What you need to know in crypto Week 4

Rule Change Coming Soon…

The US SEC has finally set a time to review the rule changes that would lead to approval for nine different Bitcoin-based ETFs: November 5. In the wake of this announcement, many analysts, including CNBC’s Ran Neuner, have claimed that Bitcoin is ready to explode. Many hope that a Bitcoin ETF, which would allow exposure to Bitcoin without directly purchasing the underlying asset, could allow broader acknowledgment on Wall Street.

Securing the Supply Chain Just Got Easier…

IBM has officially launched its food tracking network, Food Trust after 18 months of testing. The blockchain-based network, in association with retailer Carrefoure, as well as other food giants such as Unilever NV and Nestle SA, tracks millions of food products for greater traceability, transparency, and efficiency. Retailer Walmart also announced a new requirement for its leafy green suppliers to use the Food Trust platform.

Hot Mining, Cold Justice…

A Chinese national, Xu Xinghua, has been sentenced and fined for stealing electricity from a railway factory to mine Bitcoins. The man barely covered his (stolen) expenses, mining 3.2 Bitcoin with an electricity bill of 104,000 yuan ($15,000).

Enterprise Funding…

Senior executives from blockchain consortium R3 have started a stealthy blockchain startup called DrumG, which aims at linking together multiple enterprise blockchains. The startup has secured $6.5 million cash investmentfrom Ethereum cofounder Joe Lubin through his ConsenSys blockchain startup

The Biggest Crypto Buyers?

According to a new Bloomberg report, traditional investors such as hedge funds have become the largest crypto buyers in the world, rather than individuals. Although this isn’t positive news for the so-called “distributed future of finance”, it does mean that cryptocurrency is seeing broader acceptance by the current financial industry.

Free Security Upgrades…

Google has finally made a security upgrade that should help prevent wallet hacks, by banning Chrome browser extensions with obfuscated code. The malicious code previously allowed hackers to bypass Google’s security checks, potentially leading to users having their wallets drained.

Charity on the Blockchain…

Cryptocurrency exchange Binance made the welcome move this week to donate all its listing fees to charity. After a controversial period with some claims that Binance was extorting crypto projects for listing fees, ICO project teams will now be able to “name their donation price”. Binance claims the donation will have nothing to do with their acceptance process, which is instead based on the quality of a project.

New Networks…

The South Korean mobile messenger Kakaotalk, revealed its testnet for a new blockchain platform called Klaytn. The blockchain platform will likely remove many normal blockchain features such as wallets and private keys, in an effort to allow easier adoption by the wider public. Set to go live in Q1 2019, Klaytn may raise capital from gaming and content companies, rather than launching an ICO. This is likely due to the current ban on ICOs in South Korea, where most of Kakaotalk’s 50 million users are based.

The newspaper publisher Wall Street Journal sent a reporter to create a new cryptocurrency, which they promptly destroyed after two coins which were used to pay for two beers. The WSJ’s standards editor shut the scheme down, after citing “ethical questions” about the project, which issued physics “WSJ Coins” at the annual D.Live technology conference in Hong Kong.

That’s it for this week!

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