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#CryptoCorner: Market Recovers Modestly, LINE Announces $10 Million #Token Venture Fund and Lists #TRON, Venezuela to Make PTR Official Unit of Account and South Korea No Longer Classifies #Crypto as Venture Enterprise

August 15, 2018 CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and #AI, #IoT, #Blockchain, #Crypto Technology Company Gopher Protocol (OTCQB: $GOPH), GBT a powerful #cryptocurrency centralized / decentralized exchange

 

Point Roberts, WA and Delta, BC - August 15, 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.

Listen to today's Crypto Corner Podcast:

http://www.investorideas.com/Audio/Podcasts/2018/081518-CryptoMarket.mp3

#CryptoCorner: Market Recovers Modestly, LINE Announces $10 Million #Token Venture Fund and Lists #TRON, Venezuela to Make PTR Official Unit of Account and South Korea No Longer Classifies #Crypto as Venture Enterprise

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Market Recovers Modestly, LINE Announces $10 Million Token Venture Fund and Lists TRON, Venezuela to Make PTR Official Unit of Account and South Korea No Longer Classifies Crypto as Venture Enterprise

The crypto market has seen a bit of a recovery since yesterday, with the total market capitalization having increased $14 billion USD to $205 billion USD at press time. Just about every coin listed in the top 100 by market capitalization on CoinMarketCap is in the green with Bitcoin (BTC) currently trading at $6362 USD and accounting for 53.5 percent market dominance.

Japan's LINE Corporation announced today the establishment, through its subsidiary, of a corporate token venture fund called 'Unblock Ventures'. The fund has a capital commitment of $10 million USD which aims to "boost the development and adoption of cryptocurrencies and blockchain technology".

Additionally, LINE's recently-launched crypto exchange platform, BITBOX, announced the listing of TRX, the native token of the TRON platform . According to the release, TRX is the first coin to be approved by BITBOX's open-listing committee. To celebrate the listing, BITBOX will airdrop 10 million TRON tokens to users until August 22.

ABC International reports that Venezuela will use their oil-backed cryptocurrency, Petro (PTR), as an official unit of account. In a televised speech, president Nicolás Maduro said that the state oil company, Petróleos de Venezuela (PDVSA), would begin using Petro as a unit of account, beginning on August 20. Maduro reportedly said the change would mean a "new salary system and a new pricing system for goods and services anchored to petro". ABC International quotes Maduro on the intended effect of this change:

"This will mean a substantial improvement in the income of the workers" and will make "the maximum retail price to reappear."

South Korea's Ministry of SMEs (small and medium-sized enterprises) and Startups issued a press release on Monday stating that crypto exchanges would no longer be legislated as venture businesses. A rough translation cites problems resulting from speculation and the resulting volatility as impetus for the change in classification, but makes clear that the ministry does not intend to regulate the sector:

"The Small and Medium-Sized Venture Business Department has no intention to regulate the cryptocurrency transactions and ICOs, but as the social problems such as speculation and overheating are emerging, the exchange of cryptocurrencies will not be regarded as venture enterprise."

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Crypto Corner

Sam Mowers, Investorideas

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Crypto Corner Sponsors:

Investorideas.com - NXT-ID Inc. (NASDAQ: NXTD) Subsidiary Fit Pay Flip<sup>TM</sup>

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Investorideas.com - GBT Genesis Blockchain Technologies

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