Power Ledger Begins 2nd Blockchain Energy Trading Trial

Power Ledger Begins 2nd Blockchain Energy Trading Trial
October 8, 2019


The cryptocurrency market remains range-bound with slight bullish bias. However, Bitcoin (BTC) continues to struggle at $8,200 levels. In the past 24 hours, the cryptocurrency has gained 4.6% to trade at $8,260. The market cap of Bitcoin is currently about $148 billion, which is almost $40 billion lower compared to a few weeks before. Ether (ETH), the native cryptocurrency of Ethereum blockchain, is trading at $182.49. XRP has gained 5.5% in the past 24 hours to trade at $0.2790.

Other major altcoins which have gained in the past 24 hours include EOS (EOS-$3.19, 7.3%), Bitcoin Cash ($235.60, 5.4%), Huobi (HT-$3.22, 5.9%), Ethereum Classic (ETC-$4.69, 3.6%), and Cosmos (ATOM-$2.98, 14.2%), Tron (TRX-$0.0164, 10%), Cardano (ADA-$0.0414, 6.7%), Binance Coin (BNB-$16.13, 6.6%), Monero (XMR-$56.58, 3.1%), OKB (OKB-$2.12, 5.4%), Litecoin (LTC-$58, 5.9%), Dash (DASH-$72.92, 5.7%), Tezos (XTZ-$0.9078, 4.8%), IOTA (IOTA-$0.2821, 4.5%), Stellar (XLM-$0.0621, 4.4%) and ChainLink (LINK-$2.36, 7.8%).  LEO (LEO- $0.9442, -0.7%)  is the only cryptocurrency in the top 20 list to lose ground against the US dollar in the past 24 hours.


Government level initiatives

New York financial regulator intends to appoint a crypto expert

The financial regulator of New York has invited applications from interested candidates with expertise in cryptocurrencies and blockchain. The Department of Financial Services intends to employ a Deputy Superintendent in the Research and Innovation Division. The suitable candidate must have adequate experience in cryptocurrencies, distributed ledger technology, blockchain, and other associated sectors. The position also demands the person to lead policy decisions and regulation of emerging and innovative markets.

The person appointed as Deputy Superintendent will also be responsible for keeping in touch with industry leaders, promoting new ideas, formulate appropriate enforcement processes, and fine-tune compliance mechanisms.

Last month, NASA advertised for a suitable candidate for the post of data scientist, with cryptocurrency and blockchain expertise, for its Jet Propulsion Laboratory in California. The data scientist is primarily expected to construct and operate planetary robotic spacecraft, while performing earth-orbit missions.


Private sector initiatives

Line signs contract with Nomura Holdings

Line, Japan’s popular messaging app, has inked a deal with multinational financial behemoth Nomura Holdings to establish a blockchain alliance. Line, along with Line Group enterprise LVC Corporation and Nomura Holdings, stated that the three firms have inked the final capital alliance deal, which will facilitate studying business opportunities in the blockchain sector.

The three companies had inked an MoU (Memorandum of understanding) at the end of January 2019, intending to ink a formal agreement by the end of March. Nomura Holdings has finished investing in LVC, which will clear the way for the creation of a financial network centered on blockchain technology.

Notably, back in 2018, Line and Nomura established a company to offer securities brokerage services and investment advice, with Nomura and Line having a stake of 49% and 51%, respectively. In Japan, Line has 81 million monthly active users.


Power Ledger wanting to conduct another blockchain-powered energy trading trial

Power Ledger, the Australia head-quartered tech company, intends to conduct another trial of blockchain-powered energy trading in Kanto region of Japan until December 2019. To conduct the second trial, Power Ledger has partnered with Japanese firm electricity retailer eRex and solar provider Sharing Energy. The second trial will monitor additional solar energy levels and electricity trading by deploying a blockchain-based P2P system in smart household meters in the Kanto region.

Tokyo, as a prominent city in Kanto, is perceived as the heart of Japan’s economy. The region is also the world’s second-largest sub-national economy, after California in the US.

The trial aims to illustrate the advantages of distributed energy systems in negating the considerable feed-in-tariff (FIT) reduction, which is planned for October 2019 and anticipated to impact more than 500,000 solar energy clients.

The platform will permit trial participants to fix prices and monitor energy trading in real-time to illustrate the settlement of transactions related to surplus solar power.

By testing Power Ledger’s technology, Kanto can possibly understand the way to generate revenue from renewable energy investment and gain access to cost-effective energy systems. The pilot project with Sharing Energy and eRex is planned to be continued until December 2019.



ICE completes the initial block trade of Bakkt Bitcoin future contracts

Intercontinental Exchange (ICE), the management organization behind the NYSE (New York Stock Exchange), has successfully completed the initial block trade of Bakkt Bitcoin (BTC) futures contracts. Bakkt platform went live on September 23rd, after a year was spent to ensure total compliance with the US regulations. The platform saw 71 Bitcoin futures contracts being traded in the first 24 hours.

Furthermore, ICE disclosed that the first Bitcoin futures block trade was conducted between crypto investment firm XBTO and digital assets merchant bank Galaxy Digital. The trade was cleared by agricultural commodities merchant ED&F Man. XBTO issued the following statement after the completion of the block trade: “Last week, we bought the first Bakkt Bitcoin Daily Futures contract and took the first physical delivery of a digital asset under existing commodity futures laws and regulations. This week, we executed the first block trade. We’re pleased to report that the launch was successful and can accommodate large trades.”

Block trades are private futures or options transactions conducted privately and away from the sight of the public market. It is usually carried out by large enterprises and financial institutions to achieve specific objectives.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.


Andrew Wright

Prior to founding tradersasset.com in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.

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