28/08/2018: Biggest Stories in the Cryptosphere

1. Crypto Storage Gets Insured Through Lloyd’s

Cryptocurrency storage Kingdom Trust has obtained insurance coverage from Lloyd’s of London. The company will now be protected from theft and destruction risks. The $12 billion-custodian firm is part of a growing number of storage companies looking for insurance services. Despite volatility and weak regulations, this remains a growing business. Even though actively looking for insurance coverage last year, CEO Matt Jennings revealed that Kingdom Trust has been on a search since its foundation in 2010. Jennings hopes that the move will attract more institutional investors. On the other hand, Lloyd’s of London declined to comment on the news. This may be due to insurers’ reluctance to admit they are covering cryptocurrency businesses. Still, Kingdom Trust’s cold storage system definitely helped.

2. 74% of Deloitte Survey’s Respondents Believe in Business Use of Blockchain

Deloitte, a ‘Big Four’ auditor and services network, has conducted a blockchain survey to investigate how blockchain is perceived by executives working in big companies. The survey, which involved seven countries (Canada, China, France, Germany, Mexico, U.K., and the U.S.) and nine industries, targeted 1,000 executives with knowledge of blockchain. 74% of respondents see a “compelling business case” in the adoption of blockchain. 34% even stated that their corporate is already working with the technology; while 41% is planning on doing it within the next 12 months. Most importantly, almost 40% stated that their business will invest at least $5 million in blockchain. JP Morgan CIO Lori Beer seems to agree with the findings of the survey, as he recently stated during a press conference in Buenos Aires that he believes blockchain will soon replace existing technologies.

3. More Details on Iran’s Cryptocurrency Have Been Revealed

Back in July, we covered Iran working towards the creation of its own cryptocurrency. It has now been reported that the country has revealed some of the features which will define the new cryptocurrency. The news was first reported by news agency Ibena. The cryptocurrency is backed by Iran’s official fiat currency rial and will be issued by the country’s central bank; the latter will also determine the volume. The cryptocurrency, based on Hyper-ledger Fabric Platform technology, has been designed and developed by the Informatics Services Corporations (ISC). This should explain why it was the one to share the characteristics in the first place. Furthermore, it is not possible to mine the coin, which has been developed on a private blockchain infrastructure. Following a test and review, the infrastructure will be accessible to Iranian banks and crypto companies. The token will also serve as interbank payment instrument and retail payment tool.

4. North Korea To Organise Blockchain Event

It has been reported that North Korea will host a cryptocurrency and blockchain event. The 2-days conference, which would be called “Korean International Blockchain Conference”, will take place on October 1st. Leading experts from several countries are expected to attend the event. At the end of the conference, they will engage with North Korean industry leaders. Details about the event, along with attendees identities, still remain unclear. Kim Jong-Un’s attendance also remains a mystery. Furthermore, a point of concern is the country’s travel restrictions which could lead to issues with international attendees attempting to enter the country.

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