Coinbase Participates in $4.3 Million Funding Round of Crypto Derivatives Platform Blade

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Coinbase Participates in $4.3 Million Funding Round of Crypto Derivatives Platform Blade
Crypto derivatives platform Blade will allow users to trade its perpetual swap contracts in Bitcoin and altcoins with up to 150x leverage. Coinbase, as well as other giants, took part in this funding round.
Coinbase Participates in $4.3 Million Funding Round of Crypto Derivatives Platform Blade

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Source: CoinSpeaker

Square Adds Bitcoin Deposits to Their Mobile Cash App

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Square Adds Bitcoin Deposits to Their Mobile Cash App
Square’s Cash App has enabled Bitcoin deposits for its users. The app previously offered purchasing, selling and transacting Bitcoin to other addresses. However, judging by user reviews, not all Cash App users have this feature.
Square Adds Bitcoin Deposits to Their Mobile Cash App

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Source: CoinSpeaker

Bitcoin Mass Adoption is ‘Inevitable’ as Square Moves Closer to Its Crypto Project Launch

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Bitcoin Mass Adoption is ‘Inevitable’ as Square Moves Closer to Its Crypto Project Launch
Square said they plan to “improve money” through their Bitcoin and crypto development, while Square Crypto is poised to hire its first dedicated employee, with many cryptocurrency investors hoping Square will lead a wave of fresh bitcoin adoption.
Bitcoin Mass Adoption is ‘Inevitable’ as Square Moves Closer to Its Crypto Project Launch

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Bitcoin on Wallstreet: BTC Related Companies Trading on the Stock Exchange

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Bitcoin on Wallstreet: BTC Related Companies Trading on the Stock Exchange
In this article, professional stock trader and investor, Baran Giresunluoglu goes over Bitcoin-friendly companies trading on the public U.S. Stock Exchange.
Bitcoin on Wallstreet: BTC Related Companies Trading on the Stock Exchange

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Square Cash’s Bitcoin (BTC) Sales Go Parabolic, Signals Renewed Crypto Hype

For Bitcoin (BTC) investors outside of the U.S., the names “Square” or “Cash App” might not ring a bell. For American crypto diehards, however, Square’s flagship product, the BTC-friendly Cash App, has been all the rage. The fintech startup’s financial report has revealed that Bitcoin sales on the application have breached new records quarter-over-quarter, despite the bear market.
Related Reading: Square’s Crypto-Friendly Cash App is the Most Downloaded Financial Application on Play Store
Bitcoin Volume Explodes On Square’s Cash
On Tuesday, Square released its quarter one of 2019 earnings report. While the company’s shares, trading under the SQ ticker, collapsed by 6% during the after-hours trading session as a result of the weaker-than-expected payment volume, Bitcoin investors didn’t realize notice.
What stuck out to them was that Square, according to the report, sold $65.5 million worth of BTC in the first three months of fiscal 2019, which came alongside a rebound in digital asset prices. During Q4 of ’18, $52 million worth of the asset was purportedly sold; in the quarters preceding that, well less than $50 million. In other words, despite the grip that bears have on the market, Bitcoin volume on Square has gone parabolic.
If we try to discern volumes denominated in BTC, the statistics look even more bullish. As Ryan Todd of The Block notes, considering Coinmetrics.io quarterly average prices, BTC sold on the Cash App is up 70% quarter-over-quarter, and has more than quintupled since Q1 of 2018.

Square just reported a record $65.5m in quarterly bitcoin sales. Assuming average BTC prices in 1Q19 (not perfect) that translates to ~ 17K worth of BTC volume, up over 70% since 4Q and +5x volumes in 1Q18. Impressive considering April's run hits 2Q's numbers pic.twitter.com/6oV2OnnNW2
— Ryan Todd (@_RJTodd) May 1, 2019

Ben Davenport of BitGo notes that this implies that Square’s users in and of themselves are absorbing more than 10% of all Bitcoin mined day in, day out. And as Yassine Elmandrja, ARK Invest’s (the company which forced a pro-Bitcoin response from Elon Musk) resident cryptoasset analyst, notes, if BTC sales “maintain current growth rates,” by the next halving event, “2 BTC will be purchased on Square Cash” for every one mined. In other words, a single application could soon null all of the “natural selling pressure” that Bitcoin faces every day.

