| | DECEMBER 1st, 2016
"Whenever you find yourself on the side of the majority, it is time to pause and reflect." – Mark Twain
|
China-based Huiyin Group has announced the launch of a $20m fund for investing in bitcoin projects and initiatives.
Huiyin Blockchain Ventures will apparently focus mainly on infrastructure projects and new use cases. It has already invested in Indian bitcoin exchange Unocoin, content monetization platform Yours and e-commerce marketplace Purse.io.
This foray into technology represents a change of strategy for the group, which has so far concentrated on traditional industries such as real estate, energy and agriculture. The investors’ enthusiasm for bitcoin, plus their ties to the political and economic elite of China, could help to smooth the acceptance of the cryptocurrency in the region. (Read the full story).
Wait, there's more:
· Blockchain cost reduction. A group comprised of several major Japanese banks, bitcoin exchange bitFlyer and Deloitte Japan has published the first results of a blockchain interbank payments trial. The report confirms the possibility of cost reduction, but warns that existing infrastructure is not yet ready to integrate with the technology. Read more.
· Zcash settling down? After intense volatility since its launch on October 28, the ZEC currency’s price fluctuations yesterday kept within a 6% band on relatively light volume. Read more.
· IRS vs Coinbase. A judge ruled yesterday that the IRS can serve Coinbase with a subpoena to access its client records, in a bid to catch those evading taxes through digital currency transactions. Coinbase has repeated its intention to fight back. Read more.
· Japanese consortium. The Japan Exchange Group has created a consortium to test a blockchain market infrastructure proof-of-concept developed with IBM. Comprised of the Tokyo Stock Exchange, the Osaka Exchange and the Japan Securities Clearing Corporation, the consortium hopes to expand its membership to other sector participants in the coming months. Read more.
· State initiative. The state of Illinois has created the Illinois Blockchain Initiative, a consortium that includes both industry participants and government organizations. The objective is to create a welcoming regulatory environment, encourage blockchain startups to relocate, and develop prototypes for the state government. Read more.
· Supply chain trials. Blockchain interest in India is spreading beyond the banking sector. Indian business conglomerate Mahindra Group is working with IBM to test blockchain-based supply chain management. This application is likely to be only the first of several use cases developed by the partnership. Read more.
BTC: $751.33 +1.4%
ETH: $8.42 -0.5% at 10:00am EST more details
| | | | | |
0 Comments