Legislators Introduce Bill to Find Common Definition of Blockchain Technology

U.S. Reps. Doris Matsui and Brett Guthrie have recently proposed a bill dubbed the “Blockchain Promotional Act 2018” in the House of Representatives, according to an announcement on Matsui’s website Monday, Oct. 1. The release notes that current definitions of blockchain technology in different draft bills differ. For this reason, the bill proposes that the U.S. Department of Commerce creates a working group formed both by federal officials and members of the blockchain industry to form a common definition of blockchain. The working group will also consider recommendations for the…

Winklevoss’ Gemini Crypto Exchange Secures Insurance Coverage for Custodied Assets

Cryptocurrency exchange and custodian Gemini Trust Company, LLC (Gemini) has secured insurance coverage for custodied digital assets from lending services firm Aon, according to a press release published Oct. 3. Founded in 2014 in New York by Tyler and Cameron Winklevoss, Gemini is now the 50th largest digital currency exchange by 24 hour adjusted trade volume, according to data from CoinMarketCap. Per the press release, Gemini’s digital insurance coverage will complement the already available Federal Deposit Insurance Corporation (FDIC)-insured U.S. dollar deposits. Yusuf Hussain, Gemini’s Head of Risk, said: “Consumers…

How Will it Affect Bitcoin?

Technical analyst and crypto trader Aurelius revealed that the price of Tether (USDT), the most widely utilized stablecoin in the cryptocurrency exchange market, has fallen in the past 24 hours. The drop in the price of Tether by around 1 percent led a premium to form on USDT-to-crypto trades, especially on USDT-to-Bitcoin trades. 1-day price chart of USDT, data provided by Coinmarketcap.com As a stablecoin backed by the US dollar, the value of USDT has to remain at $1. Tether LLC, the company that operates USDT, is said to have…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, October 3

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Investment firm Tiger Global is “finishing negotiations” to buy a stake worth about $500 million in one of the largest U.S. crypto companies Coinbase, at a reported valuation of around $8 billion. Tiger is a reputed firm led by savvy investors, hence this…

Tokenized Real-World Asset | Luxury Condo Put on Ethereum Blockchain

It’s the first of its kind. According to Forbes, a luxury condo development in Manhattan, which is valued at more than $30 million, will be tokenized on the worldwide Ethereum blockchain, making the luxury condo a tokenized real-world asset. The building comprises of 12 units at 1700 sq ft each and is located on 436 & 442 E 13th St in Manhattans, East Village. The listing broker on the deal is Ryan Serhant. He and the developer are looking to tokenization as a new method of financing. He says: “With…

Crypto Bull Mike Novogratz Trims 2018 Bitcoin Price Forecast [Again]

One of the cryptocurrency market’s biggest bulls has once again trimmed his optimistic short-term bitcoin price forecast, stating this week that he does not believe that “digital gold” will reach the five-figure mark again until 2019. According to CNBC, Mike Novogratz, the billionaire founder of cryptocurrency merchant bank Galaxy Digital said on stage at the Economist Finance Disrupted event in Manhattan that he does not expect the bitcoin price to even crack $9,000 before the New Year’s ball drops at least one more time. “I don’t think it breaks $9,000…

JPMorgan’s Focus on Blockchain Is Part of Digital Transformation Roadmap, New Study Reveals

A study into JPMorgan’s digital transformation initiatives has revealed that blockchain is a key technology for the bank’s roadmap, according to a press release published by ResearchAndMarkets.com (RM) October 3. RM has analyzed JPMorgan’s enterprise-wide strategies to secure its “competitive edge” against rival banks, non-financial firms, and fintech startups. The bank has reportedly earmarked $10.8 billion for technology spending in 2018, $5 billion of which will go towards fintech investments. The study covers JPMorgan’s digital transformation roadmap, with blockchain listed as the first in a range of bleeding-edge technologies that…

Israel Securities Authority Turns to Blockchain for Improving Cybersecurity

The Israel Securities Authority (ISA) has started to use blockchain to improve the cybersecurity of its messaging system, online newspaper Times of Israel reports today, October 3. The government regulator has reportedly embedded the technology into a system dubbed “Yael,” used to deliver messages and other information to entities that fall under ISA oversight. The ISA has further plans to implement blockchain in two other systems, including an online voting system that enables investors to participate in ISA meetings remotely, and a system called ‘Magna” that stores all the reports…

Crypto Assets on Winklevoss Gemini Exchange Are Now Insured

Crypto exchange Gemini has obtained insurance coverage for the digital assets it holds in custody, it announced Wednesday. The Gemini Trust Company said in a press release that its insurance will be provided through a consortium of insurers under a system set up by global professional services firm Aon, which already provides “a broad range of risk, retirement and health solutions.” According to the release, the exchange received coverage after it could prove to underwriters that it “is a leading, best-in-class exchange and custodian.” This insurance comes on top of…