KPMG Report Lays Out Incredibly Bullish Case for Crypto Assets

A recent report from “Big Four” auditor, KPMG, details the key challenges facing cryptocurrencies, and importantly notes that digital assets are a “big deal.”
The report comes as institutions and corporations are becoming increasingly interested in cryptocurrencies as an investment class.
The KPMG report opens with a section titled “Cryptoassets are a big deal,” explaining that despite the markets still being nascent and small, waves of new entrants and increased public interest have led their parabolic upwards rise over the past several years, and their growth has made them “impossible to ignore.”
In this opening section, the report’s authors note a few key developments in the cryptocurrency industry that have increased their intrinsic values, citing the release of multiple stablecoins backed by major financial institutions, and the entrance of traditional financial service companies into the markets, like Fidelity.
“In 2018, we are seeing a wave of new entrants in the market such as security token platforms, stablecoins, and even established financial services institutions that are launching crypto products and services. Cryptoassets are now impossible to ignore.”
The Case for Crypto
Following KPMG’s introduction to the cryptocurrency markets and industry, they offer readers a bullish look at the future of cryptocurrencies in a section titled “The case for crypto and institutionalization.”
In this section, the authors open with a candid look at the problems that cryptocurrencies are trying to solve, citing issues with traditional means of wealth storage, fundraising, currency transfers, and the non-digital nature of assets in a digital world as the main issues that are solved by cryptocurrencies.
“So, is crypto a solution looking for a problem? No, there are real problems in the global financial services ecosystem that cryptoassets are looking to address. More participation from the broader financial services ecosystem, will help drive trust and scale for the tokenized economy and help the crypto market grow and mature,” KPMG explains.
Furthermore, the auditing giant notes that the future success of cryptocurrencies as both an asset and a tool is based on whether or not it can efficiently reduce the friction and inefficiencies that exist in the current financial ecosystem on a large scale.
“The staying power of many cryptoassets will be defined by their ability to reduce friction and inefficiencies that currently exist within the global economy,” KPMG said, further adding that their volatility is seen as being the main barrier to this, but that the issue of volatility will likely subside as the markets mature.
“While volatility is certainly a problem, it is important to recognize that these assets are still fairly immature and will become less volatile as they mature.”
Related Reading: Survey: Four in 10 Brits Don’t Think Crypto Will Be Used as Cash or Card
Crypto Creating an Open Financial System
The next section in the report, titled “Creating an open financial system and why institutionalization is key,” tackles that issue of how cryptocurrencies can increase the transparency and accessibility of the world’s financial system, and is authored by two Coinbase executives.
In this section, Jeff Horowitz, the chief compliance officer at Coinbase, and Eric Scro, the vice president of finance at Coinbase, explain that in less developed countries, cryptocurrencies act as a gateway to traditional financial services for users in countries like Argentina.
“Let’s take the example of Argentina, where they currently see hyperinflation. A globally accessible, decentralized store of value could have a significantly stabilizing impact on
the country’s economy. Bitcoin could potentially represent such a store of value in the future,” the two men noted.
But in order for cryptocurrencies to increase the global accessibility and transparency of the financial ecosystem, cryptoassets need to be institutionalized, which will in turn increase their liquidity, accessibility, and utility, and for this to happen global regulators need to step in and seriously discuss the role crypto can play in the future financial system.
“Regulatory agencies are also beginning to seriously discuss cryptoassets, which could help drive institutional participation, encouraging the marketplace to think about how engagement with these assets fits into both existing rules and regulations and new frameworks that may be needed for crypto. The focus on crypto innovation must not come at the expense of security, compliance, and consumer protection,” they further explained.
Although increased regulation is critical for the future of cryptocurrencies, it is also cited in the KPMG report as being one of the main factors that is leading to stagnation due to the uncertainty it has caused, along with an increase in fraudulent activity and unclarity due to possible and unclear tax implications associated with the possession and trading of digital assets.
Although the markets are caught in a persisting bear market, with Bitcoin sitting at fresh 2018 lows, it is becoming increasingly clear that cryptocurrencies are becoming a serious asset class that will likely help shape the future of our world’s financial system.
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Bitcoin Falls Below $5,000 for the First Time in 2018 on Coinbase

The price of Bitcoin fell below $5,000 on Coinbase for the first time in 2018 as the bear market continues to drag prices down across the board.
Market Cap Drops to Below $87 Billion
For the first time since October 2017, Bitcoin dropped lower than $5,000, at $4,996 on San Francisco-based crypto exchange Coinbase. As a result, its market cap was pushed down below $87 billion.

