General Market Outlook
The market continues to ascend after a couple days of consolidation. Nearly all coins are in the green and trading volume has grown proportionally from $15 billion to over $17 billion in 24 hours. Eternal Token (XET) Gas (GAS) and Electroneum (ETN) are the major stand outs of the top 100 coins by market cap - up over 44%, 37% and 14% respectively in the past 24 hours. Bitcoin (BTC) is right around $6,650 for +2% and a total market dominance of about 52.0%, and Ethereum (ETH) is right at $225 for +3.5% change in the past 24 hours. Market cap for the overall cryptocurrency market rose just over $5 billion, now totaling $222 billion.
Possible Registered Cryptocurrency Bank
A Swiss startup founded by several former UBS bankers is looking to establish a regulated cryptocurrency bank. The company has achieved initial funding of just over $100 million. SEBA Crypto AG intends to offer traditional banking services to firms in the crypto industry, as well as the traditional services of current cryptocurrency exchanges such as trading, asset management and custody services for financial institutions. They have submitted an application for a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA). Official launch depends on completion of that process. Andreas Amschwand is a chairman of SEBA and former global head of foreign exchange and money market at UBS. He summarized their commitment to integrating the new technology with the financial industry. "In Switzerland, we have the commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets."
Blockchain Proof of Insurance
IBM blockchain technology is facilitating a new process of insurance data management. Marsh, a global insurance brokerage and risk management firm, has been working with the technology for sometime, but is now officially releasing a proof-of-insurance blockchain solution. The system will take advantage of IBM’s links with customer relationship management giant Salesforce. Marsh clients will access to the system directly through the Salesforce customer relations platform.
Goldman Sachs Funding Veem Payment Processor
Veem finished their initial funding round with a $25 million total led by Goldman Sachs. Formerly known as Align Commerce, the company had previously been funded with $26 million in 2017 by Google Ventures, Silicon Valley Bank, Kleiner Perkins and Pantera Capital. The start up offers a multi-rail payments platform that includes both traditional SWIFT-based transfers and blockchain networks, while maintaining reduced fees compared to the traditional methods.
Top 5 Gainers
ONG (ONG) +324.70% at $2.62
InsurChain (INSUR) +107.50% at $0.001462
Octoin Coin (OCC) +105.77% at $0.250552
ContractNet (CNET) +105.59% at $0.023296
Brickblock (BBK) +89.79% at $0.078112
Top 5 Losers
Mainstream For The Underground (MFTU) -30.08% at $0.000309
Yocoin (YOC) -24.52% at $0.015426
APIS (APIS) -19.32% at $0.004283
Token Pay (TPAY) -18.64% at $1.61
CyberFM (CYFM) -18.34% at $0.000016
New Coins Listed
WAB Network (WAB) listed to BitMart
Zcash (ZEC) listed to HBUS
BlockParty (BOXX) listed to Bittrex
ByteCoin (BCN) listed to Gate.io
By: BGN Editorial Staff