The Crypto Report
BlackRock Inc (NYSE:BLK) is the latest big-name to dive into the cryptocurrency pool.
The mega asset manager, which manages around US$6.34tn, has created a team to take a look at cryptocurrencies and the underlying blockchain technology, according to a Financial News report. The group is said to include multi-asset investment strategist Terry Simpson.
Its CEO Larry Fink appears to have had a change of heart after calling Bitcoin “speculative” last year.
“It is an instrument people use for money laundering,” said Fink at the time.
READ: Daily CryptoCann™ Report: American Express files blockchain patent; Crop Infrastructure’s tenant grower begins Nevada planting
Overseas, Hong Kong is moving into blockchain as well.
The Hong Kong Monetary Authority is launching a live blockchain trade finance platform, according to a CoinDesk report.
The platform has 21 banks participating, including HSBC Holdings plc (NYSE:HSBC), Bank of China, Standard Chartered Bank and Bank of East Asia. The project is intended to reduce fraud by bringing transparency to data sharing.
The platform is expected to go live in September.
The Cann Report
The Canadian Senate voted to legalize recreational cannabis use in late June. Prime Minister Justin Trudeau set October 17 as the start date for legalization.
Ahead of the official legalization, Canadian cannabis companies have raised more than US$2.2bn, or C$3bn, in the first half of 2018, according to a Marijuana Business Daily report.
This is a striking increase from the C$222mln in equity and debt raised in 2017.
“There are still investors who believe that virtually any cannabis investment is a good one at this stage, given the nascent stage of the industry – that one can’t lose when it comes to cannabis,” said Louis Barré, president of cannabis consultancy Cannab Intel, in an interview with Marijuana Business Daily.
READ: A 'godfather' of the cannabis industry Lorne Gertner joins Canntab Therapeutics as consultant
Cannabis pill company Canntab Therapeutics Ltd (CSE:PILL) has added a big-name consultant.
Serial entrepreneur Lorne Gertner, known as one of the “godfathers of the industry,” will join the medicinal cannabis company.
"He understood the benefits of medicinal cannabis long before it was permitted. He is a visionary and has developed a global network, which will allow assist Canntab in developing new business opportunities,” said CFO Richard Goldstein.
Shares of the Toronto-based company were up more than 2% to C$0.72 in Monday afternoon trading.