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Huawei Considering Launch of Blockchain Services in Latin America

Chinese telecommunications hardware giant Huawei is studying the entire Latin American market and considering expanding its operations, Cointelegraph Brazil reports on June 13.

Per the report, a Huawei executive said at the CIAB Febraban conference on June 11 that it is possible its blockchain-enabled products and services will soon be available on the continent. The executive in question — who asked to remain anonymous — noted:

“Everything will depend on the outcome of our market analysis and in case there is a market demand for blockchain we will make our services available in this area. Today we are focused on storage, 5G and telecommunications.”

The company claimed to have several contracts with the Brazilian government for storage solutions and to be in talks for 5G infrastructure deals. In April last year, Huawei also launched its blockchain-as-a-service offering through its cloud platform, which reportedly allows the creation and management of blockchain applications at low cost.

When asked about the United StatesChina trade war and the possible effects on the company, the executive declared that he is confident that it will be resolved and noted that the only problem that needs solving is access to Google’s Android software licensing. Still, he promised that customers will not be seriously affected by U.S. measures.

The executive also said that he does not know about further cryptocurrency-concerning developments at the company, but believes there are no developments to report at the moment.

As Cointelegraph reported earlier today, blockchain software consortium R3 revealed that it is developing a blockchain platform in Brazil with banks Bradesco, Itau and B3.

Yesterday news broke that CIP, a facilitator of Brazilian banking and financial infrastructure, has officially launched its blockchain ID platform via a partnership with IBM using Hyperledger Fabric.

Circle and Coinbase Invite More Members to Consortium Behind US Dollar Coin

Goldman Sachs-backed crypto startup Circle and crypto exchange and wallet service Coinbase are expanding their consortium behind USD coin (USDC), according to a blog post on June 13.

The Centre consortium acts as a platform for deposits and fiat conversions for Circle’s own cryptocurrency, a United States dollar-backed digital token.

Having launched USD coin back in September 2018, Circle has now announced that Centre is opening up for more members and industry participation. In the post, Centre wrote that Circle and Coinbase have been working to create and establish its Centre Network as a “membership-based framework and governance scheme.”

Inviting more participants to join its network, Centre wrote that the consortium membership provides institutions with the right to issue or redeem USD coin. In order to obtain this right, members must agree to Centre’s operating rules and issuer settlement as well as liability framework, the consortium noted.

Centre further specified that companies and institutions that want to issue stablecoins on the Centre network must follow a number of criteria, including possession of a license and regulatory and tech compliance, among other things.

In May, Circle released another third-party audit of USD coin, claiming that the company issued $293.1 million USDC as of April 30, 2019, with $293.3 million in the firm’s reserves. In the new blog post, Centre wrote that more than $795 million of USDC has been issued to date, while $470 million has been redeemed.

Yesterday, Coinbase launched its Visa debit card in six European countries, including Spain, Germany, France, Italy, Ireland and the Netherlands.

US FDA Partners With IBM and Walmart to Improve Drug Supply Chain Using Blockchain

The United States Food and Drug Administration (FDA) has partnered with four global high-profile firms to apply blockchain in the drug supply chain, tech media outlet ZDNet reports on June 13.

The FDA has reportedly teamed up with companies including IBM, Walmart, Big Four auditor KPMG, and the world’s oldest pharma firm Merck in order to build a proof-of-concept (PoC) blockchain network to share and track data on distribution of prescription drugs.

According to the report, the initiative is connected with the United States Drug Supply Chain Security Act (DSCSA) and intends to assist the FDA — as well as other pharmaceutical organizations — in optimizing the supply chain of pharma products.

Specifically, the project’s participants aim to speed up the process of tracking inventory, as well as providing accuracy of data shared between members of the supply chain and the integrity of products.

Mark Treshock, IBM’s global solutions leader for Blockchain in Healthcare & Life Science, emphasized that blockchain technology not only enables an efficient basis for tracing pharma products on supply chain, but also allows for the tracking of connections between network participants without revealing the data itself.

The FDA first revealed its plans to apply blockchain technology to enable a digital drug supply chain platform in February 2019, expecting to launch the technology-enabled platform by 2023.

