Rememberful Bitcoin News.
CoinBase has partnered with Trading Technologies to integrate bitcoin spot and bitcoin derivatives trading.
CoinBase has partnered with Trading Technologies to integrate bitcoin spot and bitcoin derivatives trading.
Russian cryptocurrency bill is in its final stages and published on Minfin website. #NEWS
Russian cryptocurrency bill is in its final stages and published on Minfin website. #NEWS
Key Highlights Ripple price is struggling a lot to break the $1.3500 resistance against the US dollar. This week’s highlighted bearish trend line with current resistance at $1.35 is a solid barrier on the hourly chart of the XRP/USD pair (data source from Kraken). The pair has to move above $1.35, $1.40 and the 100 … Continue reading Ripple Price Technical Analysis – XRP/USD Struggle Continues
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Ripple price is finding it hard to gain pace against the US Dollar and Bitcoin. XRP/USD needs to overcome selling pressure near $1.35-1.40 to move toward $2.00.
There were many attempts by Ripple price recently to gain pace above the $1.35 and $1.40 resistances against the US Dollar. The price failed to gain momentum above $1.40 and started to decline slowly. A high was formed at $1.4737 from where the price is moving down. It has breached the 38.2% Fib retracement level of the last wave from the $1.134 low to $1.473 high.
On the upside, this week’s highlighted bearish trend line with current resistance at $1.35 is a solid barrier on the hourly chart of the XRP/USD pair. The trend line resistance at $1.35 is also close to the 100 hourly simple moving average. The pair is finding it very hard to break the trend line, $1.40 and the 100 hourly SMA. As long as the pair is below $1.40, it could decline further. An immediate support is around the 61.8% Fib retracement level of the last wave from the $1.134 low to $1.473 high.
There is a chance of a minor dip in XRP before the price gains strength to surpass $1.35 and 100 hourly SMA in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is almost flat with no bullish sign.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving to and fro below the 50 level.
Major Support Level – $1.2000
Major Resistance Level – $1.3500
Charts courtesy – Trading View, Kraken
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Two alt coins are still moving inside a boring accumulation phase: NEM and LTC. While this pattern is important especially for securities or tokens that are bottoming up, the longer it continues the stronger the explosion. In our case, our focus is on NEM and the key resistance trend line that has been liquidating bull … Continue reading Alt Coin Analysis: NEO, Stellar Lumens, EOS, LTC and NEM
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Two alt coins are still moving inside a boring accumulation phase: NEM and LTC. While this pattern is important especially for securities or tokens that are bottoming up, the longer it continues the stronger the explosion.
In our case, our focus is on NEM and the key resistance trend line that has been liquidating bull moves in the past 3 weeks or so.
If buyers get the past this wall, then the rally towards and above $1.14 would be on.
Let’s dissect these charts:
NEM is still moving within yesterday’s range and the consolidation continues. This time though, we shall consider the minor resistance trend line connecting the past 3 week’s highs as our main buy trigger line.
From a technical perspective, sellers will be in charge as long as prices are below this main trend line.
If prices close below the support trend line of this descending wedge, then we might as well sell and aim at January 16 lows of $0.50.
There was a follow through guys and what a statement it was. While we have this bearish candlestick threatening to derail this rally, Lumens buyers should stay put and atleast muzzle out a close above the 38.2% Fibonacci retracement in the daily chart at $0.63.
Besides that, we note that Lumens prices are trending above the middle BB in the daily chart. That is positive for buyers who need a break from these marauding bears.
In my opinion, yesterday’s bullish confirmation was key and could even signal changing fortunes for buyers who have been on the receiving end.
From these guides, it is likely that bull pressure could test $0.73 in the coming sessions.
Going forward, the middle BB will act as support and as long as NEO prices are above it, then we can be confident of NEO recovery and perhaps recovery above $160.
As mentioned yesterday, price action is general bearish and with last week closing as a double bar reversal pattern, there are more reasons to sell than to buy.
In line with this view, immediate resistance is at $160 but should bears resume normal business and close below the middle BB, then we can invalidate our short term bullish projection.
