Coinbase Custody Exploring 39 Crypto’s Including DeFi Tokens for Listing

Coinbase continues to take its altcoins and DeFi listing spree one step further every other day. Today, the San Francisco-based exchange announced a slew of other tokens its exploring to add support for.

After adding FTX (FTT) and Serum (SRM), Coinbase Custody that offers features such as staking, governance, and decentralized finance (DeFi) and serves institutional clients across the Asia-Pacific region, announced a total of 39 new digital assets that are up for listing.

Coinbase’s crypto custodian has released the latest list of all the digital assets that it is exploring for listing, including some known DeFi tokens and some unknown ones that are heard for the time here only.

Aave (AAVE), Amp (AMP), Ampleforth (AMPL), Ankr (ANKR), ArCoin (ArCoin), Audius (AUDS), Barnbridge (BOND), BitTorrent Token (BTT), Centrifuge (RAD), Conflux Network (CFX), Curve (CRV), DFI.Money (YFII), Elrond Gold (EGLD), JUST (JST), JUST Stablecoin (USDJ), Meta (MTA), MovieBloc (MBL), mStable (MUSD), Neo (NEO), Nervos (CKB), Nexus Mutual (NXM), NKN (NKN), NuCypher (NU), Ontology (ONT), Paxos Gold (PAXG), Paxos Standard (PAX), Reserve (RSV), Reserve Rights (RSR), Request Network (REQ), Skale (SKL), SUN Token (SUN), tBTC (TBTC), Terra (LUNA), The Graph (GRT), Tron (TRX), VeChain (VET), WING (WING), WINK (WIN), and Wrapped Bitcoin (WBTC).

Some of these tokens like WBTC have already been supported on Coinbase’s other platform Coinbase Pro.

According to Coinbase, support for any digital asset is subject to its “significant technical and compliance review,” which in some cases may also be subject to regulatory approval in some jurisdictions.

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Author: AnTy

Chamber Of Digital Commerce Launches ‘Crypto for Congress’ Sending $50 in BTC to Every Member

  • CDC plans to give every member of congress a small campaign donation in Bitcoin (BTC).
  • The $27,000-plan aims to introduce digital assets to members of Congress to ease the lobbying process.
  • The U.S. still lags behind its competitors in the blockchain and cryptocurrency field.

In a published post on Monday, the Chamber of Digital Commerce (CDC), a leading trade association in digital asset payments and blockchain innovations, announced the launch of ‘Crypto for Congress’, a program set to send campaign donations in Bitcoin (BTC) to each of the 541 members of Congress. This represents the first time every member of Congress will have an opportunity to fully interact with the technology, leveling the field when making digital asset laws.

The Chamber of Digital Commerce PAC will send $50 donations to the campaign trail to each member, in addition to “providing extensive public online educational training, a toolkit, and resources.” The donation remains trivial but will greatly impact Congress members interacting with Bitcoin and the crypto ecosystem directly.

The post further states that presenting BTC to Congressional members will “foster a deeper understanding of blockchains” to ease the legal procedures and promote “greater participation in the political process” to integrate blockchain benefits to every industry U.S.

Also Read: US Congressional Members Ask the Government to Support Blockchain Tech For Covid-19 Relief

Crypto for Congress is an educational initiative formed by CDC’s PAC, a different entity from CDC, aiming to teach Congressional members from both parties of the benefits and law-making process in the blockchain and crypto ecosystem. Perianne Boring, President of the Chamber of Digital Commerce, emphasized the need for Congress to interest the blockchain field. Boring said,

“Now is the moment for all Members of Congress to learn about and embrace cryptocurrencies and blockchain technology, and the best way to do that is to set up a digital wallet and get started on the blockchain journey.”

Further focusing on the U.S. lagging behind leading nations in digital assets and blockchain technology, she said,

“Many other nations like China, Japan, Singapore, and Switzerland have rapidly embraced blockchain technology and created robust national plans to be global leaders in this area. The United States is falling behind in technological innovation, and this is not a risk we should be willing to take.”

Support from Congress

The initiative is also supported by the Congressional Blockchain Caucus led by Tom Emmer and Darren Soto, who recently sponsored two digital asset bills in the Consumer Protection Act – currently in Senate.

