#CryptoCorner: #Altcoins Lead Modest Market Recovery, WEF Report Claims #Blockchain Could Add $1 Trillion to World Trade Volumes, Japan's FSA to Add More Personnel, #Huobi Acquires Majority Stake in Japan's BitTrade and Crypto Exchange OKCoin to Expand to 20 More U.S. States
September 13th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - September 13, 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: #Altcoins Lead Modest Market Recovery, WEF Report Claims #Blockchain Could Add $1 Trillion to World Trade Volumes, Japan's FSA to Add More Personnel, Huobi Acquires Majority Stake in Japan's #BitTrade and Crypto Exchange OKCoin to Expand to 20 More U.S. States
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Altcoins Lead Modest Market Recovery, WEF Report Claims Blockchain Could Add $1 Trillion to World Trade Volumes, Japan's FSA to Add More Personnel, Huobi Acquires Majority Stake in Japan's BitTrade and Crypto Exchange OKCoin to Expand to 20 More U.S. States
The crypto market has exhibited impressive growth in the last day with total market capitalization recovering to $199 billion USD, an increase of some $11 billion USD according to data from CoinMarketCap. Bitcoin (BTC) helped drive the recovery with a modest 3 percent increase over yesterday, now trading at about $6500 USD. The real success story, however, is Ethereum (ETH), which surged nearly 18 percent and is now trading at $203 USD. Similarly, other altcoins such as Litecoin (LTC), Monero (XMR), Dash (DASH) and ZCash (ZEC) saw double-digit percentage increases.
A joint report published today by the World Economic Forum (WEF) in collaboration with Bain & Company claims, among other things, that blockchain technology could add $1.1 trillion to world trade volumes. Titled Trade Tech – A New Age for Trade and Supply Chain Finance, the report reveals the Asian Development Bank estimates that the trade financing gap in 2017 was $1.5 trillion, which blockchain adoption could considerably reduce. The report also indicates that blockchain would particularly help small business ventures and developing economies.
Distributed ledger and other innovations offer new efficiencies and can help dismantle financing barriers for small and medium-sized enterprises (SMEs) and emerging markets.
Reuters Japan reports that the country’s regulatory body, the Financial Services Agency (FSA), plans to expand its personnel by 12 people to help to cope with increasing demand from the crypto space. The FSA has a registration waitlist of over 160 companies, and the overburdened team is also responsible for monitoring virtual currency traders and supervision of unregistered contractors.
One of only 16 companies to have been approved and licensed by the FSA is BitTrade, which has recently been acquired by crypto exchange giant Huobi, according to a report from Business Insider. The report notes that both companies’ management teams intend to “aggressively scale up the platform to provide more professional and compliant services while enhancing its international user-friendly experience”, with the eventual goal of global expansion. BitTrade owner, Singaporean entrepreneur Eric Cheng, said of the partnership:
We are delighted to be partnering with Huobi, a global leader in the crypto currency industry which continues to grow exponentially. Together, we will leverage on Huobi's global footprint, excellent management team and advanced security systems to grow BitTrade into a market-leading position in Japan. Having a long-term partnership with an established brand such as Huobi is the right step for BitTrade as we look to continue our rapid growth trajectory."
Crypto exchange OKCoin, which established a U.S. headquarters in San Francisco earlier this summer, announced via Medium that it was expanding to 20 additional states. The 20 new states include: Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin. OKCoin CEO Tim Buyn is quoted in the release:
“In order for the cryptocurrency market to reach its full potential, exchanges like OKCoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities. Our team has worked diligently within the complexities of the US regulatory frameworks. We’re excited to take this major step forward as we aim to break down the barriers preventing a truly global digital asset market while adhering to long established regulations.”
Sam Mowers, Investorideas
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Crypto Corner Sponsors:
Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com/
GBT is a powerful cryptocurrency centralized / decentralized exchange which will include a broad range of services and benefits from cryptocurrency and blockchain markets development, while avoiding complications and risks arising from crytocurrency ownership, transfer, and exchange.
The powerful GBTDesk aggregator ensuring exchange of cryptocurrencies for fiat currencies under smart contracts without intermediaries is a key element of GBT.
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