Another week of excitement in the crypto space. Obviously, the big elephant in the room this week is Bitcoin’s sudden drop from $10,000 to $8000, a 20% drop in value in under 7 days. Those who have been calling out the dangerous volatility of bitcoin got a lot of air time this week to drum their claims.
Fewer than anticipated players on Bakkt platform sent the prices of bitcoin to take a nosedive.
Beyond the price action, there is a lot going on in the space. Concerns over Google’s quantum supremacy and its impact on cryptography, first ever Crypto insurance, NEO becomes first ever blockchain member of .NET and more.
You can check our Crypto News Compilation to view the developments in the space from 2018 till now.
Google’s Quantum Supremacy and its impact on cryptography
A quantum milestone in computing may just have been accomplished by Google. According to an article on Financial Times, Google claimed to have achieved “Quantum Supremacy”. The whole technology community is going bonkers over the claim. Some stating that claim to be not entirely true while others expressing their concern about internet security. Article on The Verge quotes that the quantum supremacy could help us do “in minutes what used to take thousands of years.” The Crypto community is freaking out over the news and how this could disrupt the cryptographic shields. Some veterans of crypto are ruling out any impact of Google’s quantum capabilities on cryptography.
SoFi starts zero-fee crypto trading
One of our favorite traditional lending platforms, SoFi has started trading crypto. SoFi sent ripples in the traditional lending market by offering a low interest rate and zero processing fees, that means, if you take out a loan for $10000, you get $10000. Most other lending platforms take substantial amount as ‘processing fees’. It looks like, SoFi is slowly encroaching into the services offered by Robinhood. SoFi now has option to buy shares in dollars instead of share value. The latest addition of crypto trading is another stamp of approval for the crypto future.
“Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto,” said SoFi CEO Anthony Noto in a press release. Keeping with their brand, SoFi will offer Zero-Fee trading for cryptos.
First and only crypto insurance company goes live
Touted as the first and only in the industry, Coincover has launched its services. It’s website reads “Coincover is the first and only service to guarantee digital funds will not be lost or stolen.”
Company offers 24/7 wallet monitoring, lost key recovery and theft protection among its services. The theft protection costs $2 for every $1000 insured and a cap of $100,000 is set for general users. For higher caps, you have to request special quote. Coincover does only work with approved wallets. David Janczewski is the CEO of the company and the site shows he has worked on “government grade solutions with The Royal Mint, CME Group and HM Treasury.” This is a much needed solution for the space to bring confidence and legitimacy.
Fold App raises $2.5 Million and makes spending bitcoin easy
Fold App is making it easy to spend bitcoin and to receive the cash back in Bitcoin. For everyone who joins the program now gets 20,000 sats for free. App allows options to join the program anonymously as well, which is refreshing to see. You can buy cards for Amazon, Starbucks, Burger King, Macy’s etc., and instantly get cash back in satoshis. You can even spend the satoshis you earned on future purchases. All in all, this could act as an easy gateway into bitcoin spending.
Venezuela’s Central Bank is considering holding Bitcoin in its reserves
At the request of State run Petroleos de Venezuela SA (PSDV), Venezuela’s Central Bank is exploring the options of holding cryptocurrencies such as bitcoin and ethereum, as currency reserves. Growing inflation, the US government sanctions and shrinking market has prompted Venezuela to look into crypto as an alternative to circumvent the US sanctions. Under the framework, PSDV could transact with its customers using cryptocurrency and then transfer that crypto to the central bank which in turn settles in fiat.
Infosys and R3 conclude trial of blockchain based trade finance
According to the official press release on the Infosys website, “Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY), today announced the successful completion of a global blockchain trial in partnership with R3, one of the fastest growing enterprise blockchain software companies in the world.” 18 banking groups from across 19 countries participated in this trial.
More than 25000 stores in France to accept bitcoins by 2020
France may be against Facebook’s Libra, but it is encouraging bitcoin and cryptos in general. Based on the legal framework laid out in PACTE Law, French company, Global POS, is introducing EasyWallet which will enable more than 25000 point of sale (POS) to accept crypto payments. Global POS is aiming to simplify accepting cryptocurrencies and thus help economy enter into a blockchain commerce era.
NEO becomes the first blockchain member on the .NET Foundation
Marking a milestone for a blockchain company, NEO has become a member of .NET Foundation. Jon Galloway, Executive Director of the .NET Foundation, noted that, “The .NET Foundation is very excited to welcome NEO as the very first blockchain platform to join our community. NEO is a pioneer in adopting the .NET platform, and we support them in building an innovative decentralized platform and developer community.” This move is expected to help NEO build most-developer-friendly blockchain infrastructure.
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RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.
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