If BTC sales on Square Cash maintain current growth rates, then by the next Bitcoin halving (May 2020), roughly 2 BTC will be purchased on Square Cash for every new BTC that is mined. pic.twitter.com/GPxXhaGK15
— Yassine Elmandjra (@yassineARK) May 1, 2019

Sign Of Returning Retail Interest
While the demographics of Square’s Cash, especially those who use the cryptocurrency side of the platform, are unknown, this increased BTC volume may signal that retail interest is returning to this ecosystem.
Kevin Rooke, a Canadian researcher, did note that per BitInfo, Bitcoin-related tweets are nearing levels not seen since years back, but other indicators accentuate that consumers are starting to take note of BTC and other cryptocurrencies yet again. Just look to the fact that big institutional names are throwing money at this asset class as consumers, presumably confused yet interested, look on.
If this influx doesn’t represent a return of retail interest in cryptocurrency, some are adamant that it has something to do with the “Stacking Satoshis” campaign popularized by users of Bitcoin Twitter, Twitter and Square CEO Jack Dorsey included.
For those who missed the memo, earlier this year, dozens of prominent cryptocurrency users, like content creators Matt Odell and Marty Bent, began to post images of weekly recurring purchases of BTC on Cash. The hashtag normally attached was the simple and to-the-point #stackingsats.

#stackingsats pic.twitter.com/39ZW8e4XOU
— jack (@jack) March 3, 2019

While these purchases were often under $250, the Twitter chief executive signal boosted the trend, resulting in hundreds, maybe thousands claiming they were accumulating Bitcoin, normally on Satoshi Stacking Saturday. On a podcast with Bent and Odell, Dorsey even said that he had purchased $10,000 worth of BTC in a week’s time, subsequently implying that he was reaching this threshold week in, week out.
By NewsBTC’s conservative estimates, the Stacking Satoshis fad in and of itself (Dorsey’s purchases included) may have netted Square at least $1 million in BTC-related sales.
What’s Next For Crypto On Square?
Considering Square’s crypto-enamored user base, it should come as no surprise that the company intends to boost its involvement in the space. For those unaware, in March, Dorsey wowed the cryptocurrency community by claiming that Square intends to hire up to five talents for “open source contributions to the Bitcoin and crypto ecosystem.”
Three to four of the job offers are for engineers, especially those who have experience building out blockchain systems, and the remaining slot will be left for a designer. All positions will be full-time, presumably either remote or based in Square’s San Francisco campus. It isn’t clear what Dorsey’s plans are, but this does signal that the company does have serious plans for its involvement in Bitcoin.
Related Reading: Researcher: Bitcoin Lightning On Square Could Be Bigger Than Crypto ETF, Bakkt Combined
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Bitcoin [BTC]: Jack Dorsey’s Square projected to post record BTC sales on Cash App; may surpass mining rate

The involvement of various personalities from mainstream industries into the world of cryptocurrencies has always yielded positive results. Major figures like Elon Musk, Founder of Tesla and SpaceX, as well as Jack Dorsey, CEO of Twitter, have supported the use of cryptocurrencies and have even dabbled in it.
Dorsey’s crypto push was highlighted after his company, Square, released its Q1 report that showed Square posting its highest ever revenue, $65.5 million. The company generated such figures thanks to its Cash app, which allows users to transact using Bitcoin.
The general euphoria aside, investigations reveal that Square’s product will play a much bigger role towards the adoption of cryptocurrencies, than what is presently anticipated. Projections show that if BTC sales on Square Cash maintain their current growth rates, then by the next Bitcoin halving in May 2020, roughly 2 BTC will be purchased on Square Cash for every new BTC that is mined.
As pointed out by Yassine Elmandjra, a cryptocurrency analyst, Cash App’s dominance will steadily rise till Q3 of 2020, when Cash App will outstrip any other sales record. The analysis also stated that Q2 of 2020 would be the first time sales on Square’s application would surpass that the mining rate.
Kevin Rooke, another cryptocurrency enthusiast, pointed out that Square’s latest performance meant that the company has witnessed 4 straight years of accelerating revenue growth for Square’s Bitcoin business. The information further revealed that Square’s crypto business is enjoying a massive 92 percent growth Year on Year. Rooke added,
“Worth noting that these are all retail customers too.
No single person made up more than 0.2% of Q1 2019 Bitcoin purchases.
Square limits all customers to $10k of Bitcoin per week.”
Jack Dorsey’s efforts seem to have paid off since the Q1 report also claimed that Q4 of 2018 saw $52.4 million streaming in with a profit of $490,000. The report added,
“We continued to drive strong revenue growth at scale. In the first quarter of 2019, total net revenue grew 43% year over year, and Adjusted Revenue grew 59% year over year. Excluding the acquisitions of Weebly and Zesty, which were completed in the second quarter of 2018, total net revenue and Adjusted Revenue grew 39% and 49% year over year, respectively. Cash App volume grew nearly 2.5x year over year, reflecting the growing network effects, reach, and engagement of this ecosystem.”
The post Bitcoin [BTC]: Jack Dorsey’s Square projected to post record BTC sales on Cash App; may surpass mining rate appeared first on AMBCrypto.
Source: AMB Crypto

