Coinbase to Acquire Keystone Capital & Thailand to Trial Central Bank Digital Currency

Another positive night in the cryptocurrency markets saw the global cryptocurrency market cap rise by $4 billion to $348 billion; Bitcoin gained $82 bringing it to $7702 and Ethereum also making gains, rising by $5 to $607.

Coinbase continue down the road to regulation after announcing their intended acquisition of Keystone Capital for an undisclosed sum. The acquisition of Keystone essentially means a quicker route to becoming a fully licensed and SEC regulated broker-dealer. Providing the SEC issues approval, Coinbase will be permitted to offer blockchain based securities whilst being both SEC and FINRA compliant. The deal also opens up the potential for Coinbase to expand further still into the possibility of providing trading services for non-crypto assets via tokenisation – again, pending regulatory approval.

Thailand has announced the intent to implement its own Central Bank Digital Currency in a trial to explore the development of faster and cheaper domestic interbank settlements in the country. Bank of Thailand governor Veerathai Santiprabhob published details of the project labelled “Project Inthanon” in a keynote address at the Nomura Investment Forum stating “The Bank of Thailand and banks will co-develop a new way of conducting interbank settlement using wholesale central bank digital currency or CBDCs”, he went on to say “Like other central banks, our goal is not to immediately bring CBDC into use, but rather to explore its potential and implications for back office operations. These efforts should pave way for faster and cheaper transaction and validation due to less intermediation process needed compared to the current systems” further underpinning the bank’s commitment to the use of blockchain technology in the banking sector. The news comes after several statements on the subject of CBDC's from different countries recently, perhaps most notably a staff working paper released by the Bank of England on the realisation that CBDC's might reduce the profitability of traditional commercial FIAT banks.

Tech giants Fujitsu have announced the launch of its cloud based “Fujitsu Intelligent Society Solution Blockchain Asset Service”. The service will enable customers to collect digital stamps via QR codes, redeemable for offers or coupons for use in retail stores, whilst the additional data gained will be fed back to retailers for use in improved targeting and customer behavior analysis. Fujitsu point out the service has been designed in such a way to be very simple to use for customers, removing the need for any understanding of blockchain technology to benefit from the service. The service will be being demonstrated at Interop Tokyo 2018, held in Makuhari Messe (Chiba, Japan), June 13-15.

New ICO Ratings on ICOformula:

Weicrowd (WEIS)
Servadvisor (SRV)

 

Created: Thursday, June 7, 2018

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