#Bitcoin is officially under $5k on Coinbase… pic.twitter.com/MyT75TEWlL
— Nye The Crypto Guy (@CryptoShillNye) November 19, 2018

Over the past seven days, Bitcoin’s value has declined by over 21 per cent, according to CoinMarketCap. The drop in value comes after months of stability with the crypto asset trading within the $6,200 and $6,800 range. However, last week market prices across the board started dropping between 10 and 20 per cent.
At the time of publishing, Bitcoin’s value has risen slightly back above the $5,000 level, at $5,101. Yet, according to one analyst Bitcoin is likely to fall back under $5,000 as it faces regulatory hurdles in the next few months. Stephen Innes, the head of Asia Pacific trading at Oanda, said to MarketWatch:
“I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets…”
According to Mati Greenspan, an eToro analyst, if the support level of $5,000 doesn’t hold, the next logical won’t be until $3,500. In a report from CNBC, he stated: “With all the falling prices lately, this definitely fits the definition of a buyers market.”
Others, however, have pointed to the recent Bitcoin Cash hard fork as the reason for declining prices. Brian Kelly, founder and CEO of cryptocurrency investment firm BKCM, said last week that the market is experiencing a “crypto civil war.” Referring to the split with the altcoin, Kelly said:
“When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing. So, we’ve got ourselves a ‘crypto civil war’ […] People started selling. That triggered stops. Everybody got concerned. And that’s what happened today — the entire market sell-down.”
Related Reading: Bitcoin Cash War Begins: Hash Power of BCH Increasing Rapidly
It remains to be seen whether or not the market will improve in the short-term. As for Tom Lee, co-founder of Fundstrat Global Advisors, he’s reportedly revised his end of year prediction for Bitcoin. Over the weekend, it was noted that he had changed it from $25,000 to $15,000.
Given the way the market’s currently heading that seems incredibly optimistic.
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Coinbase Finally Takes RippleLabs’ Coin on Their Custodian Services

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Coinbase Finally Takes RippleLabs’ Coin on Their Custodian Services

Coinbase Custody, the safekeeping arm of the crypto-finance giant, decided to add support for Ripple (XRP) on its institutional-aimed custodian service.

Coinbase Finally Takes RippleLabs’ Coin on Their Custodian Services

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NYDFS Grants Yet Another BitLicense, Now It’s Time for NY Digital Investment Group to Celebrate

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NYDFS Grants Yet Another BitLicense, Now It’s Time for NY Digital Investment Group to Celebrate

New York Digital Investment Group has recently become the 14th company to be granted with BitLicense by the NYDFS.

NYDFS Grants Yet Another BitLicense, Now It’s Time for NY Digital Investment Group to Celebrate

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How Brian Armstrong, CEO of Coinbase, Became a Crypto Billionaire

