SEC Again Delays Decision on VanEck-SolidX Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) extended a rule change proposal allowing the nation’s first bitcoin exchange-traded fund (ETF), pushing the decision deadline to next year. In a notice posted online, the securities regulator said it was extending the review period for the ETF to Feb. 27, 2019. The proposal was first submitted by money manager VanEck and blockchain startup SolidX, who partnered with the Cboe exchange earlier this year. The decision comes after months of uncertainty as a number of previous ETF proposals were rejected by the SEC, most notably in August when the regulator simultaneously rejected nine proposals submitted by ProShares, GraniteShares and Direxion. The rejections were suspended the next day when the SEC announced it would review all of the proposals. The SEC similarly reopened a comment period for this proposal, designating October 17 as the deadline for any statements and October 31 as the deadline for any rebuttals.

Huobi Gains Gibraltar DLT License, Plans Global Exchange Rollout in 2019

Major Singapore-based cryptocurrency exchange Huobi has gained a so-called Distributed Ledger Technology (DLT) license in Gibraltar and will use its new status to launch an international platform geared to both retail and institutional traders. it will compete with fellow exchanges including Binance, Bittrex and Coinbase in serving traders in as many jurisdictions as possible as regulatory frameworks continue to evolve and it hopes to debut its service in the first half of 2019. Huobi is currently the world’s third largest exchange by daily trade volume, seeing about $466 million in trades over the past 24 hours. The blockchain platform from Gibraltar’s stock exchange also gained regulatory approval this month, while state-sponsored initiatives are also hoping to address the demand for blockchain-related skills.

Bitwise Launches Bitcoin, Ethereum Beta Funds to ‘Capitalize’ on Market Downturn

Digital asset manager Bitwise has launched two new beta funds for Bitcoin (BTC) and Ethereum (ETH). The launch of the new products aims to provide a “low-cost” and “liquid” means of capturing returns on both high-profile assets, which are currently trading 81 and 92 percent respectively below their all-time highs. According to a press release, the funds will not charge premiums, exit fees, impose lockups, nor charge extra expenses “outside the stated management fee.” Investors’ holdings will be kept in cold storage wallets held by an unnamed “institutional third-party custodian,” and Bitwise says it will provide clients with K-1 tax documents each year. Bitwise has also filed with the U.S. Securities and Exchange Commission (SEC) to launch a regulated multi-cryptocurrency exchange-traded fund (ETF), which has been designed to include ten cryptocurrencies. If approved, the ETF would track the Bitwise HOLD 10 Private Index Fund that was founded last November.

NOTABLE MOVES 

As of Tues, Dec 05, 08:00 GMT (UTC +08:00)

USDJPY, -0.86%, 112.69
EURUSD, -0.11%, 1.1342
GBPUSD, -0.04%, 1.2719
USDCAD, +0.45% 1.3257
NZDUSD, +0.14%, 0.6938
S&P500 , -3.24%, 2,700.06
Nasdaq, -3.80%, 7,158.43
Nikkei Futures, -2.39%, 22,036.05

CURRENCY MARKET WRAP 

• US 10Y yields dropped below the strong support level at 3% overnight, as equity markets reversed some of the gains from the previous day as trade optimism faded. The move lower in yields came when US breakevens were already under renewed pressure, and as the market had to absorb comments from Fed’s Clarida who said he was more concerned about falling short of the 2% target than running above it. The dollar index hit a 10-day low as the slide in US yields continued to weigh on the buck in Asian and early European session.
• U.K. Prime Minister Theresa May’s push to avoid a so-called “hard Brexit” may be at risk. The pound fell at one point to its lowest level against the dollar this year as MPs voted 311 to 293 in favour of finding the government in contempt. The defeat means the government will now have to publish the legal advice given to Cabinet ministers on the Brexit deal – despite insisting it would not be in the national interest to do so. While the contempt vote was the most surprising of the day, it was the later vote on Tory MP Dominic Grieve’s amendment that could prove the most significant. It ensures MPs can amend any motion the government brings to the House of Commons relating to its divorce deal with the European Union. If the deal is voted down at the first time of asking on December 11, May has 21 days to set out her plan of action in a statement to MPs – though it can now be amended by parliament.
• RBA has left official interest rates on hold at a record low of 1.5% for the 26th consecutive RBA board meeting, with many analysts expect no rise until 2020. “The global economic expansion is continuing and unemployment rates in most advanced economies are low. There are, however, some signs of a slowdown in global trade, partly stemming from ongoing trade tensions. Growth in China has slowed a little, with the authorities easing policy while continuing to pay close attention to the risks in the financial sector.” RBA governor Philip Lowe said in his statement.
• Oil price is steady after the sharp increase yesterday, despite Qatar’s surprise announcement that it will leave the OPEC group on 1 January to concentrate on boosting its gas production. The move comes as the cartel struggles in response to falling prices, as well as possible strained relations with Saudi Arabia and pressure from US president Trump.

