Original Crypto Weekly News Recap May 16th 2018 - Facebook, Coinbase, NASDAQ, More!
Facebook Interested in Blockchain (May 8th)
The VP of Messaging Products of Facebook, David Marcus, said that he is exploring how to best leverage blockchain across Facebook. There are rumors that Facebook is interested in creating a cryptocurrency but Facebook has not made an official post declaring their interests.
Takeaway: Facebook did not say that they are creating a cryptocurrency but it would make a lot of sense considering that some competitors such as Kik, Peiwo, and Uplive seem to be working with cryptocurrencies (Kin, Tron, Gifto).
If Facebook were to create a cryptocurrency it would create rapid worldwide adoption for cryptocurrencies and could potentially get users to feel more comfortable with other cryptocurrencies.
South Korean Exchange UPbit Investigation (May 11th and May 15th)
The South Korean police investigated UPbit because they thought there was suspicious movement of funds. There was uncertainty that the exchange was storing its cryptocurrencies properly. The police concluded that the exchange was not deceptive and the results of the audit were favorable.
Takeaway: This isn’t necessarily good news because it is expected that UPbit was not deceiving anybody with their wallets. However, this favorable audit dispels any uncertainty people may have had about the exchange.
Consensus and Blockchain Week (May 13th – May 18th)
Coindesk is hosting their 4th annual Consensus summit in New York City, which is the largest cryptocurrency conventions in the world. Coindesk reported over 250 speakers and 8500 attendees. In addition to its main venue, Coindesk promoted some other events and meet ups to form “blockchain week”. It is a great opportunity for blockchain related business to promote their projects and to network with other blockchain enthusiasts.
Takeaway: Consensus should spread awareness about blockchain and cryptocurrency related projects. It should capture the attention of blockchain newcomers and hopefully promote the benefits of blockchain technology.
Nasdaq powered exchange (May 14th)
Nasdaq is providing the technology to support a new cryptocurrency exchange called DX, but DX will exclude American investors at its launch.
Takeaway: After news last week that Nasdaq would consider opening a cryptocurrency exchange, this looks like a baby first step. This headline should not be confused with Nasdaq opening a cryptocurrency exchange, because that is not what this is. This is not a Nasdaq exchange, but if it is a successful project, perhaps Nasdaq could use the exchange as a test run for a future exchange.
Coinbase Institutional Products (May 15th)
Coinbase announced three future innovations to its site: Custody, Markets, and Prime.
• Custody – Coinbase is implementing a custody solution for institutional investors with what it claims is the most secure crypto storage solution available.
• Markets - Coinbase intends on introducing new features like low latency performance, on premise datacenter colocation services, institutional connectivity and access, and settlement and clearing services. Coinbase claims those services will lead to more efficient price discovery, tighter markets, deeper liquidity, and increased certainty of execution.
• Prime – Prime will provide tools and services for institutional investors such as margin trading, over-the-counter trading, and new market data and research products.
Takeaway: Coinbase is the must trusted and used exchange within the US. Its enhanced product offering with lead to a better trading experience for institutional investors and should help mature the cryptocurrency trading industry.