Hodler’s Digest, Jan. 28 – Feb. 3: Top Stories, Price Movements, Quotes and FUD of the Week
Iran could soon release its state-backed coin, and Gemini announces it will complete further security compliance reviews.
Top Stories This Week
Major global banking payments network SWIFT announced plans this week to develop a Proof-of-Concept of a gateway that will let blockchain consortium R3 link to GPI (Global Payments Innovation) payments from their platform. According to SWIFT, users of the R3 platform will be able to authorize payments through the new GPI Link, settling GPI payments with the users’ banks, with the credit confirmation reported back to the trade platforms via GPI Link.
Gemini crypto exchange, which was founded by brothers Cameron and Tyler Winklevoss, completed a security compliance review by Big Four auditing firm Deloitte this week. According to their announcement, Gemini is the first in the crypto industry to complete an SOC 2 Type 1 review, which involves a review of the exchange’s application, infrastructure, underlying customer database, and its cryptocurrency storage systems. Gemini stated that they would be undergoing an SOC Type 2 review in 2018 to assure further compliance.
American investment giant Fidelity has reportedly set a March launch date for its Bitcoin (BTC) custody offering, also noting this week that the crypto trading and custody platform is in its final stages. In an announcement this week, Fidelity noted that it has been working with auditors to ensure regulatory compliance and adapt the operational processes to their crypto-oriented platform. Fidelity notes that the services will first be provided to a small and select group of clients as the platform’s infrastructure is built.
According to a report from blockchain analytics company Chainalysis, two hackers groups have reportedly been responsible for around $1 billion in stolen cryptocurrency. The two entities, which the report dubbed Alpha and Beta, are most likely still active. While the two groups differ in their timing of cashing out, both organizations reportedly transfer the stolen funds an average of 5,000 times to prevent exchanges from flagging the hacked cryptocurrency with their anti-money laundering (AML) systems.
Iran is soon planning to unveil its state-backed cryptocurrency, local sources reported this week. The so-dubbed crypto-rial would potentially serve as a way for the country to sidestep sanctions, the most debilitating of which is the lack of access of most Iranian banks to the SWIFT payment system. Iran is also currently reportedly in talks with eight countries to discuss the possibility of using cryptocurrency for financial transactions, but the local sources were unclear if it concerns crypto in general or a state-backed coin. Also this week, Iran released a draft of its crypto regulation plans, noting that some aspects of crypto would be banned.
Winners and Losers
The crypto markets remain steady at the end of the week, with Bitcoin trading at around $3,471, Ripple at $0.31 and Ethereum at about $108. The total market cap is at around $114 billion.
The top three altcoin gainers of the week are Obitan Chain, Bitdepositary and Mindexcoin. The top three altcoin losers of the week are empowr coin, Mothership and PayPie.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
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