Recently, Cointelegraph reported that as much as 44% of healthcare organizations in Europe have never heard of blockchain applications’ benefits. Meanwhile, EMD Serono, the North American biopharmaceutical business of Merck KGaA, has recently teamed up with blockchain firm Nebula Genomics to create a blockchain platform for generating and sharing genomic data.

Bakkt Names Launch Date for Bitcoin Futures Testing

Institutional cryptocurrency platform Bakkt will begin testing its first product, physically-delivered bitcoin (BTC) futures on July 22, the company announced in a blog post on June 13.

Bakkt, which has seen multiple delays over regulatory compliance since its original announcement in August 2018, will offer futures as the first in a series of offerings, full details of which remain unclear.

“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US,” chief operating officer Adam White wrote in the blog post, adding:

“This is no small step. This launch will usher in a new standard for accessing crypto markets. Compared to other markets, institutional participation in crypto remains constrained due to limitations like market infrastructure and regulatory certainty.”

White compared the move to the first moon landing in 1969, echoing the hurdles the company has had to cross in order to provide the fully-regulated cryptocurrency products it wants to for institutional investors.

The announcement comes the same week as data that showed bitcoin futures from CME Group turned record high volume in May.

At the same time, CBOE, the first-ever provider of bitcoin futures, will stop offering contracts when its final contracts settle later this month.

Unlike traditional platforms, Bakkt will settle its contracts in physical bitcoin, rather than fiat currency.

China: Locals Allegedly Laying Cable via Fish Ponds to Steal Oil Well Power for BTC Mining

Police in China have reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their bitcoin (BTC) mining. The news was reported by daily Chinese tabloid The Global Times on June 13.

The Global Times is published under the auspices of state-backed newspaper group The People’s Daily.

The report outlines that the Green Grassland Police Station of the Qiqihar District Public Security Bureau were alerted to the alleged power theft after receiving a call from the head of oil production at Daqing Oil Field — the largest oil field in China, located in Heilongjiang province.

In order to investigate the allegation, police reportedly conducted an airborne investigation using drones across a two kilometer area, and ostensibly gathered sufficient evidence to construct a criminal case.

The Global Times does not provide details as to the suspected persons involved, nor into the scale of the alleged electricity theft.

In October 2018, a Chinese citizen was sentenced to three and a half years in jail for stealing power from a train station to fuel his bitcoin mining operations.

In Taiwan, in December of last year, a citizen was arrested after being accused of electricity theft to mine bitcoin and ether (ETH) worth over 100 million yuan ($14.5 million).

This February, a group of suspects were arrested in the German city of Klingenthal, Saxony, after being accused of stealing over $3 million worth of electricity to operate a cryptocurrency mining farm.

Ethfinex Launches DAO as Executives Consider Regulatory Landscape

Cryptocurrency exchange Ethfinex, the sister exchange of Bitfinex, has launched a test decentralized autonomous organization (DAO), the company confirmed in a blog post on June 12.

Ethfinex — which earlier this month launched a decentralized over-the-counter (OTC) trading platform — said it wants to decentralize control of its operations.

The DAO was built by DAOstack and is known as efxDAO, with an initial funding budget of $5,000.

“Today we reach an important milestone in our path to decentralised governance of Ethfinex,” the exchange’s community lead, Ben Wilson, wrote in the blog post. Wilson added:

“We have collaborated with decentralisation protocol experts DAOstack to create an experimental funding Decentralised Autonomous Organisation (DAO), efxDAO.”

EfxDAO has a preliminary membership of 23 people, with plans to expand rapidly in the future. Those members have the power to decide how exchange funds are used in a decentralized manner.

Speaking to cryptocurrency industry news outlet Decrypt, however, Ethfinex’s co-founder, Will Harborne, said that the decision to reimagine governance went beyond ideology.

As Cointelegraph reported, upcoming regulatory hurdles are tipped to drastically impact how exchanges of all varieties operate. For its part, Ethfinex wishes to distance itself from potential repercussions.

“It’s a regulatory play,” Harborne stated. He added that previous legal issues involving Bitfinex also contributed to the move away from centralized responsibility.