San Francisco-based cryptocurrency startup Coinbase has had a spectacular couple of years. A recent funding round valued the firm at $8 billion, making its CEO, Brian Armstrong, worth $1.3 billion.
Coinbase Expanding into All Areas of Cryptocurrency
For many getting started in the space, Coinbase serves as a gatekeeper to the rabbit hole that is crypto. Launched in 2012, the company has become one of, if not the, most recognisable in the industry thanks to an ever-expanding list of features, services, and, surprisingly, robust security record.
The exchange made a name for itself by offering a no-nonsense entry into cryptocurrency. By using the San Francisco-based startup’s brokerage service, those intrigued by digital assets can get exposure to them in a familiar way using a wide range of common deposit options.
The firm also operates an exchange service offering more advanced trading features. Formerly known as GDAX, like the main brokerage service, Coinbase Pro generates fees on every trade made. The direction of the market is irrelevant to Coinbase, and by extension, its recently named billionaire CEO.
According to Bloomberg, a recent funding round managed to raise $300 million for Coinbase, which in turn received a valuation of $8 billion. Based on that figure and Armstrong’s stake in the firm, the CEO is worth $1.3 billion. Compare this to his estimated net worth of $900 million to $1 billion in January of this year. Clearly, there is money to be made in the exchange game during bear markets too.
For those who follow the cryptocurrency industry closely, such figures should hardly come as a surprise. The crypto exchange has had a very busy 2018, launching a variety of products and services, making high-profile hires, and receiving prestigious licences to operate.
This summer the firm launched four new products aimed at the institutional market: Coinbase Custody, Coinbase Prime, Coinbase Institutional Coverage Group, and Coinbase Markets.
Following this, in September, the firm was reported to be exploring the possibility of launching their own Bitcoin ETF. To aid in their research, members of Coinbase are believed to have consulted with BlackRock Inc. – the world’s largest global investment management firm.
More recently, it has added several new digital assets and expanded the trading pairs offered to include additional stablecoin pairs. To provide such functionality, the firm partnered with Circle to launch their own dollar-backed digital currency – USDC.
Related Reading: Coinbase Bear Market Revenue Projected to Beat Last Year’s Bull Run
No Guarantees in Cryptocurrency
Although the exchange is certainly making all the right moves in the digital asset industry, they do face fierce competition – particularly when it comes to an institutional market.
With announcements from the Intercontinental Exchange (ICE) of their soon-to-be-launched, one-stop crypto shop, Bakkt, and multitrillion-dollar Fidelity Investments planning to launch their own trading desk, the success of Coinbase’s efforts at appealing to a wealthier class of investor looks in doubt.
Can we really expect the planet’s largest money managers choosing to use Coinbase over one of these huge established names to buy and store billions of dollars worth of cryptocurrency for them?
In the face of such competition, it’s encouraging to see that the crypto exchange appears wise enough to remember its roots.
The firm’s success, up to this point, has been largely driven by retail investors and lower volume traders. Along with the launch of a series of new digital assets, the firm has provided a platform for crypto education for retail investors. Coinbase Learn provides analysis and information into a range of assets both supported and not on the brokerage and trading desk at the exchange.
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Bitcoin Cash [BCH] hard fork on Coinbase further detailed out; November 15 event stirs community

The upcoming Bitcoin Cash [BCH] hard fork has created quite a sensation in the cryptocurrency community, with several major players announcing their perspective on the event. On November 13, Coinbase, the largest cryptocurrency exchange in terms of users, released a set of guidelines that BCH holders will need to follow during the fork.
The exchange, which had earlier released a circular that talked about the pause on sends and receives of Bitcoin Cash on the platform, revealed a new addendum. Coinbase said:
“Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00AM PST on Thursday on Coinbase.com, in the iOS and Android apps, and on Coinbase Pro and Prime. Accordingly, during the time of the pause, you will not be able to sell or remove your BCH from Coinbase.”
The company has also informed users that if they need to access their respective BCH during the fork, they will have to remove it from the exchange before the process begins. Coinbase has also laid out a detailed instruction list for users that will enable them to handle the cryptocurrency during the hard fork.
Coinbase has stated that after the BCH transactions are paused, a snapshot will be taken of the existing BCH balances. The exchange will then monitor the fork for network consensus to ensure that the fork happens successfully. The circular further said:
“If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks, but may take longer.”
The Bitcoin Cash hard fork was also in the news recently when Bitinex announced pre-fork trading on their platform. The exchange had stated:
“While we want to make such forks available to our customers, our limited and temporary support for them is not and should not be construed as support for any particular project.
 
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Source: AMB Crypto

5 Coins Coinbase Likely to Add Next

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5 Coins Coinbase Likely to Add Next

At the advent of an excessive Coinbase expansion, Coinspeaker worked out the list of digital coins that are expected to broaden the exchange’s offering next.

