Fidelity International Is Reported To Have Created a Crypto Brokers Game For Internal Use

Fidelity-International-Is-Reported-To-Have-Created-a-Crypto-Brokers-Game-For-Internal-Use

Fidelity International, a subsidiary of the Boston-based Fidelity Investments that is set in London, has been reported by Forbes to have created an in-house crypto brokerage game. The game is only being used informally by employees and it does not represent an upcoming product.

According to Forbes, the name of the game is The Fidelity Cryptoleague and its goal is the simulation of a trading game in which employees of the company can trade cryptos to see who fares better.

While not an actual product, this initiative certainly seems to be an indicator that there is interest in the crypto market stemming from the company. Because of this, some people could take this game as an indication that the possibility of the company creating crypto products soon is not null.

Obviously, it is not hard to find companies interested in the blockchain now. Most financial companies are, in one way or the other, interested in the blockchain technology and what it is able to do.

This new Cryptoleague game seems like a fun way for the employees to actually sort of participate in the market without having to actually commit to it. It is basically dipping their toes in the crypto ocean, it seems. 1,200 people from the staff of over 8,000 are currently playing the game.

Each player is said to start with $10,000 GBP of virtual money. They have to create their portfolios then and to decide the best way to create a killer portfolio.

A corporate communications associate director at the company called Craig Terrington was interviewed by Forbes. He affirmed that Fidelity International also sees a lot of importance in the blockchain world just as most people are doing now. To him, there are no solid plans for launching crypto products, but the personal interest in the crypto world is undeniable.

He affirmed that the Fidelity Cryptoleague is a simulation game in which people can have fun and learn more about trading crypto tokens. The major winners may even get real-life prizes, so they have an extra incentive to play as well as they can.

Anne Richards, the CEO of Fidelity, has also talked about the game. She affirmed that it was being used to teach people about the technology internally, which is something that is important because the blockchain technology has clearly become an important part of the financial system.

However, she also affirmed that no tangible product is being created using the technology or focusing on crypto trading at the moment. Taken that there is interest enough for this game to exist, we will probably not take a lot of time in order to see something involving this industry from Fidelity International.

Fidelity Investments Is Already Interested In Crypto

Fidelity Investments, the main branch of Fidelity, is considerably more interested in crypto. The company has plans to open up a product that will involve the technology and it has worked to create Fidelity Digital Assets, which is focused on this kind of asset.

It is also reported that Fidelity will be a part of the Libra Association. Libra is the stablecoin that is being created by Facebook and it is set to be one of the largest crypto offerings launched until today.

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Author: Gabriel Machado

Bitcoin Shows Resilience, As Bloomberg Predicts That It “Is (Probably) Here to Stay”

Bitcoin-Shows-Resilience-As-Bloomberg-Predicts-That-It-Is-Probably-Here-to-Stay
  • Bloomberg reported on three main reasons why they think that Bitcoin’s price is rising and why the crypto market is sticking around.
  • Presently, Bitcoin is above the $12,000 price level, at the time of writing.

Bitcoin is having a great month so far, and there are many people that believe that it is going for a full rally. For much of 2018, Bitcoin resided below $4,000, but this week has increased the price by nearly $10,000. The cryptocurrency still has a relatively volatile price, but there are many proponents of Bitcoin that believe it to be on the way to that $20,000 price level of late 2017.

Reported by Bloomberg, these price changes almost create a paradox – if the Bitcoin boom was nothing more than a bubble in the first place, how is it now gaining traction again. The only logical explanation is that cryptocurrencies are most likely securing their place in the economy now.

The recent Bloomberg article speculates that one of the reasons for the rising Bitcoin price could be rising is due to the trade war between the US and China. At this point, it looks like China does not intent to join the international economic order, creating a cold war. If China opts against liberalization and stays out of this order, then Bitcoin would serve as a helpful way to move funds outside of China. It is possible that the government could stop this practice from happening but choosing to outright liberalize would stop Bitcoin from being usable entirely.

