Cryptocurrency Daily Roundup – March.13

Here is a summary of some of the widely followed stories on cryptocurrency and blockchain during the past 24 hours.

Paxos to launch gold-Backed Cryptocurrency

New York-based fintech firm Paxos Technology Solutions LLC plans to introduce cryptocurrencies backed by precious metals and publicly traded stocks sometime this year, Fortune reported quoting its CEO Chad Cascarilla. In order to implement the concept, Paxos has to ensure that it holds the same amount of inventory – whether that’s dollars, precious metals, or stocks -in the real world as are registered on the blockchain.

UAE’s Emaar Group to develop own crypto token

UAE-based real estate major Emaar Group plans to develop the “Emaar community token” for its customers and partners later this year, and to set an initial coin offering (ICO). Emaar’s customers and stakeholders will be able to use the token as a referral and loyalty system across the entire group. The token will be transferable across the entire global Emaar ecosystem of $10 billion, including real estate, malls, hospitality, entertainment, facilities management and online shopping.

Ripple’s Xpring, Forte Form $100 Mln Fund For Blockchain use In Games

Xpring, Ripple’s developer ecosystem initiative, has teamed with Forte, a blockchain platform technology provider for the games industry, to form a $100 million fund to support game developers. The fund will operate alongside Forte’s platform technologies and include open-source solutions designed in collaboration with Ripple. The inaugural fund will be managed by Forte. It primarily targets game developers operating live game economies with over 50,000 daily active users.

UK’s OVO Energy buys stake in Energy blockchain firm Electron

UK-based OVO Energy acquired a minority stake in blockchain-powered energy firm Electron through its unit Kaluza. This comes close on the heels of a 200 million-pound investment by Japan’s Mitsubishi Corp. in OVO. The investment is a first for the recently the established division Kaluza.

Israeli crypto-exchange Bancor unveils unified Crypto Wallet

Israeli decentralized cryptocurrency exchange Bancor introduced a new unified crypto Wallet that enables one-click on-chain conversions between Eos (EOS) and Ethereum (ETH) tokens. The existing users of Bancor Wallet need only upgrade their wallets to access the unified version. Bancor charges no fees for transfers in and out of the wallet or for its built-in token conversions.

Bitmain co-founders in Forbes’ Billionaires List

Chinese Cryptocurrency mining chip firm Bitmain’s co-founders Jihan Wu and Micree Zhan are included in this year’s Forbes’ Billionaires List. While both are placed lower in ranking, Wu has the distinction of being among the world’s youngest billionaires. The 33-year-old cryptocurrency big shot is one among 71 billionaires under the age of 40.

Current Prices

As of this writing, Bitcoin is down 0.63 percent or $24.53 at $3848.01 on Coinbase. Ethereum is declining 1.35 percent or $1.79 at $131.07.

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