Market Update 6.01.18 – Paxos Raises $65 Million in Series B Funding

| Publish date: 06/01/2018

Market News

Paxos Raises $65 Million in Series B Funding

The Blockchain based startup called Paxos just closed its Series B funding round and raised about $65 million through it. This round of funding was led by the startup’s existing investors, such as Liberty City Ventures, Jay Jordan as well as RRE Ventures.

The company, launched in 2012 as a Bitcoin exchange, was originally called itBit, but rebranded itself in 2016 to Paxos, and refocused on providing solutions to digitize assets and settle trades in precious metals as well as securities.

Till now, the company has raised a total of $93 million, according to its press release.

Find out more about the story here.

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PwC Australia Partnering with ACCI and Port of Brisbane

PricewaterhouseCoopers Australia (PwC) is entering a collaborative partnership with the Australian Chamber of Commerce and Industry (ACCI) and the Port of Brisbane to develop a new platform that will use Blockchain technology to create a link in supply-chain information thereby – in theory – removing all difficulties that exist with current methods.

This platform is to be called the Trade Community System, and is going to address the multiple “pain points” that exist in the trade sector, and also will incorporate recommendations from a report called the Inquiry into National Freight and Supply Chain Priorities published by the Australian Government.

Read the rest of the story here.

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Hong Kong Will Not Issue a CBDC

According to a government press release issues this week, Hong Kong will not issue at CBDC (Central Bank Digital Currency) at this time since it believes that it already has an existing payment infrastructure that is extremely efficient.

The Acting Secretary for Financial Services as well as the Treasury in the Legislative Council, Joseph Chan stated that the Hong Kong Monetary Authority (HKMA) as well as the People’s Bank of China (PBoC) had no plans of issuing CBDCs at this time, but were closely monitoring the global development of cryptocurrencies.

Chan also said that the Committee on Payments and Market Infrastructures (CPMI), which is comprised of members from both the HKMA as well as the PBoC, as well as the Markets Committee of the Bank for International Settlements have been working together on a project that is assessing the impact and effect of CBDCs.

Read more here.

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Total Market Cap: June 01

Global trading volume has been at $16.26 billion, with market cap at $335.33 billion in the last one day.

Bitcoin Price Analysis: June 01

Bitcoin gained 0.77% to trade at a price of $7577.80 since yesterday. Trading volume is $5.04 billion and the crypto’s market cap is $129.67 billion.

Ethereum Price Analysis: June 01

Ethereum gained 1.39% to reach a price of $583.17 since yesterday. Trading volume is $2.03 billion and its market cap is $58.49 billion.

State of the Top 10 Cryptocurrencies: June 01

The cryptocurrency market was a mixed bag in the last 24 hours, with some of the prices of the top ten cryptocurrencies rising and others falling. BCH, EOS, LTC and TRON fell, with the biggest drop being seen by TRON, which lost 4.37%. The rest of the cryptocurrencies in the list gained, with IOTA leading the gains, rising 11.90% since yesterday. This is the second day of gains for IOTA.

  • Bitcoin rose 0.77% to $7577.80. Its value is now $129.67 billion.
  • Ethereum rose 1.39% to $583.17. Its value is now $58.49 billion.
  • Ripple rose 0.39% to $0.618646. Its value is now $24.24 billion.
  • Bitcoin Cash fell 1.51% to $1002.55. Its value is now $17.20 billion.
  • EOS fell 1.36% to $12.25. Its value is now $10.95 billion.
  • Litecoin fell 0.22% to $119.62. Its value is now $6.79 billion.
  • Cardano rose 4.54% to $0.226744. Its value is now $5.87 billion.
  • Stellar rose 4.28% to $0.295989. Its value is now $5.49 billion.
  • IOTA rose 11.90% to $1.88. Its value is now $5.23 billion.
  • TRON fell 4.37% to $0.059686. Its value is now $3.92 billion.

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