LTC price action is mixed and while we are technically in a strong bear trend, there are small pockets of bull pressure that needs to come through for short term buys to be initiated.
One such move is for prices to close above the middle BB and break above the tight consolidation we have been seeing over the past few days.
Besides that, prices must stay above the minor support trend line as they wave towards $210.
Otherwise, if prices continue to be restricted in this tight price range, sellers and buyers should stay out of this trade until we start seeing movements.
Fact is, as long as prices are above the 38.2% Fibonacci retracement, EOS buyers are in charge. That’s not rocket science because it’s easy to trade with the trend than to fade it.
Now, notice how the middle BB is acting as minor support previous resistance following that close above on January 25?
Given the set up and the general rejection of lower prices in the alt coin-sphere, I will stick with my long recommendations as long as there is continuous injection of buyers.
All charts courtesy of Trading View
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Early use of the Lightning Network is catching bugs, but developers are concerned that it could also slow down the building of bitcoin’s second layer.
Early use of the Lightning Network is catching bugs, but developers are concerned that it could also slow down the building of bitcoin’s second layer.
According to multiple reports back in October and December of last year, it was said that the financial institution Goldman Sachs had plans to create a bitcoin trading desk. Now a month later, Lloyd Blankfein, the CEO of the firm, says the reports are “not true” speaking at the World Economic Forum in Davos this […]
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According to multiple reports back in October and December of last year, it was said that the financial institution Goldman Sachs had plans to create a bitcoin trading desk. Now a month later, Lloyd Blankfein, the CEO of the firm, says the reports are “not true” speaking at the World Economic Forum in Davos this past Wednesday.
Also read: Championing Decentralized Exchanges, Now Might Be the Perfect Time for Bisq
A while back in October, publications started rumors that the banking institution Goldman Sachs was planning to launch a cryptocurrency trading desk. Further, the story was bolstered even more so in December when the financial news outlet Bloomberg said Goldman would start the trading platform this coming June. According to those reports which cited sources “familiar with the matter” Goldman was “still trying to work out security issues as well as how it would hold, or custody, the assets.”
Moving forward to the 2018 World Economic Forum event held in Davos, Lloyd Blankfein explained to the press that the brokerage firm was not planning to open a digital asset trading desk and earlier reports were false.
“What we said was we were opening — We’re clearing futures in bitcoins for some of our futures clients — We’d clear them,” explains Blankfein.
We’re a prime broker and so if our clients are going to do it, we’re going to do it — A principle bitcoin business where we’re going long and short, market making, so far we’re not.
The host of the television broadcast, “Mad Money,” Jim Cramer believes that Blankfein’s statements did not completely dismiss bitcoin. Cramer explains on his recent show that “investors should read between the lines on Lloyd Blankfein’s bitcoin comments.”
“I think it was important to parse what Lloyd said,” Cramer reflects on the show. “[Blankfein] said customers who want to be involved with bitcoin we will do business with on some level.”
And he did say, ‘If clients want to do something in the futures with crypto, they are there for them.’
Lloyd Blankfein has been asked about bitcoin many times in the past but even more so recently during the cryptocurrency’s meteoric rise in value. Blankfein has stated before that he’s uncomfortable with bitcoin and believes the market might be overheated. In an interview with Kayla Tausche, Blankfein said: “Maybe bitcoin is a kind of a bubble — I don’t like it — I’m not comfortable with it.” Blankfein’s comments in Davos suggested that Goldman Sachs is willing to deal with digital currency investors.
The mainstream media has been very interested in what CEOs of large financial firms like Goldman Sachs and JP Morgan have to say about this emerging technology. Following the interview with Lloyd Blankfein, the CEO of JP Morgan Jamie Dimon was also inundated by the press in Davos and asked to answer questions about bitcoin. Dimon who called bitcoin a “fraud” last year has been very vocal against the cryptocurrency.
“I’m not going to say any more about the digital currency,” Dimon explains this past Wednesday in Davos. Dimon clearly unimpressed with the media concludes:
The media should go back to something relevant.
