In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
1. Bakkt By Bitcoin
In the most bullish news of the week, Bakkt finally announced their first product, a federally regulated market for Bitcoin futures in physical form. While the company hasn’t gone live yet, November 2018, the company aims to pave the way for other money managers to create regulated mainstream investments such as Bitcoin mutual funds, pension funds, and ETFs. The big difference between the Van Eck & SolidX ETF and Bakkt’s product is that the ETF is a paper backed asset while Bakkt’s product will deliver Bitcoin to customers.
“Specifically, with our solution, the buying and selling of Bitcoin is fully collateralized or pre-funded. As such, our new daily bitcoin contract will not be traded on margin, use leverage or serve to create a paper claim on a real asset.” –Kelly Loeffler, Bakkt’s CEO
Read more about Bakkt here: https://altcoinbuzz.io/bakkt-by-bitcoin/
2. Coinbase Struck a New Partnership
Coinbase is in the news again after partnering with Caspian, the token-based trading protocol startup. Coinbase aims to bring more sophisticated trading and portfolio management functionality to Coinbase Prime. Caspian cooperates with over 25 crypto trading platforms, most notably Gemini, Bitfinex, Poloniex, Huobi, OKEx, and Binance.
“By working together, Coinbase and Caspian will deliver institutional-grade order and risk management tools to the growing number of professional crypto trading firms around the world. Customers will be able to take advantage of the best elements of both platforms – accessing Coinbase’s extensive historical market data and deep pool of liquidity, and combined with Caspian’s suite of seamless trading tools.” -Kayvon Pirestani, director of institutional sales at Coinbase
Read more about Coinbase’s New Partnership here: https://altcoinbuzz.io/coinbase-struck-a-new-partnership/
3. U.S. Congressman Wants to Make Life Easier for the Crypto Community
Tom Emmer, Republican member of Congress, has pledged to introduce three bills aimed to support blockchain and cryptocurrencies in the U.S. He was recently named a co-chair of the Congressional Blockchain Caucus. The aim of the bills is to make life easier for everyone involved in the blockchain and crypto space. These bills will be reviewed by other members of Congress to see if they can be passed into law.
“The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills…He also added that “legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.” -Tom Emmer
Read more about Tom Emmer’s Bills here: https://altcoinbuzz.io/u-s-congressman-wants-to-make-life-easier-for-the-crypto-community/
4. Google Revises Crypto Ad Rules
Google has announced that the original crypto ad ban from March is receiving an adjustment. In addition, Google wants to allow crypto exchanges to buy ads in the U.S. and Japan beginning in October. The ban was put in place to “protect consumers.”
Read more about Google’s Crypto Ad Adjustments here: https://altcoinbuzz.io/google-revises-crypto-ad-rules/
“This was the NEWS” summary!
This week was an important step from an institutional standpoint with Bakkt’s announcement of their first product. With the SEC announcing last week that they would be deciding on either approving or denying the Van Eck & SolidX ETF combined with Bakkt’s news, the next few weeks and months are potentially setting up to be extremely bullish.
Coinbase is continuing to build the infrastructure it needs by partnering with Caspian. By doubling its staff in 2018, adding more cryptocurrencies to the platform, and heading the lobbying group called “The Blockchain Association,” 2018 is continuing to be a great year for them despite the bear market.
If the US Congress can pass some bills that help cryptocurrency investors and Google can help promote the crypto space; that would be extremely helpful for getting out of this bear market. Bitcoin’s price has been the most steady it has been in a few years. It is seeming that there is less FUD coming out and more positivity.