Weekly Recap: More Blockchain, MtGox Revisited

What was another quiet week in the world of crypto was in fact indicative of the likely direction where it

What was another quiet week in the world of cryptocurrency was in fact indicative of the likely direction where it is headed: the blockchain.

Bitcoin exchange itBit hosted an exclusive, invite-only for Wall Street’s elite in New York. The “Bankchain Discovery Summit” seems to have featured a possible blockchain-powered software solution made for financial institutions. Such a step would be a major one for a discipline still considered in its infancy, yet developing at a rapid pace and attracting the attention of the world’s premier banks.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

A distributed ledger system is envisioned to revolutionize the way securities transfers and currency exchanges are carried out. As well, it is the subject of research for non-financial applications such as land title records and intellectual property.

Also in New York, American Banker hosted a conference dedicated to the blockchain, attracting a diverse crowd including bankers, digital currency startups and legal/regulatory professionals.

Suggested articles

FBS Receives Best Forex Broker Europe 2019 Award by The European MagazineGo to article >>

Barclays is one of the latest major institutions to reveal its interest in the technology. In a recent paper, the bank asserted that industry adoption of the technology is not a matter of if, but when.

Ethereum, which may hold promise as the underlying tool for creating smart contracts and other blockchain-powered applications, officially launched. The first tool, a command line version of Frontier, is now available, and the genesis block of Ethereum’s blockchain was generated.

Back to the darker days of cryptocurrency, former MtGox CEO Mark Karpeles was arrested 18 months after the bitcoin exchange collapsed. He is accused of falsifying account data and misusing customer funds. The investigation may eventually shed light on how 850,000 bitcoins disappeared from the exchange.

Bitcoin prices ended the week lower by 2.6% at $280.50, while litecoin fell 9.6% to $4.14.

Got a news tip? Let Us Know