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Chicago Mayor Believes Crypto Adoption is “Inevitable”

Cryptocurrency received an endorsement from Chicago Mayor Rahm Emanuel when he stated that wide-scale crypto adoption is “inevitable” at a FinTech meeting in his city earlier this week.

The chief of staff for former US President Barack Obama said that while he is no expert in crypto technology, he believes digital assets could help financially unstable countries with their economic recovery.

The politician thinks that “an alternative way of currency dealing with the debt markets is going to happen” at some point in the future.

“One day, somebody’s going to figure out—whether that’s Argentina, ten years from now, five years from now—how to use cryptocurrencies to stay alive when their [sic] facing a financial crisis, and then you’re going to find out that this moment has arrived,” Emanuel said of crypto adoption.

Countries like Venezuela have already turned to cryptocurrency in an attempt to circumvent US-led sanctions, attract investment and bring the country back from the brink of full-blown default.

Crypto Adoption: Cryptocurrency Here to Stay

Despite crypto being a highly volatile market, the Chicago mayor isn’t the only one that believes the currency is here to stay. In fact, some believe cryptocurrency could replace fiat currency as early as 2030.

Former IBM engineer Thomas Frey said at a recent event that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”

According to a recent survey led by researchers at the Neustar International Security Council, 80% of businesses are interested in using cryptocurrency for transactions. What’s more, 48% of the survey respondents said that the use of cryptocurrency could be a way for their businesses to generate income by delivering increased value.

Crypto Adoption: Big Companies Moving into the Space

A number of major companies have already begun creating their own cryptocurrencies, including Starbucks, Samsung, Square, Facebook, and IBM.

The most recent company to join the cryptocurrency movement is US multinational financial services giant Visa, which is on the lookout for project managers with blockchain and cryptocurrency knowledge to join their team.

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polymath

Polymath Partners with SeriesOne for Security Token Issuance

Security token platform, Polymath, has reportedly partnered with digital securities fundraising platform, seriesOne, to give customers “end-to-end” solution for security token issuance.

Polymath and SeriesOne Partnership

The news was first announced by seriesOne yesterday via a press release. The company said the new product will allow issuers to create and manage security tokens that are “compliant throughout their entire lifecycle.” This means from the initial token offering all the way to trading on an exchange.

Easier

The aim of the partnership is to simplify the creation and management of security tokens. seriesOne believes that Polymath’s St-20 security token standard will become the industry-wide standard. As such they are going to partner with the company to make security token management easier.

SeriesOne is a securities issuance platform and as such can qualify for a number of securities exemptions in the US.

CTO of seriesOnes, Dmitry Grinberg, said the following:

“The token control layer that Polymath offers will be the future standard and we are excited to be working together.”

CEO Michael Mildenberger furthered that the partnership aims to reduce the “complex challenges” of creating and managing security tokens. The result will become a “critical” component of seriesOne’s digital securities offering ecosystem.

In using Polymath’s ST-20 protocol, the CEO believes the platform will generate more revenue.

>> Trading with Crypto Exchanges and Crypto CFDs: Which is Better?

Ethereum for Securities

According to its website “What Ethereum did for tokens, Polymath will do for securities,” in saying that the company is aiming to be like the Ethereum network but for securities.

The company has its own token standards that facilitate compliant trading. In fact, its ST-20 security token standard is described as “an extension of the more generalized Ethereum ERC-1400 standard that introduces the ability to restrict transfers of blockchain tokens.”

What do you think about seriesOne partnering with Polymath?

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IBM

IBM Hints at Entering the Stablecoin Arena

Jesse Lund, head of blockchain solutions at IBM, has just hinted that the tech company has plans to explore stablecoins in an interview with Cheddar yesterday. Lund did not disclose when this venture may debut but said it would be on its World-Wire platform.

IBM and Stablecoins

IBM began its venture with Stellar in late-2017 and finalized most of its plans in mid-2018. Stellar is an open-sourced, decentralized protocol that focuses on transfers between fiat currency and digital currency.

Lund told Cheddar that US banks are “very interested” in using stablecoins to send cross-border to replace the current SWIFT system. The reason banks are interested in stablecoins over other forms of digital currency is that stablecoins are linked 1:1 to fiat currencies making them more ‘stable’.

“We’re really feeling excited that we’re on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments,” Lund explained.

