This week saw Bitcoin fall by over 8% in one day but that is not all that happened this week. Here is our Top 9 Crypto News of the week:
- Telegram to Launch a New Cryptocurrency: The social media giant is expected to start public testing of its network from September 1st. This news was released by a Russian outlet claiming that the launch of beta testing will be alongside the release of TON’s node software and parts of its technical documentation. TON has managed to raise $1.8 billion over the past year or two and Blockchain will fit right into the platforms existing user base.
- Samsung Galaxy S10 Now Supports Cryptocurrencies: According to U.today, Samsung’s cryptocurrency wallet now supports stablecoins and Cryptocurrencies like Bitcoin and Ethereum. This year, Samsung unveiled its Galaxy S10 lineup of smartphones and were vocal about blockchain in all their related press statements.
- Bakkt will start Custodying from Bitcoin Next Week: Based on a recent Twitter announcement, Bakkt, the New York Stock Exchange-backed crypto startup, is expected to take custody of Bitcoin (BTC) through the Bakkt Trust Company. The product will be activated on September 6th — a Friday. Custody is to be launched two weeks from the activation of Bakkt’s Bitcoin Daily and Monthly Futures contracts. This news comes shortly after the company announcement of getting “green light from the CFTC through the self-certification process and user acceptance testing has begun.” Several analysts claim this is “Arguably the most bullish event for institutional investors in the history of Bitcoin”.
- Boeing Joins a Consortium: CoinDesk reported that Boeing, the world’s largest aircraft manufacturer, is stepping into the blockchain world. The aerospace giant is the 10th member of Hedera’s governing council, also including the likes of Nomura Holdings and IBM.
- Forbes Shocks everyone with a report About China’s Crypto: The People’s Bank of China (PBOC) soon-to-launch cryptocurrency was blown out of the water by Forbes’s crypto editor, Michael del Castillo in his recent report. The report said Paul Schulte, who worked as a global head of financial strategy for China Construction Bank until 2012, seven massive names in the China corporate and political scene will get exclusive early access to the digital asset. Schulte name-dropped Alibaba and Tencent; the Industrial and Commercial Bank of China and Bank of China, Agricultural Bank of China; Union Pay, a banking consortium in the Asian nation and China Construction Bank.
- Brad Garlinghouse’s responds to XRP FUD: Brad Garlinghouse, the chief executive of Ripple, addressed “questionable sources spreading FUD” about XRP on his Twitter handle. In this, he wrote that XRP should not be classified as digital security. Garlinghouse cited comments from the likes of the United Kingdom’s Financial Conduct Authority and others on the cryptocurrency to back his point. Garlinghouse also addressed the response to a Bloomberg article about the sale of XRP tokens by Ripple. The article was a series of expressed skepticism towards Ripple’s decision to drop hundreds of millions of dollars worth of XRP on the open market. In his tweet, the CEO wrote that these sales are expected to expand the utility of XRP, not just the size of Ripple’s coffers.
- Elwood Asset Management Aiming To Create $1 Billion Crypto Venture: Elwood Asset Management is looking to launch a crypto venture worth $1 billion. Bin Ren, the chief executive of Elwood Asset Management spoke about this in his interview with the FT. He said that his firm is working on a platform that would assign institutional investors diverse, vetted crypto portfolios. By filtering the good and the bad, Elwood looks to create safer crypto portfolios for institutional investors.
- SEC Slaps Bitqyck WIth $10 Million Fine: The U.S. Securities and Exchange Commission (SEC) settled a whopping $10 million case with Bitqyck, an unregistered cryptocurrency platform. In their recent public release, the SEC announced that it has settled charges with Bitqyck, a Dallas-based cryptocurrency exchange, and its founders for unethical marketing of its Cryptocurrency products.
- UN Official Neil Walsh Bashes Crypto in his Interview with the Australian Broadcasting Corporation: Neil Walsh bashed cryptocurrencies taking shots at its involvement in criminal activity. Walsh, the leading authority on anti-money laundering and cybercrime at the UN, claimed that cryptocurrencies are “another layer” to the criminal activity “nightmare”. He stated the potential involvement of the currency in sex trafficking, child pornography, the black market weapons industry, and other illegal criminal industries to back his point. He name-dropped one case where digital content in which a child was abused is purchasable with a fee paid in cryptocurrency. Walsh also claimed that the fight against cybercriminals, money laundering, and other terrorist organizations is being slowed down by the propagation of cryptocurrencies.