What do you think about Goldman Sach saying they are not launching a trading desk one month after publications reported on the story? Do you think the company really is interested in bitcoin and cryptocurrencies? Let us know what you think in the comments below.
Images via Goldman Sachs Tower, Logo, and Lloyd Blankfein at WEF.
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Bitcoin Price Key Highlights Bitcoin price formed lower highs and higher lows, consolidating inside a symmetrical triangle on its 1-hour chart. Price is approaching the peak of the pattern, so it’s likely due for a breakout soon. Bitcoin is currently testing the triangle resistance which might keep gains in check. Bitcoin price is inside a … Continue reading Bitcoin Price Technical Analysis for 01/26/2018 – Which Way Will It Break?
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Bitcoin Price Key Highlights
Bitcoin price is inside a symmetrical triangle consolidation pattern and the direction of its breakout could set long-term trends.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. This suggests that the resistance is more likely to hold than to break or that support could also be broken.
However, bitcoin price has moved slightly above the moving averages to signal that bulls are putting up a fight. RSI is also on the move up to signal that buying momentum is present.
Stochastic is heading higher but nearing overbought levels to signal rally exhaustion. The chart pattern spans $9,000 to $14,000 so the resulting breakout could lead to either a $5,000 rally or selloff.
Market Factors
The dollar drew some support in recent trading sessions when US President Trump assured that the currency will strengthen and that he wants it that way. He added that Treasury Secretary Mnuchin’s remarks were taken out of context.
So far, traders are still reeling from the crackdown in China and South Korea, waiting for a strong enough catalyst to revive the previous rallies. However, the longer the weakness lasts, the more investors are convinced that they should start liquidating, thereby worsening the drop.
The US is set to release its advance GDP reading later today and this might lead to some short-term moves for BTCUSD. Geopolitical risk could also be a factor that props bitcoin price higher, but so far the gains haven’t been sustained.
As it is, more and more analysts are commenting on how bitcoin was never really intended to be a store of value or that rival altcoins could eventually outpace it later on.
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Key Points Bitcoin cash price is consolidating in a range above the $1500 support against the US Dollar. There is an ascending channel forming with support at $1600 on the hourly chart of BCH/USD (data feed from Kraken). The pair has to break the $1720 resistance level to gains upside momentum toward $2000. Bitcoin cash … Continue reading Bitcoin Cash Price Technical Analysis – BCH/USD Consolidating Below $1720
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Bitcoin cash price mostly traded in a range above $1500 against the US Dollar. BCH/USD has to move past $1720-1750 to move further higher in the near term.
There was no major upside move in bitcoin cash price above the $1650 level against the US Dollar. The price mostly traded in a tiny range with a slight bullish angle toward $1700. There was a low formed at $1500 from where the price moved higher. There was a slow and steady upside move above the $1600 level and the 100 hourly simple moving average.
Buyers push the price above the 23.6% Fib retracement level of the last major decline from the $2085 high to $1500 swing low. Moreover, there was a break above a major bearish trend line with resistance at $1650. It opened the doors for more gains toward $1700. At the moment, it seems like there is an ascending channel forming with support at $1600 on the hourly chart of BCH/USD. On the upside, the channel resistance is at $1720. It also coincides with the 38.2% Fib retracement level of the last major decline from the $2085 high to $1500 swing low.
Therefore, a break and close above $1720 is needed for an upside push toward $1800. Above $1800, the price may head toward the $2000 resistance level.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is positive, but there is no major bullish signal.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently moving higher above the 50 level.
Major Support Level – $1600
Major Resistance Level – $1720
Charts courtesy – Trading View, Kraken
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Recent polls show that South Korean President Moon Jae-in’s approval rating has dropped substantially amid controversy surrounding the possible shutdown of the country’s cryptocurrency exchanges. According to local media outlets, 59 percent respondents said the president was doing a good job in managing state affairs, down from 80 percent when he was first appointed as … Continue reading Due to Poor Cryptocurrency Regulation, South Korea President’s Rating Drops
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Recent polls show that South Korean President Moon Jae-in’s approval rating has dropped substantially amid controversy surrounding the possible shutdown of the country’s cryptocurrency exchanges.
