Bitcoin Overtakes Coca-Cola

August 08, 2020

  1. Leading Korean Bank Joins Crypto Custody Business
  2. Bitcoin Equivalent to Bank Of America
  3. Bitcoin Market Cap Overtakes Coca-Cola
  4. Blockchain E-Passports to Save Tourism Industry

Leading Korean Bank Joins Crypto Custody Business

Photo by Kseniya Petukhova on Unsplash

One of Korea’s largest banks, KB Kookmin Bank has entered into a strategic partnership with blockchain venture fund, Hashed and crypto trading platform, Cumberland Korea to establish a technological cooperation on the custody of cryptocurrency. Other major banks of Korea, NH Bank and Bank of Korea have also expressed their intentions to take steps into entering similar digital innovation initiatives. 

Hashed’s CEO, Simon Kim states:

“Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation.”

The strategic partnership to enter into the inception of the crypto custody business is a response to regulatory changes in looking into new business models that relies on blockchain technology. 

Source | Cointelegraph

Bitcoin Equivalent to Bank Of America

Photo by Patrick Tomasso on Unsplash

The steady growth of the Bitcoin (BTC) price has led to its valuation being almost equivalent to Bank of America.

Setting at just over $217 Billion in accordance with Cointelegraph’s data, Yahoo Finance has reported Bank of America’s market cap at a little more than $226 Billion. 

Despite dramatic price fluctuation, the BTC has demonstrated substantial growth in the year 2020, over performing different wealth comparisons. Just before Covid-19 brought about a new normalcy back in March this year, the United States Central Bank had pumped a capital of $168 billion into the economy, with BTC’s market cap nearing $145 billion at that time. 

The BTC is expected to reach astronomical growth in time to come. As Co-founder of Morgan Creek Digital, Anthony Pompliano, recently forecasted the BTC price to value at $80 trillion in future. 

Source | Cointelegraph

Bitcoin Market Cap Overtakes Coca-Cola

Photo by Krisztian Matyas on Unsplash

Amid a major bullish trend on cryptocurrency markets, Bitcoin’s (BTC) market capitalization at $205 billion is overtaking major publicly traded companies like Intel and Coca-Cola.

Bitcoin’s market cap saw a substantial increase to cross a $200 billion threshold after a bullish market in late July 2020. This significant growth has seen Bitcoin’s worth to be more than that of major global companies like Intel and Coca-cola. According to data from Macro Trends, shares of Intel and Coca-Cola closed at a market cap of $203 billion and $202 billion respectively on July 31.

Bitcoin seven-day market cap chart. Source: Coin360

The Covid-19 pandemic has seen Coca-Cola suffer a major sell-off earlier this year, while Intel saw a prominent decline in market shares in recent days. Bitcoin, however, has been seeing multiple bullish moves in the year 2020, up more than about 40% in market cap since Jan. 1, 2020. The largest cryptocurrency by market cap has recently touched its new 2020 highs, crossing the $12,000 price mark on Aug. 2. 

Source | Cointelegraph 

Blockchain E-Passports to Save Tourism Industry

Photo by mana5280 on Unsplash

To revive the $9 trillion global tourism industry, ShareRing, an enterprise-focused blockchain company has launched a blockchain based contact tracing solution and has offered over 2 million hotel and activity providers that use one of the company’s services. This initiative also aims to resolve privacy issues with similar tracing apps.

Earlier in March this year, the World Health Organisation (WHO) launched a blockchain based platform MiPasa to facilitate confidential information sharing between individuals, state authorities and health institutions. Further, De Cecco, the world’s third largest pasta producer, is reported to be adopting the Infection Risk Management solution, My Care, built on VeChain to help ensure the safety of employees and operators throughout Italy.

The contact tracing app by ShareRing will allow users to upload important personal documents as well as Covid-19 test results. Should a user test positive to Covid-19, the app will send the necessary information to the government, and notify close contacts of the virus carrier. The app will allow companies to scan the app to reveal Covid-19 test results without compromising personal information by integrating with eVOA Systems, travel insurance companies, and other relevant organisations.

Source | Cointelegraph

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