STOCK MARKET WRAP 

• U.S. stocks plunged, as a litany of concerns wiped out Monday’s rally in risk assets. Trade-sensitive shares sank as US officials scrambled to explain exactly what had been agreed in the meeting between the US and Chinese presidents, with Larry Kudlow saying that the agreement was ‘stuff that they’re (Chinese officials) going to look at and presumably implement’. Financial shares got hammered as the yield curve continued to flatten, spurred by hawkish comments from New York Fed President Williams who said the strong outlook in 2019 warrants “continued” hikes. Losses accelerated and trading volumes in S&P 500 futures spiked after contracts broke below their 200-day moving average. Traders are even starting to bet that the Fed will cut interest rates as soon as 2020.
• In other corporate news, Hewlett Packard Enterprise Co. (HPE) shares ticked slightly higher Tuesday afternoon following an earnings report that was hit by charges from the new tax law but beat analysts’ expectations on an adjusted basis.  Shares gained about 1% in after-hours action following the report, after closing with a 2.8% decline in a rough day for tech stocks.  Major suppliers to Apple Inc.’s iPhone fell Tuesday, after Cirrus Logic (CRUS), a maker of audio chips, reduced its financial guidance for its third quarter, citing “recent weaknesses in the smartphone market.” In its most recent annual filing, Cirrus Logic said Apple accounted for 81% of its sales in its fiscal 2018. Cirrus Logic joined the ranks of companies that have recently cut their outlook, a trend that has underlined concerns about demand prospects for one of the most important product lines in the technology sector. Lumentum Holdings Inc. (LITE), which cut its outlook last month, fell as much as 5.8%. Qorvo Inc. (QRVO), another supplier that recently slashed its forecast, shed as much as 4.1%.

BLOCKCHAIN & CRYPTOCURRENCY NEWS 

Singapore: State Agency Backs Blockchain Accelerator Launched by Venture Capital Firm

Singaporean governmental body Enterprise Singapore, along with other partners, has supported a new blockchain accelerator launched by a local venture capital firm. The initiative, dubbed Tribe Accelerator was launched to support later-stage startups. The accelerator is designed for a six-month period and will focus on the mass adoption of blockchain, decentralized applications (DApps), and back-end digital solutions that deal with blockchain. The managers for Tribe Accelerator will initially pick eight start-ups to participate, and the launch of the program is scheduled for Q1 2019. PwC, whose venture branch has backed the blockchain accelerator in Singapore, is also actively exploring blockchain solutions. In August, the “big four” audit giant announced the launch of its own accelerator set to train 1,000 staff in blockchain over two years.

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”. The new Binance-backed blockchain aims to provide a basis for creating new cryptocurrencies and Initial Coin Offering (ICO) tokens, as the company announced: “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.” Speaking at the “Decrypting Blockchain for Business” event in Singapore, 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. 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.”

Russian Intellectual Property Court Trials Blockchain to Store Copyright Data

A Russian court dedicated to intellectual property cases has successfully tested a blockchain network for storing copyright data. The technology was reportedly used for the first time in the judicial area in Russia. The court recorded a change in a group of right holders, using a blockchain solution provided by Russian intellectual property startup IPChain. According to IPChain’s president Andrey Krichevsky, this is a precedent for the Russian judicial system. He believes that blockchain could help increase interoperability in the copyright market, as it allows all information stored to be kept up-to-date, which is particularly important for the area of property rights. The court’s representative, Ludmila Novoselova, hinted that the courts’ tech support will further evolve, noting that in five years all the legal disputes will probably be settled online.

