By CCN: Most of crypto land celebrated when Flexa and Gemini partnered to deliver digital currency-fueled micro-payments to merchants. Spedn will let consumers shop at major stores including Nordstrom and Lowe’s and pay with crypto across bitcoin, ether, Bitcoin Cash, and Gemini Dollar. But one crypto influencer was left out of the celebration – Litecoin Creator Charlie Lee. That’s because Litecoin was noticeably absent from the list of coins that the Spedn app supports.
Lee tagged Flexa Co-Founder Trevor Filter in a tweet rallying followers to agree that the “app should let us pay with Litecoin at Whole Foods, Gamestop, and thousands of other merchants!” Filter retweeted the message with a mysterious response saying that “retweets don’t equal endorsements…or do they?” That left Crypto Twitter to speculate that the fifth-biggest cryptocurrency would be the next coin to make the list.
Retweets ≠ endorsements (…Or do they?) https://t.co/U71uKOEOSg
— Trevor Filter (@trev) May 16, 2019
LITECOIN IS BASICALLY BITCOIN JUNIOR
Litecoin Vice President of Nationwide Merchant Solutions Jon Moore couldn’t agree more. He tweeted:
“The reason Litecoin should be added to Flexa is because #PayWithLitecoin is all about spending and supporting merchants that accept LTC!! It has nothing to do with tech, it’s about sound money, freedom, and supporting crypto adoption.”
Litecoin is meant to be a lot like bitcoin, only faster and eventually more private. The Litecoin team doesn’t seem to mind being the silver to bitcoin’s gold. The LTC price has nearly tripled year-to-date while bitcoin has only doubled.
— johnkimofficial.com ⚡️Chief LTC Evangelist🌏 (@johnkim77) May 16, 2019
A WHOPPING $90 MILLION WAS SPENT ON CREDIT CARD PROCESSING FEES LAST YEAR
If any app so far has the ability to usher in mainstream adoption of crypto, it’s Flexa’s Spedn. Not only do they make it easier for users to spend crypto as a currency but they slash fees for retailers that suffer from a huge pain point of credit card fees, costs that ultimately trickle down to shoppers. According to crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss:
“Retailers spent $90 billion on credit card processing fees in 2018. This was almost entirely passed onto customers.”
First real world real crypto purchase that was actually as easy as a credit card! pic.twitter.com/kaejvOKsYO
— Joey Krug (@joeykrug) May 13, 2019
The #Spedn app, built on open #Flexa network uses #crypto stored at #Gemini, therefore: not your keys – not your crypto. Additionally, Flexa collects personally identifiable information, as well as has the right to temporarily delay, hold, or return deposits. #ThisIsntCrypto
— Weiss Ratings (@WeissRatings) May 17, 2019
To spend, users must display a code that gets scanned at the point-of-sale, and the transaction is completed. Retailers don’t take on any volatility risk thanks to Gemini.
“They custody and insure all the funds that are deposited within the app,” stated Flexa Co-Founder and CEO Tyler Spalding in a Yahoo Finance interview.
Flexa and Gemini have done all the work and have the power to dramatically lower fees for merchants. But in order for crypto’s use case as a currency to increase, consumers must begin spending bitcoin, Bitcoin Cash, ether, and Gemini Dollar via the Spedn app in stores. And eventually perhaps Litecoin, too.
Retailers spent 90 billion on credit card processing fees in 2018. This was almost entirely passed on to customers. @FlexaHQ is "designed with merchants in mind, and users experience 0 volatility risk when transacting." #CryptoNotCredit https://t.co/6RPo8UF7dO
— Gemini (@Gemini) May 16, 2019
Top gainers: Altcoins rally and record significant gains, a day after Libra-induced correction wave
The collective crypto-market suffered a major setback after yet another hearing on Facebook’s Libra pulled down the prices of most major cryptocurrencies. However, the market soon recovered, with the collective market cap rising to $268.8 billion, with Bitcoin enjoying a dominance of 65.4%.
