Daily Cryptocurrency News – 9th October 2018

Welcome to our Daily cryptocurrency News, here are the most important cryptocurrency news for 9th October 2018:

Seoul Mayor Plans $100 Million Fund to Build Blockchain Smart City

Park Won-soon, the mayor of Seoul, has announced a five-year plan to invest $108 million. The goal will be to develop the South Korean capital as a smart city powered by blockchain.

In a speech during his visit to Zurich, Park made a big announcement this week. His Blockchain Urban Plan for 2018–2022 will cover 14 public services in five areas, and it will have a government budget totaling 123.3 billion Korean won (around $108 million), according to a CoinDesk Korea report on Thursday.

Park also said that primary public services that will adopt blockchain would include:

  • Labor welfare
  • Vehicle history management
  • Certification issuance
  • Donation management and elections voting.

Park also indicated his administration would aim to spend another 60 billion won ($53 million), building two complexes by 2021 to house 200 blockchain startups. It will be utilizing parts of the Gaepo Digital Innovation Park and Mapo Seoul Startup Hub.

The plan comes months after Park won the re-election campaign as Seoul’s mayor in June. Park pledged as part of his campaign at the time that he would increase support for blockchain development in Seoul. He would do it by developing the city’s Mapo district as a center for blockchain incubation.

Seoul’s blockchain effort is also in line with the roadmap announced by South Korea’s Ministry of ICT. It was said in June it would invest $9 million in the coming years to lead blockchain adoption in six primary public services.

What impact will this investment have in the industry? It will be exciting to find out.

Ripple, In Partnership with Japan Bank Consortium, Launches MoneyTap

The Japan Bank Consortium has launched a Ripple-based platform named MoneyTap. MoneyTap is a real-time solution to payments, and it represents a wide-scale use of cryptocurrency as a mobile payments tool.

MoneyTap has three main features:

  • Smart and simple remittance
  • Instant money transfer
  • Round the clock availability.

The platform is powered by the Ripple blockchain—more, Ripple’s xCurrent payment system. It will allow users to make real-time domestic money transfers at no cost over the network.

Ripple made the announcement in a tweet on its Twitter.

MoneyTap has gone live in Japan. Over 123 million residents will be able to enjoy the MoneyTap app as they transact with local banks members of the consortium group of banks. The association has 61 Banks as members and controls over 80% of banking services in Japan. This is very efficient, as it will allow its different bank customers to use the platform.

Takashi Okita, SBI Ripple Asia’s CEO, noted that the team is proud to leverage Ripple’s blockchain technology through the new mobile app MoneyTap. He also stated that together with the trust, reliability, and reach of the bank consortium, it is possible to remove friction from payments. This will create a faster, safer, and more efficient domestic payments experience for their customers.

The platform has a promising future and it will be interesting to see its progress over the next months.

NEM Partners with VNX Exchange on Security Token Protocol

The crypto exchange platform VNX has made a significant announcement this week about the development of a new security token protocol. Company executives announced a partnership with the decentralized application platform NEM. The two crypto firms seek to bridge the gap between the crypto economy and traditional financing firms.

Plans of this partnership are to create and fund a wave of new security tokens based on the NEM blockchain.

About VNX:

VNX specializes in venture capital. The platform currently hosts $169 billion in yearly VC investments.VNX executives understand that over 80% of research and development conducted by significant companies requires VC funding. VNX seeks to open the VC process up to new investors through the integration of blockchain protocols.

Security tokens are gaining popularity, and it is a matter of time before they start to become more and more implemented in the world. Security coins combine traditional financial system requirements with the ease-of-use of the blockchain technology. It will be interesting indeed to see the progress of this partnership.

Binance to Delist Bytecoin (BCN), CHAT, Iconomi (ICN) and TRIG

Binance has announced that they decided to delist and stop trading on all trading pairs for the following coins and tokens at 2018/10/12 10:00 AM (UTC):

  • Bytecoin (BCN)
  • ChatCoin (CHAT)
  • Iconomi (ICN)
  • Triggers (TRIG)
  • Withdrawals of these coins and tokens from Binance will continue to be supported until 2018/11/12 10:00 AM (UTC).

Why did this happen?

The team at Binance reviews all digital assets on its platform to ensure that the projects maintain a high standard of quality for the users. If the coin falls below a certain quality, it is reviewed and delisted.

The exchange has provided the following factors as grounds for a coin to be delisted:

  • Commitment of team to project
  • Quality and level of development activity
  • Network / smart contract stability
  • Level of public communication and activity
  • Responsiveness to our periodic due diligence
  • Evidence of unethical / fraudulent conduct
  • Contribution to a healthy and sustainable crypto ecosystem

Unfortunately, the mentioned coins and tokens failed in at least one of these factors.

Delisting these coins and tokens will lead to others of the same category to reinforce themselves to prevent this from happening.

Google thinks Jamie Dimond, Warren Buffet, and the name of which we do not speak are the CEOs of Bitcoin.

Something interesting happens when you search Bitcoin CEO in Google. Jamies Dimond, Warren Buffet and Roger Ver will appear as the CEOs of Bitcoin.

Jamies Dimond is the chairman and CEO of JPMorgan Chase, Warren Edward Buffett is the investor, speaker and philanthropist who serves as the chairman and CEO of Berkshire Hathaway. All who are not related to the platform. This can be based on the fact that the name of Bitcoin and their name has been widely used in the media. Roger Ver had a past related to the Bitcoin community, but its now 100% dedicated to what he believes that is Satoshi’s vision – Bitcoin cash (BCH).

If you missed news yesterday, you can check them out here: Daily Cryptocurrency News – 8th October 2018

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