5 Coins Coinbase Likely to Add Next

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Riding on Coinbase Listing Update, Stellar Gains Fifth Spot Leaving Behind EOS

Stellar Lumens or XLM has become the fifth largest cryptocurrency by winning over EOS. It stands with market cap $5,093,506,793 as against $4,915,473,123 of EOS.
Factors leading to Stellar’s win over EOS

Coinbase has recently announced the listing of several new assets to its exchange which also includes Stellar. It announces the listing of Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and Ox (ZRX).
Earlier this week, Stellar Development Foundation heads up for the biggest airdrop in crypto history. Interestingly, the total of $125 million worth of Stellar Lumens (XLM) will be released as a give away to its blockchain wallet users. This has definitely risen up the XLM market to interesting highs as more people are showing interest, seeing quite a big fund for giving away.
Yet another reason that marks Stellar on top than EOS is “Fake EOS wallet on Google Play”. EOS RIO, EOS developers has been seen warning its users to save from the use of fake version of its App on Google Play, which has negatively affected the volume of EOS cryptocurrency.

Since the market is volatile in nature, one cannot definitely state the literal stand of any cryptocurrency. It is however interesting to see whether the price of Stellar is influenced by $125 million airdrops or Coinbase listing announcement or spotlight of Fake EOS wallet on Google Play.
Will stellar sustain its position against EOS. Let us know in comments below.
The post Riding on Coinbase Listing Update, Stellar Gains Fifth Spot Leaving Behind EOS appeared first on Coingape.
Source: CoinGape

Why Are Novogratz, Fidelity, And Bakkt Banking On Institutional Crypto Investors?

It goes without saying that Galaxy Digital, a digital asset-centric merchant bank, has been beaten and bruised in recent months. Months ago, to remain coherent with its appearance on the Toronto Stock Exchange, the startup was required to divulge its Q1 balance sheet, which wasn’t pretty, to put it lightly. However, the Galaxy’s top brass have seemingly remain undeterred, setting its scopes on new sectors in crypto to maintain its hegemony.
Novogratz’s Galaxy Digital Sets Its Scopes On Wall Street
Just recently, NewsBTC reported that institutionally-sourced capital has continued to flow into this industry’s coffers en-masse, even in spite of the cryptocurrency market’s retail drought. Alex Kruger, a well-respected market researcher, claimed that $5.9 billion of Wall Street capital directly entered into digital assets, amounting to 2.8% of the aggregate value of all cryptocurrencies.
And, with an exclusive from The Block, it has become apparent that this swelling subset of investors hasn’t gone unnoticed, with Mike Novogratz’s Galaxy Digital recently undergoing a surprising shift to appeal to institutions.
On Friday, Galaxy Digital, releasing a public statement, revealed that two of its biggest names would be leaving the firm, which would coincide with the shutdown of its Vancouver office. The Block corroborated this claim, while also consulting with its insider sources to reveal that an additional three executives had threw in the towel at Galaxy.
While some were rightfully perturbed by this abrupt alteration, what went under the noses of many was the following segment of Galaxy’s announcement:
“The Company is adapting to the regulatory framework and the opportunities it is currently seeing, and therefore repositioning its Advisory business from focusing on small ICO advisory and blockchain consulting to instead serve larger, more institutional clients in the space.”
This, interestingly, lines up with previous reports and the public’s sentiment on the current state of initial coin offerings (ICOs). One such report claimed that a mere 19% of TGE survey respondents were confident about the ICO space.
Likely doing research on the matter themselves, it is likely that as the ICO market collapses and the non-retail cryptosphere booms, Galaxy Digital has thought it advantageous to entice and beckon institutional clients in. Still, while its shift to target institutions was made crystal clear, it remains to be seen what measures the company will enlist to allow itself to flourish.
Crypto’s Holy Grail — Institutional Investors
Galaxy Digital’s ambition to target institutions underscores a rapidly growing theme in this industry, which is the establishment of products, services, and platforms aimed at Wall Street’s hotshots and high net-worth individuals. This underlying shift, as alluded to earlier, has been catalyzed by the growing number of institutions and corporations expressing interest in this space. Moreover, some industry insiders have even become convinced that institutional investors have become crypto’s holy grail, resulting in startups aiming its barrels at Wall Street.
In mid-October, Boston-based Fidelity Investments, one of America’s largest financial bodies, revealed that it would be launching a crypto subsidiary after dabbling in this industry for four years. Fidelity, who dubbed its subsidiary “Fidelity Digital Asset Services,” currently has ambitions to launch top-notch cryptocurrency custody along with trade execution for its 13,000 institutional clients.
Speaking on his excitement for Fidelity’s proposed custody solution, Novogratz told Bloomberg:
“One of the things that will get institutional investors involved in crypto is custody solutions… And Fidelity is coming out with a world-class custody solution that is aimed at institutions, so that’s a box that gets checked and [that is] something that gets taken [an institution’s] list.”
But, Fidelity’s digital asset-focused service is still months away, so for now, all eyes are on Bakkt’s December 12th launch, which will see the first physically-backed Bitcoin (BTC) futures contract go live.
However, despite the aforementioned strides, some remain unconvinced that institutions will be in this nascent industry’s future.
Speaking at Lisbon’s Web Summit 2018, Nikolay Storonsky, CEO of Revolut, explained that interest from “big institutional investors” isn’t present. Then, furthering his narrative, claimed that banks will be doubtful to foray into this space, subsequently adding that these players won’t drive crypto’s next move to the upside.
Jackson Palmer, the founder of Dogecoin, echoed Storonsky’s skepticism regarding institutional involvement, issuing an insightful op-ed piece and accompanying video titled, “Why ‘the institutionalization of cryptocurrency’ is a paradox.” Arguing against the arrival of the aforementioned class of investors, Palmer, who is a prominent software developer at Adobe, claimed that this crypto’s newest startups, such as Bakkt and FDAS, may only undermine this industry’s ethos of pure decentralization, anti-censorship, and anti-government.
Related Reading: Dogecoin Creator: Bakkt, Fidelity, and Bitcoin ETF Are Bad for Cryptocurrency
Regardless, no matter the future of this market’s dynamic, many pundits remain convinced that crypto assets and the decentralized networks they are based upon will succeed in the decades to come.
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Dogecoin Creator: Bakkt, Fidelity, and Bitcoin ETF Are Bad for Cryptocurrency

