Image of the day, 30 of July: Reuters, Bloomberg, Forbes and others
We're presenting "the image of the day". Bitnewstoday.com chose only the freshest and most important news about the digital economy and virtual currencies. Only the most valuable stories from only the proof sources. Each and every event from this list will change the world of the digital economy either way. The most important of today's stories in most indicative quotes below!
1. COME AND GET IT! (Reuters)
CLS, IBM and banks trial blockchain app store
CLS, IBM and nine financial institutions, among which Barclays Plc and Citigroup Inc, are testing a platform called LedgerConnect to access blockchain-based applications. The main goal is to make it easier and cheaper for financial firms to use blockchain-based software, so the platform is similar to usual app store.
CLS and IBM hope that LedgerConnect can help speed up adoption by making blockchain-based software for financial firms more readily available, they said.
2. THE POINT OF NO RETURN (Bloomberg)
Novogratz’s crypto bank gains strength after bitcoin plunge.
Within a couple of days Novogratz’s company Galaxy Digital LP will start trading on Toronto’s TSX Venture Exchange. Despite the fact it should be a great moment for the former Goldman Sachs Group Inc., Novogratz speaks about the "frustrating" demands of Canadian regulators.
“Unfortunately, the Canadian capital markets aren’t roaring anymore”, Novogratz said in the interview. “I have faith that they will come back”.
3. POPCORN FOR CRYPTO (Bitcoin.com)
Largest movie theater chain in Thailand will start accepting Bitcoin.
The chain called Major Cineplex launches service which will allow users shop for cryptocurrency. Whether it would be movie ticket or a bucket of popcorn, customers will be able to pay with Bitcoin or any other VC.
4. SALVATION IN BITCOINS (Forbes)
The impending economic crisis will push the people of Pakistan away from the fiat currency.
Pakistan has banned banks from working with bitcoin and cryptocurrency. However, people continue to use virtual money. According to LocalBitcoins, there are 57 people in the country involved in buying and selling bitcoins. Economic instability only increases the interest of residents to the crypt and makes them move away from the national currency to the virtual one.
”People see cryptocurrency as a way of investment, but slower than in the Western world, because the literacy rate is much lower, and this is a completely new phenomenon for them", says Pakistan's Pakcoin founder Abu Shahir.
5. CAPITAL WINTER (Forbes)
William Zhao: "There is too much money in China".
“Bubble-like” valuation levels had become prevalent in China’s private investment space, as investors poured a staggering 1.2 trillion yuan ($180 billion) - or 1.5% of the country’s gross domestic product - to fund private firms in 2017, according to Beijing-based research firm Zero2IPO. After such record amount of money was invested startups should brace themselves for “capital winter”.
“There is too much money in China. The not qualified startups are getting funding, and the qualified startups are getting even more funding,” says William Zhao, vice president of Bertelsmann Asia Investments, a fund with more than $1.5 billion under management. “They are good companies, but are they worth that much? I think there is a bubble in it.”
6. NUTS BY BLOCKCHAIN (ZDNet)
Technology breaks into international trade.
The Commonwealth Bank of Australia (CBA) used a new blockchain platform supported by DLT, smart contracts and the Internet of things as part of the global trade experiment. 17 tons of almonds sent from Australia to Germany were tracked through the blockchain.
"Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient, and transparent," CBA managing director of Industrials and Logistics in Client Coverage Chris Scougall said.
7. PROPER REGULATION (Forbes)
Cryptocurrencies as a new asset class.
Blocktrade.com is the first cryptocurrencies exchange for that is regulated under the MiFID II framework, approved by the Financial Markets Authority, a member of ESMA (European Securities and Markets Authority). It has opened for beta testing.
This crypto exchange will trade Bitcoin (BTC), Ethereal (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and others. The final opening of service is expected in September.
“This is an ideal way for regulators across Europe to recognize cryptocurrencies as a new asset class and put in a regulatory framework,” said Luka Gubo, CEO of Blocktrade.com.