Weekend Recap: Everything That's Happened in Blockchain & Cryptocurrency

Industry 5 min, 0 sec READ

by Shira Lando

Bitrates weekend recap is a 2-liner on everything important that happened this weekend in cryptocurrency and blockchain news

Whether it's Friday night drinks, a Saturday walk, or a Sunday roast with the family, we all get distracted once the weekend hits. But since crypto waits for no one, here's a rundown on everything you need to know.  

Industry 

• Microsoft officially announced the release of a "Proof-of Authority" Ethereum consensus on Azure, marking another Ethereum ledger product Microsoft. 
• The World Bank has made history by choosing the Commonwealth Bank of Australia (CBA) to arrange the first global bond ('bond-i') ever to use blockchain technology. The entire bond transaction process, from creation to allocation to transfer, to management will be delivered using Ethereum-based distributed ledger technology (DLT). 
• A new report from Ecobank, a pan-African bank with operations in nearly 40 African nations, outlined the timid response to blockchain and cryptocurrencies demonstrated across the continent. While the southern tip represents a more progressive mindset as South African and Swaziland have legalized and regulated cryptocurrencies, other government bodies have adopted a "wait and see" approach.
• David Marcus, head of Facebook's blockchain division, is leaving Coinbase to avoid a conflict of interest. Although Facebook has disclosed very little about its future plans, based on Marcus' track record, many expect the company to soon set up its own crypto payment network, create an exchange, an identity-management platform, their own altcoin, or any combination of these things.
• Bitmain Technologies Limited is set to become the world's largest publically-traded cryptocurrency corporation. The Hong-Kong based firm is planning an IPO (allowing the private company to sell shares to the public for the first time) of up to $18 billion, with the official launch set for late 2018 or early 2019.
• Just a few hours following its announcement that Hong Kong-private equity firm, GSR capital will invest up to $270 million in tZero, an Overstock's blockchain subsidiary, Overstock shares have soared by more than 20%. 

Blockchain Technology

• Everipedia, the blockchain-based Wikipedia alternative, launched its service on July 9. The launch confirms the company's transition from Ethereum to the EOS.IO blockchain. The project is backed by Wikipedia's co-founder, Dr. Larry Sanger, who is also the project's Chief Information Officer (CIO).
• IBM and Maersk are launching a new join blockchain platform named TradeLens in cooperation with Swiss logistics giant, CEVA. The new platform will be focused on implementing blockchain solution to improving shipping supply chains.
• UK Barclays, together with Deloitte, the ISDA and Thomason Reuters, will sponsor a hackathon to find the top blockchain solution to increasing the efficiency of derivative contracts processing. Regardless of its obvious interest in blockchain solutions, only a few days ago, Barclays denied all rumors of its 'digital asset project' and has stated that a crypto trading desk is not coming anytime soon.
• Tencent Holdings, Chinese tech giant and parent company of popular WeChat messaging app, is testing blockchain technology to see if it can help speed up the reimbursement of expenses for company employees. The trial is run on WeChat.

Exchanges and Coins

• Binance's CEO, Changpend Zhao, has released a short introductory video for Binance DEX, the company's ambitious project for a decentralized cryptocurrency exchange, which will operate on the company's native blockchain. 
• Dan Morehead, Brian Kelly, Tom Lee and other experts, said the dramatic crypto selloff seen over the weekend was a complete overreaction from investors to the SEC delay on the Bitcoin ETF ruling until September. The essence of their advice was,

Don't panic, Bitcoin is bouncing back. 

• Singapore-based VC firm, Golden Gate Ventures is launching a $10 million fund, called LuneX Ventures, aimed at cryptocurrency and blockchain technology startups investments. 
• Tether has issued $50 million worth of new tokens August 11, and is now second place, after Bitcoin, in terms of highest daily trading volumes. 
• A public statement by the IOTA Foundation was meant to quiet some fears regarding major disagreements among senior management. This is following the publication of a transcript revealing uncertainties over Serguei Popov and Sergey Ivancheglo's, IOTA founders, access to the Foundation's Board of Directors; a Memorandum of Understanding (MoU) will now grant them access.
• According to an official release, Dish Network, a major U.S.-based subscription TV provider, now lets customers pay for monthly subscriptions and pay-per-view movies with Bitcoin Cash, in addition to Bitcoin.

Hacks and Frauds

• Thai actor Jiratpisit "Boom" Jaravijit has been arrested in a money laundering case related to Dragon Coin. The accusation was brought forth by a Finnish national who claimed he had been deceived into transferring 5,564 Bitcoins to the group which would then invest it in Dragon Coin, this in exchange for shares which he never received. The actor, one of seven arrested in the alleged scam, including two of his siblings, denies the allegations.
• The Tezos Foundation has been at the center of a legal mess surrounding the $232 million Tezos ICO fundraiser completed in July of 2017. On August 8, U.S. District Judge Richard Seeborg of Northern California fully dismissed the lawsuit against Bitcoin Suisse AG. The lawsuit against Tim Draper was also dismissed, although the plaintiffs were given 20 days to amend their suit. 
• A 15-year-old tweeted a video in which he is seen playing DOOM on John McAfee's 'unhackable device'. Within weeks of its release, the device has been taken apart, rooted and reconnected to the BitFi service. But McAfee still refuses to make good on his $250,000 bounty promise, arguing that the Bitcoins stored on the device weren't actually stolen. Throughout these BitFi wallet chronicles, the phrase 'A McAfee Promise', has come to denote the practice of making promises or announcing plans with no intention of following through with them.   

Markets

• Ethereum Classic gives up Coinbase gains, XLM, EOS, and TRX still weak, market analysis, Aug. 10
• Bitcoin shows warning signs of further weakness as Turkey risks financial crisis, market analysis, Aug. 11
• After some dramatic declines, are BTC, ETH, and BCH showing signs of recovery? market analysis, Aug. 12