Jackson Palmer, the founder of the cryptocurrency Dogecoin, has discussed what he calls the “re-centralization” of the cryptocurrency markets, and notably criticized the direction the industry is heading.
Growing Shift Away from Decentralization in Cryptocurrency Industry
In a recent opinion piece published in Diar, Palmer begins his Op-Ed, titled “The Institutionalization of Cryptocurrency is a Paradox,” with a detailed description of the current events that are considered valuable by the cryptocurrency community. This includes the release of the Bakkt custodial trading infrastructure and the approval of Bitcoin ETFs.
He explains that these events, which are commonly seen as being future impetuses for market growth, are specifically reliant on government and institutional approval of the crypto industry.
Palmer then urges that industry advocates take a step back and realize that reliance on external approval from these types of groups is counter to what cryptocurrency stands for, stating that:
“While many cryptocurrency enthusiasts express blind enthusiasm at the notion of positive price impact associated with this money flowing in, it’s important to take a step back and analyze what this phase of the cryptocurrency lifecycle actually represents, and how far it lands the movement from its original goals.”
In Palmer’s view, there were originally three pillars that defined cryptocurrencies, including being censorship resistant, conducting trustless transactions, and providing users with a verifiable history.
He believes that these cruxes of the technology, which all serve under the overarching principle of decentralization, are counter to an over-reliance on government and institutional approval.
This leads to his critique on the market’s reliance on bank-like exchanges that are the epitome of a centralized institution, which detract from the decentralization of Bitcoin’s network.
“The shift back to reliance on a single corporation (essentially a bank) as your window to a cryptocurrency network introduces a clear single point of failure. If Coinbase.com is hijacked or taken offline, a user relying on that provider essentially loses their access to the decentralized Bitcoin network.”
On this point, he also importantly notes that a centralized entity can control the public’s access to cryptocurrencies, as they can ban or block users however they so desire.
Related Reading: Research: ETFs Could Lead Bitcoin Price to $35,000 and It Isn’t Far Away
Custodial Services Detract from Trustless Transactions 
Palmer also explains that the increase in institutional custody services, like the ones being offered by Bakkt, Fidelity, and Coinbase, detract from the trustless nature of cryptocurrency transactions, as they centrally control and manage the investments, and obstruct investor’s access to their private keys.
“When users are transacting with the Bitcoin network via an ETF or Fidelity 401k plan backed in cryptocurrency, they own the cryptocurrency purely on paper and not in reality as the provider is simply moving balances around in a centralized database. Broadly speaking, if you aren’t holding your private keys, you aren’t holding cryptocurrency.”
This leads to the next industry issue, as Palmer sees it, which is a shift towards non-verifiable transaction histories that result in allowing middle-men, like banks, institutions, and some exchanges, to conduct transactions on users’ behalf, obscuring them from the data regarding the supply and flow of the cryptocurrency supply.
Will Investors Sacrifice Decentralization for Profits?
Palmer concludes his Op-Ed by explaining that initiatives that reduce the impact of institutional involvement in cryptocurrencies, like the Lightning Network or the Plasma framework, are critical for keeping cryptocurrencies connected to their original principles.
Palmer boils the future of the industry down to one persisting dilemma: will investors sacrifice the revolutionary benefits that cryptocurrencies offer for profits?
“The real question becomes whether the industry en masse will prioritize this resistance over the allure of market expansion and wealth that institutional re-centralization may offer,” he says.
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Coinbase Adds Basic Attention Token (BAT) to Its Retail Trading Platform and Mobile Apps

