🆕 Crypto Week In Review: Tether/Bitfinex Story Continues, Bakkt Is Coming In December, Fidelity Launches Crypto Product, And More News (Oct. 15-21, 2018)

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📌 Fidelity Launches Cryptocurrency Platform For Institutional Investors

Fidelity Investments, one of the major financial services companies, launches institutional platform for Bitcoin/Ethereum trading

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Monday, October 15

Earlier this week, one of the world's largest asset managers Fidelity Investments announced the launch of a new unit, with the goal of providing trading opportunities for institutional investors interested in cryptocurrencies. The new division called Fidelity Digital Assets employs 100 specialists to provide full-time support for institutionals who will trade Bitcoin and Ethereum. The service will be launched in early 2019; it is also planned to store digital assets on its base. By this, Fidelity can simple attract highly awaited "institutional money".

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📌 Sony Uses Blockchain for Developing Rights Management System

Japanese tech giant Sony published information on the development of new blockchain software, supposed to increase the effectiveness of copyright management

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Monday, October 15

The new solution will allow Sony to track its content starting from the creation process. Metadata will contain basic information about the author, rights owner, and more. So far, only Sony Global Education is prepared to be launched, but it is clear that the company intends to create a rights protection for video, photos, music - any type of content by using innovations. Sony also noticed, that many industry giants, for example, Kodak, are also experimenting with encrypted solutions, so, we see that the chain reaction of blockchain adoption has long been launched.

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📌 Bithumb DEX is Launched

Bithumb Decentralized Exchange meets users with 2 new promo events

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Monday, October 15

This day, the leading South Korean cryptocurrency exchange Bithumb (in partnership with One Root Network, developers of the protocol) has launched its decentralized trading platform. In order to celebrate the DEX opening, Bithumb has started 2 promo events: Free Transaction Fee Event and Airdrop Event. On October 30, the exchange will distribute 500 ETH among thousands of traders. To participate, each of them must have trading volume of at least 1 ETH in DENT, INS, POA20, RNT and WTC.

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📌 Tether: «all Usdt In Circulation Are Sufficiently Backed By U.S. Dollars»

Tether continues to assure users that the company's tokens are secured - while the popularity of alternative steblecoins has grown

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Monday, October 15

Leonardo Real, Chief Compliance Officer (CCO) at Tether Ltd. reported that all USDT tokens are provided with fiat reserves, and the company's assets cover financial liabilities in the amount more than needed. At the same time, the USDT price dropped to the record $0.92, and now this token is traded at $0,98. Now there is no written evidence that this digital asset is “secured” by the real US dollar; some reports confirming the assumed "stability" of this stablecoin, however, these data were never presented as an audit conclusion.

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📌 Rumors: Barclays Has Halted Work On A Crypto Project

According to unconfirmed information, the popular investment bank Barclays stopped the development of its crypto product

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Monday, October 15

The crypto community watches several different projects that can have a significant impact on crypto prices and its general acceptance. That's why sometimes rumors, or so-called fud appear. This time media reported that the investment bank Barclays froze the developing of cryptocurrency trading platform. There were no official reports from the company, no timeline tied to the project, therefore, knowing the past experience of "fake news" about Goldman Sachs trading desk, it's hard to relevantly comment on this in any way.

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📌 Media: Telegram Open Network (TON) will be launched during this autumn

TON Virtual Machine (TVM) is 95% ready, which means the upcoming release of many new functions for users

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Tuesday, October 16

As it became known from the letter for TON investors, blockchain-based Telegram Open Network (TON) can be released this autumn. The report says that the smart contract mechanism of TON Virtual Machine (TVM) is 95% ready. The same applies to the project's blockchain, which will be available to a wide range of users very soon. In March 2018, Telegram's audience has grown to 200 million active users, and this allows decentralized networks to become more popular, including among ordinary users who are not interested in technology as early adopters.

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📌 Bitfinex Presented The New System For Fiat Deposits

The new system involves depositing of users' funds within 10 working days

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Tuesday, October 16

The cryptocurrency exchange Bitfinex, which acts quite controversial in recent times, has introduced a new system for depositing fiat currencies, including the US dollar, euro, and others. The innovation is that verified users must submit requests to deposit funds, which processed within 48 hours. After that, users need to send the recipient’s bank data. The deposit will be credited within 6-10 work days. Earlier, fiat currency deposits were suspended for several days – this led to a discussion on the solvency of the exchange and the so-called Tether crash.

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📌 Unconfirmed: Bitfinex/Tether Drama Is Probably Going to The End

It seems that companies have found new partners – based in the Bahamas and Hong Kong

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Tuesday, October 16

It seems that Bitfinex has found a new partner - Bank of Communications, partly owned by financial conglomerate HSBC Holdings. As a result of the new agreement, Bitfinex payments will be made through the private account of Prosperity Revenue Merchandising Limited. It is also stated that Tether signed an agreement with the Deltec Bank (Bahamas). Earlier, at the beginning of the week, the Bitcoin exchange rate at Bitfinex was close to $7,800, while USDT continued to fall down to $0,92. The growth was triggered on almost all the platforms that allow trade in USDT (Tether).

