As more evidence of impressive institutionally compliant behaviour shows itself within the crypto world, it’s more juvenile side is exposed as J.K.Rowling inadvertently starts a crypto Twitter storm.
Bitcoin (BTC) trading volume hit a replacement high for 2020 with a mean (on the highest ten exchanges only) of US$2-3bn per day through May, but remains struggling to breach back through the US$10,000 resistance level and, at the time of writing, was trading at US$9,675.92 / GB£7,943.85; Ethereum (ETH) is at US$211.20 / GB£173.54; Ripple (XRP) is at US$0.2042 / GB£0.1672; Binance (BNB) is at US$16.50 / GB£13.52 and Cardano (ADA) is at US$0.05390 / GB£0.04433. Overall Market Cap is up circa US$23bn from last week at US$265.92bn / GB£218.12bn (data source: www.CryptoCompare.com)
Before i buy into this week’s edition as this is often uploaded a serious event is happening online. The ANON Summit 2020 organised by BlockExpo and Cointelligence is happening , not attended by hordes of individuals on the bottom , but by 8,000 plus registered guests from round the world online for the primary test of a longtime major conference. Headline sponsors are Electroneum (see today’s Crypto AM: shines its Spotlight on Electroneum) i need to also offer my congratulations to Cointelligence CEO, On Yavin, on becoming a father again to a healthy daughter on Sunday.
City AM’s Crypto Insider
What a difference every week makes!
The sun is back and London seems like it’s turning the tide against COVID-19 with the govt taking the primary tentative steps towards easing the national lockdown. On Thursday I stepped out for my daily walk on the Isle of Dogs but headed west for the primary time and just carried on walking until St. Paul’s Cathedral. I even have never in my life seen the Thames so calm and barren of traffic which was in stark contrast to the Twitter storm that developed on Friday night becoming a full on tempest over the weekend.
J.K.Rowling, author of the Harry Potter books, relaxing reception tweeted “I don’t understand bitcoin. Please explain it to me.” Thirteen hours later Luna, my ten-week old yellow labrador puppy, woke me up at 5:30am. Whilst guarding her outside, I checked out my phone’s Twitter feed with mild astonishment many industry leaders scrambled to welcome her into the cryptocurrency world by answering her question in their own style – Charles Hoskinson of IOHK/Cardano went as far as producing two instructional videos, the second replacing the primary because the primary attempt had poor telecast – perfectionist to the core (see here). Things turned ugly pretty quickly however, as a shocking number of juvenile ‘trolls’ drowned every well meaning voice out scoring an undesirable and pointless goal reputationally. It’s all the more disappointing, given the tireless and high work being done by variety of very bright entrepreneurs who are paving the way for traditional institutional funds to enter the market.
By way of example, many regular readers of Crypto AM are going to be conversant in Koine, the town of London based digital asset custodian, founded by my friends of the many years (seventeen to be exact) Al Moore and Phil Mochan. Following the news last week that Koine has partnered with exchange Bitfinex, they announced another milestone yesterday, with Koine securing in-principle approval to supply custody in reference to Virtual Assets within the Abu Dhabi Global Market (ADGM), granted by the Financial Services regulatory agency . there’s no doubt that Koine is flying the flag for institutional investment in digital securities on a worldwide scale. This move is supportive of UAE’s strategy to develop itself as a serious global financial hub, bridging Africa and Asia.
Suitable for traditional capital markets, Koine’s post-trade solution provides secure, easy to use institutional custody, settlement and related cash management service for the new generation of digitised assets. It eliminates counterparty, credit and insolvency risks during a compliant framework with a robust governance environment. Koine’s security model, which deploys Digital AirlocksTM, replaces the cold storage and hot wallet model which will compromise the safety of personal keys as a results of still wanting to be “eye-balled” by staff. This comes just days after the announcement that Koine customers who even have an account on Bitfinex are going to be ready to obtain a line of credit on the Bitfinex trading platform using Bitcoin, or other cryptocurrencies held with Koine.
Thinking of the UAE Christopher Flinos, CEO of HAYVN, the ADGM licensed online OTC trading platform purpose-built for institutional and enormous volume cryptocurrency trading and custody contributed today’s Crypto AM: Technically Speaking article tackling what went wrong for Telegram’s TON Blockchain Platform.
As many readers will know 2019 was a touch of a bruising year for Libra. I trapped briefly with Crypto AM contributor Claude Brown (Partner at Reed Smith) who told me in his view that “the arrival of the state-backed Temasek into the Libra Association is certainly excellent news for the currency, particularly given Singapore’s reputation as a fintech hub. But unless broader concerns, particularly over apparent loss of ‘national sovereignty’, are addressed, the great news might be brief. Importantly, Temasek coming in doesn’t restore the balance caused by the departure of variety of payment services companies in 2019.
The COVID-19 pandemic isn’t faraway from our minds and in fact it’s affecting the way we do things and the way businesses still get their messages out. One such example is Outlier Ventures whose Founder & CEO Jamie Burke is juggling running his business performing from home and residential schooling his daughter. His solution is Outlier Ventures ‘Diffusion Digital’ designed as a virtual event and weekly podcast for its leading founders. Jamie explained hurriedly that “We are in an exciting new phase of the online , increasingly mentioned as ‘Web 3’. However, the web today still looks an equivalent because it has for the last decade, its problems seemingly getting worse. ‘Web 3’ is fragmented and insular, with too few entrepreneurs that understand how its technologies can disrupt, transform and enable entirely new markets. to satisfy this challenge we [Outlier Ventures], built Diffusion as a platform to onboard new developers and entrepreneurs into the space.”
I enthusiastically jumped onto iTunes to download the primary episode of the ‘Founders of Web 3’ audio podcast which Jamie is in a position to host from home. during this launch episode he spent nearly a solid hour talking with CZ of Binance clearly living up to the podcast’s stated aim of providing insightful interviews with the founders, entrepreneurs, investors and policymakers that are shaping Web 3. The series has launched with 8 episodes including Muneeb Ali of Blockstack, Brock Pierce of Block One and in fact CZ.
As mentioned above, because the second component to the Diffusion platform, Outlier Ventures will run a virtual free one-day event on May 28th https://diffusion.events/ The event explores a practical pathway from Web 2 to Web 3, bringing together different communities within the ecosystem to participate in talks and panels featuring industry leaders from Binance, Chainlink, Cosmos, Fenbushi, Brave and more.
In closing, I’m turning back to the COVID-19 situation and was extremely heartened to find out of a huge philanthropic pledge made good from the digital community within the sort of Bitcoin SV advocate, Calvin Ayre. He pledged a short time ago to supply $4,000,000 of PPE to key workers in his now native Antigua which has landed and been delivered. I hope that the Antiguans applaud his generosity within the same vein as we do our NHS on Thursday evenings. In my very own way I still do my best during London’s Lockdown and I’d wish to remind you again about my ongoing area people effort for the elderly and vulnerable living on the Isle of Dogs where I even have lived on and off for over thirty years. I teamed up with BABB (Bank Account Based Blockchain) and have thus far distributed £3,000 to to buy food and care parcels. BABB has added a light-weight registration for web donation which otherwise allows you to download the app and donate direct to the campaign via www.bit.ly/IoDFoodCare