Chinese Government-Backed Company to Launch Stablecoin by February

Grandshores Technology Group is a public company affiliated with a 10 billion yuan ($1.5 billion) fund backed by the government of Hangzhou, the capital of China’s Zhejiang Province. It is known to be developing a new stablecoin, which is now expected to hit the market by February 2019.

Also Read: Paxful Completes Second School in Rwanda #BuiltWithBitcoin

Bitcoin Evangelist to Create Stablecoin

Chinese Government-Backed Company to Launch Stablecoin by FebruaryThe board of directors at Grandshores Technology notified investors on Monday that Li Xiaolai has been appointed as executive director and co-CEO of the company. Known in China as a “bitcoin evangelist,” Li is said to be an experienced investor in numerous blockchain companies, including the Grand Shores Global Blockchain Ten-Billion Innovation Fund, which he helped to establish, and Inblockchain, which he also co-founded.

In its announcement, the board of Grandshores Technology explained that Li will mainly be responsible for various blockchain-related projects in which the company is involved, including the establishment of a “stable digital currency system focusing on mainstream international currencies.” This refers to a yen-pegged stablecoin that Grandshores Technology plans to launch by February 2019, sources close to the company told the South China Morning Post.

It is not clear why the company has chosen to focus on the Japanese currency rather than the Chinese yuan. However, it may have chosen the yen to avoid irking the Chinese central government, which might not be too happy to see a local government indirectly financing a yuan-pegged stablecoin.

From Construction to Blockchain

Chinese Government-Backed Company to Launch Stablecoin by FebruaryOfficially incorporated in the Cayman Islands, headquartered in Singapore, and listed on the Hong Kong Stock Exchange, Grandshores Technology mainly handles building and construction projects for government agencies. It focuses on the maintenance and installation of mechanical and electrical systems, including minor repairs.

In May of this year, the company announced that it had decided to expand into the blockchain business. It boasted about its electrical engineering capabilities from the construction of data centers, alluding that it was ideally suited to move into cryptocurrency mining. The company was formerly known as SHIS Ltd., but it changed its name to Grandshores Technology in August of this year.

Is there really a need for so many new stablecoins? Share your thoughts in the comments section below.


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NEO Long-term Price Analysis- December 4

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NEO Long-term Price Analysis- December 4

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NEO/USD Long-term Trend: Ranging

Supply zone: $20.00, $30.00, $40.00
Demand zone: $5.00, $3.00, $1.00

NEO’s long-term outlook is range-bound. The $6.75 e demand area was the crypto’s lowest point of the week, as the bearish pressure started losing momentum shortly after it was reached. This was due to the formation of a bullish hammer – a trend reversal signal. The bulls did return and pushed NEO’s price up to $8.99 in the supply area on November 29.

A bearish engulfing candle on November 30 confirmed the bears’ control of the market as the price dropped to $7.35 in the demand area.

NEO, NEOUSD, Cryptocompare chartNeo Chart by TradingView

Although the new week opened with a bullish candle at $7.74 on December 1, taking the price up to $8.64 in the supply area, the bears regained control and the struggle between the bulls and the bears continued within the range

NEO is now in consolidation and trading between $10.40 in the upper supply area and $6.50 in the lower demand area of the range. A breakout will mean the crypto’s price may surge, while a breakdown means it’s time to short. Patience is required to allow this to happen before a position is taken.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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CEO of Crypto Firm Quoine Says Bitcoin Will “Surpass” All-Time High by End of 2019

Over the past year, the cryptocurrency industry has bore witness to many claims from “experts” who said that the price of Bitcoin would skyrocket to never-before-seen prices by the end of 2018, with estimates ranging from conservative ones of $15,000, to more liberal ones of $50,000.

Because the markets have failed to adhere to these estimates and are presently trading just a hair above their year-to-date lows, industry experts are now setting their sights for the end of 2019, with Mike Kayamori, the CEO of Quoine, telling Bloomberg that he expects Bitcoin’s price to surpass its all-time high of nearly $20,000 by the end of next year.