Blockstack Set to Raise $50M Via World’s First SEC-Approved Crypto Token Sale

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Blockstack Set to Raise $50M Via World’s First SEC-Approved Crypto Token Sale
Blockstack is likely to set a new precedence in the ICO Industry to be the first company to conduct its token sale under the SEC Regulation A+ framework.
Blockstack Set to Raise $50M Via World’s First SEC-Approved Crypto Token Sale

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Online Services Behemoths, Square and Facebook, Heavily Target Blockchain Opportunities

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Online Services Behemoths, Square and Facebook, Heavily Target Blockchain Opportunities
Facebook and Square rank among the notable institutional investors making significant investments in the blockchain and cryptocurrency industries. They aim to benefit from the potential mass adoptions.
Online Services Behemoths, Square and Facebook, Heavily Target Blockchain Opportunities

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Lightning Dev Explains Why Bitcoin Is Poised To Become the Global Currency

When the mysterious Satoshi Nakamoto first released Bitcoin to the public, his goal was to remove the power governments and banks had over people’s money, and put the power back into the hands of the user.
Since then, Bitcoin has taken on a life of its own, showing far more potential than even Nakamoto initially realized. The first-ever cryptocurrency is disrupting the financial world, the technology sector, is predicted to reach a value of $100,000 up to “millions,” and is being pitched by top entrepreneurs as eventually becoming the world’s global currency.
After reflecting upon a recent trip to China, one Lightning developer saw first-hand the cryptocurrency’s potential on a global scale and is sharing his experience with the world.
Bitcoin As a Global Currency: Crossing Borders and Breaking Barriers
Jack Mallers is a developer for Zap, a Lightning Network-based wallet solution for desktop and soon to be iOS. The Lightning dev recently returned from a trip to China to promote his services. There, he discussed “all things Bitcoin, Lightning, Zap, and what the future may look like.”

1/ I've been in China the last week talking all things Bitcoin, Lightning, Zap, and what the future may look like. The reception has been amazing and made this experience something I will never forget.
Thread
— Jack Mallers (@JackMallers) March 4, 2019

Mallers concludes that although there are vast cultural differences between us all, such as having different views, hobbies, and even speaking different languages, the language of Bitcoin is “global.” Bitcoin’s code is at its core mathematics, which is yet another universal language.

2/ Bitcoin is the worlds first global language. All of us don’t natively speak the same language, eat the same food, enjoy the same hobbies, but we all gravitate to projects like Bitcoin, Lightning, and Zap because they represent a better world.
— Jack Mallers (@JackMallers) March 4, 2019

In addition to overcoming “all language barriers,” the leading crypto by market cap is unaffected by “government restrictions, public shaming, social attacks, and corporate enemies.” It has been outright banned in some countries, and has had its name dragged through the mud by finance magnates, banking executives, and politicians alike, yet it still lives on strong.
Because Bitcoin is decentralized and encrypted, it is free from any restrictions, government, distance, or otherwise. The technology can be used to facilitate cross-border transactions, or can act as a “mattress” for those that don’t trust banks or governments with their money.

4/ The force of Bitcoin overcomes all language barriers, government restrictions, public shaming, social attacks, and corporate enemies. It is something you don’t truly understand until you see it, use it and interact with it.
— Jack Mallers (@JackMallers) March 4, 2019

The effect is none more pronounced than in countries with struggling economies, such as Venezuela. There, Bitcoin is helping the economically strapped citizens enjoy some of the same basic freedoms the average global citizen is afforded. Without the cryptocurrency, these citizens would only be bound to the government’s control over the native fiat currency, the bolivar.