According to local media outlets, 59 percent respondents said the president was doing a good job in managing state affairs, down from 80 percent when he was first appointed as the President of South Korea.
The drop is arguably attributed to the dispute over a government move to regulate (or full-on ban) cryptocurrencies after Justice Minister Park Sang-ki hinted at completely shutting down local exchanges. These comments by the Justice Minister caused turmoil and attributed to the average price of cryptocurrencies plunging, in some cases, by 20%.
Just a few hours after the announcement, and after thousands of people rushed to the government’s website to sign petitions opposing a possible shutdown, the presidential office (the Blue House) clarified that the government had in-fact not yet made a final decision. It announced that Park Sang-ki made this announcement without the consent of the Ministry of Strategy and Justice and other government agencies involved in the South Korean cryptocurrency regulation task force. The presidential office also emphasized that it does not support or agree with the decision of the Ministry of Justice to ban cryptocurrency trading. More than 60,000 citizens voted in a petition to fire Park Sang-ki following the premature and conflicting statements.
This potential move toward regulation was further reinforced in a statement from the South Korean cryptocurrency task force, who claimed that the country will follow the regulatory roadmap set forth by other major countries working in the arena such as Japan and the U.S.
So, although for now we can’t be certain, it is highly unlikely — even in the long-run — that a cryptocurrency trading ban will be imposed. This is huge news for the cryptosphere, as reports suggest that up to three million South Koreans may have invested in cryptocurrencies, with the local market believed to account for nearly 1/4 of the global market in terms of transactions.
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Lausanne, Switzerland: In a major new partnership announcement, Pikcio AG, the creator of PikcioChain, has announced that NEO Council has purchased 660,000 of the PKC tokens made available during the PikcioChain pre-ICO. This significant investment demonstrates the confidence that one of the blockchain world’s major players has in PikcioChain technology and the utility of its PKC token. Following the purchase, PikcioChain has also taken the decision to move the PKC token standard interface from ERC-20 to the NEO EP-5 format. Pikcio & NEO in partnership This investment also supports the beginning of a larger partnership. NEO will now offer PikcioChain’s
Lausanne, Switzerland: In a major new partnership announcement, Pikcio AG, the creator of PikcioChain, has announced that NEO Council has purchased 660,000 of the PKC tokens made available during the PikcioChain pre-ICO.
This significant investment demonstrates the confidence that one of the blockchain world’s major players has in PikcioChain technology and the utility of its PKC token.
Following the purchase, PikcioChain has also taken the decision to move the PKC token standard interface from ERC-20 to the NEO EP-5 format.
This investment also supports the beginning of a larger partnership. NEO will now offer PikcioChain’s service technology on its own blockchain and will provide technological, sales and marketing support for a new, Chinese subsidiary of Pikcio AG.
“This is an extremely exciting time for everyone at PikcioChain,” said Didier Collin de Casaubon, Founder and CEO of Pikcio AG.
“We’ve been enjoying a very successful pre-ICO period in which we saw several major institutional investors interested in PikcioChain and the PKC token. NEO Council’s token purchase is a perfect example of the success we’ve been having.
“The decision to move from the Ethereum format to the NEO format for the PKC token’s issuance is more than just a simple switch between underlying technologies. It represents the beginning of a new partnership that will see PikcioChain and NEO working closely together to provide secure personal data solutions to the world’s financial institutions.
“At a time when regulators require increasing amounts of information regarding investors and clients, and simultaneously, individuals are demanding greater control of their personal data, PikcioChain offers a highly secure, distributed and potentially revenue-generating solution for KYC and other processes that enables companies to meet both of these expectations.”
PikcioChain is set to revolutionise the way businesses and individuals store and exchange personal data and this new partnership with NEO confirms that it is already turning heads across continents.
Having won several technology awards over the past three years, including the 2017 Grand Prize for blockchain technology at the Bank and Innovation awards in Paris, and also having generated interest among major financial institutions including BNP Paribas and PWC, PikcioChain is now ready to take the financial world by storm.
