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CryptoCorner: Samsung Developing Blockchain and Possible "Samsung Coin", Coinbase Closes Chicago Office and Lays Off Around 30 Engineers

 

Point Roberts, WA and Delta, BC - April 24, 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: Samsung (KSE:005930) Developing Blockchain and Possible "Samsung Coin", Coinbase Closes Chicago Office and Lays Off Around 30 Engineers

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Crypto Corner

Stocks discussed: (KSE:005930)

Samsung (KSE:005930) is developing its own Ethereum (ETH)-based blockchain network and token, according to a report from CoinDesk. The publication was told by an unnamed official "familiar with Samsung's internal situation" that:

"Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid - that is, a combination of public and private blockchains."

With regard to a possible token, which could potentially be traded on other crypto exchanges, the official said:

"We expect Samsung Coin to come out in the market, but the direction has not yet been decided."

Fortune reports that crypto exchange giant Coinbase has closed down its Chicago office and laying off roughly 30 engineers in the process. The office was opened in May 2018 to take advantage of Chicago's finance opportunities. Coinbase told Fortune:

"We have made the difficult decision to consolidate the matching engine efforts and thus wind down the matching engine team in Chicago. We will look to relocate a small number of Chicago-based matching engine employees to San Francisco."

Reuters reports that Japan's Financial Services Agency (FSA) raided two crypto exchanges last week to ensure their commitment to customer protection and anti-money laundering met standards. The financial watchdog inspected Huobi Japan Inc and Fisco Cryptocurrency Exchange Inc, both of whom have "recently underwent major changes to management structures" according to sources.

Blockchain tech company Bitfury has launched a bitcoin mining fund for institutional investors with Swiss investment firm Final Frontier, according to a report from Reuters. The fund is being overseen by financial regulators in Liechtenstein. Imraan Moola, co-founder of Final Frontier, said:

"With the bitcoin price down significantly from its all-time high, yet institutional interest growing every day, now may be an opportune time to consider investing in bitcoin mining."

Sam Mowers, Investorideas

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