Blockchain Report 10/11/18: Is Coinbase in Trouble?
Welcome to The Blockchain Report, your daily rundown for the latest in crypto, with Taylor Nikolai. First up, is Coinbase in trouble?
The Coinbase US Dollar volume is very low right now. Cointelegraph is reporting that the trading volume of the popular crypto exchange has hit a new low in Quarter 3 of 2018. This comes from an analysis by Diar published on October 8th and says that Ethereum and Litecoin represent the biggest slumps. That number is now at its lowest since last year.
In comparison, Bitstamp, another crypto exchange is actually doing better. Trading volume of Bitcoin was $4.4 billion, while in the same period last year it was $4.6 billion.
Next up, Thailand is doing some digging. And by digging, I mean running feasibility studies on blockchain technology. According to CCN, Thailand’s Ministry of Commerce has launched two feasibility studies on blockchain technology. These two studies will focus on exploring applications of blockchain technology in trade finance and the registration of intellectual property. They’ve received the support from the British embassy.
Pimchanok Vonkorpon, the director of Thailand’s Trade Policy and Strategy Office, believes that blockchain technology will assist in improving transparency, reducing the cost of doing business, and shortening the whole process.
Next up, China has a blockchain pilot zone. What the heck does that mean? I’m glad you asked.
Cointelegraph reports that China’s Hainan Province will host a dedicated tech space and software park. With its base at the Hainan Resort Software Community, they plan to incorporate lots of partnerships.
Basically, they’re trying to attract blockchain talent from around the world.
The head of Hainan’s provincial department of industry and information technology said, “The pilot zone will commit to attracting blockchain talent around the world and exploring the application of blockchain in areas such as cross-border trade, inclusive finance and credit rating.”
Next up, ICO funding is basically dead right now.
For the second month straight, ICO funding levels are at a year-long low. Bloomberg reports that startups raised less than $300 million in September, which is the lowest level since May of 2017. This sounds like a big number, but that means it’s down by 90% from January.
NewsBTC says that the decline in sale of tokens is likely due to when a New York-based federal judge deemed that tokens issued through ICOs are covered by securities law. The SEC hopped on this regulation train and the dominos started to fall. We’ll have to wait and see if things will ever get back to where they were a year ago, but right now things aren’t looking good for ICOs.
And finally on today’s show, Oasis Labs has launched a Blockchain Startup Hub. Cointelegraph reports that Oasis Labs, which is a Blockchain cloud computing platform, is partnering up with Andreessen Horowitz’s crypto venture fund a16zCrypto, Accel, Binance Labs, Pantera Capital, and Polychain Capital.
(Clip: List of everything on screen – which is part of the next joke)
We’re excited to see what’ll happen.
Thanks for watching The Blockchain Report with Taylor Nikolai. Be sure to follow @BlockchainReport on Instagram to stay up to date on the latest cryptocurrency news and trends. We’ll see you tomorrow.