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Reasons Coinbase Can/Should Not Say Bye-bye To Ripple (XRP)

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Around July, Brad Garlinghouse, the CEO at Ripple Labs which oversees all affairs related to the success of XRP, had for the first time enjoined Coinbase to integrate the cryptocurrency to its platform, buttressing his points with the fact that XRP solves problems at scale for institutions.

Brad digressed to the Security and Exchange Commission’s issue with XRP, highlighting why it is not a security. Not Brad alone, many analysts have weighed in on the case of Ripple with some of them claiming the cryptocurrency is no way near a security.

Not long after Brad came out to advice Coinbase, the exchange decided to declare the digital assets they are exploring and may later list without placing XRP in the names.

Afterwards, Coinbase custody, a part of Coinbase Exchange, highlighted XRP is among the coins it planned to list. This appears to be a romance message to the cryptocurrency community that there is possibility Coinbase lists XRP sooner or later.

No doubt, Ripple’s XRP, which stays at the third position on the cryptocurrency market table going by its enormous market cap, deserves to be listed on Coinbase for so many reasons.

Forgetting the points that Ripple, which has just been clarified to be separated from XRP, has sealed many a number of partners, the cryptocurrency deserves a place on Coinbase Exchange with the increasing number of users demanding that the cryptocurrency be listed without any delay.

In my effort to make it clear that XRP is a distinct coin that cannot be matched with the cryptocurrency highlighted to be under Coinbase’ watch, below are some reasons why XRP deserves a stay on Coinbase Exchange:

Wirex XRP Scenario

After Wirex launched XRP wallet on its platform, over $2,000,000 Worth of Ripple (XRP) was deposited on the platform in less than 12 Hours. This is a signal to Coinbase that quite a large number of Ripple lovers are waiting for Coinbase to launch XRP. Unlike irrelevant coins which Coinbase prioritized over XRP, there is going to be a mass deposit of XRP once the exchange lists the cryptocurrency.

Ripple Has Partnered With Many Banks

No doubt that Coinbase has been at the fore of creating a haven for cryptocurrencies by providing the crypto community with reliable wallets where funds are kept securely. Through Coinbase, an average individual can buy and even transfer coins to another person not minding distance, making it hard for one to look down on Coinbase for the enormous service it renders. More importantly, due to its large number of customers, Coinbase creates room for mass adoption in within a short time.

There is no doubt that the exchange want to be a wholly recognized fintech in the crypto space. In this regard, including XRP, a coin fashioned to better cross border transaction among banks, is a service the whole world would cherish and at the same time give more credibility to Coinbase.

With Ripple’s XRP inclusion, XRP lovers will be provided a fast track in getting the coin without a sweat. If Coinbase lists XRP, there is believe that Ripple, the overseers of XRP’s success, create more areas where the currency would be demanded in high percent, and so, increase the number of users of the crypto on Coinbase.

At the moment, many banks use Ripple tools, with some hoping to use XRP as time goes on, including XRP on Coinbase is a step towards actualizing the aim of cryptocurrency.

Ripple-Centric VCTRADE

It is up to Coinbase to act fast. There is a possibility the VCTRADE Cryptocurrency exchange purposely centered on Ripple’s XRP by SBI Holdings take the lead.

With significant number of people registering on the platform, there is a great belief in the crypto space that the exchange becomes number one. On many occasions, XRP community has come out to declare that they so much cherish VCTRADE than Coinbase.

This VCTRADE is hoping to expand its investment across the border, while at the same time creating room to rejig cryptocurrency market.

Soon, VCTRADE hopes to have more coins on its platform, and later add Ethereum (ETH). The exchange is also planning to accelerate crypto-related ideas using CoVenture Holding Company; a firm co-founded by SBI. This will open a space for mass adoption of Ripple.

It also intends to kickstart a cryptocurrency swap trading with the support of the Clear Markets Firm in the US.

If Coinbase failed to act accordingly, VCTRADE may outperform them or pays XRP community more than any exchange could.

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Australians Can Pay Utility Bills With Bitcoin (BTC)

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Bitcoin (BTC)–In terms of adoption for cryptocurrency, being able to pay for real world goods and services with the digital currency has long been viewed as the gold standard. The bear market of 2018 has led to a shift in focus away from the fundamentals of crypto and the usability of blockchain transactions in favor of wild price speculation. However, an Australian-based partnership is attempting to provide a solution for customers looking to pay their utility bills with cryptocurrency.

Cryptocurrency exchange Cointree announced a joint-venture with billing platform Gobbill to give Australian customers the opportunity to pay their utility bills with cryptocurrency. The goal of the union is to provide a solution for automated billing via crypto, with Gobbill functioning as the intermediary in the exchange, taking user funds in crypto and making the payment in fiat.