Beginning late April, United States regulators singled out Bitfinex and the operator of stablecoin Tether (USDT) — which shares its CEO — for potential fraud after funds worth $850 million fell out of the control of executives.

Major Cryptocurrencies in The Green as Bitcoin Rallies Over $8,100

Wednesday, June 12 — Top cryptocurrencies bitcoin (BTC), ether (ETH), and ripple (XRP) are all in the green. Cryptocurrencies on the whole are trending up today, according to data provided by Coin360.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

After peaking around $9,000 in May, BTC crashed down to under $8,000 but seems to be slowly recovering. BTC was trading just shy of $8,000 earlier today, and is now trading at $8,130 at press time. Overall, the top cryptocurrency is up by approximately 2.72% over teh past 24 hours at press time.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

Top altcoin and number two cryptocurrency ether is trending up by over 6%, and has recovered to trade at $260 at press time. Ether, the market capitalization of which is currently $27.7 billion, dipped to $229.32 earlier this week.

Ethereum 7-day price chart. Source: Coin360

Ethereum 7-day price chart. Source: Coin360

The third token by market cap, XRP, has also seen a moderate gain on the day, trading at $.401 and trending up by approximately 1.90%. Overall, XRP has seen much less substantial gains than bitcoin and ether on the day.

XRP 1-day price chart. Source: Coin360

XRP 1-day price chart. Source: Coin360

Total market cap of the top 100 cryptocurrencies is currently $250.6 billion according to the data on Coin360’s summary table.

As previously reported by Cointelegraph, the CEO of blockchain venture capital firm Digital Currency Group (DCG), Barry Silbert, says that crypto price trends indicate that the crypto bear market may be finished for now.

Bitcoin price analyst Oliver Isaacs has remained bullish on BTC despite its recent decline, predicting that it will rally up to $25,000 by late 2019 or early 2020.

Silbert and Isaacs separately commented on institutional adoption as a reason to remain optimistic about crypto’s near future. Silbert commented on insurance giant Fidelity’s recent BTC custody option, while Isaacs pointed to corporate giants such as Microsoft, Amazon, Starbucks and Whole Foods who now have cryptocurrency payments options available to the public.

Wheaton Precious Metals to Deploy Blockchain in Metal Accounting Processes

Precious metals streaming company Wheaton Precious Metals (WPM) will use blockchain technology to facilitate its metal accounting processes, mining.com reported on June 12.

WPM has reportedly hired software company Blockhead Technologies to deploy its blockchain-based platform STAMP to streamline metal accounting processes. Specifically, the platform purportedly enables its users to track and source certification into mining value chains. By using the platform, WPM aims to boost data management processes and conduct data analysis.

WPM is one of the world’s largest precious metals streaming companies. In the fourth quarter of 2018, WPM reportedly generated nearly $110 million in operating cash flow, bringing total operating cash flow for the year to over $475 million. The company produced over 370,000 ounces of gold, 24 million ounces of silver and 14,000 ounces of palladium.

Some other major producers and consumers of metals around the world have also integrated blockchain into their internal processes. In April, Volkswagen joined a blockchain-powered scheme to ensure the cobalt used in lithium-ion batteries for its electric vehicles is responsibly sourced.

In January, IBM partnered with MineHub Technologies to deliver a blockchain solution that will improve supply chain management in the mining and metals industry. The product is set to “increase the level of automation, reduce reliance on intermediaries and increase the speed at which goods are transferred from miners to end buyers.”

As reported last September, Hong Kong-based jewelry retailer Chow Tai Fook reportedly put records of some of its diamonds on a distributed leger developed by blockchain startup Everledger and secured by the IBM Blockchain Platform. This will reportedly enable the retailer’s customers to ascertain the origin and authenticity of gems sold in its T Mark-branded stores.

BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 12/06

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

After the recent rally in crypto markets, most analysts believe that the bear market is over. Barry Silbert, Digital Currency Group founder and CEO, opined that the crypto winter is over and the markets have entered a “crypto spring.” Silbert pointed out that institutional involvement has grown a lot since the 2017 bull phase, which is the cause of his bullish stance.

