Bitcoin Is Property, Gaming And Trading Grains

Volume 39

This newsletter is our weekly roundup of some of the significant blockchain news this week. Join thousands of subscribers to get your weekly news to map your blockchain strategies, be aware of regulatory announcements and get an overview of the rapidly changing blockchain landscape. 

Number of the Week

number of blockchain startups based in Israel. Since the beginning of 2018, only 20 have ceased operations. 

The Main Story | China's Merchants are Legally Allowed to Accept Bitcoin and Crypto

The Shenzhen Court of International Arbitration officially recognized Bitcoin as a property, allowing individuals and businesses to own and transfer Bitcoin without being in conflict with existing financial regulations. "CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”

“In the arbitrator’s view, whether or not bitcoin is legal, the circulation and the payment of bitcoin is not illegal. Bitcoin does not have the same rights as fiat, but that does not mean that holding or paying with crypto is illegal.” That means, merchants can freely accept cryptocurrencies as a payment method without breaking the local law. 

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CryptoCurrencies | Vertex Invests in Binance

Vertex Ventures said it made an investment in digital asset trading platform operator Binance to develop a fiat-to-cryptocurrency exchange in Singapore. For Vertex, the oldest venture-capital firm in Southeast Asia, investing in the crypto-market is a nod to a relatively new industry that is starting to see institutional money slowly back projects. 

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Gaming | Helping Public Embrace Blockchains

As cryptocurrencies and its underlying technology, blockchain, continue the uphill battle for wider adoption, it could get a boost from an unlikely source – gaming. Blockchain technology could help further gaming’s cause as the image of the typical sport jock lifting weights and participating in locker room banter may soon be replaced by the quick-thinking, button-pushing video gamer as competitive video gaming, or eSports, is positioning itself to become a disruptor in traditional media and entertainment.

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Agriculture | ABCD Of Grain Trading

Archer Daniels Midland Company (ADM), Bunge Ltd, Cargill Incorporation, and Louis Dreyfus Company (LDC), known as the ABCDs of global grain trading, are investigating blockchain to improve efficiency and transparency for customers. The four are first focused on technologies that can automate the after-trade processes of grain and oilseed exchanges, as these processes are currently manual and costly. 

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Crypto | BTC Wrapped in ETH

BitGo announced Wrapped Bitcoin, an ERC20 token on the Ethereum blockchain, fully backed by bitcoin. The initiative will bridge Bitcoin liquidity and the decentralized ecosystem on Ethereum, enhancing all decentralized applications. Applications may include collateral for stable coins or lending for payments and flexible smart contracts within the Ethereum ecosystem. 

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Recycling | Tokens for Waste Collection

U.S. manufacturer of household cleaning supplies SC Johnson and environmental organization Plastic Bank will open several plastic recycling centers in Indonesia, offering locals tokens for waste collection. With the help of Plastic Bank, SC Johnson will open eight plastic collection centers throughout Indonesia. The first one has officially opened in tourist mecca Bali on Oct. 28. 

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Energy | Estonia's Power Grid Data on a Blockchain

WePower has tokenized a year’s worth of Estonian grid data, marking a world first for energy blockchain technology. WePower eventually uploaded 26,000 hours and 24 terawatt-hours of aggregated production and consumption data to blockchain, and turned it into 39 billion smart energy tokens. Each token is essentially a digital self-settling power-purchase contract representing one kilowatt-hour of power. The tokens are tradeable and can be sold into the local energy wholesale market by linking the digital contracts with power grid data on the blockchain.

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IPO | Bitfury's Potential $3B Public Sale

Bitfury, one of the largest cryptocurrency mining companies in Europe is considering to go public and if it does happen, it will be Europe’s first major listing by a crypto firm. 2017 statistics show that Bitfury controls about 9.5 percent of the computing power on the Bitcoin network. The company plans to start trading in Amsterdam, London, or Hong Kong in 2019. 

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The Final Word | Bitcoin - Now Less Volatile than NASDAQ, Dow and S&P

In what is a rare, time-sensitive window, bitcoin's volatility since September 14, 2018 has been less than that of the most popular indexes from traditional finance sectors. Bitcoin has been married to volatility ever since the digital currency's inception in 2009, as bubble-like runs have occurred several times in its nearly 10-year life span.  In just over a month, bitcoin's price has moved only 0.45%. Meanwhile, the DOW (DJI), NASDAQ-100 (NDX) and S&P 500 ( SPX ) indexes have each fallen 3.62%, 5.60% and 7.36% respectively.

 Since bitcoin has gained more attention from traditional markets in recent years, many have pointed out that the digital currency's price movements may be correlated to movements in the traditional financial sector. It's important to note that while certain signs point toward their correlation, it is not certain that the two markets are correlated because bitcoin has existed only in a period of consistent gains in the financial sector. In its young existence, bitcoin has not been tested by a wider market recession.

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About Proteum
Proteum is a global blockchain advisory firm that works with public, private and start-up companies to help them transition into the world of blockchains and decentralized applications. We help companies strategically build their capabilities so that they can own and control their future. Let's put blockchains to work for your business. |  | Twitter: @proteumio | Telegram