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Coinbase Adds Basic Attention Token (BAT) to Its Retail Trading Platform and Mobile Apps

Having an aim to satisfy its customers demand, Coinbase has taken a decision to add BAT to its trading platform and apps.

Coinbase Adds Basic Attention Token (BAT) to Its Retail Trading Platform and Mobile Apps

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Ex-Google CEO: Ethereum Has a Tremendous Potential

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Ex-Google CEO: Ethereum Has a Tremendous Potential

Former Google CEO Eric Schmidt recently revealed that he’s a fan of blockchain technology and digital currencies, specifically referencing the likes of Bitcoin (BTC) and Ethereum (ETH).

Ex-Google CEO: Ethereum Has a Tremendous Potential

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Internxt Added to Coinbase Wallet, Boasts Robust Price Surge

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Internxt Added to Coinbase Wallet, Boasts Robust Price Surge

INXT price has started to rise after it was announced that now it is possible to store INXT in safe Coinbase wallets.

Internxt Added to Coinbase Wallet, Boasts Robust Price Surge

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Poloniex joins Coinbase and Binance In Support of the new Bitcoin Cash

As the news of the new Bitcoin Cash’s Fork hit the market, the prices of BCH across major exchanges started showing relentless spikes. But the exchanges and platforms supporting BCH, were in a spot of dilemma and had to make a decision- should they support the hard fork or not? But as the deliberations got over Binance announced its support to the new fork. This was followed by Coinbase and now Poloniex too has announced its support.
Bitcoin Cash Hard Fork to undergo a protocol upgrade on November 15th, 2018.
As the news was out that the Bitcoin Cash network will be undergoing a protocol upgrade on November 15th 2018., it divided the industry due to some fundamental disagreements reported between Amaury Séchet’s Bitcoin ABC and Craig Wright’s nChain. NChain, a blockchain group led by Australian ‘Satoshi-want-to-be’ Craig Wright, did not agree with the changes and alterations that Bitcoin ABC, a Bitcoin Cash-centric developer consortium, has proposed, and as such, the former group has decided to run with its own upgrade, which will likely result in two independent chains.
But now with time passing and after announcements of support from Binance, Coinbase and Ledger, Poloniex too has joined the league of supporting the Bitcoin Cash’s Fork. The exchanged made its support official using its Twitter handle.
 

