Cryptocurrency Highlights Of The Week

Russia will issue its own official cryptocurrency, the CryptoRuble, and the country’s largest bank has joined the Enterprise Ethereum Alliance. Here are the cryptocurrency highlights of week 42:

  • Sberbank has joined the non-commercial Enterprise Ethereum Alliance (EEA). The bank is the first Russian bank to become a member of the alliance. “Sberbank’s joining the Enterprise Ethereum Alliance is an important stage in achieving the goals on our technology agenda. This membership implies for us access to cutting-edge developments and international expertise in Blockchain technology”, — said First Deputy Chairman of Sberbank’s Executive Board Lev Khasis.

  • The first regulated cryptocurrency derivative trades have taken place on a U.S. exchange. In a statement to the press today, bitcoin trading platform LedgerX confirmed rumors that it has already begun trading cryptocurrency derivatives, an offering it first received approval to begin selling to institutional investors in July. According to figures provided by the company, LedgerX saw 176 swaps and options contracts traded in its first week, with notional values of more than $1 million.

  • Kathleen and Arthur Breitman, founders of a decentralized platform that hosts smart contracts that seeks to compete with Ethereum called Tezos, have become embroiled in a legal dispute with Johan Gevers – the president of a Swiss foundation that was set up by the Breitman’s and an independent body that would manage the funds raised through the ICO. Both parties accuse one another of having a conflict of interest which render them unsuitable for managing the funds. It has been reported that the Breitmans are now seeking to create a new foundation, which, if they are successful, will allow the Breitmans to exercise greater control over the management of Tezos’ funds.

  • Russia will issue its own official cryptocurrency, the CryptoRuble, capping months of speculation about the country’s approach to the technology. While in a way it indicates an embrace of the likes of Bitcoin and Ethereum, the CryptoRuble is unlikely to share the truly decentralized nature of other coins. The news, first reported by CoinTelegraph, cites local news reports, which in turn cite Nikolay Nikiforov, the Russian government’s minister of communications. Details are scarce, but according to the reports, the CryptoRuble cannot be mined, but will be issued and tracked by the government like ordinary currency.

  • Compared to the previous week the price of Bitcoin has increased by more than 5 percent, with the exchange rate currently at about $6,070 per BTC. The price of Ethereum decreased by more than 12 percent over the same period, taking Ether down to a rate of $299 per ETH. Ethereum Classic lost about 12 percent as well, with the price decreasing to $10.85 per ETC. Zcash lost 12 percent. One ZEC is now trading at roughly $210 per coin.

Leave a Reply