Even though one would be inclined to say the bearish pressure is gone from crypto again, there is still a lot of uneasy momentum. A fair few markets are still in the red, whereas most others do not note any spectacular gains. One notable exception in this regard is the Crypto.com Chain price, which simply keeps firing on all cylinders. It is the most bullish market today, and even this past week.
Crypto.com Chain Price Shoots up Again
For those unfamiliar with the Crypto.com Chain project, it is easy to explain. Crypto.com, formerly known as Monaco, introduced this new token as part of their push to enable mainstream crypto payments usage. The token is distributed without pre-sale, public sale, or ICO, and is “airdropped” to Crypto.com holders through the native wallet app. Its total supply sits at 100 billion CRO, of which nearly 4 billion are distributed to users at this time.
Over the past 24 hours, the Crypto.com Chain price has risen by another 54% in USD, BTC, and ETH value alike. This is a very bullish sign, although it is not the first major uptrend either. In fact, this project has seen bullish momentum for quite some time now and it seemingly is not relenting. The token is even on the verge of entering the market cap top 20 because of its individual value of $0.097.
Finding reasons for this strong price gain is not all that easy. While it is true CRO is now listed on the Upbit exchange, that alone will not necessarily improve its price by such a matter. To date, CRO was only live on a handful of exchanges, with Bittrex and GOPAX generating most of the trading volume. It will be interesting to see how Upbit performs in this regard, although it is still too early to draw any real conclusions at this time
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The Crypto.com team is also quite pleased with their CISO Jason Lau being named Outstanding Financial Technology of the Year in the Data Privacy category. Winning an award is always a major milestone, especially when it comes to cryptocurrency and blockchain companies. It is evident having a strong team on board will help crypto projects advance over time, although there is still a long way to go prior to achieving mainstream traction.
SBI Holdings Latest Crypto Venture Will See It Make Mining Chips
Japanese financial services giant SBI Holdings has established a new subsidiary to manufacture cryptocurrency mining chips and systems.
The new venture, SBI Mining Chip Co. (SBIMC), is a part of SBI’s strategy on digital assets-related businesses, according to an announcement on Friday
SBIMC will be carrying out the development and manufacturing of cryptocurrency miners in partnership with an unnamed “large” semiconductor enterprise in the U.S., said SBI.
The new venture will be led by former NASA veteran Adam Traidman, who has a “high level of expertise in the field of leading-edge semiconductors and other electronics.”
Traidman has a total experience of over 20 years and has served as CEO of Chip Estimate (acquired by Cadence Design Systems, Inc. in 2008) and WearSens (Wearable device developer specialized in dietary monitoring) in the past. He also served as CEO of BRD, in which SBI Group has invested, according to the announcement.
SBI Group, through its subsidiary SBI Crypto, started a mining pool for bitcoin cash (BCH) last year, but is no longer mining the cryptocurrency.
The group first revealed its interest in the cryptocurrency industry back in 2017. At the time, the firm said it is looking to acquire cryptocurrencies directly, including through mining, as well as establishing ways of using cryptocurrencies and providing investment opportunities.
Over the years, the firm has ventured into several areas within the industry, including establishing regulated cryptocurrency exchange VCTRADE last June, and launching blockchain-based money transfer app MoneyTap in partnership with Ripple back in October.
Earlier this year, the group invested $15 million in Swiss startup Tangem, maker of a slimline hardware wallet for cryptocurrencies. It also recently formed a joint venture with blockchain consortium startup R3 to boost the adoption of R3’s Corda platform in Japan and beyond.
Crypto Market Maker B2C2 Hires Wall Street FX Vet to Lead US Expansion
alanello helped the bank get into compliance with the U.S. Dodd-Frank Act and the European Union’s Markets in Financial Instruments Directive (MiFID).
Catalanello told CoinDesk that B2C2 is taking “a very conservative approach” and securing the appropriate regulatory authorizations before it starts doing business in the U.S.
“We have submitted our FinCEN application and hope to be ready to begin dealing with customers by the end of April,” he said.
B2C2’s U.S. office will be located in Jersey City, New Jersey, across the river from New York’s financial district, “until [we] determine the licenses for which we will ultimately apply,” Catalanello added.
Right now, he is the only U.S. employee, “but we are prepared to add staff as the business grows,” Catalanello said. “In the meantime, we will support our clients on a 24-hour basis … with coverage from our global network in London and Tokyo.”
Max Boonen, B2C2’s founder and CEO, said in a press release that Catalanello’s “financial market expertise gained at major investment banks will be instrumental in expanding our client franchise to the U.S. market.”
Catalanello praised his new employer in the release for being the first in the cryptocurrency industry to introduce a “single-dealer platform,” meaning an electronic interface for over-the-counter (OTC) trading, three years ago. While such portals are standard in the traditional financial markets, to this day some OTC crypto desks still negotiate trades with clients by Skype or chat.
B2C2 “will continue to bring FX market know-how and best practices to the digital asset class,” he added.
Swiss Bank Allowing Crypto Access is a Win for Bitcoin
The well known Swiss Bank, the Julius Baer Group AG, announced to allow its users to access cryptos by partnering with SEBA. SEBA is building a progressive technological bridge between the traditional and the digital asset world, raised quite a handsome amount of $103 million back in September, 2018. The raised funds are to be poured into the project to allow the users the liberty to transact cryptos through the banking system.
The Swiss bank, Julius Baer, is among the very first banks to allow such a crypto transaction facility within the banking arena. During the tenure of the cryptos, there has been a major rush over the fact that cryptos need mass adoption real fast. This can be carried out if cryptos are readily available for the use, triggering easy access. The Swiss bank incorporating cryptos is a similar move that bears the potential to bring in a massive amount of users to buy into the crypto market. The Julius Baer Group possesses a total of 254 billion worth of assets under management in pure corporate banking terms
SEE ALSO: JPM Coin is a ‘Failed’ Attempt to Redefine the Ideology of Bitcoin & Cryptos
Recently J.P. Morgan came to limelight when they announced to launch their own blockchain based stable coin (backed by USD) that goes by the name of JPM Coin. JPM Coin will be used to settle payments and transactions for JPM’s institutional clients over the blockchain. Another big news graced the internet when Facebook also announced their own Facebook coin for their Whatsapp userbase. Through Facebook Coin transfer of money within a country and across the globe can be made easier for the general public.