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Quo vadis Crypto? Amidst continuing regulatory turbulence, Wall Street bellwether Goldman Sachs announced that it was shelving plans to launch a cryptocurrency trading desk, which it had announced with much fanfare among the crypto faithful last December, when bitcoin was approaching 20k. Incidentally, Morgan Stanley, Barclays and JP Morgan have also been steadily announcing plans to ramp up their crypto efforts. We are of the firm opinion that this is still early days, somewhat like the mid-90s were with the original web boom. The opportunities that lie ahead significantly dwarf the opportunities that lie behind us, and the Googles, Facebooks and Amazons of this space ( or similar-impact decentralized versions of the crypto/blockchain era) are still a few years away.

Meanwhile in the Crypto Wonderland….

“The Regulation Philippines Needs” In another piece of positive news out of South Asia, the Philippines’ market regulator SEC is in talks with BSP (the central bank) to draft regulations for the country’s crypto markets. The regulations are another step in the Philippines adoption of cryptocurrencies and will clear the air around trading digital assets and funding through ICOs.

“Goldman’s 180 on Crypto” In a bit of a blow to crypto markets, Business Insider reported that Goldman Sachs is indefinitely dropping its plans to launch a cryptocurrency trading desk and will instead focus on other products such as custody solutions for institutional investors. Goldman continues to be a key shareholder in Circle, an exchange business that acquired Poloniex, another leading exchange earlier this year.

“Shapeshift is changing its shape” Non-custodial trading platform Shapeshift announced that it is doing away with the anonymous trading feature and replacing it with a membership option which will soon be mandatory. The exchange plans to collect basic information of its users in exchange for better account-related features such as transaction history and address whitelisting, etc. However, a majority of the crypto community on Twitter expressed their discontent over Shapeshift’s sacrifice of anonymity, which could be seen as a result of growing regulatory concerns around anonymous trading.

“Bitcoin reaches $24000 in Iran” The price of bitcoin jumped to $24000 on some Iranian exchanges on the back of the good news that cryptocurrency mining will be treated as an industry in Iran. As a result of the growing economic pressures due to US sanctions, Iran is looking at alternatives to curb Rial’s depreciation, of which launching a state-sponsored cryptocurrency is one of them. The monetary policy regulator is reportedly drafting a framework of policies for the newly created cryptocurrency industry.

“Blockchain startup with a new consensus mechanism raises $15 million” Spacemesh, a startup led by a team of academicians and researchers recently raised another round of $15 million led by Polychain Capital. Other investors in the round include the likes of Bain Capital and Coinbase Ventures. The startup is famous of developing a new consensus mechanism called PoST (Proof of Space and Time), which it claims will reduce our reliance on existing consensus mechanisms.

What We Are Reading / Listening To

Bitcoin’s Path to Method of Payment by Jimmy Song

A Glimpse Into the Dark Underbelly of Cryptocurrency Markets by Nic Carter

Crowdsourcing Predictive Models featuring Richard Craib

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Satoshi&Co Daily Crypto Newsletter

By Ramani Ramachandran and Rohit Alluri

ZPX - Daily Crypto Update