Using the Cointree wallet, users of the cryptocurrency exchange will be able to convert stored coins automatically into utility bill payments, giving customers the opportunity to pay in BTC, XRP, and nearly 40 other currencies. While Australian utility companies will not be accepting crypto directly for payment (the exchange involves a conversion to fiat), it does represent a way for Australian crypto users to get around having to cash out of their denomination on exchanges to free up funds for utility payment. The service is being aimed at small businesses and average investors, with the co-founder and CEO of Gobbill, Shendon Ewans, expounding upon the planned form of payment,

“We anticipate a surge in the number of customers who would like to pay their bills in crypto in the coming years. Our partnership with Cointree will cater to this market and ensure Gobbill continues to remain ahead of the curve when it comes to allowing our users to pay their bills automatically, while knowing they’re protected from fraud and scams.”

According to Ewans, Gobbill views this partnership with Cointree as getting ahead of the curve, a refrain we have heard several times from tangential businesses attempting to capitalize on cryptocurrency. By offering a service that automatically takes payments in cryptocurrency, Gobbill is exposing itself to the growing, and vocal, userbase of cryptocurrency, in addition to paving a future for their company that involves a takeoff in the digital currencies.

Cointree also sees partnerships for bill payments and automatic drafting as a way to increase their customer base, with efforts already enacted for several years on the front of crypto-to-bill payment. Jess Rendon, operations manager of Cointree, reported that the company has processed $100 million in bills paid in 2017,

“Last year alone we had about AU$100 million of bills paid and saw ten times growth in this payment feature.

CCN reports that paying bills with cryptocurrency has seen an explosion in Australia over the last several years, having grown by 3300% in a three-year period. While the system devised by Gobbill is still a step removed from utility companies accepting Bitcoin and altcoins directly, it does provide another avenue for investors looking to use their coins outside of exchange speculation.

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Bakkt CEO: ‘With Our Solution, the Buying and Selling of Bitcoin Is Fully Collateralized or Pre-Funded’

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On Monday (20 August 2018), Bakkt, the new company announced by Intercontinental Exchange (ICE) on 3 August 2018, declared that with its solution, “the buying and selling of bitcoin is fully collateralized or pre-funded.”

ICE’s press release mentioned that Bakkt would be offering a one-day phsyically-delivered Bitcoin futures product:

“As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval. These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies.”

This is how Bakkt announced today’s news on Twitter:

Kelly Loeffler, the CEO of Bakkt, provided more details in a post on Bakkt’s Medium blog.

Loeffler started by saying that to achieve a “trusted infrastructure for trading, storing and spending digital currencies”, Bakkt would need to provide:

  • “a consistent regulatory construct”;
  • “transparent, efficient price discovery”; and
  • “an institutional quality pre- and post-trade infrastructure”

She then moved to the “meat” of Bakkt’s announcement:

“A critical element to price discovery is physical delivery. Specifically, with our solution, the buying and selling of Bitcoin is fully collateralized or pre-funded. As such, our new daily Bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset.”

She noted that this provided support for market integrity and differentiated them from other exchanges which “allow for margin, leverage and cash settlement.” She went on to say that once you take into account the fact that Bakkt also provides “a secure, regulated warehouse solution”, it was easy to see how this infrastructure could “help more institutions and consumers participate in the asset class.”

For many crypto traders/investors and analysts, what Bakkt announced today sounded great. However, not everyone was equally excited.

Caitlin Long, 22-year Wall Street veteran (including over eight years at U.S. investment bank Morgan Stanley) who has been active in Bitcoin since 2012, expressed her concern about “financialization” (i.e. when an asset class becomes investable by large institutional investors) of cryptocurrencies, and especially her worries about “leverage-based financialization” (which arises “either from the issuance of more assets out of thin air to dilute existing holders, or from the creation of more claims to the asset than there are assets”) in an article for Forbes published on 31 July 2018.

Upon hearing Bakkt’s announcement earlier today, she sent out the following tweets to explain that although the confirmation that Bakkt’s daily Bitcoin contract would not be traded on margin, use leverage, or serve to create a paper claim on a real asset” was a good thing, she still had a few reservations:

 

 

 

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Biometric Cryptocurrency Card Protects Bitcoin with Fingerprints

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Unikeys has officially announced its UKey cryptocurrency card.

In form, it’s shaped like any other regular payment card. But it’s designed to host multiple popular cryptocurrencies including Bitcoin, Bitcoin Cash, Ether, and Litecoin. What’s more, it features an embedded fingerprint sensor. Once a user’s fingerprint data has been registered and stored in the card’s Secure Element, the card is then able to biometrically authenticate the user for each transaction, ensuring a high level of security.

The biometric component is the product of a collaboration between Unikeys and Hong Kong-based MeReal Biometrics, which obtained its fingerprint sensor technology from Sweden’s Fingerprint Cards. Fingerprint Cards has been very busy in recent months seeking to secure a leading position in the biometric cards market as major financial services brands like Visa and Mastercard prepare for mass commercialization of this kind of technology; Unikeys, for its part, is ahead of the curve.

Of course, a key to success for the latter company will be establishing merchant support for its card’s cryptocurrency payments, and as RFID Journal reports, Unikeys is currently in talks with “several companies” concerning this issue. Unikeys’ CEO says the company is also planning to launch a pilot for its solution in Hong Kong, though details about the project are forthcoming.

Biometric Cryptocurrency Card Protects Bitcoin with Fingerprints

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