01/08/2018: Biggest Stories in the Cryptosphere

1. SBI Plans Derivatives Platform

SBI crypto investment, a unit of SBI Holdings., has invested in US digital marketplaces developer Clear Markets as it wants to create a crypto derivatives trading platform for institutional investors. The stake amounts to 12% and, although the price was not revealed, many believe it’s worth 1 billion yen (8.94 million US dollars). Given the high price volatility of cryptocurrencies, this platform would enable to hedge risks and facilitate trading. Furthermore, earlier this year, SBI also invested in Canadian Lancium Technologies, a wind power provider for crypto miners. The move will help the ‘Bitcoin Cash mining’ financial services company lowering its costs.

2. Crypto-Focused Bank Galaxy Digital Launched On Stock Market

Despite drops in price for Bitcoin, Former Goldman Sachs Macro Trader Michael Novogratz introduced Galaxy Digital to public trading. Canadian regulators delayed the listing by approximately eight months but the cryptocurrency-focused merchant bank was launched today on the Canadian stock exchange. Despite the condition of the market, Novogratz stands by his decision and says that he doesn’t regret going public at this time. The company was launched in November of last year. In order to list his company on the TSX Venture Exchange, Novogratz purchased Canadian crypto start-up Coin Capital. Then, it implemented a reverse takeover to merge with Canadian shell company Bradmer Pharmaceuticals. It will trade as Galaxy Digital Holdings Ltd.

3. Zambian Government Signs Partnership With Retailer Overstock

The government of Zambia has signed a Memorandum of Understanding (MoU) with internet retailer Overstock. The partnership was announced by the latter through a press release. Medici Land Governance (MLG), a subsidiary of Overstock, will use technologies such as blockchain to gather and record information regarding land ownership. Citizens will be able to “legitimise their estates and gain access to the financial world”. This will also enable them to access private and public services, while the government will be able to collect taxes. The funds raised will then be used for economic expansion and innovation. The idea is to create a blockchain land registry.

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