Is Lightning Network the Key To Bitcoin Becoming a Global Currency?
During the peak of the last bull run, Bitcoin transactions swelled and the network became congested. The exorbitant fees and slow transactions proved that the cryptocurrency wasn’t yet ready for public consumption at a grand scale – and certainly not at the scale necessary for it to become a global currency.
But the second-layer technology that Jack Mallers works to further develop might be the key to unlocking all of Bitcoin’s potential as a global currency. Lightning Network aims to speed up Bitcoin transactions and reduce fees. SegWit has already had a dramatic impact on transaction fees and speeds, and Lightning will only help further.
Related Reading | Twitter CEO Is Buying $10,000 In Bitcoin Each Week: Why Is He So Optimistic?
Bitcoin bull Jack Dorsey is among the top entrepreneurs that have claimed the first-ever cryptocurrency could eventually become the world’s global currency, and has recently become more involved in the Lightning Network in order to help Bitcoin along its journey to the top.
The Twitter and Square CEO recently took the “Lightning Torch,” an ongoing transaction experiment, and has even begun running his own Lightning Network node in a show of support.
The outspoken Bitcoin maximalist said that adding Lightning Network to his Square Cash app isn’t a matter of if, but when, and is also in support of Lightning-based Bitcoin tipping coming to Twitter. The more steps major companies in the public eye – like the ones Dorsey operates – can support Bitcoin, the sooner the leading crypto will been its way to becoming the world’s first global currency.
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Bitcoin [BTC] worth $52 million bought on Cash App by customers in Q4 2018

The real-life adoption of cryptocurrencies within traditional companies has been the aim of many crypto proponents with some examples leading the way. Recent reports show that customers of Square bought $52 million worth of Bitcoin [BTC] on the Cash App in the fourth quarter of 2018.
Research further shows that Bitcoin sales were over $166 million on the popular Cash App in 2018, with the growth becoming apparent during every quarter of last year. The data was put up by Kevin Rooke on Twitter, who went on to answer questions about the information. NeutronYoda, a Twitter user asked:
“Can this be tracked? In real time?”
To which, Rooke replied:
“I don’t believe so. This data is from their past 4 earnings reports.”
The Jack Dorsey-led Square has always had a foot in the cryptosphere with Dorsey himself being a Bitcoin proponent. The Twitter CEO had given his view on the world’s largest cryptocurrency alongside Joe Rogan. The comments were made in the wake of Square’s Cash App listing Bitcoin, with Dorsey saying:
“I believe the internet will have a native currency and I don’t know if it will be Bitcoin but, I think it will be Bitcoin.”
He even suggested that he backed Bitcoin as he believed in its foundation and principle and trusted a digital currency that had been developed on the internet itself. Cash App’s latest success has not come without its own share of criticism, with Cobra, the co-owner of Bitcoin.org and Bitcointalk.org taking on Jack Dorsey directly. Cobra had tweeted:
“No. Twitter banned my account for “suspicious activity”, and removed everything from my following list. Word of caution for everyone riding @Jack’s dick, the same de-platforming tools will be applied to @CashApp eventually; loss of your money or suspension based on arbitrary BS.”
Cobra’s thread was mostly focused on the fact that Twitter and Cash App will go against the concept of decentralization and actually monitor each and every aspect of transactions or information exchange. He also tweeted the reason why his account was banned, which stated:
“I tweeted about BITMAIN, and boom, my account was locked. No idea what made them think I was doing anything suspicious.”
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Source: AMB Crypto

Twitter CEO Jack Dorsey: Bitcoin is Most Likely to Become Internet’s Single Native Currency

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Twitter CEO Jack Dorsey: Bitcoin is Most Likely to Become Internet’s Single Native Currency

Jack Dorsey remains bullish on Bitcoin believing that it will emulate the internet to gain mass adoption worldwide by becoming the Internet’s single native currency.

Twitter CEO Jack Dorsey: Bitcoin is Most Likely to Become Internet’s Single Native Currency

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Analysts Applaud Square’s Bitcoin Strategy as Brilliant Despite Low Profitability