Another development that Bloomberg credits is the way that the Democratic Party of the US continues to lean to the left, especially regarding a wealth tax. Fiscal deficits in the US have grown, and restoring the balance is a long-term goal. Presidential candidate Elizabeth Warren has campaigned for a 2% wealth tax.

Regardless of the public view of these opportunities, it is clear that cryptocurrency provides an avenue to store assets in unreachable accounts to keep them away from the tax authorities. Many nations could potentially look to a wealth tax to help them establish balance in their financial issues. Realistically, the growing price of Bitcoin is showing that it will be hard to find “fiscal solvency,” as Bloomberg wrote. However, it does not look like the wealthy plans to bid farewell to their assets yet.

The third reason that Bloomberg believes that Bitcoin is rising in price is due to the movement for Facebook to launch their Libra cryptocurrency. There are many roadblocks in the current laws that could impede the progress of this launch, but the idea that remittance and other fund transfers could come at such a low cost would be highly beneficial to consumers. The stakes get even higher if the costs could be dropped from 7% to around 1% or 2%.

Cryptocurrency is an ever-evolving landscape, and all of this progress shows that it is a market work looking at. Competitors may arise for the original cryptocurrency, but that competition just means that companies have enough faith that they can become successful too. As long as their competition, there’s a clear desire for the market to be kept alive.

At the time of writing, Bitcoin was priced at $12,284.96, jumping by 14% in the last 24 hours.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Krystle M

BabelFinance: We Have Given Out $110 Million in Crypto Loans Mostly to Chinese Entrepreneurs

BabelFinance

BabelFinance, a crypto financing firm reported on Wednesday that it had given out about $110 million in form of crypto loans since inception in July 2018. The company says that most of its loans have been offered to Chinese entrepreneurs.

The company has majorly focused on the Asian markets and has seen its fortunes increase especially after it changed its name from BabelBank to BabelFinance. The statement from the company indicated that at one day a total $18 million crypto loans were issued in a single day. The financial institution indicates that it currently has an outstanding loan balance of $88 million.

Flex Yang, BabelFinance founder and CEO, said that there is an increase of demand for cryptos in the world, especially in Asia. Yang explained that there has been a drastic increase in speculative borrowing in the last few months both by institutions and individuals. The CEO says that the trend signifies that the majority of crypto traders expect the prices to go high in the coming days.

The Booming Crypto Financing Companies

BabelFinance is based in Hong Kong and provides various crypto related services such as digital assets management, handling deposits as well as loans. The company has developed tremendously and is a major household name among crypto enthusiasts. Due to its growth, various renowned crypto investors are now swimming the region to get a piece of the pie. The key names in the region comprise of ZhenFund, NEO Global Capital as well as Lightspeed China Partners.

Crypto lending firms are just a few crypto-based players that have gone against the bearish year long crypto market and recorded increased returns. There is an increased demand for loans against cryptos in the world as the trend in Asia can be seen in other regions.

BabelFinance is not the only crypto lending firm to register positive results this year. According to Finance Magnates, Genesis Global Trading gave out $425 million worth of loans to its customers in the first quarter of 2019. Totally, Genesis has written $1.8 billion in loans from March 2018.

BabelFinance expects the demand for crypto loans to keep rising. Yang explained:

“We anticipate to loan out more than a $1bn, or even $2bn, by the end of the next bull strike run.”

In efforts to expand in the crypto industry, BabelFinance is contemplating opening a branch that will deal with decentralized finance research. The company says that this will help in bridging the gap that exists in traditional finance and the crypto economy.

Yang believes its the company’s corporate responsibility to back innovation in the sector with good financial tools as well as solutions. The founder believes that the crypto market is on the rise but there is a need for better tools to lure mainstream support and adoption. He says that the rebranding of his company is not only meant for a name change but also increase the number of services offered.

Do you think the current bull run in the crypto market is fuelling the appetite for crypto loans? Share with us in the comments section.

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Author: Joseph Kibe