CoinBase is aggressive. Hours after announcing their support for USDC, another ERC token like ZRX, news is The New York State Department of Financial Services (DFS) has allowed CoinBase Custody Trust Company LLC to operate a “limited purpose trust company”.
As a subsidiary of CoinBase who are the holders of two DFS licenses (Money Transmitter and Virtual Currency licenses) that give them the power to trade, transfer, receive and store different digital assets, the approval took the market by storm. With this, the CoinBase Custody Trust Company LLC will at any time offer custodial services for the six different cryptocurrencies—including XRP and those listed at the exchange including Litecoin and Ethereum Classic. However there is no mention of whether ZRX will be supported by CoinBase new custodial services.
While acknowledging the grant, Asiff Hirji, President and COO of CoinBase said:
“The New York Department of Financial Services has proven itself to be a strong advocate in its support for the responsible growth of the cryptocurrency industry. The New York State Limited Purpose Trust charter, which now enables CoinBase Custody to act as a Qualified Custodian for crypto assets, builds on our unparalleled success as a crypto custodian”
Judging by their recent acceleration of coin offering, CoinBase are changing their previous methodical and prudent approach. Though this may be in response to increasing competition and demands from their 5 million customers in the US alone, there recent activities is good for the market. Not only will it increase widespread adoption but by opening new channels of funding, the whole space benefits from deep liquidity and directly tempers the market making it even more attractive for institutional grade investors.
Institutional Involvement: CoinBase New York Offices
In August, Ethereum World News reported that CoinBase planned to more than double their New York office employees from 250 to 500. As CoinBase places themselves strategically to tap in institutional involvement as regulation thaws, the New York office is specifically set in place to cater and appeal to institution and high net worth crypto curious investors.
According to Adam White, there are many investors keen on entering the space. He said:
“When we saw the market begin to correct, which we all expected, institutions didn’t lose interest. It was exactly the opposite… They look at it as an opportunity to enter when things are not too frothy.”
Source: Ethereum World News
Read here the latest news about ripple:
Ripple price analysis: XRP/USD on course of recovering Tuesday’s losses
- XRP/USD went up from $0.295 to $0.309 this Wednesday.
- The relative strength index (RSI) bounced up from the oversold zone.
XRP/USD went up from $0.295 to $0.309 this Wednesday, on course to recover this Tuesday’s losses wherein it went down from $0.312 to $0.295. The 60-min intraday chart shows that the price went up to $0.321, where it met resistance and went back down to $0.309.
XRP/USD daily chart
The daily price chart is trending just above the lower curve of the 20-day Bollinger band, showing that the price is not undervalued yet. The price is also trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows sustained bearish momentum. The Elliot oscillator shows eight straight bearish sessions. Finally, the relative strength index (RSI) bounced up from the oversold zone.
Are BNB’s gains and XRP’s losses a reflection of the market demanding rational, transparent monetary policies?
On the road to create the perfect cryptocurrency that records the highest adoption rates, some players have gone off track from its foundational “transparent” upbringing. This was duly noted by many in the cryptocurrency community and proven by a graph representing cryptos’ liquid market cap.
Owing to Binance’s efforts to promote its in-house token, BNB led the chart in terms of year-to-date performance, witnessing a 380% hike in liquid market capitalization. Bitcoin and Litecoin, given their wide-scale acceptability, have been able to build on last year’s performance. While the aforementioned information hints at growing investor sentiment, the chart shows that 2017’s top-performing altcoin, XRP, recorded a drop of 11% in the same reading.
Pointing this out to the vigilant crypto community, a Research Analyst at Messari Crypto, @fmoulin7, tweeted,
According to the Twitter user, questions over Facebook and the possible centralization of Libra are the same faced by XRP. A growing call for transparency from Facebook’s Libra has thus, bled to the XRP ecosystem as well, affecting its price in the market.
While XRP had marked its position in the cryptospace by enabling seamless cross-border payments, its recent fall can be attributed to the community’s dislike towards the involvement of banking authorities in the mix. Ripple’s many partnerships and collaborations have not translated well and borne fruit for its token, XRP.
Additionally, Facebook’s Libra can also be attributed to be behind XRP’s steady fall in valuation over the past few days, as the “XRP-killer” promises similar financial infrastructure in addition to its unparalleled user-base across the globe. While U.S. regulations threaten Libra’s future in the cryptospace, BNB and XRP’s inverse trajectory has started raising many eyebrows in the community. This leaves the crypto-community with a compelling question – Is this the beginning of a new era?
Why Ripple-powered Santander’s new UK Poland financial corridor is a game-changer
A new financial corridor is now online between the UK and Poland. It’s Santander’s, and Ripple powers it. And it seems to be the next big thing in fintech.
Banco Santander is considered to be the best bank in the world right now. And it is an official Rippler partner, client. It operates all over the world, and it’s one of the few traditional financial institutions that like to get ahead of the times by adopting new technologies instead of being conservative, fearful, and waiting, which is what most banks in the world do. Bankers hate change and innovation… until it saves them money.
That’s why Banco Santander adopted Ripple’s technology for settling international payments early. The Spanish bank released a mobile app that allows for the instant settlement of international payments in Western Europe more than a year ago. That was a massive success for Ripple’s technology and credibility, but it’s worked very well too for Santander and its customers.
Santander remains one of Ripple’s main strategic partners in the world, and it’s still developing new use cases for the technology. According to Marcus Treacher, who serves as Ripple’s Global Head of Strategic Accounts, Santander just opened a new payments corridor in the Santander OnePay FX app. It just went online, and Ripple also powers it.
It has a lot of advantages to Santander’s customers. Payments get settled in a matter of seconds for a start. Also, customers don’t pay for FX conversion (which could be because the exchange is done using XRP as a mediating currency). But it could be all about the initial promotion of the new service. We’ll have to wait and see.
It is excellent news for Ripple as well as for XRP holders. New use cases create a utility which begets demand. And demand becomes a superb market performance in the cryptocurrency market.
We are seeing how more and more economic corridors are popping up in the planet powered by blockchain technologies such as Stellar Lumens or Cardano, but mainly by Ripple’s technologies and its native cryptocurrency, XRP.
All these successes are a testament to Ripple’s focus. The company has been utterly invested in solving the global transfer problem since 2012. It’s created the technology needed and, most importantly, it’s managed to persuade the most unlikely institutions in the world to adopt (or at least test) that technology so that they can understand that cheaper, faster, more reliable international operations are better for every party involved.
The Ripple Net includes 200 banks and remittance services scattered all over the planet, and it keeps recruiting new strategic partners at the tune of one per week, on average. Most of them haven’t adopted the Californian firm’s technology at a production stage because inertia is the prevailing attitude in the world’s financial services.
Bankers are conservative, and they hate change. But as they read the writing on the wall, they will come to understand that Ripple is a much better option for them than the SWIFT system, which is 44 years old, unchanged since its inception, and still the world’s standard for settling cross-border payments.
Other members in the Ripple Network include Western Union, MoneyGram, and some of the largest banks in the Asia-Pacific zone.
Keep an eye out for Ripple. XRP usually performs very well in the cryptocurrency market, and as more news like this one keeps being announced, it will only perform even better.