03/08/2018: Biggest Stories in the Cryptosphere

1. Is Starbucks Preparing To Accept Bitcoin Payments?

Two months ago, we reported on NYSE owner, Intercontinental Exchange (ICE), working towards the development of a Bitcoin trading platform. The American exchange has now confirmed the news by officially announcing the creation of the company Bakkt. Microsoft will support the project by providing cloud infrastructure for the service. Boston Consulting Group (BCG) and Starbucks are also involved in the initiative. However, it was Starbucks’ presence that captured the attention. The coffee company was one of the main driving force behind the wide adoption of mobile payments. Furthermore, it has also collaborated with Square, which accepts Bitcoin, and has partnered with Alibaba. In the press release, the coffee company was labelled as the “flagship retailer” and this could mean the introduction of Bitcoin as an accepted form of payment.

2. Korean Financial Regulators Is Up For Stock Trading On Blockchain

The Financial Supervisory Service (FSS), South Korean financial regulator, is calling for the development of an integrated blockchain system where stocks can be traded. FSS published a report discussing the use of blockchain in stock transactions taking place in the US, Japan and Australia. The technology would make transactions safer and more tamper-proof. The main issue is the centralised ledger structure which makes the system slower and open to hacks attacks. Instead, blockchain would maintain “a shared digital ledger of transaction data on a network of computers”. This would increase data security as well as the accuracy of the stored data.

3. Cannabis Company First To Accept Crypto In Its Initial Public Offering (IPO)

Cannabis organisation High Times Holding Corp. has announced it will accept cryptocurrencies like Bitcoin and Ethereum as forms of payment in its initial public offering (IPO). The equity-crowdfunding process will be conducted according to Regulation A+. The process of accepting cryptocurrencies has already begun. CEO Adam Levin hopes that by accepting cryptocurrency payments, the company will obtain a wider pool of global investors. This will make High Times’s IPO the first cannabis-focused organisation to be traded on the Nasdaq exchange as well as the first one to accept Bitcoin and Ethereum during the IPO phase.

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