Contrary to this opinion, blockchain researcher Tone Vays said that he does not trust the current rally as it is not backed by considerable external money investing in crypto markets. According to him, the existing long-term investors have supported the rally from the lows and if their conviction waivers, the markets can plunge once again. Still, he advises people to hold “some bitcoin.”

We believe that the bear market is over and the markets will form a higher base during the next fall. However, we are against chasing prices higher. Instead, we believe that the markets will give enough opportunities to buy on dips. Hence, traders should be patient and buy when the risk to reward ratio is in their favor.

Let’s take a look at the charts and see if we find any buying opportunities at current levels.

BTC/USD

Bitcoin (BTC) has broken out of the 20-day EMA after struggling to sustain above it for the past few days. This shows fresh demand at higher levels. If the price maintains above $8,120, the bulls will try to push it to $9,053.12. A breakout of this level will invalidate the head and shoulders (H&S) pattern, which is a positive sign. The next target to watch on the upside is $10,000.

BTC/USD

On the other hand, if the BTC/USD pair fails to sustain above the 20-day EMA, the bears will try to sink it to the neckline of the H&S pattern. If the price breaks down and closes (UTC time frame) below the neckline, it will complete the H&S pattern that has a target objective of $5,371.12.

However, the bulls might try to provide support close to $7,413.46 and below it at the 50-day SMA. If both these supports break down, a fall to $5,900 is probable where we expect strong buying. Currently, we do not find a reliable buy setup, hence, we do not suggest a trade in it.

ETH/USD

Ethereum (ETH) is stuck inside a large range of $225.39 and $280. The 20-day EMA is flat and the RSI is just above the midpoint. This suggests that the consolidation might continue for a few more days.

ETH/USD

The ETH/USD pair has broken out of the 20-day EMA. It will now try to move up to $261.59 and above it to $280. A breakout and close (UTC time frame) above $280 might propel it to $322.06 and above it to $335.

However, if the pair fails to break out of $280, the bears will try to sink it back to $225.39. A breakdown of this support and the 50-day SMA will attract further selling. The next support on the downside is way lower at $167.20. We do not find any reliable buy setups at the current levels, hence, we are neutral on the digital currency.

XRP/USD

The bulls have been trying to keep Ripple (XRP) inside the symmetrical triangle but are facing stiff resistance at the 20-day EMA. For the past two days, the cryptocurrency has formed inside day candlestick pattern, which shows that the volatility is shrinking.

XRP/USD

Presently, the bulls are trying to push the XRP/USD pair above the 20-day EMA. If successful, a move to $0.43196 and above it to the resistance line of the triangle is possible. Conversely, if the price turns down from the 20-day EMA, the bears will try to sink the pair below the strong support of $0.35660. Therefore, traders holding long position can keep the stop loss at $0.35.

LTC/USD

Litecoin (LTC) continues to be in a strong uptrend. It easily climbed above the resistance line of the ascending channel, which shows strong demand. Both the moving averages are sloping up and the RSI is in the overbought zone, which confirms that the bulls are in command.

LTC/USD

There is a minor resistance at $140.3450. If the LTC/USD pair struggles to break out and sustain above it, traders can book partial profits closer to $140 and trail the remaining long position with stops just below the 20-day EMA. As the moving average moves up, stops can be raised higher. The target to watch on the upside is $158.91 and above it $184.7940.

The digital currency will lose momentum if it turns down and slides back into the ascending channel. A break below the 20-day EMA will be a negative sign and can attract further selling.

BCH/USD

Bitcoin Cash (BCH) has been clinging to the 20-day EMA for the past few days. We should soon see a large range move either to the upside or to the downside. A breakout and close (UTC time frame) above the 20-day EMA can carry the price to $451 and above it to the resistance line of the ascending channel.

BCH/USD

On the other hand, if the BCH/USD pair turns down and breaks below the 50-day SMA, it can correct to the support line of the channel. We anticipate strong buying at this level. If the price rebounds sharply from it, we might suggest a long position. The stop loss can be kept just below the channel. However, if the pair plunges below the channel, it will turn negative and can drop to $280.