IBM feels the market demand for stablecoins has risen, despite the copious amount of similar coins that have flooded the market as of late. Lund hinted that IBM hopes to create an ecosystem of various digital assets, with many different types of digital assets—including stablecoins.

>> RAID Project: Bittrex Cancels RAID IEO Hours Before Launch

Cheddar asked Lund how the company’s alleged stablecoin compared to the one that JPMorgan just released. The IBM exec said that the company’s solution to cross-border transactions would be “somewhere in between.” Lund claims that this new venture would not be a proprietary coin like JPM coin but feels the major US bank is doing what’s best for them. The bank’s stablecoin will only be used with clients of JPMorgan.

IBM feels its stablecoin should be more broadly accessible and World-Wire seeks to do just that. When this project will be released is still up in the air, but the recent interview proves it is just around the corner.

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RAID project

RAID Project | Bittrex Cancels RAID IEO Hours Before Launch

Cryptocurrency exchange Bittrex has reportedly canceled an IEO (initial exchange offering) hours before its launch. The RAID project was expected to make $6 million USD by selling its XRD token to customers on the Bittrex exchange.

Canceled RAID Project

Bittrex reportedly called off the token sale after it learned that the RAID project had suddenly terminated its partnership with e-gaming data analytics company OP.GG.

According to Bittrex, the partnership “was a vital part of the RAID project,” Bittrex said in a statement“When Bittrex International became aware of this significant event, we did not feel that it was in the best interest of our customers to move forward with the IEO.

However, OP.GG has claimed that the alliance with RAID was never a sure thing to begin with, stating:

OP.GG has stopped all potential business discussions related to RAID project and there will be no economic and technical cooperation with RAID coin. In addition, OP.GG has no intention of developing any blockchain related business utilizing RIOT GAMES data. OP.GG will take all possible legal measures against individuals or organizations disseminating false facts related to this.”

>> Thai Stock Exchange to Launch Cryptocurrency Platform Next Year

RAID

RAID has claimed that it, not Bittrex, pulled the IEO, saying “it would not be right to proceed as scheduled […] after a discussion with Bittrex, RAID Team came to a final decision to not proceed with IEO.”

Customers who participated in a previous token sale will be issued refunds through Cobak.

The XRD token was created as a means to “give data ownership back to users using blockchain technology” using a game data ecosystem. The token would also be used to develop game-related business, according to the project.

What we know is that the IEO has unraveled along with the relationship between the RAID project and Bittrex. Much remains unclear, however, over the true nature of RAID’s relationship with OP.GG.

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Thai Stock Exchange

Thai Stock Exchange to Launch Cryptocurrency Platform Next Year

The Thai Stock Exchange (SET) is planning on rolling out a cryptocurrency platform sometime in 2020. According to SET’s official press release yesterday, the country is “ready for digital transformation.”

Thai Stock Exchange Expands into Crypto

SET President Pakorn Peetathawatchai said that the exchange’s three-year plan would focus on developing a “digital infrastructure platform.” The Thai president feels that this will open up new investment opportunities for investors and will provide more speed and convenience for trade.

The Thai Stock Exchange seeks its new structure to be a “one-stop” digital capital market and will work “closely and collectively” with all stakeholders to build it out. This new transformation for the Thai capital market is said to happen in two stages.

The first stage will be the complete digitization of the current capital market. This includes paperless account opening process with electronic identification verification, direct-debit registration, and electronic payment of stamp duty.

The second stage in the Thai Stock Exchange revamp is building a brand new ecosystem that will support digital assets. The FundConnext mutual fund platform—currently connected to 19 asset management firms in Thailand—will eventually be linked with Vestima. Vestima is a global fund processing platform operated by Clearstream. The new FundConnext will connect investors in 56 different countries to the Thai Investment Fund.

>> Bitcoin Price: Today’s Market Leaders and Deceivers—BTC, BCH, ETH

“SET stands ready to build and operate the capital market that is underpinned by trust,” added Pakorn.

SET’s moto in the press release is “SET… Make it ‘Work’ for Everyone.”

News of the new venture with the Thai Stock Exchange was released in mid-January 2019 by the Bankok Post. Yesterday was the first time that SET officially commented on the matter.

While interest in cryptocurrencies may be down from its peak in late 2017 and early 2018, it seems that exchanges still see demand for digital currencies.

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