Monex Seals Coincheck Deal, IBM in Digital Security Deal with Sovrin and Swiss National Bank Still Old Money Minded
Both Bitcoin and Ethereum retreating a little further overnight with Bitcoin around $6.6k and Ethereum at $370 making both attractive for those looking to average down.
Monex have announced confirmation of their rumoured intent to acquire the Coincheck cryptocurrency exchange for 3.6 billion Yen ($33.59 million USD) – despite having suffered a sizeable theft earlier this year. As a result of the announcement, Monex stock spiked by 20%. The deal is set to complete on April 16th.
IBM have been announced as a “Founding Steward” for Sovrin Network in a blockchain structure designed to combat fraud and bolster security in what it calls the “world's first truly self-sovereign digital identity system”. Although the initial target market is focused on the banking sector, the project has the potential to play a significant part in preventing data breaches in any digital environment. After the recent Cambridge Analytica and Facebook debacle, interest in Sovrin and its ICO (as yet to be announced in detail) is likely to be vast to say the least.
Swiss National Bank board governor Andrea Maechler made claims that central bank issued digital currencies would pose “incalculable risks” whilst addressing an audience on the subject. In a prime example illustrating the old-money world desperately attempting to belittle cryptocurrency whilst at the same time lauding the benefits of blockchain she went on to say that cryptocurrencies "not comparable with money - far from it," and "Digital central bank money for the general public is not necessary to ensure an efficient system for cashless retail payments. It would deliver scarcely any advantages, but would give rise to incalculable risks with regard to financial stability." With numerous banks and financial entities now embracing and implementing blockchain tech and the sudden yet conveniently timed introduction of faster payment services (which of course were never possible before) it’s becoming increasingly apparent the traditional financial sector is fearing the rise of crypto and blockchain in general.
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Created: Friday, April 6, 2018
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