Emmer labeled the Crypto for Congress initiative as a ‘lightbulb moment’ in Congress, finally taking an interest in the digital assets and blockchain developments. He said,

“By embracing the digital asset movement, we have an opportunity to take a significant step forward to ensure America’s leadership position in the future of the global economy.”

Representative. Darren Soto said,

“As lawmakers, it’s our duty to ensure the United States leads in blockchain technology. Understanding how this technology works at a hands-on level is an important step we must take to promote innovation and maximize the potential of cryptocurrencies for the U.S. economy.”

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Author: Lujan Odera

Cryptocurrency ‘Could Be The Next Step In The Evolution Of Money,’ Says IMF

In its latest crypto shilling video, the International Monetary Fund (IMF) clubbed every cryptocurrency in one bundle with the focus on payments.

It doesn’t differentiate bitcoin from others, combining certain properties of the largest digital asset with other cryptos.

“It sounds like they’re gaslighting the general populace to prepare them for an IMF coin,” commented Samson Mow, CSO at Blockstream on the explainer.

Talking about the “special currency” that solve the problems presented by the traditional system, where the payment is processed by a bank or credit card company that takes a cut of the transaction, is time-consuming and expensive, and needs to be trusted with our sensitive data, cryptos are secure and based on the science of cryptography, IMF explains.

They remove the middleman and broadcast the transaction to the entire network, recording it in a permanent way meaning “it’s almost impossible to fool the system,” states the video covering “What are cryptocurrencies?”

With cryptos, transactions are faster, but they can’t process large amounts quickly yet, and even those people who don’t have bank accounts can buy or sell goods and participate in the global economy, it explains.

But the international organization was back to chanting the risk of transactions in most cryptocurrencies being anonymous with some even being untraceable, making it “easier for bad guys to make payments without being noticed.”

And of course, if you lose your password you lose all your money. “If someone can help you recover your money, it’s not your money,” counters Mow.

Not to forget, they are still “highly volatile,” (but not more so than stock markets are currently thanks to the central bank and government). And they are also not even widely accepted, reminded the IMF. IMF states,

“But if we counter the risks, then this new technology or some variation of it can completely change the way we sell, buy, save, invest, and pay our bills.”

What’s not covered is Bitcoin is already there, becoming a new investment class and increasingly becoming a part of the portfolios, that has been attributed to be an inflation hedge and a store of value.

Crypto “could be the next step in the evolution of money,” concludes the video.

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Author: AnTy

Boomers and Gen-X Double Their BTC Investment, Recording More Growth than Millennials & Gen Z

According to a study by Mode Banking, “Bitcoin investments have been doubling every month since February among Boomers and Gen-X, signaling wider crypto adoption.”

Interest in bitcoin has always been much more robust in younger age groups than the older ones, but recently the Boomers, those from 1946 – 1964, have been taking a special interest in BTC as well.

As we reported, a Bitcoin financial services firm, River Financial Inc., reported Baby Boomers with over the age of 55, accounting for 77% of its growth since March, which in part was “inspired by the Federal Reserve’s unprecedented monetary intervention.”

Mode also found an initial uptick in BTC investments in March, during COVID-19, which was at the same time global markets crashed and countries went into lockdown. “As the global pandemic evolved, Boomers and Gen-X began accelerating their exposure to BTC on Mode’s platform,” reads the report by the London-based fintech firm.

Source: Mode Banking

With February, pre-COVID-19 month as a benchmark, both the age groups invested 2.24x more in BTC in March, 4.49x more in April, and a staggering 8.88x more in May than they did in February.

“We believe these to be very interesting findings, (…) they could potentially reveal an unprecedented change in the way investors think today, as a result of the global pandemic,” said Janis Legler, Chief Product Officer at Mode.

Boomers Closing the Gap

Millennials, those born between 1981 – 1996, and Generation Z from 1997 – 2012 dominated the bitcoin investment, growing 118% month-on-month before COVID-19 and 125% during the coronavirus pandemic.

During January and February, the bitcoin investments of the older generations grew twice as slow as of younger generations, 61% compared to Gen X and Gen Z.

However, during the pandemic, Boomers and Gen X (1965 – 1980) accelerated their BTC investment at 107%.

Source: Mode Banking

“Bitcoin is becoming popular among all age groups and is being endorsed by more mainstream investors every week. We expected Millennials to continue buying into cryptocurrencies, but to see more experienced investors also become increasingly interested in Bitcoin, is extremely promising for the growth of the industry,” Legler said.

