Blockchains and Bagels Daily Market Roundup – 06.13.2018

Vince LeungJune 13, 2018

Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, Ripple CEO expressed the view that blockchain will not disrupt banks. LG will create South Korea’s public blockchain platform.

Ripple CEO does not believe blockchain will disrupt banks

Brad Garlinghouse spoke at the Stifel Cross Sector Insight Conference, expressing the view that banks will adopt the cheapest and most efficient digital asset. Market winners will fall into three key success factors; product market fit, customer traction and regulatory engagement.

LG is chosen to create South Korea’s public blockchain platform

The Korea Minting, Security Printing and ID Card Operating Corp (KOMSCO), has chosen LG to build the country’s public blockchain platform. KOMSCO is the government entity that prints banknotes and government documents. The government body is looking to migrate certain aspects of identity verification to a blockchain platform.

University of Texas professor releases study Tether’s impact on digital asset market manipulation

John Griffin, a finance professor at the University of Texas, published a paper on the use of Tether for market manipulation. Griffin studied large purchases of bitcoin with Tether over the period of March 2017 to March 2018. There were 87 instances identified as large purchases that counted for 50 percent of the compounded annual return.

Greenwich Associates reports US$ 1.7 billion in blockchain spending by financial services companies

The research company has published a report exploring blockchain spending by the financial services industry. Companies are exiting the proof of concept stage and are looking to begin implementation of distributed ledger products. Blockchain spending increased 67 percent over the year.