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Coinbase Custody Reveals Coins Up For Potential Support

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Coinbase Custody, a subsidiary of the Coinbase cryptocurrency exchange has announced a set of coins and digital assets it is set to provide custody support for provided regulatory approved in defined jurisdictions permit.

As revealed by the company, the announcement for the coins is in its bid to expand on its custody coin listings, a move to solidify its position as the leader in the industry.

The journey through the events and activities in the cryptosphere most times is best experienced with an individual or a veteran with trusted experiences and safety that can guarantee one would not get burned by the volatilities and the scam ridden nature of the space. The risk of owning cryptocurrency assets may even be described as outrightly more profound than keeping custody of it. One may get shut out of any wallet holding one’s assets if the passwords are forgotten while keeping custody of the same in an unsafe custody service provider may result in a hack.

The need to give crypto-asset holders a certain level of guarantee is why Coinbase Custody was established and with numerous digital assets proliferating by the day, Coinbase Custody has stepped up to the corresponding demand to support more assets. Per the update published by the team, the site has drafted two new tokens including FTX Token (FTT) and Serum (SRM) and aims to enlist more in the coming months.

Of the digital assets, the firm is considering to add custody for includes but not limited to Wrapped Bitcoin (WBTC), Aave (AAVE), Paxos Standard (PAX), and Ontology (ONT). Taking note of the discrepancy in regulatory laws among countries where each of these tokens have found increased adoption and integration, Coinbase Custody noted that it will be supporting each of these coins on a case by case basis as relating to each nation’s crypto laws.

Based on this fact, no assurance can be given for when any of the coins will be available in any jurisdiction.

Coinbase Custody Service Combines Diversity and Value Offering

Launched in 2018, Coinbase Custody has grown to offer custody services amongst a diverse range of coins now totaling more than 90 percent of cryptocurrencies by market capitalization while constantly fighting to add more.

The debut of the Coinbase Custody service though primarily launched to aid institutional investors to manage their digital asset portfolio, the service is generally available to clients with a large number of crypto holdings. The service promotes or drives crypto adoption by continually adding new coins for its more than 300 institutional investors. With security and insurance part of the catch, Coinbase Custody offers other value-added services including network participation and delegated proof of stake to offer clients access to benefits well beyond offline storage. This way, customers can take profits no matter how little while sure of the safety of their funds.

One apparent disclaimer while attempting to use the service is that there is no guarantee that any digital asset supported for custody will be listed on the exchange’s trading platform.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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PayPal Partners with Paxos to Enable Crypto Services

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In the future, PayPal plans to work with global central banks to further tap on digital assets’ capabilities.

American payment company PayPal Holdings Inc (NASDAQ: PYPL) has partnered with Paxos Trust Company to provide crypto services. Notably, PayPal has also been granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS).

The move by the giant payment processing company to enter the crypto market is viewed as a huge disruption in the entire financial market.

Hereby, PayPal will allow its users to purchase, sell, and hold digital assets in the coming weeks. However, Venmo users will have to wait until next year when the company will provide crypto services. In the press release, PayPal noted that the move to digital assets has been accelerated by the ongoing coronavirus pandemic.

In addition to providing buy, sell and hold services, PayPal plans to enable more crypto utilities in its platform specifically by making it available as a funding source for purchases at its 26 million merchants worldwide.

PayPal and Crypto Market

PayPal seeks to capture the growing cryptocurrency market and use its advanced technology to improve the underlying blockchain technology.

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” said Dan Schulman, president and CEO PayPal.

Schulman further noted that the company’s global reach, digital payment expertise and up to date security system will aid in making digital assets easily accessible and more interoperable with global currencies.

In future, PayPal plans to work with global central banks to further tap on digital assets capabilities. To start with, PayPal customers in the United States can purchase, sell, and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin. This will be made possible through the PayPal digital wallet.

As a precautionary measure, the company will be involved in educating customers on the risks involved with the cryptocurrencies and also the greater scope of the crypto market.

Notably, PayPal announced that there are no service fees when buying or selling cryptocurrency through December 31, 2020. In addition, the company clarified that there are no fees for holding cryptocurrency in a PayPal account.

PayPal has been working with its internal team, PayPal Ventures that previously invested in TRM labs and also Cambridge Blockchain to develop a distributed ledger in order to improve its financial services.

Crypto adoption will move to the next level as PayPal has over 300 million active customers in approximately 200 global markets. At the time of writing, PayPal shares were up over 4.90% trading around $211.16. The company has a market capitalization of around $236.96 billion and 1.17 billion outstanding shares.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
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CBDC Launch Is More Political Decision

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The European Central Bank may try to put a cap on the maximum amount of the digital euro each individual can hold per time, should the project eventually go live.

