Unnamed sources suggest popular free crypto and stock trading application (app), Robinhood, is negotiating with US regulators about prospects for it becoming a bank, complete with traditional services such as savings accounts. It’s still early going, and very preliminary, but such an arrangement could well be the future of banking.
Robinhood Looking to Provide Banking Services
By all accounts it has been a skyrocketing year for the smartphone trading app Robinhood Markets, Inc. out of Menlo Park, California. Success appears to have emboldened the scrappy firm, according to Bloomberg.
In late January, the company announced it would add bitcoin core (BTC) and ether to their platform, which caused 1 million people to sign up. Only a month after its formal February crypto rollout, by March it boasted a cool $5.6 billion valuation after three years of operation. And mid-May saw its services grow from one or two US states to ten.
Unnamed sources are pointing to the popular free crypto trading app as querying regulators about the possibility of it becoming a full-fledged bank. The company has proven its ability to grow a consumer base, reaching more than 4 million in the United States. That it might be able to offer savings accounts could signal a broader change in the legacy industry, one gearing itself toward the next, more tech savvy, generation.
Banking laws in the US effectively prevent Robinhood from going forward on its own in this regard. Bloomberg insists the company is “in early discussions with regulators to begin offering banking-like products through different licenses or partnerships.” Discussions are between it and “the Office of the Comptroller of the Currency, which charters and regulates all national banks and federal savings associations.”
Everyone associated with the matter was careful to stress how nothing concrete has been decided. Still, should things progress, most expect the company would partner up with an existing institution, rather than go it alone. Whatever the case, other startups have moved along similar lines with an eye toward poaching dissatisfied traditional banking customers tired of unfavorable interest rates, a friction filled online experience, and the want to have most/all of their financial dealings in one convenient application.
MicroBitcoin Blockchain Community and Korea Association of Care Workers (KACW) Partner to Expand for Users
MicroBitcoin Signs An Exclusive Contract With The Korea Association Of Care Workers (KACW) To Expand Its Usability To 1.5M Users
The MicroBitcoin Open Source Community has announced that it has signed a contract with Korea Association of Care Workers (KACW) to adapt the MicroBitcoin blockchain networkprotocol.
The contract entails 1.5 million care workers who are certified to download and use the MicroBitcoin Wallet and make payments using MicroBitcoin which will be available via their care portal that handles all long-term care with about 6,000 sanatoriums.
Furthermore, fees for agents and store purchases from the KACW portal will be payable in MicroBitcoin.
The trilateral contract was made between the MicroBitcoin Open Source Community, the Korea Association of Care Workers, and a technology consultant – Bluequotient.
In the KACW ecosystem, MicroBitcoin will be available to their 1.5million certified care workers, 25,000 care portals, around 12,000 sanatoriums, Smart New Media Press Association, Korean Beauty Federation Association, Professional Economic Person Societies, Korea internet newspaper broadcasting association, Korea Care News and more.
As a step towards MicroBitcoin’s use in the real economy, it’s expected to be a use case that improves the rights and interests of Korean care workers and services which will run transparently by adapting blockchain technology for the welfare of the aged population in Korea, which is becoming an aging society, said MicroBitcoin Open Source Community.
MicroBitcoin is a Bitcoin hard fork cryptocurrency and has recently been listed on an international cryptocurrency exchange, ‘BitOnBay’, ranked in 40th with worldwide exchange volume for the first time on September 20, 2018.
Winklevoss-Led Cryptocurrency Exchange Gemini Eyes UK Expansion: Report
Gemini, the U.S. cryptocurrency exchange founded by bitcoin billionaires Cameron and Tyler Winklevoss, is rumored to be eyeing an expansion into the United Kingdom.
Gemini Plots Transatlantic Expansion
Citing two sources close to the process, the Financial Times reports that the New York-based exchange operator has hired advisors regarding a move into Britain and may soon submit an application to the U.K. Financial Conduct Authority (FCA) for regulatory authorization to open an exchange in the country under the agency’s e-money licensing program.
Gemini has not confirmed the report, telling FT that it has “no immediate plans” but is evaluating opportunities to increase its global presence.
“Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community,” FT cited the exchange operator as saying. “Although we have no immediate plans, we . . . will always evaluate opportunities that allow the global economy to buy, sell and store digital assets in a regulated, secure and compliant manner.”
In March, San Francisco-based cryptocurrency exchange giant Coinbase received such an e-money license from the FCA, authorizing it to provide payment and electronic money services to customers in the U.K. and 23 other European Union countries. Coinbase UK customers can currently trade GBP against BTC, ETH, BCH, LTC, and ETC.
Gemini currently ranks as the world’s 61st-largest cryptocurrency exchange, according to CoinMarketCap, with a 24-hour volume of about $12 million and a 30-day volume of nearly $750 million. Binance, the highest-volume exchange, averages more than $1 billion in daily volume.
Recently, the exchange launched a fully-collateralized, USD-pegged cryptocurrency called the Gemini dollar (GUSD).
U.K. Lawmakers Call for End to ‘Wild West’ Crypto Markets
Earlier this month, FCA chief Andrew Bailey said that regulators need to take a balanced approach on cryptocurrency, mitigating risks and maintaining consumer protections while also leaving sufficient room for innovation. Lawmakers, though, have been more critical of the nascent industry, alleging that regulators need to cease with the “feeble warnings” and regulate the “Wild West” cryptocurrency markets.
Increased regulation would likely not be a major hurdle for Gemini, though, as the exchange is already one of the few cryptocurrency companies to receive a charter authorizing them to operate in New York under the state’s rigorous BitLicense framework. The firm has also partnered with Nasdaq to police its markets for illegal trading activities using the stock exchange giant’s market surveillance technology.
According to a recent survey, 30 percent of London residents plan to invest in cryptocurrency assets, compared to 13 percent of the national average. A previous survey found that 27 percent of male millennials living in the U.K. consider bitcoin a better investment than real estate.
Bitcoin Investors, Here’s 6 Crypto Analysis Tools All Traders Should Have in Portfolio
Taking A Look At A Few Improved Crypto Analysis Tool
Remember the days when cryptocurrency analysis sites were nothing more than a fancy excel sheet. Well, that’s not the case anymore. Although Coinmarketcap is still the clear leader in the space by a big margin, it has competition now. The interesting thing is that most of these platforms aren’t simply aspiring to be CMC knock-offs, they’re providing fresh tools for grasping the complexities of the ever-evolving crypto-economy.
Let us take a look at 5 new blockchain explorers and crypto monitoring sites that have made notable progress in the near past.
Let us start off with the popular new tool Onchainfx. A few weeks back, they added a Breakeven Multiple columns, showing how many times your altcoin collection needs to double to reach its previous all-time high. In the case of Zclassic, 70x is what it takes for bagholders who bought at the ATH to break even. Its latest addition is more elaborate, however, and infinitely more useful. It’s now possible to mark fundamental events on charts using Onchainfx, allowing observers to correlate market movements with actions. If you’re looking to understand why an asset boomed or dumped, from mining reward halvings to chain splits, Onchainfx’ new feature aims to capture it.
Blockchair was already an established analysis tool for BCH, BTC, ETH, and LTC for over a couple of months now. It has now expanded, adding an Omni layer protocol for keeping tabs on Tether transactions, and a Wormhole layer for monitoring activity on the new Bitcoin Cash token and smart contract protocol. As if that wasn’t enough, Blockchair has added the ability to generate printable receipts for BCH, BTC, and LTC transactions. Simply navigate to your transaction using the blockchain explorer and click “PDF receipt”.
This analysis tool can be called as a Coinmarketcap for non-fungible tokens. Having only launched this week, it’s still rudimentary but has the potential to evolve into something greater. Meantime, anyone interested in checking up on the status of their favorite ERC721 marketplace should head to Nonfungible.com, which enables tracking and trading of everything from Decentraland to Cryptokitties. Statistics detail the number of tokens traded over the past 24 hours, their average value, and the number of active users.
Blockmodo And Coinratecap
For people seeking a Coinmarketcap with added peculiarities, Blockmodo and Coinratecap both have use cases. Blockmodo adds in social, video, and community data, presenting a more holistic picture of how the markets are performing and why. Coinratecap, meanwhile, provides real-time price updates and also adds a handy list of the top 100 crypto exchanges.