IOTA Hires the VERY Respected Professor Jon Crowcrof!!!
For today’s daily news segment, we have picked the five hottest articles to share with you guys today. To kick things off, it looks like one of the most internationally recognized researchers in distributed computing has joined the IOTA Research Council. Who is that you’re wondering? You’ll just have to wait and see. Second up, it looks like Forbes has just raised a super interesting topic – it looks like if the demand for crypto increased, we’re going to witness cryptocurrency insurance boom. Third up, as mentioned Cointelegraph, it looks like the US Treasury is forcing the Libra token to follow the highest Anti-Money Laundering and terrorism financing standards. Next, Winklevoss’ Gemini Crypto Exchange has just introduced their own custody service, Gemini Custody. Finally, ICE has announced tentative margin requirements for Bakkt Bitcoin (BTC) futures trading contracts.
The Market Today
It looks like we have a pretty bearish market today with all the major coins in reds. Bitcoin is currently losing 2.18% compared to yesterday, gradually going down to the $10,000 mark. While Ethereum and XRP are also dropping by 1.45% and 1% respectively.
Jon Crowcroft joined the IOTA Research Council
According to an announcement on the official IOTA Foundation’s blog, Professor Jon Crowcroft, one of the most internationally recognized researchers in distributed computing technology, has joined the IOTA Research Council. If you don’t know who Jon Crowcroft is, let me give you a bit of information regarding his background. He is the Marconi Professor of Communications Systems at the University of Cambridge. He also chairs the Programme Committee at the Alan Turing Institute. In terms of distributed technology, the Professor is the author of many books and publications, such as TCP/IP & Linux Protocol Implementation: Systems Code for the Linux Internet and Internetworking Multimedia. He did serve in the advisory board of the prestigious Max Planck Institute for Software Systems. With the partnership with IOTA, he will continue his job in an advisory position. Regarding the news, Jon Crowcroft shared:
“IOTA holds great potential to fulfill a key role in the emerging IoT space. We are witnessing the confluence of several areas of distributed systems research into the emerging real-world applications that are precisely the focus of the IOTA Foundation.”
With his talent and expertise, we can expect many new advancements in the IOTA foundation.
Will Bitcoin insurance become popular?
Second up, it looks like Forbes has raised a very interesting question. If Bitcoin hits $20,000 by XMAS, can this spur on another industry – known as crypto insurance? The cryptocurrency market is currently at a point near $300 billion, and with hacks continuing our way, it looks like the demand for insurance is rising rapidly. Two years ago, the concept of crypto insurance was almost non-existent, but today, it’s worth between $200 and $500 million in premium revenue. With $300 billion in crypto-assets and less than $1 billion available in insurance coverage, there’s still a significant imbalance between supply and demand.
Libra must comply with anti-laundering regulations
And here we come to the third piece of news for the day. As reported by Cointelegraph, the US Treasury has ordered the Libra stablecoin to strictly comply with the highest Anti-Money Laundering (AML) and terrorism financing standards. Now, this rule was revealed by United States Treasury Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker. Mandelker also stated that all crypto-related firms in the U.S. have to comply with the local regulatory standards. While we’ve discussed the concept of Libra many times now, it looks like one thing that hasn’t changed over time are the regulators’ concerns regarding the stable token. The European Central Bank’s key legal official Yves Mersch recently stated at an ECB legal conference that Libra is “beguiling but treacherous.” Furthermore, a delegation of United States politicians recently visited the headquarters of Libra the token in Switzerland to learn more about the stablecoin, but it did not soothe their concerns. As regulators worry, Facebook is actually actively ramping up its lobbying efforts, hiring a firm at the end of August and two lobbyists to help them convince and win over regulators.
Gemini has launched its own custodial solution
The New York-based cryptocurrency exchange Gemini has launched its own custody service, Gemini Custody. According to the release, Gemini Custody will enable crypto holders to check balances, download account statements, initiate withdrawals, and grant auditors view-only access to confirm balances, transactions, and activity. So, what are the tokens that Gemini Custody supports? We got a list here with up to 18 tokens, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC), just to name a few. Customers are also able to trade in their assets in custody on the Gemini Exchange without waiting from the tokens to be transferred from cold storage.
ICE releases initial margin limits for Bakkt warehouse
The Intercontinental Exchange (ICE) announced the margin requirements for Bakkt’s coming futures trading. According to the post on ICE’s official website, the initial hedge requirement for daily and monthly futures contracts is $3,900. While the initial speculative requirement is $4,290. The inter-month add-ons for the monthly and daily futures contracts are between $400 and $1,000 for the hedge rate and between $440 and $1,100 for the speculative rate. It looks like we’re all keen for Bakkt to launch their Futures Trading on Sept. 23.
What are your thoughts regarding all the news?
Are you excited to see Professor Jon Crowcroft as an advisor to the IOTA Team
Do you believe crypto-insurance will be a big thing?
What do you think about the United States Treasury regulations on Libra and other cryptos as well?
And finally, are you counting down to the day Bakkt’s Futures COntracts launches in late September?
Please pop your comment in the box right below to share with us what you are thinking. It’s your girl Cindy with CryptoPig. I’ll see you 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.