Most important stuff we’ve seen previous week in crypto world with personal thoughts
Major developments
It was a very calm week for crypto, although there were many news and developments, there wasn’t any major development which had a big price impact. As we stated two previous letters we will observe such market conditions for a few weeks more (Link). This is because few TOP 100 projects announced that major milestones will be finished in June and July. It might be helpful to focus on smaller projects which can gain more attention in such conditions.
Weekly 14–21st May 2018 crypto performance (by coin360.io)
Furthermore, we note some developments about stablecoins and real asset-backed tokens. More and more projects, companies are announcing and delivering their solutions within that area. It will take some time for these projects to gain popularity, but it’s good that there are more options for traders comparing for example to what was available 1 year ago. At that time only Tether (USDT) was tradable and it was only available on centralized exchanges.
Major crypto events in week 14–21st May 2018
NASDAQ is going to start strict crypto exchange next month. This news comes from Finance Magnates, and the exchange will supposedly be called DX. NASDAQ plans to offer a smooth onboarding process and charge zero trading fees (probably for some starting period).
The French finance minister, Bruno Le Marie, calls for France to become a leader in crypto after previously bashing blockchain and crypto techs. An interesting change in the narrative. The minister has reportedly admitted that he ”was wrong” regarding blockchain and cryptocurrency, and he now describes himself as ”passionate” regarding the technology.
According to Chinese government agency, Ethereum ranks highest out of cryptocurrencies technologies. This news comes following the Chinese decision to classify and evaluate 28 cryptocurrencies.
Circle (Goldman Sachs startup) raises $110M and gears up to launch its stablecoin. The coin will be called USD Coin and will be tied to the US dollar.
Coinbase is working on receiving bank license. The company has met with regulators to discuss their business and bank charters.
Mitsubishi UFJ Financial Group (Japan), the world’s fifth-biggest bank with total assets of $2.5T, will begin trials on its own cryptocurrency, MUFG Coin. The plan for trial is to involve 100,000 bank accounts and offer mobile wallet app for their holders.
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