EOS/USD

EOS is finding support at the 50-day SMA, which is sloping up and is facing resistance at the 20-day EMA, which has started to turn down. This shows that volatility is tightening. We should soon see the volatility expand. However, it is difficult to predict the direction of the expansion. Hence, we can not take any predetermined action.

EOS/USD

If volatility expands to the upside and the EOS/USD pair climbs above the 20-day EMA and $6.8299, it can move up to the resistance line of the channel and above it to $8.6503. As the risk to reward ratio of this trade is attractive, we maintain the buy proposed in an earlier analysis.

On the other hand, if the bears sink the pair below the 50-day SMA, it can drop to the support line of the channel. If this breaks down, a fall to $4.4930 is probable.

BNB/USD

Binance Coin (BNB) has broken out of the downtrend line and has triggered the buy recommendation given in the previous analysis. It can now move up to $38.6463356 and above it to the resistance line. If the bulls can push the price above the resistance line, a rally to $46.1645899 is possible. Both the moving averages are sloping up and the RSI is in positive territory, which shows that bulls have the upper hand.

BNB/USD

Contrary to our assumption, if the BNB/USD pair fails to sustain above the downtrend line the bears will try to sink it below the 20-day EMA. If successful, the next stop on the downside is the 50-day SMA. This has acted as strong support in the past few months, hence, we expect it to hold. Therefore, the stops on the long positions can be kept at $28.

BSV/USD

Bitcoin SV (BSV) has been holding above the 38.2% Fibonacci retracement level of the recent rally for the past three days. Though this is a positive sign, the failure of the bulls to secure a strong bounce shows a lack of buyers at higher levels.

BSV/USD

If the bears plunge the BSV/USD pair below $176.083 and the 20-day EMA, the uptrend will lose momentum. The next support is at $152.015, which is 50% retracement level of the recent rally. If this support also gives way, the fall can extend to $134.360.

Contrary to our assumption, if the pair rebounds sharply from the current levels or from the 20-day EMA, the bulls will try to carry it to $240, above which a retest of the lifetime highs is probable. The digital currency will pick up momentum after it sustains above $254.

XLM/USD

Stellar (XLM) is facing stiff resistance at the 20-day EMA. If the bulls fail to sustain the price above the 20-day EMA, the bears will try to sink it below the strong support of $0.11507853.

XLM/USD

If the XLM/USD pair breaks down of $0.11507853, it can correct to $0.08558676, but if the bulls succeed in pushing the pair above the 20-day EMA, it can rally to $0.14861760. This is a critical resistance. A breakout and close (UTC time frame) above this level will complete an inverse H&S pattern that has a target objective of $0.22466773. We will wait for the price to sustain above $0.14861760 before proposing a trade in it.

ADA/USD

Cardano (ADA) is range-bound between the 50-day SMA and $0.10. It sharply bounced off the 50-day SMA on June 10 and is nearing the overhead resistance of $0.10. A breakout and close above $0.10 will complete the rounding bottom pattern that has a target objective of $0.22466773.

ADA/USD

Previously, the cryptocurrency had broken out of $0.10 on three occasions but failed to sustain it. Therefore, we will wait for the price to break out and close (UTC time frame) above $0.10 before suggesting a long position in it.

If, however, the ADA/USD pair fails to breakout and sustain above $0.10, it will extend its stay inside the range for a few more days. It will turn negative if it reverses direction and plummets below the 50-day SMA. The next target to watch on the downside is $0.057898.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

Ukrainian Delegation Visits Estonia to Learn About E-Government

A Ukrainian delegation has visited Estonia to get an expert evaluation of their e-government concept, according to a statement one the website of the Administration of the President of Ukraine published on June 12.

Led by advisor to Ukrainian president Mikhail Fyodorov, the delegation met with Estonian authorities on June 10–11. The parties met to discuss future collaboration in the development of new technologies, as well as to get consultations about Ukraine’s govtech concept “Government in a Smartphone.”

Fyodorov stated that Estonia was the first government in the world that conducted digital elections and reached a 99% rate of services delivered online. The official claimed that the goal of Ukraine is to implement the most to-date and innovative technologies and approaches for their govtech concept.