We will support the upcoming Bitcoin Cash hard fork. On November 15, 2018, we will pause deposits and withdrawals at 14:00 UTC, and take a snapshot of all BCH balances at 15:00 UTC. Once the network stabilizes, we will make an announcement and re-enable deposits and withdrawals.
— Poloniex Exchange (@Poloniex) November 4, 2018

First, among exchanges to announce support, was Binance as it announced full support of the upcoming Bitcoin Cash hard fork scheduled for November 15. The exchange posted on its official blog that
“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC).”
The blog future that the exchange will suspend all deposits and withdrawals an hour before the proposed time of the hard fork.
This was followed by Coinbase when it made an official announcement on its blog saying
“Coinbase will monitor the hard fork process and work to minimize customer disruption until the network meets Coinbase security standards. We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00 AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase.”
Now with prominent exchange backing the hard fork explains the spike of 25% in BCH prices. Hopefully, the Fork brings some good news for the community as well.
What is your view on the BCH Fork? Do let us know your views on the same?
The post Poloniex joins Coinbase and Binance In Support of the new Bitcoin Cash appeared first on Coingape.
Source: CoinGape

Crypto Week In Review: Goldman Sachs Furthers Crypto Foray, Coinbase Secures Funding

Although relative non-action in crypto markets has continued, with prices stagnating en-masse, prominent institutions, such as Goldman Sachs and Tiger Global, still seem ready to pounce on what this nascent industry has to offer.
Goldman Sachs Onboards Exclusive Investors For Bitcoin Products
Per an insider scoop from The Block, Wall Street’s golden child, Goldman Sachs, recently began to onboard a “small number” of institutional clients to test the waters for Bitcoin (BTC) non-deliverable forward contracts. The vehicle, which is a futures-tied derivatives instrument, will reportedly be the first on Goldman’s rumored crypto-centric trading desk, which was first hinted at in May 2018.
Along with apparently offering the aforementioned BTC-related contracts, the multinational financial services firm is supposedly also looking into ways to provide custodial support for the crypto assets held by its clients, confirming previous reports on the matter.
Interestingly, however, the individual familiar with Goldman’s operations claimed that rumors pertaining to an Ether (ETH) futures-tied contract were inaccurate. As noted by The Block, the U.S. Commodity Futures Trading Commision (CFTC) has yet to unveil its support for Ether futures, supporting the insider claim that Goldman isn’t poised to launch a vehicle linked to the second-most popular crypto asset.
Regardless, taking this development into account, optimists have claimed that Goldman Sachs has a high likelihood of only furthering its involvement in this nascent market as time elapses, bolstering the maturation of this now-10-year-old market.
Funding Secured: Coinbase Concludes Series E Round
After weeks of rumors surrounding Coinbase’s supposedly swelling valuation, on Tuesday, the cryptocurrency upstart’s president, Asiff Hirji, finally divulged that the organization had concluded its Series E financing round.
This most recent round of funding sees the startup’s coffers add $300 million in investment capital at a valuation of $8 billion, confirming the aforementioned rumors. This equity round, which occurred amid a harsh bear market, was led by Tiger Global, with Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain also throwing funds in Coinbase’s metaphorical crock pot.
With this boatload of funding, Hirji noted that Coinbase intends to accelerate its plans to expand globally, (quickly) add more digital assets, build more utility applications for this industry, and facilitate the arrival of institutions into crypto.
Wall Street’s BlackRock Hesitant To Back Bitcoin ETF, Waiting For “Legitimacy” 
Speaking at the New York Times DealBook Conference, Larry Fink, CEO of BlackRock, claimed that his firm is hesitant to offer a Bitcoin-centric exchange-traded fund (ETF). Although he didn’t seem overtly against the long-term success of blockchain technologies, Fink claimed that BlackRock is unlikely to back a crypto-based ETF due to the current illegitimacy of this nascent industry.
The leading institutional investor then noted that “ultimately,” a cryptocurrency-backed ETF would “need to be backed by a government.” However, he pointed out that a government’s support of such a fund is a near-impossibility, as Fink whipped out the classic bag of tricks enlisted by Bitcoin’s critics, citing fears of tax evasion and the like.
Furthering his anti-Bitcoin narrative, the BlackRock bigwig added that the anonymity of Bitcoin could pose a problem, stating:
“I do see one day where we could have electronic trading for a currency that could be a store of wealth… But right now the world doesn’t need a store of wealth unless you need that store of wealth for things you should not be doing.”
Interestingly, in spite of his apparent feelings of distrust and hate aimed towards the Bitcoin Network, Fink, speaking on behalf of BlackRock, claimed that he is “a huge believer in blockchain [technologies].” Commenting on optimal uses for blockchain technologies, the executive added:
“The biggest use for blockchain will be in mortgages, mortgage applications, mortgage ownership, anything that’s labored with paper.”
Fink’s views on blockchain aside, the bottom line is that BlackRock isn’t ready to launch a Bitcoin ETF, despite the hearsay that the institution briefly spoke with Coinbase regarding the matter.
Grayscale Rakes In $330 Million Amid Crypto Bear Market
Although the valuation of cryptocurrencies has collapsed by upwards of 70%, some claim that there is a definite silver lining in the crypto cloud, with Grayscale Investments releasing a positive report highlighting the performance of its business. In its most recent quarterly update, Grayscale, a subsidiary of Barry Silbert’s Digital Currency Group, noted that its clients invested $81.1 million into crypto asset products throughout Q3.
This mouth-watering sum brings the startup’s year-to-date total to $330 million, with 59% of that capital ($195 million) reportedly being sourced from the wallets of institutional investors.
Out of the $330 million invested through Grayscale’s diverse roster of instruments, 73% of funds were put through the firm’s Bitcoin Investment Trust (GBTC), indicating that BTC remains “the king,” even after its decade-long history.
Commenting on the statistics, Grayscale’s Michael Sonnenschein told CNBC Fast Money’s panel that his clients are “using this price pullback” to either dollar-average-down or to enter into crypto positions, directly alluding to the growing sentiment that worldwide adoption is in crypto’s cards, so to speak.
Crypto Tidbits

