TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Paxos launches securities settlement service. Morgan Stanley acquires E*Trade brokerage. Virtual world platform Decentraland goes live at last. Tim Draper invests $750K in Aragon. Coronavirus outbreak could help to accelerate the issuance of China’s digital currency, and the auction of 4,000 BTC by US law enforcement could have caused the market’s recent flash crash.
Paxos Launches Blockchain-Based Securities Settlement Service
Paxos, the blockchain-based company, launched “Paxos Settlement Service,” a new offer that will let broker- trader companies to settle securities using a blockchain-based platform. Paxos explained that the first companies using this new service are Credit Suisse and Instinet, LLC, with a third company, Société Générale, using it to settle equities. The launch of this service was made under a No-Action relief from the staff of the U.S. Securities and Exchange Commission (SEC), and the company plans to also apply for a clearing agency registration license from the agency to offer services to all street-side broker-dealers.
Morgan Stanley Acquires Electronic Broker E*Trade
US Investment bank Morgan Stanley acquired E*Trade, an electronic brokerage market, for $13 billion, in an all-stock, zero cash deal. This move is deemed to be one of the biggest acquisitions of an investment bank since the 2007 crisis. Morgan Stanley will add more than $300 billion assets held by E*Trade to its $2.7 trillion. E*Trade announced they were going to offer cryptocurrency trading to their 5 million customers last year, but the brokerage was still searching for a third party to offer custody.
Virtual World Platform Decentraland Goes Live
Decentraland, a virtual world platform announced as an ICO back in 2017, has at last gone live, with people already roaming their streets to use the virtual currency called Mana, and they are also buying virtual land lots. The value of Mana, the currency of Decentraland, has almost doubled this year, and the world is moving funds already more than what iconic games as CryptoKitties moved in their prime. “The users are in control of the digital assets, which is something that hasn’t happened before,” declared Ari Meilich, project lead for Decentraland.
Investor Tim Draper Puts $750,000 Behind Aragon
Draper Associates, the VC company of the famous investor Tim Draper, bought $1 million ANT (worth $750,000), the token of a governance project called Aragon that aims to build a digital court and arbitrage system for DAOs (Decentralized Autonomous Organizations). This makes Draper the owner of 2.5% of the total supply of the token. Any holder of more than 1,000 ANT tokens can participate in what’s called the “Aragon Court.” The first mock trial has already happened, causing discomfort in Yaz Khoury, one of the people involved without permission, and prompting a swift excuse from Aragon.
Coronavirus Could Accelerate China Digital Currency Launch
The coronavirus outbreak happening in China could accelerate the launch of a planned Central Bank Digital Currency in the country, according to Li Lihui, the former head of the Blockchain Working Group of the China Internet Finance Association and former president of the Bank of China. In an interview with China Daily, he stated the issuance of the Chinese digital currency “should be accelerated,” but also stated that “china’s modern and emerging electronic payment platform is very mature.” The government is already disinfecting physical bills arriving at the banks to avoid contagion through contact.
Fed Auction Could Have Caused the Market Flash Crash
An analyst from eToro, the social trading market, suggested the auction US Marshals did of more than 4,000 BTC could have influenced a recent flash crash in crypto speculative markets. Simon Peters, from eToro explained that “analysts feared the auction winner could potentially make a cash gain by selling the bitcoin on a public exchange, especially if they’ve acquired the coins for below market price.” He added that “overall liquidity of the crypto market must improve in order to prevent large market orders leading to such volatile price swings in the future,” something difficult to attain given the largely segmented market.
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