The German Central Bank head of payments Burkhard Balz recently stated that the decision by any country to develop and launch a central bank digital currency (CBDC) might be more of a political decision than technical. Mr. Balz made this assertion while making a Keynote Speech at the China Europe Finance Summit – A Hybrid Conference on Sino-European Capital Markets, virtual event, 20 October 2020.

According to him, the emergence of a CBDC such as that of China currently undergoing its late-stage trials as well as the proposed digital euro has a ton of societal and economic implications which differ per country and as such, the decision to launch a CBDC must be planned in line with this. He stated:

“Introducing CBDC is a political decision rather than a technical decision. Therefore, a comprehensive conceptual analysis and assessment of CBDC relative to alternative options is necessary – especially in terms of the fulfilment of our mandate, but also regarding its impact on society as a whole.”

Balz also noted that one of the core challenges of any digital currency will involve curtailing ways in which over-accumulation by the masses will be prevented. Balz who noted that such scenarios may strain the existing financial system and that the European Central Bank may try to put a cap on the maximum amount of the digital euro each individual can hold per time, should the project eventually go live.

Balz did not end his speech without giving credence to the potential of such new payment system drivers as stablecoins. He noted, “that it is in the interest of the global central bank community that new payment arrangements, like stable coins, with potentially global reach, should only be offered if appropriately regulated and supervised.”

German Official Confirms Involvement in ECB’s CBDC Pursuit

The German role in providing support to the European Central Bank’s CBDC pursuit has been further reiterated by Balz. According to the executive, Germany’s role is dual-faced, while the country is actively engaged in research about the digital euro in line with the other nations in the Eurozone, it is also considering how it can launch an alternative payment system beside a CBDC while functionally discovering all challenges the system may present.

“The Deutsche Bundesbank is deeply involved in the debate on CBDC. But, we are also thinking of alternative solutions which could help to overcome existing pain points, reap the benefits of digitalisation and support new payment use cases without introducing CBDC – and without the possible undesirable implications related to it,” he noted.

Altcoin News, Blockchain News, Cryptocurrency news, News

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Mode Global Adopting Bitcoin as Treasury Reserve Asset

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Mode Global prides on being the first publicly traded company in the United Kingdom to invest in Bitcoin.

London Stock Exchange-listed company Mode Global Holdings PLC (LSE: MODE) announced on Wednesday that it has allocated up to 10% of its cash reserves to purchase Bitcoin beside adopting it as its treasury reserve asset.

At the time of writing, MODE shares were trading around €45.44 having dropped approximately 0.13% in the past 24 hours.

The move by the company to put part of its cash in Bitcoin is a noble initiative that could shield itself from deteriorating fiat interest rates. Whereby, the interest rate in the United Kingdom stood at 0.1% nearing zero and perhaps negative depending on the future market scope. Having a diversified cash portfolio especially in Bitcoin highly guarantees the company and its investors of future returns.

Bitcoin and Mode Global among Other Institutional Investors

Bitcoin has proven beyond a reasonable doubt that it can withstand market pressures as observed in the past few months when traditional stocks were brought to the knees by the coronavirus pandemic.

Notably, Mode Global prides on being the first publicly traded company in the United Kingdom to invest in Bitcoin. However, there are other global companies that have taken a similar approach including Square and MicroStrategy.

The two American companies invested millions of their capital in Bitcoin under the same mission as Mode Global. MicroStrategy has so far purchased Bitcoins worth over half a billion dollars with Square owning Bitcoins worth over $50 million. Not only has Mode Global invested in Bitcoin, but it has also developed a mobile application to enable its customers to buy, sell, and hold bitcoin.

This is set to see the crypto adoption scaled up in both retail investors and also institutional investors who are likely to follow the path of Mode Global in the near future.

Jonathan Rowland, Executive Chairman at Mode, commented that the decision to allocate part of the company’s cash reserves to Bitcoin is a further step in its mission to build a truly digital financial services business, combining the best of digital assets, payments, loyalty and investment. “We truly believe that Bitcoin is a vehicle for financial empowerment and, through Mode, investors can gain exposure to this highly attractive asset class through a listed and fully compliant company,” said he in the press release.

Notably, Bitcoin jumped approximately 4% during Tuesday’s trading session and the asset is now fixed above the $12k level comfortably.

Trading at $12,192.79 at the time of reporting, Bitcoin was retesting a strong resistance level that it rebounded in August.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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