Top five stories from the last week
| Don't Miss The Top Five Stories From The Last Week
VC Tim Draper Predicts Total Crypto Market Cap Will Hit $80 Trillion in Next 15 Years
What happened?
Tim Draper, a venture capitalist, predicted at the DealStreetAsia PE-VE Summit in Singapore that the total cryptocurrency market capitalization will hit $80 trillion in the next 15 years.
How did he explain it?
According to Draper, the recent drop in the crypto markets is due to the people who have not adopted digital currencies as a new asset class, and once more people become familiar with the tech, it can transform the international industry. Get more details here.
Winklevoss Stablecoin Gets Green Light From US Regulators
What is this all about?
Tyler and Cameron Winklevoss, creators of cryptocurrency trading platform Gemini, have received permission from New York regulators to launch their own stablecoin.
What does it mean?
The brothers' Medium post describes the coins as being backed by U.S. dollars that are "held at a bank located in the United States and eligible for FDIC 'pass-through' deposit insurance, subject to applicable limitations." Read more.
OKEx Founder Detained In China, Then Released After Denying Fraud Charges
What happened?
In a confusing series of events, OKEx founder and OKCoin CEO Star Xu was held by police in China for 24 hours after being reportedly accosted by a group of people in his hotel in regard to questions of fraud allegations reportedly associated with OKEx.
How did the story end?
After being released, Xu said in an interview that the fraud charges were unfounded, noting that he cooperated with the police to clarify the claims that OKEx caused investors financial loss due to system crashes, noting that he is neither a shareholder or director at OKEx. Read more here.
TrustNodes: ICOs Sold 160,000 Ethereum Over the Past 10 Days
What is this all about?
The 160,000 Ethereum tokens sold over the past few days amount to $33 million, according to the price index at press time. Per TrustNodes, ICO projects sold 82,000 ETH on Sept. 4, which was followed by a sharp decline in crypto markets.
Why did this happen?
Citing crypto data provider Santiment, TrustNodes states that the highest share of ETH sales from ICOs is attributable to the Digix ICO project. Digix's paper value Ethereum holdings amounted to $150,000 million. Details here.
BitGo Gets Regulator's Green Light to Become Crypto Custodian
What is this all about?
American crypto wallet and blockchain security firm BitGo has received a state trust company charter from the South Dakota Division of Banking, making it a qualified custodian for crypto.
What is this for?
By creating its trust company, California-based BitGo will now be subject to regulatory scrutiny that encompasses Know Your Customer (KYC) and Anti-Money Laundering (AML) checks and the filing of financial audits and monthly disclosures. Get more here. | | | | |
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