Market Update 8.16.18 – Ripple Looking at Entering Chinese Market
Market News
Ripple Looking at Entering Chinese Market
In a telephonic interview, Ripple’s vice president of European Union strategic accounts, Jeremy Light stated that the company was looking at entering the Chinese market in an effort to speed up cross-border transactions with its distributed ledger. He said that Ripple was definitely looking at China as a region of interest.
Ripple’s blockchain was developed to speed up the process of cross-border payments processing, due to which more than one hundred financial institutions have joined its network. Entering China will not be easy as the company will face strong competition from local fintech firms.
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South Korea Investing $880 Million in Technology in 2019
South Korea is planning to invest more than $880 million in 2019 in innovative technologies, including Blockchain and cryptos. The country’s Deputy Prime Minister Kim Dong Yeon hosted a meeting of ministers on August 13 to focus on the government’s plans on innovation over the next 5 years.
According to data taken from the Ministry of Economy’s website, the South Korean government is setting aside 1 trillion won (~$880 million) to invest in the latest technologies. This includes R&D in Blockchain, Artificial Intelligence as well as Big Data. This budget allocation is up 80% compared to 2018’s budget.
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BMO and Pension Plan Team up for new Blockchain Pilot
BMO Capital Markets, a Canadian financial company, and the Ontario Teachers’ Pension Plan have teamed up to launch a new Blockchain pilot. These two firms experimenting with the registration of fixed income issuance using a Blockchain platform so that they can assess the feasibility of using Blockchain for such a purpose.
BMO released a statement that the pilot transaction included the Bank of Montreal, which acted as the issuer, while the Pension Plan acted as the buyer. A sum of CAN$250 million in a 1-yr floating rate Deposit Note was issued. This is the first fixed income issuance using the Canadian dollar and has demonstrated the possibility of using Blockchain technology for such processes.
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Total Market Cap: August 16
At $13.48 billion, the trading volume of the cryptocurrency market has slipped slightly in the last 24 hours. The capitalization of the market has however inched up a little by just over $3 billion to $206.87 billion.
Bitcoin Price Analysis: August 16
Bitcoin’s price has gone up by 1.29% since yesterday to $6410.20. The value of the digital currency has inched up to $110.24 and its volume in trading is $4.65 billion.
Ethereum Price Analysis: August 16
Ethereum rose 2.99% to trade at $291.39 now. The altcoin’s volume of trade is $1.78 billion and its market capitalization has increased to $29.49 billion.
State of the Top 10 Cryptocurrencies: August 16
The top cryptos in the market are currently showing a mixed result, with the smaller altcoins losing value marginally. Stellar lost the most at 3.15%, but Cardano and Tether slipped only marginally at 0.54% and 0.41% respectively.
- Bitcoin gained 1.29% to trade at $6410.20. Market value for the token is $109.02 billion.
- Ethereum gained 2.99% to trade at $291.39. Market value for the token is $29.49 billion.
- Ripple gained 2.25% to trade at $0.292862. Market value for the token is $11.53 billion.
- Bitcoin Cash gained 2.29% to trade at $528.61. Market value for the token is $9.14 billion.
- EOS gained 2.13% to trade at $4.76. Market value for the token is $4.31 billion.
- Stellar lost 3.15% to trade at $0.217456. Market value for the token is $4.08 billion.
- Litecoin gained 0.74% to trade at $56.51. Market value for the token is $3.27 billion.
- Cardano lost 0.54% to trade at $0.096868. Market value for the token is $2.51 billion.
- Tether lost 0.41% to trade at $0.99877. Market value for the token is $2.40 billion.
- Monero gained 2.45% to trade at $91.29. Market value for the token is $1.48 billion.