The top news in the last 24 hours are shown below:

Japan Sumitomo Mitsui Bank Concludes PoC Test of R3 Developed Marco Polo

Sumitomo Mitsui Banking Corporation (SMBC) together with Mitsui & Co., Ltd. accomplished a proof-of-concept trial on ‘Marco Polo’, a blockchain platform for trade finance built by R3 LLC

The falling value of Bitcoin hits related companies in China

The glory days of Bitcoin-related business, including mining machines of the coin, may be over in the past year as the falling value of the cryptocurrency is hitting demand for related products. Chinese crypto-mining giant Bitmain Technologies has laid off almost two-thirds of its employees, mainly those engaged in several business lines such as blockchain, artificial intelligence and semiconductors. The company’s headcount now stands at about 1,000, compared with more than 3,000 before the layoff, national news site jiemian.com reported Tuesday, citing a former employee.

Pensions and Endowments Advisor Urges Institutions to Bet on Crypto

A pension and endowment adviser has asked institutional investors to consider exploring the crypto space because the industry is developing and may potentially benefit them in the long term. Cambridge Associates, an adviser to pensions and endowments says that institutional investors should consider entering the digital assets space.

Elon Musk: Bitcoin is Brilliant, and Crypto is Way Better than Fiat Money

The founder and CEO of Telsa, Elon Musk, have recently said that bitcoin is “quite brilliant.” He stated this during an interview and added that crypto is a way better way of transferring value than paper money. When it comes to technology and innovation Elon Musk has an excellent reputation. He is a technology entrepreneur and the CEO and founder of Tesla. During an interview with the advisory service firm ARK invest, he seemed very confident to cryptocurrencies. During the meeting, he shared his view on the future of his companies and revealed his thoughts about digital assets. He said that paper money will go away and that cryptocurrencies might be a suitable replacement.

Ethereum Co-Founder Vitalik Buterin Reveals Non-Ethereum Cryptocurrency Holdings, Other Revenue Streams in Reddit AMA

Cryptocurrency profile Vitalik Buterin is intrinsically associated with Ethereum, but this has not stopped the cryptocurrency community from wondering what other holdings the Ethereum co-founder have. However, a recent ”Ask Me Anything” (AMA) on Reddit saw Buterin reveal his total cryptocurrency holdings. Moreover, Buterin also gave some insight as to some other corporate involvements. The AMA thread was intended to focus on the Ethereum leadership and accountability, and this led to questions regarding potential conflicts of interest for those holding leadership positions within the Ethereum community.

Traditional Banks Continue to Excel at Money Laundering, Another Major Bank Ordered Closed

A common misconception regarding cryptocurrencies is that they are ”only used by criminals”. Moreover, cryptocurrencies are often accused of being vehicles for money laundering. Although any technology can be used for malicious purposes, money laundering is, in fact, a far greater problem for traditional banks using fiat currencies. Another example of this has just popped up, as Danske Bank has been ordered to close its operations in Estonia as a result of a new money laundering scandal.

Bitgo Obtains $100M Insurance Policy to Cover Crypto Assets

Cryptocurrency wallet service provider Bitgo has secured a $100 million policy through Lloyd’s insurance to cover crypto assets that are entirely under the company’s control, such as those held in its business wallet and custody offerings. The policy covers issues like insider theft by employees, loss or damage of private keys and hacks.

Nearly Half of Millennial Traders Have More Faith in Crypto Than Stock Market

Almost half of the millennial traders have more faith in cryptocurrency exchanges than they do in traditional ones. They are also enthusiastic about the prospect of conventional financial institutions offering crypto assets. That’s according to a new survey which shows a “generational shift” where millennials “place their faith in the power of technology and open networks.”

Survey Ranks South Africa Top for Cryptocurrency Ownership

South Africa has been ranked as the top country for ownership of cryptocurrency, according to a global survey by social media management company Hootsuite and global agency Wearesocial. The study found that 10.7 per cent of internet users in the country own cryptocurrency. Thailand is second, with 9.9 per cent of mobile users holding cryptocurrency and Indonesia third with 9.5 per cent, while the global average was 5.5 per cent.

Bank of Spain Report: Bitcoin Is a Solution for a System Without Censorship

A recent report published by the Bank of Spain states that Bitcoin is a solution for the creation of a system without censorship. This is in contrast to public comments made by most central bankers who are prone to attack cryptocurrency with little insight into why it is needed.