November proved to be one of the worst months of 2018, with Bitcoin’s price falling to lows of $3,800, from which it has stabilized around its current price of approximately $4,000.

Despite this, Kayamori noted that he believes the bottom is near for Bitcoin and the markets in general, and importantly added that nobody really knows how the markets are going to act over any given period of time.

As for his vision for the months ahead, Kayamori told the interviewer that he expects December to be a lack-luster month for the markets due to there not being any catalysts to increase Bitcoin’s price.

“Right now, there’s nothing new, there’s no catalyst that would potentially shoot it [BTC] up, so I’d look at it kind of flat.” He further added that he believes the markets will build some upwards momentum sometime in the new year, stemming from renewed market sentiment.

Furthermore, he noted that unfolding regulations in Asia, and Japan in particular, may ultimately have a positive impact on the markets, as they will help to prevent hacks and mismanagement from occurring within cryptocurrency exchanges in the future.

The Quoine CEO also added that starting in the new year, exchanges will begin adhering to their improvement orders from regulatory authorities, which will ensure an all-around better experience for cryptocurrency investors.

Related Reading: Bitcoin Holds Steady Around $4,000, Cost of Mining Continues to Drop

Despite Positive Developments, Bitcoin Still Performing Poorly

At the time of writing, Bitcoin is trading up 2.2% at its current price of just under $4,000. Although Bitcoin appears to have found some stability at its current price point, it has failed to gain any serious momentum since setting its year-to-date lows of $3,600.

Many investors and industry insiders, Kayamori included, are surprised that the markets haven’t seen any positive price action so far in the final months of 2018. This despite the fact that there are multiple positive developments occurring in the industry, like the entrance of institutional players into the markets, including crypto platforms and products from companies including Fidelity and the ICE-backed exchange, Bakkt.

Kayamori concluded the interview on a hopeful, yet cautious, note, saying that he expects Bitcoin to surpass its all-time-high by the “end of next year.”

Featured image from Shutterstock

Argo Mining Bucks Trend of Faltering Crypto Miners, Meets Overwhelming Demand

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Argo Mining Bucks Trend of Faltering Crypto Miners, Meets Overwhelming Demand

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Argo Mining Bucks Trend of Faltering Crypto Miners, Meets Overwhelming Demand


Argo Mining Bucks Trend of Faltering Crypto Miners, Meets Overwhelming Demand

Despite unequivocal evidence that mining hashrate is falling on many crypocurrencies’ networks, the London-based cloud mining service Argo Mining continues to receive more demand for their services than it can satisfy, the Financial Times reports.

Rather than mining themselves, either solo or on a mining pool, users can pay Argo to gain access to its mining resources, with the company presumably using the capital to acquire more mining hardware and sharing the mined bounty with its customers.

Argo co-founder Mike Edwards said that “Our mining packages are being snapped up as quickly as we make these available and demand continues to exceed supply,” speaking to the Financial Times.

The mining outfit started out mining only Equihash- and Ethash-compatible altcoins, such as Ethereum (ETH), Ethereum Classic (ETC), and ZCash (ZEC). They added Komodo (KMD) and Horizen (ZEN) in September, and have now broken into Bitcoin mining as well according to Bloomberg. Argo, formerly called GoSun Blockchain, was founded in 2017.

It is interesting to note that, consonant with Argo’s claims in at least one instance, ZCash is bucking the current mining trend of decline by adding continually more hashrate to its mining network. However, both Ethereum and Ethereum Classic have lost considerable network hashrate of late since August highs. This trend also mirrors that of the Bitcoin network, which has quicklybled off almost half of its network hashrate.

zecchart1.png(source: bitinfocharts.com)

Against The Current?

CryptoGlobe has been continuously reporting on the fall of mining hashrate and difficulty on the Bitcoin network, and with it the fall of crytpoasset prices and mining profitability. Thus, besides the example of ZCash mentioned above, it is impressive that Argo has been able to hang on in the tough market.