According to the study, the global pandemic, national lockdowns, and economic crisis could “forever change” the mindset of investors towards money and wealth.

With the money printers of different countries going brrr…, the general public is trying to find ways to protect their wealth. It is also evident in the surge in global search interest for “Where to invest.”

Being tech-savvy, Millennials, and Gen-Z are expected to lead the adoption of bitcoin. However, Boomers and Gen-X getting into Bitcoin could be a “strong case for bitcoin to breakout” because they still own the vast majority of wealth, states the report.

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Author: AnTy

Despite the Selloff, Bitcoin Generated Far ‘Superior Returns’ than Traditional Assets During COVID-19

In March, as COVID-19 spread throughout the world, every asset, be it US equities, bitcoin, gold, or bonds, they all accelerated declines. Initially, bitcoin experienced significant losses but only to stage a strong rally of 155%.

Just like bitcoin recovered its losses, gold initially declined as investors fled to cash only to rebound and reclaim its safe-haven status.

Source: TradeBlock

Now, if we compare the performance of three investment portfolios, the one with 60% equity and 40% bonds, the second one comprising 55% equities, 45% bonds, and 10% gold; and the one with the same composition as the previous one but bitcoin replacing gold, the portfolio with the digital asset is the best choice.

With an investment of $1000, even a modest allocation to hard assets provided better returns, and in the case of bitcoin, it triumphed over the other two.

Source: TradeBlock

Moreover, a modest bitcoin allocation would also have generated greater risk-adjusted returns as measured by the Sharpie ratio found TradeBlock. Risk-adjusted returns analyze the attractiveness of returns based on the unit of risk undertaken to generate those returns.

As such, the Sharpe ratio of the three portfolios is calculated at 0.259, 0.276, and the one with the bitcoin having the highest one at 0.608. But still, bitcoin generated more returns than the other two portfolios during the coronavirus pandemic.

During this period, the US Federal Reserve expanded its balance sheet to a new high at over $7 trillion. Fed has been ramping up its asset purchasing programs since 2008 only to reduce it in 2017 but it accelerated dramatically in recent months to prevent the economic fallout triggered by the pandemic.

Meanwhile, the economic downturns saw several large money managers that have been staying away from digital currencies jumping into bitcoin. Just last month, Paul Tudor Jones announced that his firm’s BVI fund has a 1 to 2% allocation to bitcoin through the purchase of cash-settled futures contracts.

The motivation behind this was the implications of unprecedented bond-buying and fiscal spending by global central banks in recent months.

“As central banks ramp up asset purchasing efforts, ‘hard-money’ inflation hedges are seeing renewed interest.”

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Author: AnTy

Despite Its Recent Controversy, This is the Latest Altcoin Ready to Moon

The signs of an altcoin rally could be seen in the cryptocurrency market as every other day, a new coin rallies while bitcoin keeps steady under $10,000.

The likes of Cardano, Kyber Network, Zilliqa, and THETA have been already recording significant gains and now it’s time for yet another altcoin to enjoy the greens.

It is none other than the 31st largest cryptocurrency by market cap which recently faced a lot of criticism for blowing up the whole reason it exists in the first place.

BAT has been showing some signs of decoupling from bitcoin and the increase in its daily active addresses is a big reason for that. Not to forget, it had a recent spike in its social dominance.

“As DAA rises sharply, price gains generally follow,” pointed out Santiment.

Currently, BAT is trading at $0.251, up 17.24% the past week, and recording 37.96% gains YTD. According to analyst Benjamin Blunts, BAT has the potential to jump to $0.4425.

“I am so damn bullish on bat its not funny. Not only does bat/btc look like theta did before it mooned but bat/usd looks exactly like ada which is already mooning,” said the analyst who has added $BAT term and the bat emoji to his twitter name.

“BAT/BTC looks to me exactly like THETA did before it went on a 1000% run, just sayin,” he added.

Brave Browser in the Limelight

Earlier this month, Brave Browser announced that it has now surpassed 15 million monthly active users and 5 million daily active users, representing a 2.25x MAU growth in the past year.

