Crypto Markets News from John Lothian News – May 11, 2018

John Lothian

John Lothian

Executive Chairman

Cryptocurrency Exchange Upbit Raided by Korean Authorities
Shinhye Kang and Heejin Kim – Bloomberg
South Korean prosecutors raided the offices of Upbit, one of the world’s largest cryptocurrency exchanges. Authorities searched the exchange’s offices on Thursday and Friday, according to an official from the Seoul Southern District Prosecutors’ Office, who asked not to be identified citing office policy. She declined to provide further details of the raid, which was first reported by the Korea Economic Daily.

Cryptocurrency Trading Platform Launches First Regulated Ethereum Futures
Michael del Castillo – Forbes
So, you think Ethereum is a crock? Later today you’ll be able to express that belief with a regulated futures product. Following in the path of bitcoin futures launched by UK-based CryptoFacilities in 2015, and XRP futures launched in 2016, the company regulated by the Financial Conduct Authority (FCA) in the UK will start trading Ethereum futures at 4pm UK time today.

Former Goldman Sachs president Gary Cohn predicts global cryptocurrency in the future, but not bitcoin
Torjus Roberg – City AM
Former Goldman Sachs president Gary Cohn predicts that in the future we will have a global cryptocurrency, but that it will not be bitcoin.

Kodak reveals new image copyright system using own blockchain cryptocurrency
Torjus Roberg – City AM
Photo pioneer Kodak has developed its own cryptocurrency (Source: Getty)
Wenn Digital, who has developed a blockchain image copyright system, is trying to raise $50m (£37m) in cooperation with Eastman Kodak Co in a token offering.

Crypto “hedge fund” update
Dan McCrum – FT
Numbers this week from Eurekahedge, a data provider, caught our eye for the sheer bonkersness of attempts to invest in the funny-money world. Rollercoaster fails to do justice to the ride:

Nvidia Reveals Crypto Sales for First Time and Predicts Big Drop
Jeran Wittenstein – Bloomberg
Nvidia Corp. revealed for the first time how much revenue it generated from chip sales to the cryptocurrency market — and said that figure will be much smaller in the second quarter.

Morgan Stanley: Here’s how the rise of cryptocurrencies could change the way central banks deal with future financial crises
Will Martin – CNBC
Central banks could use cryptocurrencies to allow them to aggressively cut interest rates in the future, mitigating the impacts of any future financial crisis.

Wall Street is moving into the bitcoin market. So why aren’t prices rising?
John Detrixhe – Quartz
Wall Street is working its way into the world of bitcoin, with several notable firms announcing this month that they are getting ready to participate in the market. You might think mainstream support for the highly speculative digital asset would give bitcoin and its crypto cousins a boost, as it helps unlock demand from much bigger investors.

Cryptocurrencies create ‘chaos’ for payments, says economist who predicted the financial crisis
Kate Rooney – CNBC
Economist Nouriel Roubini, best known for predicting the financial crisis, piled on his recent criticism of cryptocurrencies Thursday, saying they create “chaos” and confusion in the payments world.

Robinhood Aims to Rival Coinbase in Crypto With $363 Million Funding Round
Robinhood, the free stock trading app, has raised $363 million in a new investment round valuing the company at $5.6 billion.

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