Despite cataclysmic headlines related to the Covid-19 pandemic, things are still moving forward in crypto. Here's the story:
Square is launching a bank in 2021. On Wednesday, the U.S. FDIC gave the payments startup conditional approval for a bank charter to launch Square Financial Services, an Industrial Loan Company, headquartered in Salt Lake City, Utah. Bank shot
Stablecoins are holding their own, despite major fluctuations in crypto and equity prices. "With the significant level of 'risk-off' trading in every asset class, cash is again king, and in the crypto market the best representation of that is the more liquid USD [U.S. dollar] stablecoins," said Richard Galvin, CEO at Digital Asset Capital Management. Stable ground
VC deals in crypto remained steady, though the amount invested has dropped. According to CB Insights, 2019 saw only 15 fewer deals than 2018, but deal volume dropped by 34 percent from around $4.2 billion to nearly $2.8 billion. “I don’t think funding [volume] drops is indicative of the health of the industry. … A lot of younger companies are raising rounds,” said Alex Kern, CB Insights analyst. “Larger, more mature businesses didn’t come back for more capital.” Venturing out
Hawaii has a new digital currency sandbox. The “Digital Currency Innovation Lab” by Hawaii’s Department of Commerce will exempt participating crypto companies from Hawaii’s burdensome double-reserve requirement. Island innovation
Stock exchange SDX has brought on ConsenSys-backed startup DrumG Technologies alum Tim Grant. The past 18 months have been something of a bumpy road for SDX. The project was forced to delay its rollout, slated for summer 2019, until around the end of this year. Exchange consensus
Storj Labs’ blockchain-based cloud service is ready to store files and documents. “Decentralization… improves security, privacy, and resiliency, while also lowering costs,” for businesses and individuals, said Ben Golub, Storj Labs executive chairman. Cloud clout
It's not all parting clouds for crypto. Demand for BTC options on derivatives exchanges has dried up in the U.S., even as price volatility reaches record highs. On Tuesday, the Chicago Mercantile Exchange (CME) traded just three bitcoin options contracts. Bakkt, which offered the first regulated BTC future product, has traded option contracts on just four days since mid-January. Little demand |
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Bitcoin is gaining ground amid a sell-off in fiat currencies and could rise further if the U.S. stock markets track European equities higher. Feeling bullish Technical charts indicate scope for a rise to key resistance at $5,926. A move higher would confirm a breakout on the hourly chart and may propel prices toward $6,400. |
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CoinDesk Research's latest monthly report examines Binance, Cash App and Coinbase fiat onramps, crypto's faltering narrative as a safe haven asset, and “criminality” as a use case for crypto networks. The report also looks ahead (and back) to bitcoin halving impacts, as preview to the event slated later this Spring. Full report
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Bitcoin in Zimbabwe. In this first part of the 6 part “Bitcoin in Africa” podcast documentary series, Anita Posch learns about the current living situation of Zimbabweans and the country's political history. Combining on-the-ground recordings, interviews and thoughtful narration, she paints a picture of why things are how they are, as well as the state of human rights and free speech. Enter Africa |
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