Over 1,500 ad campaigns were delivered since Brave Ads launched one year ago. But over the weekend, they got into a big blunder after it became public that Brave has been redirecting URLs from its partner Binance and others to affiliate links that Brave profits from.

An open-browser, Brave was designed to prioritize privacy by blocking third-party ads and trackers.

Brave co-founder Branden Eich then took to Twitter to apologize and share that they are “removing provide completions to Brave’s address bar type-in.”

Many users weren’t satisfied with Eich’s apology while some have taken to never using the browser again.

Recently, Brave that made a name for itself by putting user privacy first received much exposure after podcaster Joe Rogan who signed a major deal with streaming service Spotify revealed that he uses Chrome rival Brave to avoid internet ads.

“There’s so much value in knowing what you’re up to; knowing where you’re going, what you’re buying, what you’re saying,” said Rogan.

There are also reports of the crypto-powered browser collaborating with popular Korean pop group BTS and Japanese e-sports team Rush gaming.

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Author: AnTy

From the Supply Side, Bitcoin Halving Doesn’t have a “Major Impact” But what about the Demand Side?

The halving is almost here.

Bitcoin block reward halving occurs once every four years. This third such event will result in the bitcoin emission rate cutting in half to 900 BTC per day from the current 1800 BTC a day.

However, there can only be 21 million bitcoin that will ever exist, the only major tradable asset with a supply cap. This helps bitcoin retain its purchasing power especially in a world where fiat currencies with unlimited supply are losing their value fast.

This halving is also the remainder of the leading digital currency’s hard money characteristics.

No major impact from only supply side

But the speculation around price is just as strong with people debating the decrease in emission rates tends to push bitcoin prices up because post halving there will be less sell pressure from miners. BlockTower explained in its latest newsletter.

“While this may have been true in the past due to the large amount of emission relative to outstanding supply, the reality of the current situation is that there is regularly $1b in Bitcoin volume and a decrease of $9m of sell volume is negligible on a day to day basis.”

“From a pure supply side look, the halving doesn’t have a major impact.”

But this reduction in new supply issuance combined with the stability of new demand will lead to “a steady upwards drift on price.”

Search interest on Google for the term “bitcoin halving” has already jumped to its all-time highs.

What happened the last two times?

After leading 2019, the best performing asset class in 2020 with over 30% returns, bitcoin is beating gold and Treasuries that are up an impressive 21% and 13% gains respectively.

According to Fundstrat’s Tom Lee, the upcoming halving along with the macro investor Paul Tudor Jones buying bitcoin are “a solid set of tailwinds.”

Historically, halving has resulted in bull runs. In 2012, pre-halving, bitcoin price jumped 663% and post halving it gained over 3400%.

Before the second halving, BTC spiked 383% and post halving, the returns were of 4,080%. However, during the last 2016 halving, the price of bitcoin remained steady for over a month which was followed by a strong correction. The bull run didn’t come two months after that.

This time, Bitcoin has rallied over 340% since December 2018 bottom. But these low returns could actually be a good thing as analyst Rekt Capital pointed out, “if bitcoin rallies less pre-Halving, then it will rally more post-Halving.”

Moreover, most of the exponential growth actually occurs after the halving.

“The bitcoin halving is a key catalyst to beginning a new Bitcoin bull market,” and BTC “rallied between 12,000%-13,000% in each of its halvings to date,” noted the analyst.

On the other hand, although the reduction in supply is relatively negligible, halving is working as a strong marketing tool for bitcoin because of being in stark contrast to the greatest monetary expansion experiment in history.

“With much of the world staring down the barrel of potential inflation, currency crisis (such as in Lebanon) and global instability — this becomes an undeniably attractive opportunity to take a look at a truly scarce asset as a hedge.”

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Author: AnTy

US Commerce Department To Include Cryptocurrencies In 2020’s Economic Analysis Survey

  • Every 5 years the US government through the BEA requires US financial services providers to file their BE-180’s detailing the transactions to foreign citizens.
  • This year BE-180 has its eyes set on the crypto space too.

The US commerce department, through the Bureau of Economic Analysis (BEA) is looking to implement a nationwide benchmark survey of all financial institutions. This benchmark wants financial institutions to analyze how their services transcend boundaries.

BEA holds this BE-180 every five years where financial institutions are obligated to file a questionnaire. The BE-180 essentially collects data on transactions between U.S. financial services providers and foreign persons. Earlier in 2019 BEA had proposed changes to the type of data being collected and the design of the questionnaire.

