21/08/2018: Biggest Stories in the Cryptosphere

1. Russia’s Largest Cryptocurrency Farm Is a Former Fertiliser Lab

China might have just gained a new rival which could threaten its crypto mining monopoly. A Russian company has transformed a former fertiliser lab in what could be the country’s largest cryptocurrency mining farm: the Kriptoyunivers centre. The centre, 4,000 square meters-large, will support the mining of Bitcoin and Litecoin. It is located in the town of Kirshi (near St. Petersburg), and has received an investment of 500 million rubles, equivalent to 7.4 million US dollar. During an interview with the Japan Times, Co-Founder Alexei Korolyov stated that this farm is the biggest in Russia and the only one offering a full cycle, including services for the miners themselves. The project wouldn’t infringe a proposed regulation currently being reviewed by the Russian government which would allow crypto mining but ban crypto trading.

2. Singapore-Based Korean Ride-Sharing Service Gives To Drivers MVL Coins

Mass Vehicle Leger (MVL), the company behind ride-sharing service TADA, has been steadily growing in Singapore. Despite having been launched in July 2017, it has already gained 50,000 users and 12,000 drivers. The service TADA is similar to Uber. However, rather than being centralised, it is located on a public blockchain. This means that drivers don’t pay a commission like with Uber. Instead, they receive MVL coins. Drivers can then cash out the coins at various cryptocurrency trading platforms. TADA even managed to make Uber lose 10,000 drivers in a month because of its popularity. The success led to a growth in the value of the company’s coin. It doubled in one month, from 2 won to 4 won, and this resulted in the company’s corporate value doubling. An analyst affirmed that Singapore’s openness to ICOs and car-sharing services are the main reasons behind TADA’s success.

3. Blockchain Insurance System for Diabetes In The Works

Lumenlab, a Singapore-based digital innovation centre and subsidiary of financial services provider MetLife, is carrying out tests on a blockchain-backed insurance solution for diabetes sufferers. The project is being developed in the Monetary Authority of Singapore’s (MAS) regulatory sandbox. The pilot, called Vitana, is being conducted in collaboration with “insurance firm SwissRe, UK tech and blockchain specialists Cognizant, and electronic medical records (EMR) provider Vault Dragon”. The targets of this insurance are those suffering from gestational diabetes, which affects 20% of pregnant women in Singapore. Thanks to blockchain, EMR data would be integrated in a secured manner and this would trigger an automatic payout in the case of someone being diagnosed.

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