For more information about PikcioChain, please visit PikcioChain.com.
PikcioChain breaks open the exclusive world of data trading and puts data ownership back into the hands of the data creator. It represents the democratization of the data markets and the fairest way of making sure that the value of a person’s data always flows back to them.
By creating a transparent and self-regulated data trading ecosystem, Pikcio empowers businesses to trade data with confidence and in full compliance with the wishes of the data owner and the relevant regulatory environment.
Pikcio AG is headquartered in Lausanne, Switzerland with offices in Paris, Brussels and Boston, USA.
Grand Prize – Blockchain category – Paris Bank & Innovation Awards 2017
Silver Medal – Innovation Award – French American Chambers of Commerce in New England
Bronze Medal – Cybersecurity & Data Protection Award – Disrupt’Night 2017
Laureate – One Billion Dollar Pitch – International CES, Las Vegas
Laureat – Young Enterprise Initiative, Boston
Finalist – F10 Fintech Challenge
Finalist – 3D Fintech Challenge
Find out more: https://pikciochain.com
Contact: [email protected]
This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.
FOMO Moments In this new section we will look at the top 25 cryptocurrencies and pick out the best performer. Each day the markets usually follow a similar pattern, often mimicking their leader, big daddy Bitcoin. On occasion however one stands out usually performing better than its digital siblings. We will look into possible reasons … Continue reading The leading altcoin of the moment – Stellar Lumens
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In this new section we will look at the top 25 cryptocurrencies and pick out the best performer. Each day the markets usually follow a similar pattern, often mimicking their leader, big daddy Bitcoin. On occasion however one stands out usually performing better than its digital siblings. We will look into possible reasons for interest in that particular coin beyond the regular FOMO.
Today’s top performer during the Asian trading session is Stellar Lumens, currently trading at $0.64. According to Coinmarketcap it has increased by 11% in the past 24 hours while all other virtual currencies in the top 25 have barely made it over 5%. What was perceived as a bull run started yesterday seems to have fizzled out. XLM has continued strong and has made it to number 6 in the market cap charts.
The renewed interest could possibly be on the back of online payments company Stripe dropping Bitcoin and considering Stellar as an alternative digital payment platform. Stellar Lumens is exactly that, a hybrid blockchain that facilitates cross currency and asset transfers. It has the advantage of operating hundreds of times faster than Bitcoin and at a fraction of the cost. It could also be that Mobius announced yesterday that it has raised $39 million in its ICO which ran on Stellar instead of the usual standard, Ethereum.
XLM has a current market cap of $11.5 billion; there are 100 billion tokens in total with 17.8 billion circulating. The top three exchanges are South Korean Upbit, Hong Kong’s Binance and US based Bittrex.
More info on Stellar Lumens can be found here: https://www.stellar.org/
Happy trading.
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After the rapid growth of the value of Bitcoin and other crypto-currencies in December 2017, the world was swept by cryptocurrency fever. But the majority of people who rushed to buy up the crypto currency and the farms for mining did not bother to understand its essence and the basic principles of the work of the blockchain. All crypto-currencies can be divided into 3 main types: Commercial – designed to replace conventional currencies in the global economy. The problem is that most of them are designed to manipulate the stock market and do not even have a limited number of
After the rapid growth of the value of Bitcoin and other crypto-currencies in December 2017, the world was swept by cryptocurrency fever. But the majority of people who rushed to buy up the crypto currency and the farms for mining did not bother to understand its essence and the basic principles of the work of the blockchain.
All crypto-currencies can be divided into 3 main types:
The cryptocurrency BAS regards to the latest type of cryptocurrencies. While most of the newly created copies of Bitcoin do not carry any innovation and real value. BAS is developed in conjunction with a new high-tech service – the classified, based on blockchain, BUY&SELL. BAS is used as an intra-platform currency for calculations between buyers and sellers. This symbiosis can turn out to be very effective because the technology of blockchain gives to the classified some advantages over competitors and attracts new participants of the system. In their turn, the new users of the classified automatically become the holders of BAS cryptocurrency and increase its value.
