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March 2005

BitGo Introduces Institutional Crypto Lending Service

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BitGo

BitGo

The world of crypto has developed at a breakneck pace over the past few years, and in a new development, cryptocurrency firm BitGo has announced the launch of its own crypto lending service. In recent times, the crypto lending industry has grown at a decent pace, but there is still room for a lot of growth.

Key Expansion

The announcement from BitGo is an important one and could usher in a new era in this niche space in the crypto sphere. The company claims to handles 20% of all transactions that are conducted through Bitcoin, and the service is going to be launched today.

The company conducted a beta test spanning over a period of several months, and it seems, it is now good to go. BitGo is aiming to create a crypto lending service that is similar to services that are available in traditional markets, according to the head of financial services at BitGo, Nick Carmi. The lending service is going to offer loans that are fully collateralized, and in addition to that, there is going to be detailed reporting for each client.

>> Dogecoin (DOGE) Gets Support from Tesla CEO Elon Musk

Carmi also stated that the business that has been created by the company is not going to be a run-of-the-mill business interested in small margins and high volumes. He added, “We are building deep relationships with our clients to drive value for them and to create a long term, sustainable business.”

However, the most important thing to note about this product is the fact that it is only going to be open to institutional traders, and the company has no plans to make it available to non-institutional traders. Carmi is a veteran of Wall Street and stated that a service of this kind is a first for BitGo as well.

Featured image: DepositPhotos © iqoncept

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Harvard University Purchases Blockstack’s Crypto Tokens

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Crypto Tokens

Crypto Tokens

In the news making headlines in the cryptocurrency industry, Harvard University Endowment has made an investment in the crypto token sale of Blockstack.

Blockstack Offering 95.83 million Crypto Tokens

A filing made with the US Securities Exchange Commission listed designees affiliated to the Havard Management Company including Charlie Saravia, Rodolfo Gonzalez, and Zavain Dar who have been participating in the purchase of 95.8 million Blockstack tokens, worth $11.5 million. Although it’s not clear how much the Harvard University Endowment has purchased, it is, however, the first time a major endowment has invested in cryptocurrency.

In a tweet, Anthony Pompliano of Morgan Creek Digital indicated that Havard Endowment had directly invested $5 million to $10 million in the Blockstack token sale.

This investment from a leading university is going viral, and it’s a move that will hopefully encourage other institutional investors to invest in crypto tokens as well. The attitude is building up, and this will encourage investors to try small crypto tokens such as TCAT tokens.

Institutional Investors Seeking Regulated Custodians

Institutional investors have been hesitant about getting involved in the crypto market and with major assets such as Bitcoin, the reason being crypto’s lack of regulations. Even when Bitcoin was on a bullish run in 2017, achieving a price of $20,000, there were no regulated investment channels or custodial solutions that could encourage the institution to invest in crypto. In 2018, however, the trend began to change, and institutional investors have slowly started dripping their toes in the crypto waters.

>> Bakkt Hires PayPal and Google Veteran as Chief Product Officer

Pantera Capital CEO, Dan Morehead, indicated that the crypto industry has been empowered with the necessary infrastructure and it can now handle large money from institutions. He added that institutions are concerned about having a well-regulated custodian, something that the crypto industry has yet to attain.

Blockstack CEO, Muneed Ali, stated that once the offering gets approved, it will be the first-ever SEC-qualified crypto token of its kind. He adds that proceeds from the offering will be put in the development of their decentralized app ecosystem.

Featured image: DepositPhotos © sframe

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Cryptocurrency Bear Market Wanes | Going through Accumulation

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cryptocurrency

cryptocurrency

In recent weeks various industry observers have indicated that the cryptocurrency market is experiencing a bullish run.  The notion has received more support with a fresh report implying that the bear market is actually waning and it is in the accumulation phase.

Heavy Accumulation

According to a recently published report by Adamant Capital, Bitcoin is already experiencing heavy accumulation, and the phase will bring its price to between $3,000 and $6,500, at least until the bullish run gains momentum. Bitcoin whales are already accumulating the major cryptocurrency synonymous to the 2014-2015 bear market, indicating that the cryptocurrency is preparing for a price increase in the future.

The report indicates that retail traders are leaving the cryptocurrency market as long-term and agnostic investors become dominant. This is reportedly consistent with Bitcoin’s volatility analysis, which fell below 5% in the 60-day volatility range, which is lower since 2016.

The report goes on: “During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.”

>> Coinbase Crypto Services Expand to 11 New Countries: Why it’s Important

Millennial Generation Holds Key

The key drivers of the cryptocurrency market growth are millennials, who are said to not trust banks. Millennials are also reported to be the majority of Bitcoin buyers. Researchers have indicated that in the next few years, Bitcoin will experience massive adoption.

In a previous report by Clovr, millennials were the majority of the investors in cryptocurrency, earning between $75,000 and $99,999 per year. The report indicated that the millennial generation is twice as likely to invest in Bitcoin than any other generation, with 23% of women and 43% of men investing in cryptocurrency.

Featured image: DepositPhotos @ peshkova

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uBUCK Debuts | Hybrid Summit 2019 Welcomes Jon Malach

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uBUCK

uBUCK

uBUCK Advisor Jon Malach lights up the stage at Hybrid Summit 2019.

Hong Kong Blockchain Week is underway and on March 7th, Hybrid Summit 2019 made its debut at HKBW. The blockchain-centered educational event held speakers from all over the world, including IOHK Founder and CEO Charles Hoskinson. Among the many presentations made, the uBUCK presentation, in particular, has gained buzz from the event – according to speaker Jon Malach, uBUCK is offering a new and convenient approach to crypto Mastercards and stablecoin wallets.

The Hybrid Summit is an annual event that has been running since 2017. Macau hosted in 2017, Thailand in 2018, and Hong Kong this year. The event is a networking and educational opportunity for investors, enthusiasts, and influencers in fintech and blockchain. Hybrid Summit is a one day event that has a focus on education.

uBUCK at Hybrid Summit 2019

Mr. Malach’s presentation yesterday was centered around stablecoins and the convenience and efficiency of transferring funds to others using digital currency rather than going through the traditional banking system.

uBUCK
uBUCK Advisory Board Member Jon Malach presented at the conference (March 7, 2019).

During his presentation, Malach explained that uBUCK is a cryptocurrency wallet that has fiat capabilities. Users are able to buy uBUCKs using either Bitcoin (BTC) or Ethereum (ETH), effectively converting and “storing” their cryptocurrency in a stable coin that is tied to the US dollar. Other digital currencies ebb and flow in price fluctuations, but by switching your funds to a stablecoin, a user can mitigate risk much more effectively.

How Does uBUCK Work?

uBUCK users buy a prepaid voucher from the uBUCK mobile app. Not only are ETH and BTC accepted, but regular debit and credit purchases are also accepted in the app. Once a voucher is purchased, users can then load the uBUCK Debit MasterCard with their voucher credit. From there, sending or receiving money is as easy as using PayPal.

The physical uBUCK black elite MasterCard can be used anywhere MasterCard is accepted, and cash can even be taken out from the card at any ATM.

Aside from those banked that want to spend their digital currency, Malach highlighted that the 1.7 billion adults around the world could use the uBUCK Mastercard and digital currency wallet. Two-thirds of the global unbanked population have access to mobile phones, opening the door to mobile banking services for them. uBUCK could aid this population of people by allowing them to send money to friends or family anywhere in the world with pure convenience.

Interested in finding out more about uBUCK? Click here.

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