Additional Features to be expected in 2020 BE-180 Survey

Initially, the questionnaire, BE-180, only required a few details such as total sales with details such as nationality or affiliations of the foreign customers being voluntary. However, with the 2019 proposal, they will be required to provide a total dollar amount for their sales and purchases, as applicable, by transaction type, regardless of the number of their transactions in covered services.

The respondents of the 2020 BE-180 survey will also be required to submit their Legal Entity Identifier LEI. This is a 20-digit code used to identify parties to financial transactions worldwide. Other notable features are mandatory questions that aimed at collecting information about financial services offered remotely.

“This information would allow BEA to improve the accuracy of the trade statistics.”

The survey will be available to securities lending services, electronic funds transfer services, brokerage services amongst other services outlined by the BEA. They expect over 7000 respondents with 5500 of those being required to report mandatory data, while the other 1500 filing exemption claims.

The 2015 BE-180 didn’t cover cryptocurrency transactions despite BEA’s top brass insisting it was in the scope of the survey.

However, Christopher Stein, BEA Services and Surveys Branch Chief has insisted that the survey wasn’t aimed at individual transactions but rather an acknowledgment of a brokerage fee for the transactions rendered to cross-border trade of crypto assets.

“It’s a new and evolving area in the financial services market, and the benchmark is an opportunity to ask more information and clarify survey requirements.”

The proposal is looking to align the BEA statistics with international parameters with the data being collected for monitoring purposes of the US financial markets.

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Author: Lujan Odera

Bitcoin Got its Own Emoji on Twitter, Jack Dorsey Wants Unicode to Add Too

Social media giant Twitter has released a Bitcoin emoji that comes up every time you type hashtag Bitcoin.

This really isn’t surprising given that it’s CEO Jack Dorsey is a Bitcoin proponent who believes the world’s leading cryptocurrency could be one day the currency of the Internet.

In his Tweet, Dosey CC’d the latest development to Unicode, the world standard for text and emoji, whose idea is that “everyone in the world should be able to use their own language on phones and computers.”

The letter B with two vertical strokes ₿ which is used to represent Bitcoin was approved in 2017 as a Unicode character, after being rejected in 2011, but not as an emoji. The first time Bitcoin sign appeared in Unicode 10.0 in 2017 and as of June 2017, font support for the sign was released in macOS, iOS, Android O beta, Windows 10 Creators Update, and several Linux ones.

Dorsey’s new bio has also been changed to highlight this latest development “#bitcoin”

In the meantime, the #Bitcoin hashtag with the emoji has been trending on Twitter.

Bitcoin enthusiast Rhythm Trader took to Twitter to share that this new development reflects, “Bitcoin is magic internet money.”

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Author: AnTy

US Finance Giant Bottomline Testing Ripple’s Disruptive Technology

  • Bottomline Technologies processes trillion dollars in payments every year and operates in 92 countries
  • The idea is to update the company’s software mode to leverage new disruptive technologies

The US-based finance giant Bottomline Technologies is testing blockchain-based Ripple’s remittance network.

Laurent Laborde, Solution Architect at Bottomline Technologies says the company is updating its software-as-a-service (SaaS) model, a software distribution model in which a third-party provider hosts applications and makes them available to the customers, to leverage new disruptive technologies including Ripple. The recent update on Laborde’s page reads,

“Fundamental part of the move of our SaaS to the current disrupting technologies in the financial market: API-based payments, Ripple.”

The San Francisco-based startup has built a software which is a faster and cheaper alternative to Swift. Apart from RippleNet, which is a network of 300+ banks and financial institutions across 40+ countries, it offers the option to use digital asset XRP to move money across borders.

Laborde however, hasn’t specified which solution of Ripple the company will be implementing.

A payment processing company, Bottomline Technologies is an innovator in business payment automation technology that operates in 92 countries. The company processes trillion dollars in payments every year and has reported a total revenue of over $108 million in the first ending Sept. 30, 2019.

Citizens Bank, GPS – Global processing services, Shepherd Center, Parkinsons UK, Quantum Advisory, Deljis, Carte Blanche Group, ASSA Abloy, First Command, and Rotom are Bottomline’s partners.

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Author: AnTy