At the stage of PRE-ICO, the price for the token will be set at $ 0.1, at the ICO stage, it will be doubled. It is assumed that after the end of the ICO, the price for the BAS token will be $ 0.4. So at the initial stage, you can increase your capital by 4 times. Further growth will be due to an increase in the number of active users of the platform. According to the results of the analysis carried out by the creators of the project, an increase of 500% is expected annually. In addition, 40% of the profits of BUY&SELL company will be transferred annually to the ETH wallet and distributed among the holders of the tokens.
In order to increase the demand for tokens and promote their constant growth in the future, the payment for advertising services for the promotion of goods on the site will be carried out in BAS tokens.
A good option for those who are interested in crypto-currencies, but does not have available funds, or simply is not yet ready for direct investment, is the opportunity to help in the development of the project and get a piece of bounty for it. Managers of the company have appointed generous rewards for those who agree to promote the project. The most generous offers are appointed for those who can translate the texts of the site or white-paper onto missing languages and bloggers who have promoted blogs and public streams on social networks. But even just joining the community of the company in social networks, putting the likes and making reposts of the posts you like – you will get a pleasant sum in the BAS tokens. For example, for joining the community on Facebook, liking or commenting a post in the community, you can get 10 BAS tokens. Each repost will bring you 20 BAS tokens. So for half an hour of spent time, you can easily get 200-300 tokens., which can, in the long run, grow seriously in price.
For more information about the ICO visit http://buyandsell.io/
This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.
A Canadian peer-to-peer Bitcoin exchange has fallen victim to a failed heist attempt. The incident occurred at Canadian Bitcoins, a business located in the Nepean area of the city of Ottawa. According to reports in the Ottawa Sun, three armed suspects gained entry to the Concourse Gate property out of which the company works. Those … Continue reading Employees of Canadian Bitcoin Company Kidnapped For Ransom, Freed
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A Canadian peer-to-peer Bitcoin exchange has fallen victim to a failed heist attempt. The incident occurred at Canadian Bitcoins, a business located in the Nepean area of the city of Ottawa.
According to reports in the Ottawa Sun, three armed suspects gained entry to the Concourse Gate property out of which the company works. Those storming the building were armed with handguns. Police state that the suspects tied four employees up and attempted to coerce them to complete a Bitcoin transaction to an address provided by them.
One of the victims is said to have needed medical attention, resulted by an attack by one of the suspects using the butt of a handgun. However, a fifth employee who the suspects were unaware of was able to alert the authorities. This caused the gang to flee.
Whilst there were few other witnesses to any of the on goings of Tuesday morning, one employee of a company a few doors from the Canadian Bitcoins’ office states that he saw police cars quickly descend on the scene at the time of the heist. They are reported to have responded with guns drawn.
Of the three suspects, one was spotted by officers running into a nearby ravine. They called for backup and quickly made an arrest. However, the other two members of the group are still at large.
The one suspect in custody is known as Jimmy St-Hilaire, 19. He was due to appear in court on Wednesday on various charges. These include five counts of robbery, pointing a firearm and forcible confinement, plus wearing a disguise, and conspiracy to commit an indictable offence. In addition, he faces charges of carrying a concealed weapon, as well as having a loaded gun when banned from carrying firearms.
Police are also appealing to a “person of interest” who was inside Canadian Bitcoins at the time of the heist. They also spent Wednesday morning searching for a gun that was used in the attempted robbery.
Meanwhile, for those hoping to use the services of Canadian Bitcoins, a message was posted on the door of their offices. It stated that the company would remain closed until January 28 at noon. It went on to state that all online services remained unaffected.