Major altcoins posted significant gains over the past day following the pullback.
After sustaining acute losses throughout the week, falling below key support levels and touching the $84-mark, Litecoin [LTC] rose by 15.08% over the last 24 hours. At press time, the silver to Bitcoin’s gold held a market cap of $5.74 billion and was priced at $91.57, at press time. It had a 24-hour trading volume of over $4.8 billion.
Bitcoin SV [BSV]
The ninth-largest cryptocurrency in the world, BSV also rebounded by 14.21% over the past 24 hours and held a market cap of $2.33 billion, at press time. BSV was priced at $130.50 and enjoyed a 24-hour trading volume of $453.6 million, at press time.
After staying in the red territory for a long time, the eleventh largest cryptocurrency by market cap rallied by 10.01% and pushed itself to a price of $0.023. TRX held a market cap of $1.57 billion and a 24-hour trading volume of $583.3 million. The recent upsurge in TRX’s price also coincided with the introduction of new DApps in the Tron ecosystem.
The second largest cryptocurrency on CoinMarketCap, ETH retraced its steps to the bullish realm after a surge of 8.81% over the last 24 hours. This surge drove the valuation of Ethereum to $217.70, at press time. The asset’s market cap stood at $23.26 billion, and the 24-hour trading volume was recorded to be $9.43 billion.
JP Morgan’s Jamie Dimon: Facebook’s Crypto Isn’t a Short-Term Concern
Jamie Dimon, the CEO of J.P. Morgan Chase, has said he doesn’t expect Facebook’s planned Libra cryptocurrency to have a short-term impact on the bank.
In an analysts call Tuesday, first reported by CNBC, Dimon appeared to suggest that it was too early to speculate on how the effort, advertised as a global currency for the unbanked, would impact his company or its outlook. JP Morgan is the leading bank in terms of U.S. retail deposits, according to its most recent annual report.
“We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it,” Dimon said, when asked about Facebook’s entrance into the financial sector through cryptocurrency.
The chief executive added:
“To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened.”
In previous interviews, Dimon has noted that cryptocurrency companies might compete with legacy banks. Still, he believes regulations will be a factor in how such technologies may be rolled out to the public, potentially delaying their timelines.
“Governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities,” Dimon said.
Facebook planned to debut the stable-backed cryptocurrency in 2020, but has since come out to say it will not offer the digital currency until all regulatory concerns have been addressed.
“We don’t mind competition,” Dimon said. “The request is always going to be the same: We want a level playing field.
JPMorgan proposed its own cryptocurrency, JPM Coin, in February to be used internally to speed up transactions. “The technology is very good, but it takes time in terms of licensing and approval. It must be explained,” lead developer Umar Farooq said prior to a trial period commencement.
For his part, David Marcus, lead developer of Facebook’s blockchain, has said, Libra is “not designed as a substitute for bank accounts,” in a Senate Banking Committee hearing on the cryptocurrency yesterday. A second day of testimonies is now underway.
Jamie Dimon via CNBC
India’s proposed crypto ban is ‘corrupt’ says Tim Draper
- India’s proposed bill is “pathetic and corrupt,” Tim Draper.
- Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies.
Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin support and investor in Tezos has come out to condemn the move. The outspoken investor has recently advocated Bitcoin to the government of Argentina. He refers to India’s proposed bill as being “pathetic and corrupt.”
He wrote on Twitter:
“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”
His comments have not been received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only. Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies and does not support government involvement in terms of regulating the space.
As reported by FXStreet, a lawyer in India shared what he referred to as the evidence of a draft law that could be used to ban cryptocurrencies in India except for the ‘Digital Rupee,” a digital asset that will be issued and backed by the Reserve Bank of India.
More on India’s leaked draft bill: India’s battle with crypto ban continues: “Digital Rupee” to be only the digital currency