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📌 Federal Court Orders Gelfman Blueprint, Inc. to Pay More than $2.5 Million for Bitcoin Ponzi Scheme

GBI continued to raise funds in the period from 2014-2016, hiding behind reports that they simply redistribute funds in favor of early investors - the classic Ponzi scheme in action has been disclosed

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Thursday, October 18

Major Fraud Revealed: Commodity Futures Trading Commission (CFTC) won the case against Gelfman Blueprint company, organized by its Chief Executive Officer Nicholas Gelfman. The organization has been active between 2014-2016, and attracted $600 thousand dollars, to create a hedge fund which uses "algorithmic strategies". But, all the Gelfman Blueprint (GBI) did is the redistribution of funds between single investors, as it should be according to the Ponzi scheme. As a result of this case, the Commission ordered Gelfman and GBI to pay $ 2.5 million.

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📌 ICE's Bakkt Platform Is Set To Launch In December

The launch will take place by the end of the year

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Thursday, October 18

The new Bakkt platform, run by Intercontinental Exchange, may appear in the first month of winter. The approximate date is December 12, although there is no official information on this. According to the latest data, it is also reported that Goldman Sachs is not planning to build a crypto custody product based on Bakkt, but some cryptocurrency product, for example, new futures contracts are still in question. It may be worth waiting for November to find out more.

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📌 Ernst & Young: 86% of tracked ICOs are below listing price

The Big Four auditors Ernst & Young discovered that 86% of coins&tokens are traded below the listing price, while 30% of issued digital assets have lost any value

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Friday, October 19

Auditors from Ernst & Young has reported that, according to the provided data, 86% of assets issued on ICOs are traded below the listing price, and for 30% of these coins things are even worse - investors don't want buy them even for the minimum price that can be possible. Experts also noticed that the so-called infrastructure projects proved to be more sustainable in terms of losses, and some of them have even noticeably succeeded. Ernst & Young stated, that actually there is no any single platform which has been able to reach the Ethereum's level.

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📌 Electronic Payment System Neteller Now Offers To Buy Crypto

The worldwide payment system Neteller adds several cryptocurrencies on its platform, including Bitcoin, BitcoinCash, Ethereum and Litecoin — all available for purchasing

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Friday, October 19

Due to changes in the Neteller payment network, users will be able to purchase Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). At the same time, the company will also add other assets - it is not yet known what other tokens or coins will be listed on the platform. In general, the opportunity seems rather positive for cryptocurrency global adoption. Now, Neteller accepts EUR, USD with 1.5-3% fee for buying/selling crypto.

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📌 Russian Sberbank is Considering the Possibility of Offering ICO Services for Its Clients

The bank is confident that the new option will attract Russian investors

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Friday, October 19

Sources report that Sberbank is considering the possibility of raising funds by issuing tokens on the blockchain (during the Initial coin offering, ICO) for its clients. At the moment, it is the largest bank in the country, which provides a wide range of different services. Representatives of the company noted that "According to our estimates, about 10% of operations with digital assets ($200 billion) in the world are carried out by Russian retail investors." Prior to this, Sberbank has already launched the first “test” regulatory platform for ICOs.

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📌 Financial Action Task Force (FATF) Is Going To Introduce Cryptocurrency Regulation Standards By June 2019

FATF to introduce the new worldwide cryptocurrency regulation in 2019

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Friday, October 19

FATF declares that it will prepare updated standards based on risk assessment (regarding cryptocurrencies). These standards will affect providers of virtual assets services – exchanges and other platforms. It is argued that these measures and methods of regulation should be urgently adopted by all countries. So, in 2019, digital currency exchanges, wallets and initial coin offerings (ICO) will be regulated according to common global practice focused on fighting against money laundering.

Know more: US SEC announced the launching of hub for innovation technologies.

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📌 Cryptocurrency Industry

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• The upcoming release of Litecoin Core 0.17 will reduce transaction fees in LTC network by 10x.
• Ethereum's Constantinople Hard Fork has been postponed to launch in 2019.
• NEO reminds the community that all information about the "upcoming hard fork" is false. Team "Fork NEO Super" doesn't have any connections with official NEO, just as their "NEOX" token.
• Monero's hard fork has been successfully completed.
• Huobi adds HUSD, the new type of stablecoin created to exchange different "pegged" tokens.
• Binance reported that they actively looking for more stablecoins which may be listed.
• Waves has presented the new browser extension Waves Keeper, which enables users to sign transactions securely while using internet browser.
• Indian Zebpay exchange is moving to Malta - it will provide cryptocurrency platform for users from about 20 countries, but not from India.
• Bitfinex announced Honey Framework created for the programmed trading (algorithmic orders).
• Bitpay adds USD Coin and Gemini Dollar as a settlement option.

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📌 Listing

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• BNT (Bancor) is now available on Poloniex;
• OKEx has listed 4 new stablecoins, including: TrueUSD (TUSD), USD//Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX).
• Gemini Dollar is now on EXMO.
• Waltonchain (WTC), CREDITS (CS), Melonport (MLN) added on Biftinex/Ethfinex in pairs with ETH and USD.
• PIVX has been added on Bithumb Korea.
• Cryptopia Exchange listed 0x (ZRX).

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