Cryptocurrency Events in August-September 2018
Eminem Mentions Bitcoin in his brand new album
On August 31, 2018, Forbes breaks the story that in Eminem’s new album he mentions Bitcoin. During the song Not Alike Royce Da 5’9 says
Remember everybody used to bite Nickel, now everybody doing bitcoin.
This might not seem super important since Eminem nor Royce Da 5’9 have particular notable cryptocurrency influence, however, it does show the change in society. Bitcoin still isn’t at mainstream adoption yet, but as the spike of December 2017 occurred people are now becoming more and more interested in cryptocurrency. Many different rappers have joined the cryptocurrency wagon, and many of these rappers are a plug into the younger generation which is something cryptocurrency is targeting.
CBOE plans on adding Ethereum Futures in 2018
The Chicago Board Options Exchange or CBOE is planning on launching Ethereum Futures as early as 2018 according to Business Insider. Gemini will be used to price the token in the future contracts which it already uses with its Bitcoin contracts. This opens up a brand new market for Ethereum and will allow some institutional investors to make bets on the market. Buying a futures contract does not mean the Ethereum Token will necessarily be bought however it does bring added value to Ethereum. The overall futures market with Bitcoin has shown to be successful and beneficial.
Commercial Bank of China shows interest in blockchain technology
On September 1st, 2018 Bianews announced that the Commercial Bank of China will be taking a good look into blockchain technology. Cointelegraph states that the Commercial Bank of China has over 530,000,000 customers. China has been particularly grey in the realm of cryptocurrency as some regulations have hurt the innovations of cryptocurrency in the country, while some positive advancements like the Commercial Bank of China taking a look at blockchain have been made. Regardless of if blockchain technology is actually being used in the financial instruments within the bank, it is a good step in the right direction that the bank is familiarizing with its beneficial technology. If the bank does not use blockchain, it is at least an option for other banks or new projects to adapt its technology and create a competitive advantage.
IBM and Stellar payment network
IBM in a recent blog post has announced that “IBM Blockchain World Wire makes it possible for financial institutions to clear and settle cross-border payments in seconds.” The platform in which IBM is building on is the Stellar protocol, and so they plan on allowing users to actively connect to different Blockchain World Wire API’s to current fiat to digital currency. IBM’s current market cap is over $132,000,000,000 and so they have a potential to invest a lot of money into their blockchain technology endeavors. Any advancements that can be made are a positive step forward even in centralized companies like IBM. The beautiful space that we love is open for anyone to develop and release products, and so seeing IBM attempted to get their foot on the ground is something to keep an eye on. Many different benefits exist within blockchain technology that can help the financial transactional space like low fees, fast payment processing, increased efficiency and so much more. This makes it important for financial businesses to be interested in blockchain technology and build on it.
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