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Stock trading app provider Robinhood — which was founded in 2013 in an attempt to democratize stock trading — is hopping on the cryptocurrency trading bandwagon. The company announced Thursday that it has plans to roll out trading services for Bitcoin and Ethereum via its mobile app in the coming month. To start with, the … Continue reading Major US Financial Firm Robinhood to Offer Bitcoin And Ethereum Trading
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Stock trading app provider Robinhood — which was founded in 2013 in an attempt to democratize stock trading — is hopping on the cryptocurrency trading bandwagon. The company announced Thursday that it has plans to roll out trading services for Bitcoin and Ethereum via its mobile app in the coming month. To start with, the service will only be offered to users in California, Massachusetts, Missouri, Montana and New Hampshire, but more states are set to follow.
While, initially, Robinhood users will only have access to Bitcoin and Ethereum trading, the company will permit up to 16 different cryptocurrencies (Bitcoin and Ethereum included) to be added to a “watchlist,” a feature which will permit users to monitor market data, read related news, and create price alerts. The other coins that will be available on the watchlist are Bitcoin Cash, Litecoin, Ripple, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk, and Dogecoin.
It is important to acknowledge that the company — which is regulated in the U.S. by the SEC and the Financial Industry Regulatory Authority — plans to offer its crypto-trading service for free. Further, it promises instant transfers on cryptocurrency purchases for amounts of $1,000 or less, which is a significant improvement on the time it usually takes for investors to buy cryptocurrencies. Robinhood will have no investment minimums or maximums, and no withdrawal limits, and the start-up will hold most of the digital coins offline in cold storage, making it much more difficult for hackers to steal the coins.
Offering the service for free could seem risky. But, the company hopes to attract investors from the $550 billion cryptocurrency industry to the platform and its products, which already provide substantial revenue streams. Specifically, the firm charges for a premium service called Robinhood Gold that enables margin trading and after-hours trading. The company also generates revenue by collecting interest on cash and securities in user accounts similar to a traditional bank.
Having raised a total of $176 million in venture capital, this new crypto functionality is in line with the company’s push to add more products to its offering. Last month, the firm rolled out options trading, and a month earlier it added a web-based platform to its mobile services. But the move isn’t just about luring cryptocurrency enthusiasts to its traditional products, it’s also about giving users normally focused on traditional investment vehicles exposure to cryptocurrencies. The firm recently crossed 3 million accounts and $100 billion in total transacted volume.
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Every day, companies and consumers around the world send over $75 billion in payments through massive network of banks; Without this flow of money, as one would expect, everything simply stops. In an attempt to better serve the banks, Ripple, the San Francisco based tech company, has spent the past six years trying to rewire this … Continue reading Ripple Struggles to Attract Global Banks
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Every day, companies and consumers around the world send over $75 billion in payments through massive network of banks; Without this flow of money, as one would expect, everything simply stops. In an attempt to better serve the banks, Ripple, the San Francisco based tech company, has spent the past six years trying to rewire this global system with what it calls an “internet of value.”
In 2012, the company set out to create its streamlined, decentralized payment system using technology inspired by the blockchain. From the outset, it hoped XRP would be an important part of it. The company owns a very large amount of the digital token XRP, and from late September of last year to early January, the token saw an amazing 1,300 percent increase in value — making the gains of rivals Bitcoin and Ethereum look minuscule in comparison.
Most XRP are held in escrow and can be sold only in limited chunks, over time, to avoid crashing the market. There are 100 billion of the tokens and, according to Ripple’s website, the company holds about 61 billion — with a value of $1.31 each today, January 25th, that’s about $80 billion.
One huge plus for Ripple is that XRP, unlike, say, Bitcoin, has just one narrowly defined focus: To help banks move cash from point A to point B quicker and cheaper — especially across borders. For example, the token could be used as a sort of bridge currency. Pesos in Mexico City could be turned into XRP, which could then be turned into baht in Bangkok. Having this sort of payment system could help banks avoid the hassle and expense of tying up money in different currencies in accounts at other banks.
But here’s the problem: A lot of banks are shying away from the idea of using XRP. In fact, a group of current and former executives at seven global banks — some of whom have partnered with Ripple — said there was a small chance they would trust a cryptocurrency with their funds. The executives requested anonymity. Illustrating further doubt surround XRP, according to an executive in the cross-border payment industry, there was no way they could use an instrument that regulators may never approve.
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