NOTABLE MOVES  

USDJPY, -0.06%, $112.99
EURUSD, +0.16%, $1.1403
GBPUSD, +0.78%, $1.2877
USDCAD, -0.30%, $1.3191

S&P500, (Markets closed for Thanksgiving)
Nasdaq, (Markets closed for Thanksgiving)
Nikkei, +0.65%, 21,646.55

CURRENCY MARKET WRAP  

• There were no U.S. prints as markets were closed for Thanksgiving. Data was light as well for the G7 with no notable prints on Thursday.
• In ECB Minutes, rate-setters acknowledged the disappointing economic data on Oct 24-25but took the view that the picture was still one of widespread economic growth and accelerating inflation. The central bank kept rates at record lows at the meeting and repeated its intention to stop adding to its 2.6 trillion euros ($2.97 trillion) of bonds at the end of the year in light of higher inflation.
• In Brexit, PM May drafts EU’s declaration on the future bilateral relationship with the UK, in which the Union talks about “a free trade area with deep regulatory and customs cooperation.” Details on how this will done, or when were not in place. Sterling’s bid faded in the 1.2880 price zone. Scottish First Minister Nicola Sturgeon said that the Brexit deal is full of ‘unicorns’ rather than facts, and will damage the local fishing industry. Also, according to people familiar with the matter, Spain will likely vote against the current proposal amid the lack of clarity on Gibraltar. PM May spoke before the UK Parliament once again but failed to convince MPs. The next chapter on the Brexit drama will be written over the weekend.

STOCK MARKET WRAP  

• US Markets closed for Thanksgiving.
• Japan’s Nikkei finished up 0.65%, but banks were under pressure, with Mitsubishi UFJ 8306 down -1.43% and Sumitomo Mitsui 8316 down -0.22%. On the positive side, beer maker Sapporo Holdings 2501 popped 7.01%.
• European stocks fell on Thursday, with oil, bank and drug stocks being offered, Euro Stoxx 50 index fell -0.86%.

BLOCKCHAIN & CRYPTOCURRENCY NEWS  

NOTABLE MOVES  

USDJPY, +0.23%, $113.03
EURUSD, +0.16%, $1.1389
GBPUSD, -0.09%, $1.2776
USDCAD, -0.59%, $1.3228
AUDUSD, +0.67%, $0.7262

S&P500, +0.30%, 2,649.93
Nasdaq, +0.92%, 6,972.25
Nikkei, -0.35%, 21,507.54

CURRENCY MARKET WRAP  

• U.S. Core Durable Goods Orders m/m at 0.1% vs expected 0.4%. Durable Goods Orders m/m -4.4% vs expected -2.2%. Revised UoM Consumer Sentiment at 97.5 vs expected 98.4. U.S. Treasuries edged lower, pushing yields higher across the curve. The 2-yr yield increased three basis points to 2.82%, and the 10-yr yield added one basis point to 3.06%. In trade, U.S. Trade Representative Robert Lighthizer released a report on China’s intellectual property practices, alleging that China has not altered its “unfair, unreasonable, and market-distorting practices” that led to the imposition of tariffs.
• U.K. Public Sector Net Borrowing at 8.0B vs expected 5.6B. In Brexit, Sterling remained under pressure because there’s a risk that the EU will cancel their special Brexit summit at the end of the month if a deal isn’t reached. German Chancellor Angela Merkel wants a deal finalized in the next 24 to 48 hours. Her EU counterparts want to add additional terms to the agreement. Spain is one of the primary concerns because they said they won’t support a Brexit deal with future trade agreements that include Gibraltar. PM May feels that Gibraltar must be included, which could be another serious political challenge to Brexit negotiations.
• No specific data was released but Aussie and Kiwi followed the Yuan higher on reports that the PBoC may be less accommodative next year unless there is a significant slowdown in growth. The Loonie recovered as oil prices stabilized. WTI Crude rebounded 1.8% to $54.38/bbl. Crude shrugged off ongoing supply concerns that have recently pressured oil prices; on Wednesday, the U.S. Energy Information Administration reported a ninth consecutive weekly build in crude with a higher-than-expected build of 4.9 million barrels last week. Crude cut its weekly losses to -3.7% but is still roughly 30.0% lower from last month’s four-year high.

