Market Loses $13 Billion And SBI Begins Its Trial Of Cryptocurrency For Retail Payments

The State Of The Market: The cryptocurrency market faced deeper losses today, with the total market cap losing more than $13 Billion. More than 90% of the top 100 Cryptocurrencies are in red. The downfall was led by Ethereum and XRP, which lost 10% and 13% respectively. Bitcoin itself has gone below $6,500 and is currently at $6,437, losing 2.5%. The total market cap is currently at $207 Billion, down from today’s high of $220 Billion.

1. The Janapese banking giant SBI has revealed that it is currently testing out a crypto token that can be used on mobile devices for retail payments. Called the ‘S Coin,’ the announcement came from the group’s investment arm, SBI Holdings, which also launched Japan’s first bank-backed crypto exchange in June. During the trial, SBI employees will be able to use S Coin at cafes and restaurants around its Tokyo headquarters. For businesses, SBI has created a device called Glory for linking with the S Coin platform (read more).

2. Paxos (PAX), a stablecoin tied to the US dollar is in controversy after John Backus, a member of the Ethereum community discovered a snippet allowing governments access to burn and freeze anyone’s coins. Backus added that it goes beyond the typical KYC compliance by projects. However, according to the company, a backdoor is a requirement to comply with US regulations. Just last week, Binance announced that it will be listing Paxos on its exchange (read more).

3. American tech firm Ideanomics has announced a partnership with Asia-Pacific Model Electronic Port Network (APMEN) Trade Tech Co. to streamline its supply chain using blockchain technology. The new system hopes to clear out layers of middlemen and clear up the process of port clearance and shipping handling. The product will initially be tested out in two of its major ports in Shanghai and Guangzhou. Shanghai was rated as the world’s busiest port in 2017. The two companies will create a new venture, in which Ideanomics will have 60% stake (read more).

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