There Are More than Sixteen Thousand Blockchain Companies in China

3,078 companies registered a blockchain-themed name in the first six months of 2018.

The number of firms in China with the word ‘blockchain’ in their name has exploded in the first six months of 2018, according to the South China Morning Post.

The information is based on government data gathered by qixin.com

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According to this data, in 2017 there were 555 companies in China with the word qukualian in their names, while 3,078 companies registered such names between January and mid-July 2018.

Examples include:

‘Hangzhou Today Marriage Blockchain Technology’
‘Guangzhou Chinese Medicine Homeopathy Blockchain Technology’
‘Jiangsu Dragon Liquor Blockchain Trade’

Moreover, in the last 12 months, 16,600 new companies in China have declared blockchain to be part of their business.

Background
This echoes a similar trend seen in the West recently. In some cases, unscrupulous businesses have sought to profit from the general enthusiasm for blockchain technology – the most widely-publicised example was New York-based soft drinks company Long Island Iced Tea Corp, which changed its name to Long Blockchain Corp and saw its share price dramatically jump despite the rebrand being entirely cosmetic. Other examples include a UK firm called On-line Plc changing its name to On-line Blockchain Plc, and a company called Bioptix changing its name to Riot Blockchain Inc.

Long Blockchain was eventually de-listed from the NASDAQ stock exchange, and Riot Blockchain Inc had to deal with a class-action lawsuit.

South Korea was also reported to be investigating this phenomenon, but the authorities in that country chose not to reveal specific examples so as not to cause market instability.

4,000 names for blockchain
Research from the SCMP reveals that in the US there are currently 817 companies with blockchain-themed names and 335 in the UK. China has over 4,000.To those aware of the history of the Chinese government with cryptocurrency this may seem strange – after all, most cryptocurrency-based activities were made illegal there a while ago – events are sometimes halted by police, and many of the country’s biggest cryptocurrency-based companies have left.

However, local governments throughout the country have been encouraging the industry (the report names Shanghai, Shanxi, Henan, Guangzhou, Guiyang, and Hangzhou) with financial incentives, and approximately 41 percent of all funded Chinese startups were somehow related to blockchain technology.

As we have reported in the past, China appears to be supportive of the industry as long as it can be controlled.


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Author: Simon Golstein
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Nasdaq Blockchain Trial Resolves Margin Calls ‘in Minutes’

A group of industry stakeholders has developed a blockchain platform to transfer collateral to central counter-parties when trading securities. 


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Stock exchange operator Nasdaq announced Tuesday that its clearing arm, along with securities services provider ABN AMRO Clearing and financial services firms EuroCCP and Euroclear, have developed a joint proof-of-concept (PoC) blockchain platform.

The aim, according to a press release, is to cover margin calls – a need to deposit funds or securities to cover potential losses – through a distributed network among collateral givers, takers and intermediaries,

According to the announcement, Nasdaq developed the PoC for the distributed network, while ABN AMRO Clearing and EuroCCP created a front-end interface and managed integration into the services.

Further, Euroclear, one of the world’s largest settlement houses, processed the underlying collateral transfers, ensuring the settlement was final and monitoring regulatory compliance.

The current collateral processing has been challenged by several market changes like extended trading hours and the need to centrally clear derivatives traded over the counter under the European Market Infrastructure Regulation (EMIR), the release said.

Due to an increasing amount of buy-side market players, such as money managers at hedge funds and institutional firms who want to clear their derivatives trades, the need to provide an efficient securities collateral solution has become essential. In particular, these firms need to cover margin calls despite operating in different time zones.

The innovative development using the PoC would allow market participants “to handle the margin call, the securities collateral delivery and the return process within minutes.”

EuroCCP chief executive Diana Chan said the PoC can be “extremely useful” in fulfilling this requirement, explaining:

“With a solution like this in place we will be able to efficiently provide counter-party risk protection of equity trades after hours while reducing operational complexities. Today we are limited by European banking hours or arrangements in other time zones.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Madeline Meng Shi
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Litecoin (LTC) blazing the way to crypto adoption, as it’s added to Market Watch!

