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#CryptoCorner: 2/3 of South Korean Exchanges Fail Gov’t Security Audit, Sharespost Executes First Secondary Securities Transaction on Blockchain and Mining Giant Bitmain to Appoint New CEO

January 10th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch

 

Point Roberts, WA and Delta, BC - January 10, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: 2/3 of South Korean Exchanges Fail Gov't Security Audit, Sharespost Executes First Secondary Securities Transaction on Blockchain

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Crypto Corner

Market Sees Red, 2/3 of South Korean Exchanges Fail Gov’t Security Audit, Sharespost Executes First Secondary Securities Transaction on Blockchain and Mining Giant Bitmain to Appoint New CEO

After having hovered around a market cap of $135 billion USD since Sunday (Jan 5), the crypto market has fallen suddenly this morning. At press time, total market capitalization is down to $123.5 billion, according to CoinMarketCap, a loss of over $10 billion overnight. Bitcoin (BTC) has once again lost its $4000 support level and is currently trading for $3700, a loss of about 8.3 percent. Following Bitcoin, XRP is back as the top altcoin, but has also lost about 10 percent of its value in the last 24 hours. Hit even harder were Ether (ETH) and Bitcoin Cash (BCH), which have each lost about 15 percent of their market cap in the past day.

A report from CoinDesk indicates that only one third of crypto exchanges in South Korea passed a recent government security audit. Between September and December of 2018, 21 exchanges were inspected by the country's Ministry of Science and ICT, the Korea Internet & Security Agency and the Ministry of Economy and Finance. Only seven of these - Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea - passed the test which looked at 85 different security aspects.

Also from CoinDesk today: Registered broker-dealer and investment advisor, Sharespost, has successfully executed its first secondary transaction with BCAP tokens issued by Blockchain Capital. This proof-of-concept transaction demonstrates the first alternative trading system (ATS) trading securities on a blockchain. SharesPost Digital Asset Group CEO John Wu explained the milestone transaction:

"This was a small trade, it's like a pilot program, we're running the water through the pipes to make sure. To our knowledge, this was the first trade of digital securities by an Alternative Trading System and broker dealer in which the ATS custodied the digital securities. This clears the path for companies to do compliant STO's in the U.S. and provide their investors with secondary liquidity."

The South China Morning Post reports that Bitmain, the world's leading crypto mining firm, may be looking to appoint a new CEO. While no timetable for succession has been announced, sources indicate that product engineering direct Wang Haichao will replace company co-founders Wu Jihan and Zhan Ketuan. Wu and Zhan will remain as company co-chairs following the succession. Meanwhile, Bitmain is still waiting for approval after applying for an IPO with the Hong Kong Stock Exchange (HKEX) in September 2018.

Sam Mowers, Investorideas

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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/

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