STOCK MARKET WRAP  

• The S&P 500 found some reprieve on Wednesday with a slim gain of 0.3%, with cyclical sectors mounting a rebound effort. The benchmark index was up as much as 1.1%, but gave up most of its gains in the last hour of trading. Wednesday’s session did feature some lower-than-usual volume with U.S. markets closed on Thursday for Thanksgiving Day.
• The battered FAANG group traded on a mixed note on Wednesday in what has been a woeful quarter for the bunch. Facebook (FB 134.82, +2.39, +1.8%), Alphabet (GOOG 1037.61, +11.85, +1.2%), and Amazon (AMZN 1516.73, +21.27, +1.4%) finished with comfortable gains, while Apple (AAPL 176.78, -0.20, -0.1%) and Netflix (NFLX 262.13, -4.85, -1.8%) finished lower.
• Earnings were mostly positive with retailers Foot Locker (FL 52.96, +6.87, +14.91) and Gap (GPS 25.81, +1.15, +4.7%) reporting above-consensus bottom lines. Conversely, Deere (DE 141.88, +3.36, +2.4%) missed both top and bottom line expectations, but still traded higher amid an upside outlook. Deere’s worldwide sales of agriculture and turf equipment are forecast to be up about 3.0% in 2019. In other corporate news, Dow component Johnson & Johnson (JNJ 141.99, -4.46) fell -3.1% after a U.S. appeals court refused to stop generic versions of its prostate-cancer drug Zytiga from entering the market, according to Bloomberg. Of note, the company did hit an all-time high in the previous session.

BLOCKCHAIN & CRYPTOCURRENCY NEWS  

NOTABLE MOVES  

• U.S. Building Permits inline at 1.26M. Housing Starts inline at 1.23M. U.S. Treasuries were quiet for most of the day, with the benchmark 10-yr yield decreasing one basis point to 3.05%. The U.S. Dollar Index rose 0.7% to 96.85, reversing a recent trend that knocked the index from its yearly high. USDJPY up 0.13%, $112.71.
• There was a new bout of tension between the EU Commission and Italy over the 2019 budget. Italy refuses to reduce the planned deficit of 2.4% in its budget and Prime Minister Salvini threatened to veto the bloc’s next seven-year budget if the EU Commission insists on sanctions. The common currency was also affected by comments from ECB’s Weidmann, who said that policy normalization will take several years. Euro dropped -0.71%, $1.1372.
• In Brexit, the no-confidence vote of PM May proved to be of little threat after Sir Graham Brady, chairman of the 1922 Committee of Tory indicated he still hasn’t received enough letters to trigger it. Subsequently, Spain’s government cited that it will oppose the draft deal if it doesn’t include clarity over Gibraltar and would like to treat it as a bilateral issue to be discussed directly with the UK. Sterling fell below the key 1.2800 figure during US trading, undermined by endless Brexit drama and a resurgent demand for Dollars. Sterling fell -0.49%, $1.2788.
• WTI crude, which has been pressured by ongoing supply concerns, dropped -6.9% to $53.44/bbl and extended its decline to -30.5% from its October 3 high. Furthermore, oil prices were pressured on Tuesday after some speculation that Saudi Arabia might not force an oil production cut now after Trump defended the U.S.’s relationship with Saudi Arabia amid the killing of Jamal Khashoggi. Trump stated, in regards to Saudi Arabia, “They have worked closely with us and have been very responsive to my requests to keeping oil prices at reasonable levels.”
• It’s also worth mentioning that major changes could be in store for the BoC according to Deputy Governor Wilkins who said they will be conducting a complete review of their inflation targeting mandate to see if its worth switching to another an alternative framework. USDCAD popped 1.02%, $1.3306. The commodity bloc trades weakly on Friday on the back of risk-aversion. According to the RBA minutes, the central bank believes that the next move in rates will be higher, but there’s no strong case for a near term adjustments. Aussie dropped -1.07%, $0.7217. Kiwi down -0.70%, $0.6790.
• S&P 500 down -1.82%, 2,641.89. Nasdaq down -1.70%, 6,908.82. Nikkei down -1.09%, 21,583.12.
• In the retail space, earnings reports from Lowe’s (LOW 86.15, -5.20, -5.7%), Kohl’s (KSS 64.45, -6.55, -9.2%), Target (TGT 69.03, -8.12, -10.5%), L Brands (LB 28.43, -6.12, -17.7%), and Ross Stores (ROST 82.64, -8.55, -9.4%) reflected ongoing concerns over gross margin pressures, elevated inventory levels, disappointing same-store sales, and included some cautious guidance. On the other hand, Best Buy (BBY 63.63, +1.33, +2.1%) and Urban Outfitters (URBN 36.58, +0.97, +2.7%) reported upbeat reports. Nevertheless, the SPDR S&P Retail ETF (XRT 44.00, -1.51) lost -3.3%. The widely-held FANG group finished off their session lows, with the exception of Apple (AAPL 176.98, -8.88), which tumbled -4.8% to enter bear market territory. Apple has now fallen -23.7% from its October 3 record close. Netflix (NFLX 266.98, -3.62, -1.3%) and Amazon (AMZN 1495.46, -16.83, -1.1%) also closed on a lower note. Conversely, Facebook(FB 132.43, +0.88, +0.7%) and Alphabet (GOOG 1025.76, +5.76, +0.6%) added modest gains to help pare the communication services sector’s (-1.3%) losses. Notable chipmaker NVIDIA (NVDA 149.08, +4.38) gained 3.0%% amid a positive tweet from Citron Research that said, “This is the first time in 2 years (NVIDIA) offers an appealing risk-reward to investors.”

