Crypto Guides, Knowledge & Insights

SBI Holdings Touts XRP Ledger for NFT Use in the Tokenization of a ‘Variety of Assets’

Japan-based financial-services company SBI Holdings thinks non-fungible tokens (NFTs) could be a good opportunity for the Ledger (XRPL).　　According to a report on Tuesday titled “Current Management Information Briefing,” SBI outlined reasons why it believes XRP could be a sound choice for the utilization of NFTs.　　Under the section “Building a More Sustainable, Scalable, and Accessible Future for NFTs with XRPL” in the report, the company said XRP had “extremely low transaction fees.” SBI also said the crypto can be “settled instantly” with a low environmental impact because it did not rely on mining making it an attractive choice.　　NFTs are digital assets that can be created as unique contracts on the blockchain and generally represent a physical real-world good. They contain distinguishing bits of information that make them both unique from any other NFT and easily verifiable.　　“The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets,” the company said in its report.　　SBI‘s belief in XRP as a token extends beyond its potential use in NFTs. In May, SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, introduced Cambodia’s first international remittance service leveraging blockchain rails.　　In March, SBI told shareholders possessing 100

2021-07-01Deep Dive

Former Mastercard exec to lead Ripple’s European Expansion

The Ripple and XRP community has been long-betting on mainstream adoption growth rather than its market price. In this continued effort, Ripple has announced the appointment of Sendi Young as managing director of its European operations.　　Strengthening Ripple‘s vision to rule the cross-border payments landscape, Sendi brings over 15 years of fintech experience to “oversee strategy and champion the expansion of Ripple’s global financial network technology, RippleNet.”　　Most recently Young worked at Mastercard where she spent five years in “strategy, commercialization, bank-fintech partnerships and business development.”　　RippleNet general manager Asheesh Birla said, “Sendis appointment represents a huge opportunity for our European operations given her leadership experience, deep understanding of the payments landscape, and knowledge of how to grow and scale a network business.”　　The increased focus on the European market can be attributed to the fact that around 25% of Ripple customers are represented by the European demographic.　　According to Ripples press release, “Year to date, European On-Demand Liquidity (ODL) transactions grew by 250% in comparison to 2020, making up over 40% of all ODL transactions year to date.” Considering years of partnerships with financial institutions across the globe, the company seems to have maintained its upward trajectory in terms of XRP adoption.　　Europe currently stands

2021-07-01Deep Dive

Investment app Betterment looking into long-term crypto offering, says CEO

Betterment, a U.S.-based financial advisory company with roughly $30 billion under management, is mulling offering crypto investment opportunities for its customers.　　In an interview with Yahoo Finance released today, CEO Sarah Levy said the company had been searching for ways to offer Betterment customers a means to add crypto to their portfolios given the growing interest in the digital asset space. She added that though the market was volatile, it may still offer long-term investment opportunities to those who were properly informed about the space.　　“Personally, Im a big fan of crypto and I think its a really interesting asset class to add into the mix,” said the CEO. “What were doing is really trying to figure out: Is there a way that we can offer crypto with a guided wrapper so that we can help educate along the way？”　　Levy added:　　“I think how that will manifest itself will be more through a lens of a long-term buy and hold the asset as a smaller portion of a portfolio, rather than as sort of a trading opportunity short term.”　　Levys comments come one month after she said Betterment was in a “watch-and-learn mode” over offering crypto to its customers. At the time, the price

2021-07-01Deep Dive

3 key areas traders are watching as Bitcoin’s monthly close occurs

Bitcoins (BTC) whipsaw volatility has been on full display throughout June, leaving traders confused and in search of the latest technical indicator or major news announcement that might provide some hint at which way the price will move.　　As the month of June comes toward an end, traders are now focused BTCs on the monthly close to determine if the forward outlook is tilted toward bulls or bears.　　BTC/USDT 1-month chart. Source: TradingView　　At the time of writing, Bitcoin price is still 47% away from its all-time high at $64,873 and analysts have a mixed view on whether or not the bullish momentum will return in the short term. Here are three perspectives analysts have in mind as the market prepares to head into the month of July.　　Bitcoin needs to hold the $34,500 support　　A survey of crypto Twitter shows that many chart watchers have identified $34,500 as a crucial price level that needs to be defended to establish the bull case for Bitcoin moving forward.　　According to Rekt Capital, a pseudonymous trader on Twitter, a close near this level would put the market on a similar trajectory to the BItcoin price pattern seen during the 2013 bull market which included a mid-cycle correction before

