01 Feb'18

All cryptocurrency news

Cryptocurrency; consistently making the news. This week’s updates include:

 

Insurers are dipping their toe into offering cryptocurrency protection

 

Reuters reported that global insurers are beginning to offer ‘protection against cryptocurrency theft’. XL Catlin, Chubb and Mitsui Sumitomo Insurances are some of the insurance companies who are taking the risk by providing this service.

 

The risks are quite large for insurers because already billions have been lost from cryptocurrency hacks, errors and frauds. In addition, due to cryptocurrency being such an unknown, insurers need to work out how they offer cover.

 

According to Insurance Business, insurance companies have different opinions over this matter. Lloyd’s broker Safeonline LLP stated, ‘If we don’t embrace it now (cryptocurrency space), it’s a missed opportunity for insurers.’ Other insurance companies are more wary of entering this new market because of ‘issues around the data insurance providers would have to get their hands on, in order to come up with appropriate cover and pricing’.

 

Samsung are entering the cryptocurrency industry

 

Samsung have announced that they will be manufacturing ASIC chips that are used for cryptocurrencies. Speaking to TechCrunch a spokesperson said ‘Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. However we are able to disclose further details regarding our customers’.

 

Tech Crunch adds that it isn’t clear how Samsung fits into the cryptocurrency equation: at a base level, it will rival TSMC’, but if Samsung successfully brings new partners then it could compete with likes of ‘Bitmain and co’, which would allow them to compete in the Chinese market.

Facebook ban all cryptocurrency adverts

 

Facebook announced that they will be banning all cryptocurrency advertising because companies working with cryptocurrencies are ‘not currently operating in good faith.’ Facebook adds that they will revisit the policy once their tools to detect deceptive and misleading adverts have been improved.  In Recode’s feature, they state that ads ‘that violate the company’s new policy will be banded on Facebook’s core app, but also in other places where Facebook sells ads, including Instagram’.

 

The Independent adds, that Zuckerberg has said he is interested in integrating cryptocurrency technology into Facebook.

 

Bitcoin price fell

 

Business Insider explained that the Bitcoin price fell on Tuesday (30th January) because US regulators are investigating Tether, another cryptocurrency company.

 

The investigation was sparked from rumours that Tether does not have the currency for the reserve.

 

According to the Telegraph Bitcoin’s prices ‘fell by more than 10pc’, the lowest for two months and ‘less than half the price it peaked at in December’.