BLOCKCHAIN & CRYPTOCURRENCY NEWS  

Autodesk CEO: Blockchain Can Stem Corruption in Construction Industry

Founded in 1982, Autodesk manufactures software for the construction, architecture, media, and entertainment industries. In 2018, the company’s revenue was $2.06 billion. According to American software corporation Autodesk CEO Andrew Anagnost, blockchain technology could eliminate corruption in the construction industry, as well as deliver greater trust in the field. Anagnost asserted that the company has considered blockchain as part of their future developments, saying “we just don’t have a point of view we have stated publicly,” during the fact that Autodesk purportedly has not yet introduced blockchain-powered products. Per the Financial Review, Autodesk has been working on its own non-blockchain digital “escrow” system designed to improve trust in the construction industry.

Catalan Government Considers Blockchain for Public E-Voting System

The head of the Catalan government’s citizen participation council states that the authority is considering blockchain for the community’s voting system. Earlier in October, the Generalitat of Catalonia approved a preliminary bill to establish an e-voting system for residents abroad in major elections and other voting processes in the autonomous community. The use of blockchain in the state e-voting system is still being considered, although the Generalitat has still not decided on the matter. Earlier in July, the Government of Catalonia revealed a plan for blockchain tech deployment within its public administration processes in order to improve “digital services to the public.” According to Ismael Peña-López, director of Citizen Participation of the Government of Catalonia, regardless of what technology the government decides to use in the voting system, it must instill trust.

Singapore’s Central Bank Finalizes Regulatory Framework for Crypto Payment Services

The new Payment Services Bill (PSB), submitted by MAS board member and education minister Ong Ye Kung before parliament, is set to replace two existing pieces of legislation, the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA) in order to bring certain cryptocurrencies under its jurisdiction. In the cryptocurrency space, it is expected to affect e-wallets and digital payment tokens such as GrabPay, Bitcoin (BTC), and Ethereum (ETH). Both PS(O)A and MCRBA will be repealed when the new, streamlined PSB comes into force at the end of 2019. PSB comprises two parallel frameworks, the first being a “designation regime” that enables the central bank to name and thereby bring payment systems it considers “crucial to financial stability” under its oversight. The second entails a mandatory licensing regime for payment service providers, who will be required to apply for one of three licenses based on the nature and scope of their activities.