2021-07-01Deep Dive

Bank of England chief economist: CBDCs could fundamentally disrupt centuries-old banking model

In a speech given on his last day as chief economist of the Bank of England — after working for over 30 years at the central bank — Andrew Haldane spent a considerable amount of time ruminating over the possible consequences of Central Bank Digital Currencies (CBDCs).　　In a speech published June 30, Haldane said that a widely used digital currency could change the structural properties of banking on a fundamental level.　　“It could result in something akin to narrow banking, with safe, payments-based activities segregated from banks riskier credit-provision activities. In other words, the traditional model of banking familiar for over 800 years could be disrupted,” he said.　　The Bank of England — like many of the worlds central banks — is currently exploring the possibility of launching a so-called “Britcoin,” a digital version of the pound sterling. It has been hiring CBDC experts since late April.　　But the Bank has repeatedly stressed that a final decision on whether to proceed with the project remains some way off, and that both the risks and benefits of such a currency should be weighed carefully.　　Battle of the banks　　This is not the first time commercial banks have been put on notice. The momentum behind CBDCs globally

2021-07-01Deep Dive

Payments Giant NCR Bringing Bitcoin Trading to 650 U.S. Banks and Their 24 Million Customers

New York Digital Investment Group (NYDIG) said Wednesday that 650 banks and credit unions in the U.S. will soon be able to offer bitcoin trading to their customers through their mobile applications.　　The bitcoin option is made possible through a collaboration between NYDIG and enterprise payments giant NCR. NYDIG is a bitcoin technology and financial services subsidiary of Stone Ridge, a $10 billion alternative asset manager.　　NCRs president of digital banking, Douglas Brown, was quoted by Forbes as saying:　　We‘re firm believers in the benefits of crypto and the strategic application. And that’s true for our banking relationships, as evidenced by NYDIG, and across retailers as well as restaurants and the like.　　Founded in 1884 as National Cash Register, NCR now has over 34,000 employees in 160 countries; its products are distributed in 141 countries. The company was acquired by AT&T in 1991 but re-established as a separate company in 1997. NCRs website says that the company is “the #1 global POS software provider for retail and hospitality” and “the #1 provider of multi-vendor ATM software.”　　According to research firm RBR, NCR is the largest provider of point of sale software to grocery and other retail stores globally, with a 45% market share. The company

2021-07-01Deep Dive

Galaxy VC Arm Taking Lead Investor Role in Virtual Real Estate Developer

Galaxy Interactive has become a lead investor in virtual real estate developer Republic Realm.　　Galaxy Interactive is the venture capital division of billionaire crypto investor Mike Novogratz‘s Galaxy Digital. Janine Yorio, managing director of Republic Realm, said that Novogratz’s backing was a vote of confidence for the $10 million investment vehicle.　　Republic Realm　　Established in March earlier this year, US-based Republic Realm buys virtual real estate as non-fungible tokens (NFTs). Along with the digital asset, the NFT comes with its ownership status and authenticity verified by the blockchain. So far, the company has made over 1,500 investments, including a plot of virtual land blockchain-based online world Decentraland for $900,000.　　Republic Realm then develops these real estate holdings by adding buildings. For example, it has built a virtual mall and rented out virtual shops to tenants. Commerce within this digital environment is becoming increasingly sophisticated. Now, artists can sell their NFT art collections in spaces virtually rented out, such as shops in the virtual mall. Blockchain-based real estate in virtual worlds has surged along with the boom in NFTs this year.　　Republic Realm is part of a private investment platform called Republic, which had a Series A funding round in March. Investors raised $36 million, including

