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Joseph Lubin Joins ErisX

Distributed Summary:

  • The founder of ConsenSys joins the board of ErisX, a spot and futures crypto asset platform
  • Could precede additional assets becoming available on the platform
  • Signals potential optimism for 2019 crypto asset market

Joseph Lubin, the founder of ConsenSys, has recently joined fintech entrepreneur Cris Conde on the board of directors at ErisX.

ErisX is a platform for trading crypto asset spots and futures. Its website claims that its crypto trading is only “starting with Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC)” while a more diversified asset offering could emerge. Lubin is a co-founder of Ethereum, and ConsenSys has launched a number of popular decentralized projects.

ErisX, for its part, has only recently made serious forays into the world of cryptocurrency. ErisX announced the board additions in a press release. ErisX CEO Tom Chippas said that, by adding Lubin and Conde, “ErisX will benefit from the unique perspectives they offer and the enthusiasm they bring to the space.”

By offering spot market — in which commodities are traded for immediate delivery — and a futures market — in which delivery is delayed — for crypto assets, ErisX gives potential investors a relatively unique platform. It appears to target both individual and institutional investors. The addition of Conde and Lubin could signal bullishness on both of their parts about the potential for such a platform despite the current market conditions.

“I look forward to bringing my experience with decentralized technologies and digital assets to a model that will further democratize access to digital assets,” Lubin said in the release. “2019 is likely to be a breakthrough year for digital assets, and the exceptional ErisX team is poised to lead.”

FinCEN Takes First-Ever Enforcement Action Against Cryptocurrency Trader

Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against a peer-to-peer bitcoin trader for violating anti-money laundering (AML) regulations, its first enforcement action against a cryptocurrency exchanger. According to the agency, the exchanger failed to register as a money services business and failed to report "suspicious transactions," among other violations. The exchanger has been assessed a $35,000 fine and is now prohibited from providing money transmission services.

2019 Investments in Crypto and Blockchain Startups at $850 Million

Source: Reuters

According to data compiled by Pitchbook for Reuters, venture capital investment in crypto and blockchain startups has reached $850 million so far this year.

EEA Launches 'Token Taxonomy Initiative'

The Enterprise Ethereum Alliance has announced a "Token Taxonomy Initiative" to develop universal definitions for tokens to encourage their interchangeability across blockchain platforms. Members of the initiative include Microsoft, R3, ConsenSys, IBM, EY, Accenture and Intel.

Gemini Adds Support for SegWit

Source: Gemini

Gemini Trust, a New York-based cryptocurrency exchange, has announced support for Segregated Witness (SegWit) addresses and transaction batching. As a result, customers can now use SegWit addresses for bitcoin deposits and withdrawals, ideally improving processing times and lowering bitcoin withdrawal fees.