A number of exchanges have launched OTC (over-the-counter) brokerage services to appeal to larger investors, which suggests that the demand from big money (including Wall Street) is on the rise while some exchanges are experiencing record bitcoin trading volumes. While it is true that the crypto asset ecosystem has matured since in 2017 what has not changed is the fact that crypto is still a highly volatile asset class that will likely go through its next boom and bust cycle.
BreakerMag, an online publication celebrated for its long-form articles about blockchain and cryptocurrency, has announced that it is shutting down. The publication was around for about a year, but quickly carved out a name for itself as a contrarian voice in crypto media. BreakerMag produced a surprisingly large quantity of work and its writers, who proudly didn’t own much crypto themselves, helped explain the complex controversies common to the industry.
A new crypto treasury management Service has been launched by Panxora Group (a cryptocurrency consortium) this is to enable ICO traders to manage the raised funds more efficiently, use it to develop their business and also survive the cryptowinter. Gavin Smith, CEO commented, “Too many exciting projects have fallen by the wayside due to poor financial management. With the TMS, ICO founders no longer need to worry about being able to keep the lights on and can instead focus on their ideas.”
Masayoshi Son, Japan’s second richest man and CEO of SoftBank Group has lost around $130 million of his own money for his mis-timing in his investment in Bitcoins. He said, “As excitement built, more and more people got involved, forming the conditions for a bubble. But many of us were too caught up in the hype to exercise caution… I wish I had taken everything out before the bubble burst.”
As the industry is slowly raising from the bearish trend, companies continue is austerity and cost-cutting measures. Dash Core Group (DCG) CEO Ryan Taylor announced late last month that the firm has decided to lay off 8% of its staff. Taylor said “This was not a decision we took lightly and we’ve been actively finding ways to reduce the budget over the past several months.”
Forbes has listed six cryptocurrencies and blockchain related firm, Fintech 50 for the year 2018. When compared to the list in the year 2017, there were 11 of the cryptocurrencies and blockchain technology-related companies listed in the previous list. The list unveiled by Forbes is not surprising as the cryptocurrencies industry was facing turmoil during the year 2018.
Big cryptocurrency exchanges in the country like Bithumb, Korbit, UPbit, and Coinone are doing better than small exchanges; Although some of the leading exchanges are considering laying off at least 10% to survive the crypto winter. The interest in cryptocurrencies has significantly dropped since last year, the globe are experiencing these effects; however, the effects are most felt in South Korea.
A new survey reveals that the Switzerland is turning into a hub cluster of companies working with cryptocurrencies and related technologies and dubbed as Swiss Crypto Valley, despite elsewhere in globe experiencing a cryptowinter. The number of businesses operating in the region has increased by around 20%, with four unicorn startups worth billions of dollars.
It appears the wheels have turned as the current crypto bear market wages on, the once-mighty RChain project has fallen. In January, RChain’s RHOC token appeared to be a serious contender among other top projects. Last week, The Block reported on RChain’s recent demise. RChain was a blockchain platform project that once contended with other powerhouse platforms like EOS, Tezos, and NEO.