IBM to Expand Blockchain Operations in France, AMEX Pilot Hyperledger & Coinbase Acquires Paradex
Another tough 24 hours in the cryptomarkets; Bitcoin now at $7425 (down $401), Ethereum currently at $574 (down $111) and the global cryptocurrency market cap sits at $334 billion (down $9 billion). Still no specific indicators pointing to the overall market decline with the news feeds reporting yet more positive industry news and developments. An educated guess would suggest one possibility could well be the inherent nature of the overall investor base involved in crypto – the majority being relatively young and inexperienced traders come with a tendency to panic sell when markets dip which would support the theory – as opposed to blatant market manipulation by institutional entities which would be easily spotted as larger than usual trades were processed. As always, market dips make ideal acquisition points and averaging down opportunities for long haul hodlers.
IBM have announced their intent to create 1,800 jobs in France in the AI, blockchain and IoT sectors over the next 2 years – the news comes just a week after French Finance Minister announced his change of stance on cryptocurrency and blockchain technology. Proof positive if ever it were needed that the old money world is beginning to see the light and pulling their heads out of the sand to embrace and learn about the underlying benefits of blockchain rather than repeatedly harping on about how volatile Bitcoin is.
American Express is rolling out a pilot of a Hyperledger blockchain solution to allow merchants to reward customers purchasing specific products. The pilot program will initially start with the online merchant Boxed enabling the issue of bonus reward points on selected items defined by the merchant – in addition the new structure affords AMEX and their merchants the ability to generate more targeted promotions to customers through inventory matching and user purchasing habits. After yesterday’s announcement by Japanese bankers Mitsubishi UFJ Financial Group on their successful testing of a 1 million TPS payment processing blockchain, competing card issuers VISA should really be starting to wonder about their decision ignore the potential benefits of implementing distributed ledger technology at some level.
Coinbase hits the headlines again with the acquisition of Paradex for an as yet undisclosed sum. Paradex will be integrated into its recently announced Coinbase Pro platform (a rebranding of the GDAX platform) opening up the ability for users to trade hundreds of tokens directly from their wallets. The integration will take place over the coming weeks and initially be made available to users outside the US whilst regulatory standards are met, at which point the service will be rolled out as fully compliant for use within the US.
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Created: Thursday, May 24, 2018
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