Tuesday’s blockchain and crypto news, from Asia and beyond
Today brings predictions of future bull runs and talk of historic profits, Sharia-compliant licenses and why everyone is talking about Initiative Q
Binance CEO points to Bitcoin and crypto ‘bull run’:
Usually, if a digital currencies exchange head said something like this, you might find it more akin to ‘bull’ than ‘bull run’. But we are talking about Changpeng Zhao (aka CZ), head of the monolithic and market leading Binance, that claims to be the world’s biggest crypto exchange. CZ told CNBC a bull run is coming “sooner or later”. Forbes says Binance recently revealed it is opening its doors to institutional investors, which could then see more high-net individuals entering the space.
Japanese giant IT giant GMO posts ‘historical’ crypto results:
Japanese IT and internet giant GMO launched its third-quarter results and announced a historic performance for its cryptocurrency-related business. Although mining profits were down, mining revenues were up and GMO’s token and exchange recorded “historical performances.”
X8 obtains Sharia license for cash and gold-backed tokens:
X8 Currency is a blockchain-based digital currency that claims to have an “advanced artificial intelligence wealth value preservation solution” that is backed by eight major global currencies and has the “potential to become one of the most stable and exchangeable digital currencies in the world.” It also says it is certified for Islamic Sharia compliance. Similar claims have been made before. Let’s see what happens.
So what exactly is Initiative Q?: Initiative Q is a payment network underpinned by a global digital currency, again called “Qs” that has garnered strong attention by sending millions of invites out that offer the currency for free. These invites, that give the sense that they are limited so rely on FOMO (the Fear of Missing Out), have in five months apparently spurred more than two million people to sign up. Short on details and big on promise, some are calling it the “all the bad parts of crypto and none of the good ones” while others are saying it is a good old-fashioned Ponzi.