NASDAQ is experimenting with the Bitcoin blockchain and Dogecoin experienced a serious rally this week. Here are the cryptocurrency highlights of week 20.
- The US stock-exchange NASDAQ is experimenting with the Bitcoin blockchain. In a pilot NASDAQ will use the Bitcoin blockchain to handle pre-IPO trading among private companies. NASDAQ currently has more than 75 companies signed up to its Private Markets platform. It is expected that by using the blockchain it becomes possible to both boost trading in private companies, as well as save on the high costs currently involved in the process of trading in these companies.
- Also the Euro Banking Association (EBA) acknowledges the potential of blockchain technology. EBA expects similar benefits as NASDAQ, as stated in their report: “Apart from possibly being able to speed up processes and reduce their complexity, crypto-technology applications in this area can also be integrated with legacy IT, legal frameworks and existing assets (currencies, stock, bonds etc). Therefore, existing financial services could be ‘powered by crypto-technologies’ offering financial institutions potentially lower costs, better products and faster time to market.” EBA claims that the technology could be integrated in the current financial system within one to three years.
- Bitcoin tipping service ChangeTip has started supporting social music site SoundCloud this week. The initiative will help support upcoming artists, making it “easier than ever to support local talent, instantly delivering your donations into their account.”
- Alternative cryptocurrency Dogecoin saw its price increase by more than 35 percent this week, from 37 to 50 Satoshi ($ 0.000120) per coin. Given the lack of any real news regarding Dogecoin surrounding the sudden rally it may concern a pump and dump scheme, as also speculated by the Dogecoin community. Investors should thus ride this rally with caution.
- The price of Bitcoin did not move as much this week, but the most popular digital currency did lose $5 or 2 percent of its value this week. It’s the first weekly loss for the digital currenct in a while, as its value had been steadily increasing for the past three weeks. One Bitcoin can now be bought at a price of about $236.