TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Coinbase Analytics to sell Neutrino blockchain analysis software to the IRS and the DEA. Philadelphia Fed studies the impact of a Central Bank Digital Currency introduction for commercial banks. Grayscale buying spree fueled by institutional 401(k) and pension fund interest. LA Blockchain summit offering $1,000,000 in giveaways for attendees. Crypto derivatives trading hit ATH levels in May, and Bitcoin.com allows users to send BCH payments via email.
Coinbase Analytics Allegedly Selling Neutrino Based Software to IRS & DEA
Coinbase, the famous noob-friendly cryptocurrency exchange, will be selling Neutrino based blockchain analysis software to the IRS and DEA, according to public documents. The software, created by Neutrino, a blockchain intelligence firm Coinbase bought last year, would help these US agencies carry out “the analysis and tracking of cryptocurrency flows across multiple blockchains that criminals are currently using.” The software has nothing to do with Coinbase exchange or its user data, as Coinbase Analytics a separate division.
Philadelphia Federal Reserve Examines How a Digital Currency Could Impact Commercial Banking
The Federal Reserve of Philadelphia published a paper examining how a Central Bank Digital Currency could impact the function and concept of traditional commercial banking. The paper states that “the introduction of digital currencies may justify a fundamental shift in the architecture of a financial system, a central bank ‘open to all.’” With this, central banks would be fighting for customers with commercial banks, giving customers the ability to open an account with them, an unfair treatment for the latter, according to the paper.
Grayscale Explains BTC Buying Spree: 401(k) and Pension Funds
Grayscale, the number one ranked Bitcoin institutional investment fund, has been on a BTC buying spree since the recent halving. However, no one knew the reason for it until now. Sharif-Askary, director of investor relations Grayscale, revealed most of this growth comes from institutional investors seeking exposure using 401(k) and pension plans. Sharif-Askary stressed this has been a record year for the fund, increasing its assets under management to $3.8 billion by June, a sizable growth from its $2.2 billion in March.
Tim Draper-Sponsored Conference Offers $1 Million in Crypto Giveaways
The Los Angeles Blockchain Summit, sponsored by Tim Draper’s company Draper Goren Holm, is offering to give $1 million in BTC to attendees of the now-virtual summit. Alon Goren, co-founder of the company, stated “there is no better time to learn more about crypto and blockchain than right now.” The summit has registered 1,000 attendees so far, but not everyone can apply. Attendees need to have an eToro trading account and buy $50 in cryptocurrency. Each attendee will receive $100 for being part of the conference.
Cryptocurrency Derivatives Trading Hits ATH in May
Cryptocurrency derivatives have broken volume trading records, and are now at ATH levels, according to data from Cryptocompare. These kinds of instruments registered trading volumes of $602 billion dollars during May, two billion more than the last record established in March. Huobi, OKEx, and Binance comprise most of the derivatives market, while the CME leads the institutional side of the derivatives offer. Derivatives are becoming more and more popular, accounting for almost a third of the crypto market.
Bitcoin.com Allows Sending BCH via Email Addresses
Bitcoin.com recently debuted a feature announced last month, allowing customers to send BCH payments directly via email. The newly programmed feature is still in its early stages, but its functionality is complete, according to a video Founder Roger Ver posted on Reddit. It basically sends a sweepable wallet via email that can be claimed for a specific period of time. When the BCH arrives, the receiver will have to download a wallet to claim the funds sent by the app on Bitcoin.com.
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