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After rallying to a new record high, bitcoin is once again trending down. According to Coindesk's Bitcoin Price Index (BPI), bitcoin prices dipped below $5,800 this morning – prices first passed the $6,000 mark on Friday and set the new all-time high (of $6,148) at 15:00 UTC on Saturday. That figure takes the cumulative returns from the September low of $2,980 to more than 100 percent. The record rally indicates that the regulatory crackdown in China, and subsequent fears
The Abu Dhabi Global Market (ADGM) – the city's international financial free zone within the UAE – has admitted a second batch of fintech startups to its Regulatory Laboratory (RegLab). With the move, the 11 local and international fintech firms will work under the framework of the Financial Services Regulatory Authority (FSRA), one of three independent authorities of the ADGM, to develop and test their products within a controlled "sandbox" environment. The latest batch of startups – including blockchain
The travel and merchant arm of American Express may be weighing the use of blockchain within a personalized customer rewards system, public filings show. A new patent application published last week by the U.S. Patent and Trademark Office details a concept for offering customer-specific types of rewards (including points, a virtual currency or specific items tied to a product). The filing indicates the financial giant would make these offers by compiling personalized data about the customer, such as their
Consortium startup R3 has filed two patent applications detailing its work on applying distributed ledger tech to "dynamic" agreements between financial institutions. The two applications – submitted last year and published by the the U.S. Patent and Trademark Office on Oct. 19 – detail the use of a system for tracking, maintaining and updating agreements via a shared ledger. Using the system, only authorized parties can make changes to those agreements – provided the other involved parties sign off
Noelle Acheson is a 10-year veteran of company analysis, corporate finance and fund management, and a member of CoinDesk's product team. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday, exclusively to our subscribers. While blockchain news may seem flooded these days with bank-sponsored projects either launching or hitting milestones, readers will be forgiven for feeling underwhelmed. There are many big names, true, but the projects themselves seem, in general, small. This may be
U.K. startups working with distributed ledger technology are having problems accessing traditional banking services, according to a report issued last week by the U.K. Financial Conduct Authority. The financial regulator, which runs a regulatory sandbox to allow new types of companies to test "innovative products, services and business models in a live market environment," reportedly witnessed startups in its fintech testing framework being blocked from opening accounts. The FCA did not name the startups involved or the banks that
It’s long been clear that urbanization and automated technologies are shaping society, but it hasn’t been obvious how the two forces affect each other. Until now, perhaps. A new study from MIT’s Media Lab posits that the smaller the city, the greater the impact it faces from automation. The finding, they say, could encourage legislators to pay special attention to workers in smaller cities and offer them support services. Other researchers have attempted to measure the effect of technology