Another Billion Dollar Blockchain Fund Launched, Barclays Baffled and Blockchain Bacon - Yum!

A positive market overnight – Bitcoin back above $9k to $9140, Ethereum also making gains on yesterday to $678 with the majority of top altcoins also up.

Huobi China subsidiary Huobi Labs has announced the launch of a $1 billion USD blockchain industry fund in partnership with Tianya Community Network Technology which will see the Huobi China headquarters relocate to Hainan (which will place it in the recently established “Hainan Special Economic Zone”) to create and build 10 global blockchain labs along with a blockchain research institute with the world’s top universities.

Barclays are back in the news again amid more internal confusion about their stance and direction regarding cryptocurrencies. After analyst Joseph Abate compared Bitcoin to infectious diseases a few weeks back, followed by reports of Barclays quizzing clients about setting up a cryptotrading desk at the bank, it now transpires Barclays CEO Jes Stately commented in response to shareholder questions on the subject that the bank “has no immediate plans to launch a crypto trading desk” and cryptocurrency is “a real challenge for us”. I suspect the real challenge is not cryptocurrency itself to be honest, and more a case of a distinct lack of internal policy and decision making at the bank.

The latest novelty piece of blockchain bandwagon marketing has arrived in the form of “Bacoin” courtesy of processed meat moguls Oscar Meyer attempting to immortalize bacon on the blockchain. Whilst an amusing advertising stunt, it would appear the ad campaign is nothing more than just that – an ad campaign. Whilst it does serve to increase blockchain and crypto awareness to the masses, the world of crypto is still confusing for newcomers at the best of times, particularly whilst the markets are relatively still very young. Creating further confusion with campaigns such as these serve little other than to perpetuate the problem. At least unlike Barclays, Oscar Meyer are being obvious about their intents with their marketing messages.

 

Created: Wednesday, May 2, 2018

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