2021-07-01Deep Dive

Following The Biggest Scam In Bitcoin History, South Africa To Tighten Crypto Regulation

After possibly the biggest scam in Bitcoin history, South African government moves to stiffen regulation regarding crypto assets.　　South Africa Responds To Bitcoin Scams　　Over the past couple of years, the nation has observed a series of crypto scams, including two of the biggest Bitcoin scams ever.　　The first of these was in 2020, when the collapse of Mirror Trading International, a crypto trader, resulted in losses of about $1.2 billion in BTC.　　And the second was only a few months back. Africrypt, an Africa-based crypto exchange, ran away with $3.6 billion in BTC in a scam which is popularly dubbed as the biggest scam in Bitcoin history.　　Following these scams, South African regulators have decided to take action and tighten crypto regulation in the country, as per a Bloomberg report.　　The CEO of South Africas banking regulator (called the Prudential Authority), Kuben Naidoo, says “We are trying to put in place the regulatory framework quickly.”　　South Africa To Finalize Crypto Regulation Framework Within 3-6 Months　　Naidoo is also the deputy governor of South Africas central bank. He says, “Our view is that crypto is a financial product and should be regulated as a financial product.”　　Naidoo also says:　　Now we are defining this as a financial product and if

2021-07-01Deep Dive

New Catalyst Needed As Bitcoin Takes A Hit From Decreasing Retail And Institutional Interest

Both institutional and retail investors are staying away from active bitcoin trading following weeks of high uncertainty in the market, largely caused by the shifting trend in Bitcoin hash redistribution from China.　　At the current price of around $34,738, Bitcoin has recovered by 13% from its weekly low of $29,154, recorded on the 22nd of June, according to Coingecko data.　　Additionally, weekend trading activity saw bitcoin rise by 15% as prices bounced back from another sell-off on June 26 which saw bitcoin plummet to $30,141. Bitcoin has also recovered by around 15% in 48 hours and has gained 4.2% in the last 24 hours.　　Bitcoin Needs a New Catalyst to Break Pattern　　According to financial expert Jehan Chu, Bitcoin is at a crucial point where it‘s going to need a catalyst to break from the 30k-40k volatile range. Chu, who is also the managing partner at Hong Kong’s crypto investment firm Kenetic Capital said that intensifying Fear Uncertainty and Doubt (FUD) has played a key role in keeping Bitcoin prices down.　　“An unprecedented stream of FUD has resulted in Bitcoin struggling to keep above water.”　　Chu added that as a result, the short-term outlook for BTC remains choppy and uncertain despite the current price gain above

2021-07-01Deep Dive

Fed Vice Chair Quarles Says Digital Dollar Could Pose Significant Risks to US Banking System

The Federal Reserves vice chairman of supervision and the chair of the Financial Stability Board (FSB), Randal K. Quarles, doubts the benefits of the digital dollar but says it “could pose significant and concrete risks” to the U.S. banking system.　　Fed Vice Chair Speptical About Digital Dollar　　Federal Reserve Vice Chair of Supervision Randal Quarles talked about bitcoin and the Feds work on a central bank digital currency (CBDC), the digital dollar, in a speech at the Utah Bankers Association Monday. Quarles is also the chairman of the Financial Stability Board (FSB). He said:　　“The potential benefits of a Federal Reserve CBDC are unclear. Conversely, a Federal Reserve CBDC could pose significant and concrete risks.”　　He then outlined the risks. “First, a Federal Reserve CBDC could create considerable challenges for the structure of our banking system … An arrangement where the Federal Reserve replaces commercial banks as the dominant provider of money to the general public could constrict the availability of credit, fundamentally alter the economy, and expose the public to a host of unanticipated, and undesirable, consequences.”　　Quarles further added that “a dominant CBDC could undermine the consumer and other economic benefits that accrue when commercial banks compete to attract customers” and “A Federal

2021-07-01Deep Dive

...

546548

...

737