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"This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro "
Key points:
- Bakkt to move forward despite the US government's arrest
- Vontobel has announced its crypto-custody and digital resource storage service
- Ethereum to suffer a fork lasts tomorrow night
Bakkt proceeds as planned while Vontobel announces crypto-custody services
So the delay of Bakkt due to the arrest of the American government seems to have disappeared for now. The service supported by Wall Street, which plans to allow customers to store and spend crypto in a user-friendly and secure, has clearly shown that they are continuing despite the delays caused by the partial closure of the US government. While all are still stuck due to closure, Bakkt's CEO Kelly Loeffler announced their first strategic acquisition. To advance its efforts towards building a secure and scalable platform for digital asset transactions, the next Bakkt has entered into an agreement to acquire some assets of Rosenthal Collins Group (RCG), a commission merchant independent future with almost 100 years of earnings' trust.
In December, RCG announced the sale of all its customer accounts to Marex Spectron, one of the world's largest commodity brokers. As part of this transaction, Bakkt's goal was to buy some valuable resources related to his platform so that development work could take place more quickly. The company expects to close the transaction in February and I am excited to welcome the members of the RCG team in Bakkt.
Meanwhile across the Atlantic, in Europe, another financial giant announced its entry into the crypto-industry. In Switzerland, a country that is ahead of the curve of cryptography adoption, Vontobel has announced its crypto-custody service and digital resource repository, now available to its customers. With this launch, financial intermediaries such as wealth managers in Switzerland, banks and asset managers can – without any significant investment in their infrastructure – offer their customers an integrated solution for digital assets.
Ethereum to obtain Update of Constantinople
Somewhere tomorrow night, at block n. 7080000, the Ethereum network will be severely disbanded. The hard forks might seem difficult to understand because of our concentration on centralized computing, but in a decentralized world, the only way to make an important update is to fork. To explain with an example, when Microsoft wants to upgrade from Windows 9 to Windows 10, it has its own development team writing the code, so users do the upgrade one at a time in their time. In decentralized computer science, the entire network must be updated together.
A hardfork is like a copy-paste action, where a new blockchain is born and if all goes well, the old man dies. Sometimes, when there is a disagreement between the community on the upgrade, some members will choose to keep the old version of the blockchain alive and see a rift. The most famous cases of this were when Bitcoin Cash separated from Bitcoin on August 1, 2017 and when Ethereum split with Ethereum Classic in 2016.
However, the updating of Constantinople has already received widespread support from the whole community and therefore it can be hoped that everything will run smoothly. It is important to note that there is no action required by end users. If some investors hold ETH on any portfolio or exchange, the upgrade will be implemented automatically.
Fingers crossed for the next few weeks.
Summary
Item name
Opinion of the expert: Bakkt moves forward Despite the US government's arrest, the world is ready for the Ethereum fork
Description
Today in the world of cryptocurrencies few subjects have captured the day; Bakkt to move forward despite the US government's Shutdown, Vontobel announced its crypto-custody and digital asset vault & ethereum service to undergo a sharp crossroads tomorrow night.
Author
Mati Greenspan
Publisher name
Coingape
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