Today on Bitcoin This Week we discuss the recent secret meeting held by Nasdaq with major crypto exchanges, we analyse Bitcoin prices and more.
DMG Blockchain Bringing Industrial-Scale Mining To Canada
Canada has positioned itself as leading the way in blockchain innovation. Soon it will have the largest crypto mining station in North America, if the plans of DMG Blockchain Solutions come to fruition. The company announced this week that it had begun installing its own “85 megawatt transformer and substation”, with plans to have the hub connected to the main power grid by September.
DMG plans to use the station to mine crypto for its own purposes and to act as a Mining As A Service (MaaS) platform for other companies. The station will see the Canadian company increase its mining capability by over 2000% and will help it take what it calls “industrial-scale” mining to the next level.
Thailand Bond Market Association Turns to Blockchain
The interaction between crypto markets, mainstream securities, and regulators has been a source of plenty of news over the past few months with the focus predominantly on the United States. However, other countries are developing their own methods of handling the disruptive influence of the crypto market, with Thailand’s Bond Market Association the latest in a series of stock exchanges to plan a digital platform to streamline its operations.
The Bangkok Post reported this week that the Bond Market Association will apply to the state regulatory authorities later this year, becoming the first fintech company in Thailand to do so. They hope to develop a digital platform to enable speedy transfers of bonds on the secondary market. It currently takes between seven and fifteen days for bonds to transfer but this is likely to be decreased dramatically with the use of blockchain technology. The platform will be developed on a smart contract platform and will be only available to registered entities, such as bond issuers and traders. It is ultimately envisaged that the network will use a Bond Coin to settle transactions on the blockchain.
Accenture Lodges Blockchain Patent
Global business consultancy giant Accenture has filed a patent for a blockchain-based logistics platform. The firm has been proactive in its adoption of the technology, partnering with Ripple as far back as 2015, and recently causing controversy in the blockchain community with its patent for an “editable” blockchain appearing to fly in the face of the technology’s key advantage of immutability.
The new patent, which was filed on the 26th of July with the US Patent and Trademark Office, is consistent with Accenture’s recent announcement that it had partnered with DHL to explore blockchain solutions to the problem of pharmaceutical tampering.
Nasdaq Meets In Secret With Crypto Exchanges
Nasdaq has met with representatives of companies from both traditional and crypto exchanges to discuss how best to move the crypto market to full regulatory acceptance, according to Bloomberg this week. Nasdaq CEO Adena Friedman has been a vocal proponent of crypto regulation, with her firm even going so far as to partner with the Winklevoss twins’ exchange, Gemini, earlier this year.
While Nasdaq was remaining tight-lipped about the meeting, which took place in Chicago last week according to the Bloomberg source, it is thought that regulation and oversight were amongst the topics discussed. Meanwhile, Nasdaq confirmed this week that it is supplying technology to five crypto exchanges, including Gemini and SBI Virtual Currencies, but wouldn’t reveal the names of the other three companies. Wall Street has shown reluctance to accept Bitcoin and other cryptocurrencies, particularly since the Department of Justice revealed that it was carrying out an investigation into alleged price-fixing in the Bitcoin futures market during the massive bull run last winter.
Bitcoin Immune to Latest ETF Disappointment
The Winklevoss twins cast their considerable shadows over the Bitcoin markets last week. News that the SEC rejected their latest application to launch a Bitcoin ETF shaved 6% off the coin’s value. But the panic was over very quickly and Bitcoin was back on a steady course by the end of the week.
Having hit $8300 for the first time in two months on Wednesday, Bitcoin opened on Thursday down to $8176 and was relatively steady until the Winklevoss news broke, dragging the price down to $7839 on Friday morning. It was back up to close Friday at $8165. Saturday and Sunday passed without drama, Bitcoin trading between around the $8200 mark, and breaking through the $8300 figure for a spell on Sunday afternoon. To see current prices click here.