Good News as Goldman Sachs Announces Moves into Crypto & Telegram Public ICO Cancelled

Another positive 24 hours for the cryptomarkets overnight – Bitcoin rising by $80 to $9216 and Ethereum finally breaking through the $700 level to $714. Top altcoins also generally looking positive – it will be interesting to see if Ethereum can maintain support above $700 from this point.

Banking behemoth Goldman Sachs have announced their intent to proceed with plans to create what would likely be the first Bitcoin trading operation managed by a Wall Street bank. Although the bank will not be physically buying and selling Bitcoin on behalf of clients, it will be using its own funds to trade with clients in Bitcoin linked contracts. Goldman Executive Rana Yared stated “Goldman concluded that Bitcoin is not a fraud and does not have the characteristics of a currency. But a number of clients wanted to hold it as a valuable commodity, similar to gold, given the limited quantity of Bitcoin that can ever be “mined” in a complex, virtual system” She went on to say “It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,’” The bank reportedly intends to expand into direct trading eventually if and when regulatory approval happens and the subsequent risk factors are calculated.

According to an anonymous source, The Wall Street Journal reports the hotly anticipated Telegram public ICO has been cancelled after raising $1.7 billion from fewer than 200 investors over 2 funding rounds. So far there has been no official statement from Telegram on the subject confirming or denying the claims, nor any clear direction of quite how the funding will be used by the company. Whilst one might argue they can probably do whatever they want with level of funding – changes to regulation have raised concerns from within Telegram, likely leading them to ensure any plans announced are fully compliant and robust as possible given the volume of funding involved.

ICO Events Occurring Today

Well (WELL) – Crowdsale

DiwToken (DIW) – Crowdsale

Moneytoken (IMT) – Crowdsale

Open Block (OBC) – Presale Ending

 

Created: Thursday, May 3, 2018

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