Blockchain and Crypto markets are heating up. In the midst of great uncertainty in the world with lock downs and economic downturn – Blockchain and Cryptos are not slowing down. Bitcoin has moved from the lows of $4100 in mid March to the consolidation of $9700 now. And that is not even the big news.
That is the beauty of this space. An asset well above 100% gain in under 2 months and that gets a passing mention because of the developments underway.
This week, we had J.K. Rowling poking the crypto hive and Elon Musk comes to rescue calling Bitcoin Internet money better than fiat…again, that is not in the news we have to share with you below…Let’s get started.
JP Morgan extends Banking services to Coinbase and Gemini
I think the big businesses are realizing that they cannot stop Bitcoin and so they are joining forces to reap some profits. JP Morgan has on boarded two of the most popular exchanges: Coinbase and Gemini. Crypto fans know all too well that Jamie Dimon is not a great fan of Bitcoin and for his company to change stance to provide these services might hint something big is coming to the space. WSJ noted as much “What is notable is that JPMorgan was willing to extend services to businesses built around bitcoin. Such businesses have for years been blocked by banks from opening up accounts. Bankers were concerned with exposing themselves to bitcoin’s shadier uses, like money laundering, and the added glare from regulators.”
Reddit Launches Community Tokens on Ethereum Blockchain
Get ready to grab your BRICKS to build a bridge to the MOON. Reddit has launched two tokens on Ethereum Blockchain called BRICKS and MOON. This is the flagship launch starting with 2 sub-reddits. r/Cryptocurrency and r/FortNiteBR. BRICKS community points are native to Fortnite subreddit and MOON is native to Cryptocurrency subreddit. The tokens can be stored on the Reddit Vault. These coins can be traded freely within the community for any number of things from special memberships to voting privileges.
National Bank of Ukraine to launch CBDC on Stellar Network
The National Bank of Ukraine’s analytical report calls the concept of Central Bank Digital Currency (CBDC) as the ‘next evolutionary form of money.’ The bank had already run a pilot test in 2018 using Stellar Network and found the network to be ‘functioning in regular mode.’ The issuance of e-hryvnia using blockchain is not an immediate reality, the report observes “Implementation of e-hryvnia is impossible without major investment and time needed to upgrade the payment infrastructure for this instrument. The reason is that Ukraine’s market of payment services is characterized by high competition and concentration as well as the established infrastructure.”
Visa applies for patent for digital currency
It is a scam until it is not. Now, Visa wants a piece of the digital currency pie. Visa is aiming to join forces with the US Government on its efforts to introduce Digital Dollar. The Patent filed by visa describing the digital dollar mechanism explains (pay close attention to the bold text): “A computer-implemented method comprising: receiving, by a central entity computer, a request for digital currency, the request comprising a serial number and a denomination of a physical currency; generating, by the central entity computer, the digital currency for the denomination and linked to the serial number, wherein the generating comprises recording the digital currency on a blockchain; transmitting, by the central entity computer, a notification of the generation of the digital currency; and causing, by the central entity computer, removal of the physical currency from circulation in a fiat currency system.”
Bitwala to allow 80,000 customers to buy, hold and earn interest in Bitcoin
Celsius Network has joined hands with Bitwala to bring access to Bitcoin to over 80,000 customers of Bitwala. The news reports “Customers can purchase small amounts of BTC (as little as €30 \worth) and then hold it in their free Bitcoin interest account, while earning interest payouts each week. The Bitcoin in the accounts is loaned out via the Celsius Network to “trusted” business partners. There’s also an option to easily convert the cryptocurrency back to Euros if needed.” Bitwala could be the first traditional fiat bank to begin offering interest for holding bitcoin in bank accounts according to the same news.
We have been tracking crypto space since 2017 on how the bricks are being laid out in building this great new financial structure. You can follow all of them by visiting this Crypto News chronicle page.
Thank you for reading and sharing this article. Stay safe and healthy!
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