#CryptoCorner: #Crypto Rally Mellows, Peter Gabriel Invests in #Blockchain Company, Singapore's CrimsonLogic Launches Cross-Border Blockchain Trade Network, Congressional Crypto Hearings 'Seemed to Go Quite Well' and MasterCard Wins Crypto Patent
Stocks discussed: (NYSE: $MA)
July 19th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD)
Point Roberts, WA and Delta, BC - July 19, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorner: Crypto Rally Mellows, Peter Gabriel Invests in Blockchain Company, Singapore's CrimsonLogic Launches Cross-Border Blockchain Trade Network, and MasterCard Wins Crypto Patent
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Crypto Corner - July 19, 2018
Crypto Rally Mellows, Peter Gabriel Invests in Blockchain Company, Singapore's CrimsonLogic Launches Cross-Border Blockchain Trade Network, Congressional Crypto Hearings 'Seemed to Go Quite Well' and MasterCard Wins Crypto Patent
Stocks discussed: (NYSE:MA)
After Tuesday's impressive rally we saw the crypto market retreat a bit yesterday, with the total market cap getting as low as $285 billion USD. Bitcoin (BTC), being relatively reflective of the wider market in this case, peaked yesterday at $7534 USD, dropped as low as $7280 USD and has now recovered somewhat to $7426 USD at press time, according to data from CoinMarketCap. The rally we saw on Tuesday may have abated, but most coins are keeping most of their recently accrued value for now.
British musician, and former lead singer of Genesis, Peter Gabriel has invested in blockchain company Provenance, according to a recent press release. Provenance utilizes blockchain technology to create greater transparency in food transportation. The "Sledgehammer"-singer is joining investors, led by Working Capital Fund, including Digital Currency Group, Merian Ventures and Plug and Play. Gabriel commented on the investment:
"We need to be able to trust the source and distribution chain, particularly when it comes to guaranteeing that things are produced ethically and in an ecologically sound way. I am convinced that the service Provenance provides, using their blockchain data system, is going to find a big role going forward and will be of great use to the consumer and provide a level playing field for smaller, independent producers on which to compete with the big players. Jessi Baker and her team are very impressive and I fully expect them to do really well."
Singapore's Global eTrade Services (GeTS), a subsidiary of e-government service provider CrimsonLogic, has announced the launch of the world's first cross-border global blockchain trade network. The network, known as the Open Trade Blockchain (OTB), is aimed at boosting efficiency, security and transparency in trade between China and the Association of Southeast Asian Nations (ASEAN).
The following is analysis courtesy of Mati Greenspan, Senior Market Analyst at eToro:
Both crypto hearings in the USA seemed to go quite well, with the exception of an outburst from Congressman Brad Sherman who said that the USA should ban purchasing and mining cryptocurrencies.
Sherman is a known opponent of cryptocurrencies who's top campaign contributors include the online payment processor Allied Wallet, the company with the most to lose, should cryptocurrencies gain more prominence.
The good news is that Congressman Sherman's allies in these efforts are dwindling as many government officials do see the value of a new technology that allows for the decentralization of applications and creates programmable money, and the rest of the meeting seemed very productive.
When Visa & MasterCard (NYSE:MA) came out with a crypto ban earlier this year it definitely affected things.
Previous studies showed that most crypto purchases in the USA were done with credit cards and so this ban, as well as the advertising bans by Google and Facebook, may very well have contributed to the current retracement in crypto this year.
A few months later, when MasterCard reporting their quarterly earnings, it became clear that the loss of business was actually hurting MA's bottom line.
On Tuesday, the credit card giant won a surprising patent in the United States. According to the filing, it seems that MasterCard may have had a change of heart and is now looking to bridge the gap between blockchain-based assets and fiat currencies.
Of course, we have no idea what they intend to do with this patent or when/if they will ever put it to use. However, this is certainly an encouraging update for those hoping for a greater level of cooperation between crypto and traditional finance.
Sam Mowers, Investorideas
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