Coinbase Lists Basic Attention Token (BAT) On “Pro” Platform: Just weeks after launching support for 0x’s ZRX And Circle’s USDC, on Friday, San Francisco-based Coinbase divulged that it had plans to list Basic Attention Token (BAT), the digital asset of choice for the Brave Browser, on its “Pro” platform. Like Coinbase Pro’s prior listing events, the startup unveiled plans to launch BAT trading via a four-step process —  transfer-only, post-only, limit-only, and full trading. For now, BAT is not supported on Coinbase Consumer or through the fintech company’s iOS or Android applications.
Tether Opens Account With Caribbean Deltec Bank: Tether Limited, the shadowed organization behind USDT, recently revealed that it had opened a bank account with Deltec Bank & Trust Limited, a 72-year-old financial institution in the tropical nation of Bahamas. This development comes just weeks after speculation raged regarding the legitimacy of Tether’s U.S. dollar reserves, which led the crypto market to value USDT, a prominent stablecoin, at 10% under its $1.00 parity. Accompanying this news was a supposed document signed by Deltec, which confirmed that the monetary value of Tether’s portfolio exceeded the number of USDT in circulation, prompting the stablecoin to recover to just shy of $1.00.
Japan-based Coincheck Resumes Operations After Hack: Months ago, when 2018’s bear market was young, Tokyo-based Coincheck, Japan’s foremost crypto platform, fell victim to a $530 million hack, catalyzing a closure of a majority of its exchange operations. However, after presumably consulting with local regulators and rebuilding its security structure, Monex Group-backed Coincheck has finally reopened its doors, facilitating new account signups, customer deposits, and the purchase option for specific digital assets.
Google, Samsung, Venrock Throw $15M At Startup Behind CryptoKitties: Dapper Labs, the Canadian startup behind Ethereum’s CryptoKitties, has just secured a $15 million endowment from a number of prominent venture capital funds, including Google Ventures, Samsung NEXT, and Rockefeller-backed Venrock. Dapper, a spinoff of Vancouver-based Axiom Zen, will use the $15 million garnered to launch a Los Angeles subsidiary focused on releasing other decentralized applications (DApps).

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