Today started out the week in crypto with a bang as Bitcoin saw price discrepancy among exchanges. Tether fears continue, OKEx lists four new stablecoins, and mainstream interest in crypto continues. Let’s check out today’s action!
Tether Hits Record Low Against USD
For those that are unfamiliar, Tether (USDT) is a cryptocurrency supposedly pegged to the same value as the US dollar. Tether allows crypto investors and traders to transfer value via cryptocurrency, without fear of losing value in USD.
The problem with Tether is the lack of an official audit, proving their reserve backing of 1 USD per 1 USDT (allowing USDT to retain USD value). Lack of an audit has caused significant fear and speculation in crypto.
Tether made headlines today because USDT price fell almost 6% in relation to the US dollar.
Bitfinex exchange is accused of being involved with Tether, with public fears of insolvency. Basically, people are worried there is not enough USD to back Tether, and that Bitfinex does not have enough money to pay all their users funds back if they all withdraw funds.
Bitcoin was trading at around $6,400, on most exchanges, while Bitcoin reached a price of $6,900 at one point on Bitfinex today, possibly due to Tether related fears.
Fidelity Reveals Cryptocurrency And Digital Asset Trading Platform
Traditional finance company Fidelity Investments announced the start of a platform for crypto trading and storage. Fidelity is a top 5 financial service provider in terms of size, with roughly $7.2 trillion in customer funds.
The platform, Fidelity Digital Asset Services LLC, will be centered around enterprise customers, with the goal of attracting more institutional involvement. Institutions likely feel safer using services with traditional finance roots, because they often achieve greater lengths of security.
Sony Builds Digital Rights Management System On A Blockchain
Every day brings further mainstream interest to crypto and blockchain – or so it seems. Blockchain has untapped potential that large companies are now starting to see.
Sony’s new blockchain based system will look to help in a solution to copyright difficulties and efficiency. “Using the platform, participants will be able to share and verify information such as date and time of creation, and the author’s details. It will also automatically verify the rights generation of a piece of written works, the firm adds” reports CoinDesk.
Sony actually owns quite a few blockchain based patents of its own – around 20 patent applications. One such patent is based on the ability to house digital rights with blockchain. The implications of this technology are vast, in a world where ideas and patents are sensitive and valuable information.
Third Top Crypto Exchange OKEx Lists Four Stablecoins At Once
OKEx exchange announced listing of four stablecoins: TrueUSD (TUSD), Gemini Dollar (GUSD), USD Coin (USDC), and Paxos Standard Token (PAX). Stablecoins are pegged to a specific FIAT currency or value. OKEx exchange is the third highest market cap exchange.
Stable coins are a hot topic in today’s crypto space, with Tether (USDT) suspicions on the rise. Although it is a bit strange to see four stablecoins listed on one exchange.
Apple’s Steve Wozniak Co-Founds Blockchain-Focused Venture Capital Fund
EQUI Global, a blockchain-based venture capital fund, announced Steve Wozniak (Apple co-founder) as one of its co-founders.
EQUI Global looks to harness the power of blockchain and “to change the concept of the traditional industry by enabling non-institutional investments, as well as allowing investors to trade on external crypto exchanges via EquiTokens” as reported by CoinTelegraph.
Helping more institutional players into cryptocurrency markets seems to be the name of the game lately. 2018 has been filled with this type of interest and activity, which improves the crypto space in terms of involvement.