Kraken Daily Market Report for 01.06.2018
KRAKEN DIGITAL ASSET EXCHANGE
$128M traded across all markets today
Crypto, EUR, USD, JPY, CAD, GBP
Huobi to launch crypto ETF
Cryptocurrency trading platform Huobi is launching a crypto-based exchange-traded fund (ETF), an investment option that will allow retail investors to gain exposure to a basket of assets instead of just one at a time.
The investment instrument, called HB10, is now open for subscriptions and only accepts purchases using cryptocurrencies, instead of fiat currencies.
The company further added that since the product will also be available for institutional investors, it could potentially “reduce the impact of institutional entry and exit” on single cryptocurrencies.
GMO launches mobile app that lets gamers earn Bitcoin
Japanese technology firm GMO Internet Group has developed a new mobile app that lets users earn Bitcoin simply by playing games.
The new app – called CryptoChips – will initially be integrated with a real-time territorial battle game also developed by GMO called “Whimsical War.”
The tech giant said the hope is to encourage the public to become familiar with cryptocurrencies via the new app, since users will need to use their own digital wallets to receive and use Bitcoin.
Singapore entrepreneur buys licensed Japanese crypto exchange for $67M
Eric Cheng, a successful real estate entrepreneur, has acquired a 100% stake in Japanese FSA-licensed FX Trade Financial Co., Ltd, an FX trading platform, as well as BitTrade, a licensed cryptocurrency trading platform headquartered in Japan.
He intends to aggressively scale the trading platform into the largest in Japan & potentially extend services globally.
Eric Cheng becomes the first foreigner to own a 100% stake in a Japanese FSA-licensed cryptocurrency trading platform
Square increases in value by $8B since adding Bitcoin trading last year
Shares of Square Inc. have more than doubled in value during the past year.
The payment firm’s stock has surged by almost 50%, adding about $8 billion in market value, since it rolled out Bitcoin trading in November for customers of its Cash App, which lets users transfer money to friends and family.
IMF official urges central banks to compete with cryptocurrencies
A high-ranking official at the International Monetary Fund (IMF) is urging central banks to develop “better” fiat currencies in order to maintain their leadership pace over cryptocurrency.
IMF deputy director Dong He makes the case that “crypto assets may one day reduce demand for central bank money” and that government institutions must do more to not let that happen. In other words, to “forestall the competitive pressure crypto assets may exert on fiat currencies,” central banks need to adopt some of the core concepts driving digital assets.