According to the announcement, the delegation has carried out more than 10 meetings with major Estonian authorities, including representatives of the European Commission, Ministry of Foreign Affairs, Information Systems Agency, Estonia’s E-Governance Academy, and others.

The Estonian government has been actively applying blockchain technology in multiple services and administrations, claiming that they were the first country in the world that adopted blockchain tech in its production systems for ensuring the integrity of digital records and systems.

In 2016, Estonian authorities announced an initiative to deploy blockchain technology in healthcare records in partnership with United States data system service provider Guardtime. Estonia has also applied the technology to is e-residency programs and among public notaries.

Recently Cointelegraph reported that Estonia, along with the United Kingdom and Norway, will soon present the results of a blockchain pilot for digitizing government records of national archives.

General Motors Leads $23M Funding Round for Spring Labs Blockchain Firm

United States-based blockchain startup Spring Labs has raised $23 million in a Seed A funding round, according to a press release on June 12.

Spring Labs will purportedly use the funds to improve its blockchain-based platform Spring Protocol and develop three new fraud protection products that are designed to combat fraud in the auto financing sector.

According to the press release, the new products are Spring Verify, Spring Defense, and Spring Protect, which are designed for identity verification, fraud monitoring/mitigation, and loan stacking prevention, respectively.

The products will purportedly provide information to lenders anonymously, for the purpose of financing activities such as unsecured consumer lending, small business lending, credit card issuance, and secured auto lending.

According to the report, auto financing fraud has nearly quintupled from 2011 to 2018, purportedly becoming a relatively easier way to commit fraud as other credit options become more secure than auto lending options.

The report estimates that industry losses range between $4–$6 billion each year, largely due to auto credit established with fake ID credentials. Somewhat like a clone firm scam, Spring Labs says that scammers will typically mix in some real information along with the fake, in order to establish falsified credit accounts.

Among the investors for this seed A funding round were Galaxy Digital, the cryptocurrency investment bank founded by crypto enthusiast Michael Novogratz, and automotive giant General Motors (GM).

As previously reported by Cointelegraph, GM announced that it was joining the Spring Founding Industry Partners (SPIF) Program in February. The SPIF is reportedly a project launched by Spring Labs which aims to provide security solutions through research and collaboration.

Chief strategy officer at GM Mike Kanarios commented on GM’s decision to join the project as a partner, saying:

“As the captive finance arm for General Motors and one of the world’s largest auto finance providers, we are continually innovating and evolving our fraud prevention and detection capabilities to better serve and protect our customers and dealers.”

Eos Developer Block.one Working With Lobbying Firm on Blockchain Issues

Eos (EOS) parent company Block.one has disclosed that it is a client of a lobbying firm in a disclosure form registered in May.

In the document, Block.one is cited as the client of international law firm Holland & Knight LLP, whose offices globally work on over 200 different practice areas including regulatory and government affairs, blockchain technology and e-commerce.

In the Specific lobbying issues (current and anticipated) field Block.one indicated “policy related to blockchain.” Block.one has apparently contributed $30,000 for lobbying activities.

The document also reveals that Scott Mason and Norma Krayem will act as lobbyists for Block.one. Before joining Holland & Knight, Mason served for sitting United States president Donald Trump’s administration as the director of congressional relations, where he specifically was responsible for leading efforts to secure congressional endorsements for Trump and assisting members of Congress with policy outreach to the Transition Team.

The number of lobbies working on blockchain technology issues in Washington D.C. tripled in 2018, reaching 33 projects in the fourth quarter of 2018 compared to 12 in the same period of 2017.

According to lobbyist Dina Ellis Rochkind, blockchain firms were still in the early stages of winning allies in Congress as of mid-March. Izzy Klein from Ripple-backed Klein/Johnson Group, which lobbies for the Securing America’s Internet of Value Coalition, said at the time:

“I think that when you have a new technology and new platforms in older and heavily regulated spaces, you need as many legitimate voices and boots on the ground that you can get.”

As for Coinbase’s political action committee (PAC) founded in July of last year, the company filed to close the organization in late April. Per a filing with the Federal Election Commission, the PAC received no funds nor made any disbursements, and was seeking to terminate.