ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Daily Byte: Wednesday, December 26, 2018

By

Frederick

Reese

WriterETHNews.com

More layoffs announced, Bank of America continues its blockchain research dominance, and analyst sees silver lining to the crypto recession…for institutional investors.

Bank of America Files Patent to Support Cash Handling Devices

Major multinational bank Bank of America has filed for a patent to utilize blockchain technology. The patent, "Banking Systems Controlled by Data Bearing Records," explains that the bank would use blockchain to track deposits handled by its cash handling devices.

A cash handling device, simply put, is a machine that dispenses and tracks cash, for example, ATMs, cash dispensers, cash validators, and loose coin counters. The patent would allow these machines to interact with and enable withdrawals for each other, while streamlining cash transportation needs.

"An ATM operator may be responsible for restocking the automated teller machine rather than a particular financial institution," the application reads. "Blockchain technology may be used by automated teller machine to accelerate transaction speed and/or facilitate other types of transactions in addition to ATM transactions like cash withdrawals and deposits, such as gift registry transactions."

A patent does not mean the new system is ready to go; it simply protects concepts and inventions from unauthorized duplication.


Bitmain and Huobi to Lay Off Workers

Two of China's largest crypto firms will be laying off significant portions of their staffs, according to reports.

Bitmain, perhaps the world's most recognizable manufacturer of crypto mining rigs, indicated that it would be making staff adjustments to stay sustainable. This, after its plans for an IPO began to falter over the last quarter.

Conversely, crypto exchange operator Huobi stated that it would be cutting below-average employees. Earlier this month, Bitmain closed its research center in Israel. The companies join other crypto firms like Steemit and ConsenSys, which have responded to the crypto recession with layoffs. Still, both Bitmain and Huobi say they will continue hiring.


PwC Analyst: Crypto Recession May Have "Cleared out the Noise"

Speaking of layoffs, one analyst feels that the trough-like market may be a good thing, as it has bled out the "casualness" in the crypto market.

In an interview Sunday with "Bloomberg Daybreak: Australia," Henri Arslanian, PricewaterhouseCoopers' crypto lead for Asia, said the extended crypto recession may have drained away the casual investing brought on by speculation during the bitcoin price spike of 2017. The removal of "hobbyist investors" is a needed step to ready the crypto market for industry investors slated to move in next year.

Arslanian pointed out that – along with institutional investor involvement – the advent of sweeping crypto regulations expected in 2019 will mature the crypto industry. During this month's G20 summit, the leaders of the world's largest economies agreed that international coordination on crypto regulation is needed.


Be fast, be clever, be wise. Be here tomorrow for your Daily Byte.

Frederick Reese

Frederick Reese is a politics and cryptocurrency reporter based in New York. He is also a former teacher, an early adopter of bitcoin and Litecoin, and an enthusiast of all things geeky and nerdy.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Daily Byte, Bank of America or other Ethereum world news.