VNX Weekend Read: Feb 11-15 Issue

February 16, 2019

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Greetings on your Valentine’s Day weekend!

We’re here to tell you about the most recent developments at the VNX Exchange and bring you the latest digest and analysis of what’s hot in the world of VCs, fintech and blockchain. We hope you enjoy our first post.

 

Top of Mind

Luxembourg has passed a new law to improve legal certainty, efficiency and transparency of securities issued with blockchain technology. The country has always been on the forefront of blockchain technology advancements and VNX is ahead of the curve, writes Cointelegraph.

 

This will affect not only VNX but all financial services companies in Luxembourg, especially those involved in circulation of securities.

 

What’s Hot

Newsflash! Jamie Dimon, CEO of JP Morgan Chase, has changed his mind about cryptocurrencies! Or has he? Mr. Dimon has consistently and fervently opposed the use of blockchain-based cryptocurrencies, namely Bitcoin. That is until now when the tides seem to have turned. On Thursday JP Morgan has announced plans to roll out its first blockchain-based cryptocurrency  – JMP Coin – pegged to the dollar. This stablecoin is intended to help settle payments between the financial behemoth’s clients in real time. How this new cryptocurrency will perform is still unclear but what is certain is that blockchain will continue to dramatically change the landscape of the financial services industry and that major financial institutions are on board.

 

“JP Morgan is preparing for a future in which parts of the essential underpinning of global capitalism, from cross-border payments to corporate debt issuance, move to the blockchain,” writes CNBC.

 

Newsworthy

Morgan Creek Digital, a New York-based asset management firm focused on digital assets announced Tuesday that it raised more than $40 million for a venture capital fund that invests across the blockchain and digital assets industry (find more here).

 

Japanese telecoms operator KDDI said on Tuesday it would invest $800 million in a minority stake in a Japanese online securities company Kabu.com (find more here).

 

Blockchain intelligence firm Chainalysis has raised a $30 million Series B round led by Accel to expand its operations. “Born out of the ashes of this was the stablecoin as another way to easily and safely create tokens. This ability to trade U.S. dollars against crypto is very powerful,” Fortune quotes its CEO Michael Gronager (find more here).

 

UK-based fintech-as-a-service startup Rapyd, has raised $40 million in Series B funding from General Catalyst, Stripe, Target Global and IGNIA (find more here).

 

World’s 5th largest bank, Mitsubishi UFJ Financial Group, has announced the launch of a blockchain payment network in 2020, in partnership with a US-based content delivery network platform Akamai Technologies. Known as the Global Payment Network, it will allow for a significant reduction of transaction costs and numbers for its users (find more here).

Weekend Read

If you are looking for a longer read on cryptocurrency custody, consider this piece by Fortune.

 

Fortune argues that cold storage of cryptocurrency ownership, or the ways in which coin holders keep passwords for their accounts under lock and key offline, are as arcane as burying treasure in the sand by 17th century pirates.

 

“Cold storage is imperfect—and not just because bad stewards can lose a person’s money for good, as the recent example of the Canadian cryptocurrency exchange QuadrigaCX has made painfully apparent,” Fortune writes. Canadian crypto exchange QuadrigaCX, which owes customers 250 million Canadian dollars ($190 million) in cryptocurrencies and fiat, lost another 500,000 Canadian dollars by mistake last week, writes CoinDesk.  

 

 

VNX Weekend Read has been curated by the VNX Exchange Head of Content Olga Razumovskaya.

 

Disclaimer: This news digest does not represent the position of the VNX Exchange management and is not meant to serve as a forecast.