NOTABLE MOVES  

• U.S. Core Retail Sales m/m at 0.7% vs expected 0.5%. Retail Sales m/m at 0.8% vs expected 0.6%. Philly Fed Manufacturing Index at 12.9 vs expected 20.1. U.S. Treasuries gave up early gains, returning yields to their unchanged marks. The benchmark 10-yr yield finished flat at 3.12%. USDJPY down -0.04%, $113.57.
• Press reports indicated that Italian League economic adviser Borghi is making waves about Italy possibly leaving the eurozone if the Italian League wins a majority in the next election. Euro up 0.12%, $1.1324.
• Brexit secretary Dominic Raab, and several other ministers, resigned a day after UK Prime Minister Theresa May received cabinet approval for her draft withdrawal statement. The resignations put pressure on May’s leadership position and the fate of the Brexit plan in the British Parliament. U.K. Retail Sales m/m at -0.5% vs expected 0.2%.Sterling dropped -1.77%, $1.2766.
• WTI crude rose for the second straight session, adding 0.5% to $56.44/bbl, though is still well-off its October 3 high of $76.90/bbl. Also, the EIA’s weekly crude oil inventory report showed that U.S. crude stockpiles rose by a higher-than-expected 10.3 million barrels last week. USDCAD down -0.50%, $1.3173.
• Aussie Employment Change at 32.8K vs expected 19.9K. Unemployment Rate at 5.0% vs expected 5.1%. Aussie up 0.47%, $0.7271.
• S&P 500 up 1.06%, 2,730.20. Nasdaq up 1.78%, 6,890.45. Nikkei down -0.20%, 21,803.62.
• U.S.-China trade optimism and strength from tech stocks, particularly Apple (AAPL 191.41, +4.61, +2.5%), contributed to the broader market overcoming its morning struggles. More news surrounding U.S-China trade developments helped fuel an afternoon rally. A Financial Times report suggested that China and the U.S. are trying to reach a trade truce ahead of the G-20 meeting at the end of the month. This should not be seen as anything particularly new, though, since similar reports were out earlier in the week. Commerce Secretary Wilbur Ross chimed in, and believes the G-20 meeting will be a ‘big picture’ meeting and he does not expect a deal by the end of the year. Nevertheless, the positive response caught some participants off guard and probably prompted some short-covering action. The trade-sensitive industrials sector finished with gain of 1.3%. Apple showed some resiliency after entering the session with a monthly loss of 14.7%. Morgan Stanley defended the stock, saying that it is currently a buying opportunity; the company also sees a price target of $253/share and is ‘Overweight’ on the stock. Also within the tech space, chipmakers put on a good showing, as the Philadelphia Semiconductor Index gained 3.3%, extending its winning streak to three sessions.  Of note, Warren Buffet’s Berkshire Hathaway (BRK.B 217.38, +1.35, +0.6%) disclosed that it initiated new positions in some financial companies including JPMorgan and also increased its positions in Bank of America and other notable financial companies. In earnings, Dow components Wal-Mart (WMT 99.54, -1.99, -2.0%) and Cisco Systems (CSCO 46.77, +2.44, +5.5%) reported upbeat reports but finished mixed. Wal-Mart beat earnings estimates and raised its 2019 fiscal year guidance, and Cisco beat top and bottom lines estimates. Nvidia (NVDA 168.45, -33.94, -16.77%) plummeted as much as 16% during after-hours trading Thursday after the company missed on revenue due in large part to an inventory overhang for mid-range gaming GPUs.

 

BLOCKCHAIN & CRYPTOCURRENCY NEWS  

The government of South Korea’s Gyeongbuk province has launched a “Blockchain Special Committee” with the goal of creating a blockchain hub in the region, inviting 40 domestic and foreign experts in the industry to consult on the project. Gyeongbuk province will work with the special committee, composed of domestic and international experts, to preemptively respond and establish strategies, in order to nurture the blockchain industry. The Committee’s establishment is not the region’s first venture into blockchain. This summer, the province’s government announced plans to issue its own local cryptocurrency, dubbed Gyeongbuk Coin, which will reportedly be accepted by merchants across the region.

Major Russian Art Gallery Tretyakov Launches Blockchain-Based Art Patronage Project

The prestigious State Tretyakov Gallery in Moscow, Russia, is launching a blockchain-based art patronage scheme. The project, dubbed “My Tretyakov,” allows individuals or enterprises to make a private donation to contribute to the digitization of an item from the gallery’s collection, thereby become the artwork’s patron. According to a press statement from the gallery – the donation amount is still under discussion. The system randomly selects which storage unit (electronic copy of an object of art) will be considered digitized using this cartridge, and links the name to the object. The connection of the name or company name to the digitized exhibit is fixed using blockchain technology. My Tretyakov initiative represents a new form of public involvement in art.

Spanish Telecoms Operator Partners With IBM to Manage International Calls With Blockchain

IBM and major Spanish telecommunications firm Telefónica have partnered to apply blockchain technology to managing international mobile phone call traffic. The collaboration aims to streamline certain Telefónica business processes and address various challenges in the field, including the reliability and transparency of information registered from different networks when routing international calls. The project will also help Telefónica identify fraudulent activity as well as address issues like dispute resolution, commercial loss due to uncollected revenues, or discrepancies in information. Telefónica plans to use the IBM Blockchain Platform for tracking the certainty and traceability of each international call and related data, such as origin, destination, and duration. The platform will be applied in building a network of peers consisting of operators, service providers, vendors, and other parties. IBM subsequently confirmed the partnership with Telefónica.