A Week of Reckoning for New York, More Blockchain Tech

During what was another quiet week for cryptocurrency, crypto businesses operating in New York State had some critical decisions to make: apply for the BitLicense or close shop.

The 45-day grace period for businesses to make a decision came to an end. While several announced their intentions to get licensed, some notable names (Bitfinex, Kraken, LocalBitcoins) announced their departure from the state.

Once again, Bitcoin’s underlying ledger technology fared better than its currency. Visa, the world’s largest electronic payments network, disclosed that it too is exploring blockchain technology. The company, which once wrote off Bitcoin as a non-threat to its business, joins other financial heavyweights looking into the technology.

Israel-based Colu, a startup developing Colored Coins technology for blockchain technology applications, announced its beta launch and first industry partnership.

Bitcoin wallet services provider Xapo, currently going through a legal battle questioning the origins of its very existence, was chosen by Bitcoin Investment Trust (BIT) as trusted custodian over its bitcoin holdings.

BitFlyer was the first crypto company to secure venture funding this month, raising $4 million in its third round since launching.

Bitcoin prices initially found support at their low of $260, advancing as high as $271, but ended the week unchanged. Litecoin finished the week higher by 3.2% to $3.84. Ethereum’s cryptocurrency (Ether) at one point surpassed Litecoin in market capitalization and finished the week ranked fourth at the equivalent of $1.72.

Originally appeared at: http://www.financemagnates.com/cryptocurrency/news/a-week-of-reckoning-for-new-york-more-blockchain-tech/