Hong Kong Blockchain Fund to Finance Yen-Pegged Cryptocurrency

The founders of a $1.45 billion investment firm and a dedicated blockchain fund are teaming up to launch a new cryptocurrency whose value would be pegged to the yen. South China Morning Post reports that Grandshores Technology Group, a Hong Kong-based blockchain investment firm, is raising HK$100 million (US$12.7 million) to bootstrap the project, which aims to provide traders and other cryptocurrency users with a yen “stablecoin,” whose value would be immune to price volatility in the wider cryptocurrency markets. Grandshores Technology’s founding partner, Yongjie Yao, is also a founder…

Litecoin ‘Significantly Overvalued,’ Cryptocurrency Hedge Fund Claims

Proponents of litecoin, the seventh-largest cryptocurrency, have long touted it as “silver to bitcoin’s gold,” the medium of exchange to BTC’s store of value. Much like physical silver, though, litecoin currently trades well below its all-time high, having plunged to about $55 from a peak of $358. However, according to cryptocurrency hedge fund Multicoin Capital, even at that mark litecoin is “significantly overvalued.” Multicoin, which is short LTC, lays out its bear case for the asset in a new report, authored by managing partner Tushar Jain. A Maturing Market and…

Cryptocurrency Stands to Win Big in the Football Sector

As advocates of blockchain put forward theses for revolutionizing a plethora of industries around the world, European football — one of the most ubiquitous industries — is not an exception. French soccer club Paris Saint-Germain (PSG) revealed in a Sept. 11 press release shared with Cointelegraph that it is partnering with blockchain platform Socios.com. The main outcome of the partnership is to launch a Fan Token Offering (FTO) that will give fans access to Saint-German club tokens, which come with voting rights and can also be representative of VIP status…

Gemini Can Freeze its USD-Pegged Cryptocurrency at Any Time

Much has been made in recent days about how Gemini dollar (GUSD), a USD-pegged stablecoin created by the Winklevoss-founded Gemini cryptocurrency exchange, can help regularize cryptocurrency as a mainstream asset class. However, decentralization hardliners may be dismayed by the details of this grand bargain. GUSD Smart Contract Gives Gemini Broad Control Writing on tech publication Good Audience, blockchain researcher Alex Lebed performs a code review of the Gemini dollar smart contract, finding that, contrary to the ethos and technical specifications of decentralized cryptocurrencies like bitcoin, GUSD includes a provision that…

Mike Novogratz Says the Cryptocurrency Market Has Found a Bottom

For the past nine months, the cryptocurrency market has seen steady declines, forcing most altcoin prices down 80 percent or more from their all-time highs. Even bitcoin, “digital gold,” has shed 68 percent from its mid-December peak. However, the wind, says billionaire Galaxy Digital founder Mike Novogratz, is about to shift. Writing on Twitter, Novogratz, a former principal at Fortress Investment Group, said that he believes the market put in a low on Wednesday, when a widespread sell-off forced the cryptocurrency market cap down to about $186 billion, marking a…

Hard Forks Constitute Threat to Cryptocurrency Stability

A new study suggests that the stability of digital currencies is threatened by software updates, known as “hard forks,”according to a September 12 press release. The study states that clear guidelines on software updates could help stabilize cryptocurrencies. The paper was prepared by a group of researchers, led by the Oak Ridge Institute for Science and Education fellow Benjamin Trump, who reviewed the state of cryptocurrency “forks” by investigating over 800 soft forks and hard forks from Bitcoin (BTC). While the study says that digital currencies have the potential to…

World Economic Forum and the Chinese Cryptocurrency Space

On the latest episode of The Bitcoin Game, host Rob Mitchell explains the recent trip he took to the World Economic Forum. Based in Davos, Switzerland, this international conference featured a wide number of economic experts and panelists within the international financial industry. Sitting on one such panel titled “The Crypto Asset Bubble,” Jennifer Zhu Scott, a founding partner at Radian, later came on this week’s episode of The Bitcoin Game to discuss the trajectory of the future cryptocurrency industry worldwide, as well as her opinions on the space in…

Major French Soccer Club Plans to Launch Its Own Cryptocurrency

Paris Saint-Germain (PSG), a major French soccer team in the country’s top league, is planning to issue its own cryptocurrency as a way to incentivize participation from its fans around the world. PSG, which boasts prominent players including Brazil star Neymar, announced a multi-year partnership on Tuesday with a Malta-based blockchain startup called Socios that will tackle on the technology for the so-called Fan Token Offering. According to a French news site, PSG is now eyeing a deadline of spring 2019 to start issuing its proprietary tokens, making it potentially one…

Cryptocurrency Market Slump Sees $642 Billion Dumped So Far in 2018

The cryptocurrency market capitalization on September 12 established a new yearly low near circa $187 billion. The drop amounts to a total of $642 billion that has vanished from the market since its all-time high near $829.96 billion. Almost all the leading coins, including Bitcoin, Ethereum, Litecoin, and Ripple, are in the process of forming new bottoms. Ethereum, in particular, has led the crash by depreciating even lower than its mid-2017’s bottom. For a coin whose value improved on notorious ICO-mania, the 76 percent crash in 2018 points to record-low…