Cryptocurrency market increases following positive news from South Korea, Spain drafting legislation to attract blockchain-focused companies and ICOs, top 5 gainers and losers over the past 24 hours, and more!
Market Value of Cryptocurrencies Increase Following News from South Korea and Charles Munger’s Incendiary Comments
According to Metro.co.uk, the cryptocurrency market reacted positively to South Korean official quelling fears of a cryptocurrency ban and incendiary comments from American billionaire, Charles Munger. The market price of Bitcoin increased by more than 10% — while Ethereum, Ripple, Bitcoin Cash, Ethereum, and other major coins and tokens also increased yesterday.
Spain’s People’s Party Drafting Legislation to Attract Blockchain-Focused Companies and ICOs
The People’s Party, a large political party in Spain, is drafting legislation that would attract companies using blockchain technology. According to Bloomberg, the draft bill includes incentives, such as tax breaks, to accelerate blockchain adoption in the country’s finance, health, and education industries. The People’s Party is also considering incentives for entrepreneurs to utilize ICOs as a fundraising tool for their proposed blockchain applications.
Atari Announced Plans to Launch its Own Cryptocurrency, Atari Token
Atari, the maker of Pac-Man and Pong, has announced plans to launch its own cryptocurrency, called “Atari Token.” According to CoinDesk, Atari acquired a 15% stake in a Gibraltar-based company, Infinity Networks, Ltd., and has licensed its brand to the firm prior to launching its cryptocurrency. The partnership will facilitate the development of a digital entertainment platform underpinned by Atari Tokens. According to Atari chairman and CEO, Frederic Chesnais, the company’s goal is “to take strategic positions with a limited cash risk, in order to best create value with the assets and the Atari brand.”
Five Philippine Banks Reach Agreement to Adopt Visa’s B2B Connect Platform
According to CoinDesk, five banks in the Philippines have reached an agreement to adopt Visa’s blockchain-based payment platform, B2B Connect. UnionBank and four other unnamed rural banks are aiming to increase the efficiency of their payment processes by building a local platform on Visa’s B2B Connect system. B2B Connect, which will be launched for commercial use in the middle of 2018, eases cross-border payments by “allowing payments directly between institutions, thus cutting out the middleman.”
Algorand Receives $4 Million in Seed Fund to Continue Development of Scalability and Speed Solution for Major Cryptocurrencies
According to the Boston Business Journal, Pillar, an early-stage venture firm based in Boston, MA with a heavy focus on blockchain investments, and Union Square Ventures, based in New York, NY, have invested USD 4 million in Algorand. Founded by MIT computer science professor, Silvio Micali, Algorand is developing scalability and speed solutions to facilitate cryptocurrency adoption. The company, which already has 10 employees, will use the money to grow its team and continue to develop its technology.