| | NOVEMBER 16th, 2016
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” – Henry Ford
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Peernova has raised $4m in Series B funding from Chinese construction group Zhejiang Zhongnan.
The US-based blockchain startup has been flying under the radar recently while working on a new type of data verification system that relies on blockchain technology but not distributed ledgers.
In an interview with CoinDesk, CEO Naveed Sherwani explained that the company prefers to avoid broadcasting developments, instead focussing on research and product testing. He did, however, hint at interesting announcements coming in 2017.
The source of the funding indicates an increasing interest in the Asian market, in line with other large sector players, and a potential joint venture with the construction group. (Read the full story.)
Wait, there's more:
· Digital assets. Colu has unveiled a demo that shows how colored coins can be used on Lightning. The startup demonstrates that the network removes some of the inherent limitations of linking small amounts of bitcoin to other assets. Read more.
· Cripes. The price of bitcoin jumped nearly 4% in one hour this morning to $740. The reason is unclear, but could have to do with rumors of a large order at an exchange, and on a weakening of China’s yuan. Read more.
· Central bank currency. The Monetary Authority of Singapore will soon test the creation of its own digital currency on a blockchain-based payments system. In collaboration with blockchain consortium R3CEV and others, the project aims to simplify interbank transfers and lower transaction costs. Read more.
· Funding decline. A CB Insights report reveals that investment in blockchain startups has fallen for the third quarter in a row. Perhaps the market is waiting for more proof-of-concepts to enter production? Read more.
· Latest version. Ethereum’s fourth hard fork should occur sometime next week. This update will, among other things, fix bloat issues and include replay attack protection. Read more.
· About change. In response to a decline in the use of cash, Sweden is considering issuing a central bank digital currency, completely changing the current financial structure. While it has not specified the technology it would use, blockchain is obviously an option. Read more.
· In this together. China’s CITIC bank last month hosted a blockchain seminar attended by representatives from some of the country’s largest corporations and financial institutions. The event’s aim was to inform and connect, in the hopes of accelerating the technology’s adoption. Read more.
· Better identity verification. IBM’s Bluemix Garage in Singapore has announced a collaboration with blockchain startup KYCK! that aims to streamline client onboarding and KYC procedures for financial services. Read more.
BTC: $732.07 +3.0%
ETH: $10.17 -0.2% at 10:00am EST more details
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