrency exchange Binance, announced on May 31 that it will launch a $1 billion Binance Ecosystem Fund. All investments of this fund will be given in the form of BNB, a coin issued by Binance. Applicants will be required to provide proof of qualifications, fund size, team members , investment cases,among other things.
Follow me on social media:
Not a financial advice.