The rundown: Bitcoin and all major virtual currencies were up in the morning; Venezuela has officially launched its oil-backed cryptocurrency; the UK’s oldest bitcoin exchange is slashing jobs; crypto trading app Robinhood has launched in three more U.S. states; Seoul to use the blockchain technology to a smart city; and Norway is enforcing new for crypto exchange and wallet providers.
Here is what is happening in the cryptocurrency market on Monday.
In the News
Venezuela has officially launched its oil-backed cryptocurrency dubbed El Petro. Starting this week, citizens can now pay passport fees using only the Petro cryptocurrency, the country’s vice president Delcy Rodriguez said in a press conference at the end of the week. The official public sale of the Petro will begin on November 5, 2018.
Coinfloor, a London-based bitcoin exchange established in 2013, is preparing to cut jobs to restructure its business. It is not clear how many of the company’s total 40 employees are going to lose their jobs. Confirming the reductions, the company said in a statement that “Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients.”
Crypto trading app Robinhood has launched its services in three more U.S. states. The company has added Rhode Island, Tennessee and Arkansas to its coverage list. Following the move, the commission-free trading app is now available in 24 states.
Seoul, the capital of South Korea, has unveiled a five-year plan to invest $108 million to build the capital as a smart city using blockchain technology. Mayor Park Won-soon said that the Blockchain Urban Plan for 2018–2022 will focus on 14 public services in five areas, according to a report from CoinDesk Korea.
The Nordic Ministry of Finance has introduced new money laundering regulations for crypto exchange and wallet providers. According to the Financial Supervisory Authority of Norway, the new regulations will go into effect on October 15 and will affect “providers of virtual currency exchange and storage services” as well as branches of overseas companies.
Cryptocurrency Prices Today (As of 6:45 AM EST)
Bitcoin (BTC) is up 0.59% over the past 24 hours, trading at $6,593.39.
Ethereum (ETH) is trading at $224.46 in the morning, up 1.09% over a 24 hour period.
EOS is up 1.41% over the past 24 hours, trading at $5.76.
Ripple (XRP) is trading at $0.4825, up 1.86% over a 24-hour period.
Litecoin (LTC) is trading at $57.68, up 0.28% over a 24-hour period.