There is no doubt that the crypto market has gone mainstream, and Litecoin (LTC) is blazing the way. A few days ago, Litecoin proved that it is possible to send money at unimaginably low fees and in matter of seconds. $99 million was sent using Litecoin at a cost of $0.40 and in under 150 seconds. That’s an indicator that cryptos are taking over the financial services industry, and could easily make banks obsolete. However, the true hallmark of crypto adoption will be when the older generations start interacting with them, both as investments and as currencies. And today, that journey seems to have kicked off.
A few hours ago, Market Watch announced that they will be adding Litecoin and several other cryptos to their data feed. The big deal is that Market watch is mostly used by the older generations, people who are looking to keep track of stock market prices. You can easily tell this by the kind of comments that Market Watch received after they made this announcement.


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The comments are from clearly people who seem to have some understanding of finance, but are yet to understand crypto. Take these two comments made after the announcement as an example,
“We don’t want these quotes. We want to know where markets for REAL things are trading.”

Another one read,
“Cryptocurrencies are the Junk Bonds of the 2000’s only TEN TIMES WORSE! You’d be safer buying futures in the North Korean won currency. Cryptocurrencies are nothing but Ponzi Schemes. Look up the word Crypto. It means “Secret, Hidden, unknown”…. How appropriate.”
Clearly these are comments from older people who have an understanding of finance, but are yet to grasp the whole concept of cryptocurrencies. The good news is that now that it is out there, they will begin to understand it, and Litecoin (LTC) will be one of the biggest beneficiaries. That’s because it has the utility that they need.

For instance, everyday people need to send money via banks, a very expensive and slow process. How do you think they will react once they learn that they can achieve the same end, at a fraction of the time, and for pennies? They will most likely adopt it, and that’s how Litecoin and crypto in general will grow.
The case for large-scale adoption by the older and wealthier generation is also validated by the announcement by NASDAQ that they could become a crypto exchange in the future once regulations come in place. NASDAQ is another financial services platform that is well known to mom-and-pop as a bridge to investing in the stock markets. Once it starts dealing in crypto, you can expect such people to start taking an interest in this market, and that will be the beginning of the next phase of growth.

One thing is clear though, crypto is entering an interesting phase in its growth, and Litecoin (LTC) is a front-runner. If such positive vibes continue from mainstream finance and Litecoin continues to prove itself as a viable payments method, $1000 valuation would be in the offing sooner than you can imagine.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Floyd Cook
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Nasdaq CEO’s Endorsement of Crypto May Mean Bigger Future

Nasdaq, the second-largest exchange in the world by market capitalization, is open to becoming a platform for trading cryptocurrencies once the space matures, according to their CEO.

Adena Friedman told CNBC on Wednesday, “Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors,” adding, “I believe that digital currencies will continue to persist, it’s just a matter of how long it will take for that space to mature.”

In the meantime, they are supporting existing exchanges, having announced a collaboration with cryptocurrency exchange Gemini, founded by early Bitcoin investors Tyler and Cameron Winklevoss.


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Eric Ervin, CEO of Reality Shares, told Forbes, “If you were to rank interest in cryptocurrency on a scale of zero to 10, Friedman would be a six. She would help get the SEC [U.S. Securities and Exchange Commission] comfortable with cryptocurrency trading.”

This is another endorsement positively affecting the future of cryptocurrencies. George Soros’ wealth management firm is planning a dip into crypto. Venrock, the Rockefeller venture capital firm, partnered with CoinFund, a crypto assets hedge fund. An investment bank Goldman Sachs reportedly hired crypto trader Justin Schmidt, while another bank Barclays is considering a crypto trading desk.

Also, around one in five institutional financial firms have plans to start buying and selling digital tokens within the next 12 months, according to a survey by Thomson Reuters, an international mass media and information firm, as previously reported.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Sead Fadilpasic
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