Insurance Giant Allianz is Building Its Own Blockchain!!! – Crypto Daily News
In today’s video, I have discovered three very cool pieces of news to share with you, so lets quickly have a look at a snippet of each. First of all, A new report from Massachusetts reveals that 80% of Tether supply is owned by just more than 300 accounts. Second up, tZERO, a security token trading platform, is going to enable its users to trade its security tokens on August 12 this year. And the last news item for today, in an effort to facilitate cross-border insurance payments, Allianz Global Corporate & Specialty SE (AGCS), a German financial services giant, is developing a new ecosystem based on blockchain technology. Lots of new developments in the crypto sector. So make sure you stay right until the very end!
And this week, it’s the last chance to go in the draw to win $70 worth of Bitcoin tokens. I’m sure you guys already know but for any newcomers here, like, comment, and subscribe, and you could win – it’s that easy, guys! We will announce the lucky winner this weekend, by drawing out a video from this week and then drawing the winner from that video. So don’t forget to enter!
The Market Today
Now, let’s see how the crypto market is performing. It looks like the market is undergoing some adjustments today. For our top 10 tokens, most of them are in reds. Bitcoin is slightly increasing by 0.06% after the bull run, boosting it to nearly $12,000. Ethereum and XRP, on the other hand, are losing by 2.22% and 1.23% respectively. It’s really interesting to see Binance coin going in the opposite direction with a gain of 5.6%. Moving on to the top 20, we can see a market in both reds and greens. Tezos is fluctuating wildly, currently surging 13.17% from yesterday. In another trend, Chainlink and NEO are both losing more than 4% and still on a downward trajectory.
80% of Tether supply is owned by 318 accounts
Let’s have a look at the first news segment. According to a recent report published by Coin Metrics, the Massachusetts-based crypto market research firm noted that, about 318 Tether accounts hold up to 80% of the Tether supply. Furthermore, the research company also pointed out that each of these addresses owns at least $1 million worth of Tether, and some of the USDT crypto whales include large exchanges like Binance and Bifinex. For those who are unaware, this kind of distribution is quite different from Bitcoin. Bitcoin whales hold only about 20% of the token’s global supply. Regarding the situation, John Griffin, a finance professor at University of Texas, commented:
“The concentration of Tether suggests that control of Tether is in the hands of a few central players who can swing Bitcoin prices, and have a vested interest in doing so […] It also suggests that many exchange players have a vested interest in keeping the Tether game going.”
The professor also said that there is a link between market manipulation and USDT’s rally in 2017. Additionally, Sid Shekhar the co-founder of TokenAnalyst, the leading provider of real-time and historical blockchain data, claims that the market is overall pretty concerned about USDT, especially whenever a large sum of USDT is injected into the market.
tZERO will enable its users to trade its security tokens on August 12
Moving on to the second news item for today. Per a report on Cointelegraph, tZERO, a security token trading platform, will release its new token next week, on August 12, with the expectation that up to 50,000, investors will buy it. Accordingly, next Monday marks the end of a one year lock period following the company’s 2018 token offering. Saum Noursalehi, CEO of tZERO, expects that most of their investors will come from Overstock, as they are a blockchain subsidiary company of this retail giant. Although they are currently not receiving many registrators, the CEO said that it looks like the public is very interested:
“We had a lot of broker-dealers, about 30 or 40, reach out to us that want to get involved in this ecosystem […] We’re working on these requests. Investors have been sending questions as well. They are excited and they are trying to understand it.”
And up to now, tZERO is offering two types of tokens on their platform. The first one is named TZEROP, a private equity token issued to operate the company’s initial token offering. The second is Overstock’s digital voting series A-1 preferred stock. Explaining the motivation and reason behind these projects, Noursalehi commented:
“The world of security tokens has lacked a regulated venue for secondary trading. The trading of our own security tokens is the crossing of the Rubicon for the new world of digital assets. This will create liquidity, democratize access, bring transparency and efficiency to global markets and accelerate the adoption of security tokens.”
AGCS develops a new ecosystem based on blockchain technology
And now, we will share with you the last piece of news. It is reported that Allianz Global Corporate & Specialty SE (AGCS), a global corporate insurance carrier, is adopting blockchain technology with the purpose of facilitating cross-border insurance payments for its corporate customers. In an interview with Forbes, the company representative stated that this project is still in the experimentation phase, although the main infrastructure of this digital environment has been built and tested. In the next step, they will check the money transferring function with a limited scope and for a short period of time. The spokesperson said:
“AGCS is further exploring blockchain technology to simplify and accelerate cross-border insurance payments for its corporate customers. A project team is in the advanced stages of development for a token-based electronic payment system to allow for frictionless, transparent and instantaneous money transfers for a range of different types [of] payments.”
So what do you guys think?
What are your thoughts on the concentration of Tether in the hands of few?
Are you interested in the new tokens issued by tZERO?
Do you think that AGSC will be successful in its effort to utilize blockchain technology?
Please leave a comment in the box right below to share with us what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig. I’ll see you guys soon.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.