Edwards is confident that “Despite a recent downturn in the cryptocurrency market, we are continuing to experience a strong ramp-up in revenues due to good execution of our growth strategy.”

Binance to Launch Its Own Blockchain ‘Binance Chain’ in ‘Coming Months’

Binance, the world’s largest crypto exchange by trading volumes, will launch its own blockchain “Binance Chain” in the “coming months,” as the company revealed in a tweet on Dec. 4.

The new Binance-backed blockchain aims to provide a basis for creating new cryptocurrencies and Initial Coin Offering (ICO) tokens, as the company said in the tweet:

“Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. E.g. we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens.”

According to Forbes, Binance announced their plans during a recent private event in Singapore hosted by Forbes Asia. Speaking at the “Decrypting Blockchain for Business” event, Binance CEO Changpeng Zhao (CZ) stated that the new plans actually indicate an old vision of crypto, which will expectedly lead to increasing its adoption on a global scale.

In order to reach a fundamental “payment adoption increase,” CZ said that the company will be “pushing really hard into that space,” since their “original intent” hasn’t taken off “for some reason.”

Forbes’ author Michael del Castillo, who unveiled the recent news, commented on Twitter that the he expects that there will be “millions of coins and thousands of blockchains.”

On Nov. 8, CZ revealed that Binance’s business was still “very stable,” despite the recent exchange volume drop of around 50 percent, as well as the significant slump of crypto markets this year. The Binance CEO stated that while Binance possessed just 10 percent of the trading volumes they had in January 2018, the volumes are still higher than those of “two or three years ago,” and the business is “still profitable.”

Recently,  Binance has launched its fiat-to-crypto exchange in Uganda, enabling its customers to purchase two major cryptocurrencies  — Bitcoin (BTC) and Ethereum (ETH) — with local fiat currency Ugandan shillings (UGX).

HurricaneGuard Utilizes the Ethereum Blockchain to Automate Insurance Payouts

Cryptocurrencies are akin to natural catastrophes when it comes to unpredictability. However, HurricaneGuard has introduced a new solution which aims to take the natural disasters insurance sector by storm with the help of blockchain technology. The Puerto Rican brand makes use of smart contracts to facilitate automatic insurance payout in the event of a natural calamity.

Quick Relief from Disaster’s Aftermath

Powered by EtheriscHurricaneGuard serves the niche market for disaster-related insurance payouts. The technology deployed by the startup can initiate automatic payouts if high wind speeds are recorded within 30 miles of the customer’s home or business place.

For the uninitiated, Etherisc is an open-source platform which uses the Ethereum blockchain to create insurance products. Founded in 2017, the company raised $3.6 million in its initial coin offering (ICO).

While hurricanes might not be frequent, it is essential for people in vulnerable areas to have an effective coping mechanism in place to deal with a storm’s aftermath.

The year 2017 saw Hurricane Harvey take 68 lives and inflict $125 billion in damage to the U.S.  The ruckus caused by the infamous hurricane tied it with 2005’s Hurricane Katrina as the costliest tropical cyclone on record.

The effects of the hurricane were magnified due to the traditional process of disaster-related insurance payouts, which could take as many as six to nine months for realization, and in some cases, even complete non-payment. Although there was some respite in the form of cryptocurrency donations to help the victims, the event exposed the inefficiency of traditional mechanisms of insurance payouts.

Enter HurricaneGuard

The DLT-based startup offers an affordable, instant insurance payout service which can disburse amounts in just 24 hours. In a helpless situation, the rapid insurance payout could prove to be a blessing for the victims, as it could ease the task of paying for bare life necessities such as food, gasoline, water, and medicines, among other things.

Further, with a minuscule fee of $10 a year, HurricaneGuard ensures that small business owners and people from the low-income class can afford the service without burdening their pockets. The firm also promises complete transparency and no deductions with regard to payout.

While blockchain technology continues to find new avenues with each passing day, its use in disaster management space is commendable.