Cryptos Inch Up; Samsung Eyes Blockchain Technology

Cryptos Inch Up; Samsung Eyes Blockchain Technology

© Reuters.  Cryptos inched up on Tuesday. © Reuters. Cryptos inched up on Tuesday. – and other virtual coins were slightly higher on Tuesday as South Korean electronics giant Samsung (KS:) looks to blockchain for its global supply chain.

Bitcoin was trading at $8,132.60, gaining 0.48% as of 8:27 AM ET (12:27 GMT) on the Bitfinex exchange. The virtual currency is far from its peak of $20,000 in December 2017 and has struggled to recover since falling below $6,000 in February.

Samsung is considering using blockchain, the technology that backs Bitcoin and other virtual currencies, to track shipments. The company’s entire global supply network could be transferred to blockchain, and could cut costs up to 20%, Bloomberg reported.

Meanwhile, Barclays (LON:) PLC is gauging investor interest in starting a cryptocurrency trading desk, Bloomberg reported. The bank said it had no plans at the moment to open a digital currency trading desk.

“We constantly monitor developments in the digital currency space and will continue to have a dialog with our clients on their needs and intentions in this market,” spokesman Andrew Smith said in an emailed statement.

In other news, the head of the International Monetary Fund Christine Lagarde said Bitcoin and other digital currencies could make the global financial system safer.

The tools using the technology behind Bitcoin have the potential to make the financial world faster, cheaper and safer, she said, but she warned of “inevitable” accidents.

Tuesday is also the last day to file taxes in the U.S., which some investors say has held back cryptocurrencies in recent months. The U.S. government is requiring tax payers to report digital currencies as an asset.

Other virtual currencies were up, with rival , the world’s second largest cryptocurrency by market cap, rising 0.93% to $517.11 on the Bitfinex exchange. , the third largest virtual currency, increased 2.94% to $0.67819 while was at $138.56 a rise of 7.86%.

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