It has been nearly one year since San Fransisco-based payment processing company, Square, rolled out peer-to-peer Bitcoin trading within their popular Cash App, allowing customers to buy, hold, and sell the cryptocurrency without incurring any fees.
The company’s decision was lauded by the company’s investors and the cryptocurrency community alike, with Square’s stock surging 16% the week after the company announced their new Bitcoin pilot.
Analysts Claim Square’s Bitcoin Bet Was Brilliant, Despite Small Profit Margins
The Cash App’s crypto trading feature was seen by the industry as a win-win for Square and investors alike, as neophyte crypto investors could easily acquire Bitcoin without having to deal with complicated exchanges, and Square would profit from a small spread on each transaction.
In January of 2017, Square’s then-CFO explained the Bitcoin business model to investors, saying that they “include a cushion or a margin in the price effectively to allow us to account for the fairly dynamic market that we see for bitcoin.”
In the first three quarters of 2018, Square has reported that they have made just under $1 million in profits from the Cash App’s Bitcoin trading feature, which is a relatively small profit margin considering that the company’s overall profits are projected to be $3.2 billion in 2018.
Despite the profitability being marginal, analysts still believe that Square’s crypto bet was well worth it, specifically citing its benefits from a user acquisition standpoint, as the Bitcoin trading featured garnered the app a significant amount of media attention from major outlets.
Josh Beck, an analyst at KeyBanc Capital Markets, praised the crypto strategy, saying that it was a “brilliant customer acquisition strategy,” and further speculating that much of Cash App’s popularity in 2018 stemmed from crypto enthusiasts downloading the app and referring their friends or social media followers to the app.
Square Claims Bitcoin Strategy Not a Marketing Ploy
Although the attention the Cash App’s digital asset trading feature garnered from the cryptocurrency community certainly increased the App’s popularity and likely contributed to its number one position on the Apple App Store and Google Play Store, Square’s Cash App product manager, Brian Grassadonia, denied that this was the purpose of their crypto strategy, saying that the move was much more than a simple marketing strategy.
“That’s certainly not why we did it. It comes back to democratizing access to financial tools that have historically been really complicated, intimidating, and stressful. I think there’s an analogy with card acceptance. Before Square came along, 50% of small businesses that tried to accept credit cards got denied by their banks,” Grassadonia said.
The company’s move to embrace cryptocurrency is not surprising considering that Square’s CEO, Jack Dorsey, is a notable cryptocurrency advocate who has previously been quoted saying that Bitcoin could one day be the world’s sole currency.
Dan Dolev, an analyst at Nomura Instinet, spoke about Dorsey’s influence on the company’s crypto strategy, noting that Square has to keep enough distance between themselves and Bitcoin so that the company’s performance isn’t adversely affected if the digital asset’s price continues to decline.
“I think there’s a little bit of a tug-of-war on that internally there, but that’s just my perception. Jack is a really big bitcoin advocate. But I think he sees bitcoin as something in line with his overall vision of empowering people in Brazil, Argentina. The company doesn’t want this to be too big of a deal, because then when bitcoin goes down, Square also gets hurt,” Dolev said.
It is likely that Sqaure’s emphasis on the Cash App’s crypto trading feature will increase as the cryptocurrency market continues to grow, and as Bitcoin becomes a more popular investment amongst traditional investors.
Featured image from Shutterstock.
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Bitcoin Friendly Square Tops iOS Store: Can Coinbase Reclaim Its Throne?

Although Coinbase is lauded for its ability to innovate, even in stormy market conditions, there has been growing sentiment that the prominent platform has begun to stumble, falling victim to the dissipation of crypto’s active retail investor scene. Yet, Coinbase has made in glaringly apparent that it intends to thrive amid Bitcoin’s (BTC) distraught state.
Coinbase Launches “12 Days Of [Christmas]” Crypto Initiative
Although the crypto market has sustained heavy losses in fiscal 2018, the spirit of festivity has still blessed Coinbase with its presence. Case in point, the San Francisco-headquartered startup, known for its unrelenting innovation in the cryptosphere, recently embarked on its latest, unexpected venture — “12 Days Of Coinbase,” an evident reference to the age-old Christmas song.
Through an announcement issued on Monday afternoon, Verity Coltman, Coinbase’s head of Business Operations, divulged that the multinational firm has “spent 2018 focused on behind-the-scenes utility work,” but hasn’t had much to publicly show for its efforts. Over the next 12 days, however, Coltman noted that Coinbase plans to launch a feature, whether it be support for altcoins, website updates, newfangled features, or otherwise, every single day.
So, with Coltman’s statement in mind, it is apparent that Coinbase’s lack of visible progress is slated to change, with the advent of an unprecedented initiative that may turn the platform on its head.
For the first day of its campaign, Coinbase has unveiled a partnership with WeGift, a digital gift card infrastructure provider. This strategic business relationship will allow Coinbase’s clients in the U.S., U.K., and E.U. to purchase an array of gift cards, including ones from Uber, Adidas, and Nike, by using Coinbase-supported cryptocurrencies, namely BTC and Ethereum (ETH). Remarking on how the WeGift collaboration will bolster crypto’s adoption, Coltman wrote:
“Customers purchasing e-gift cards enjoy no withdrawal fees and bonuses of up to 10% on select vendors, making it smoother than ever to use crypto.”
Is Coinbase Trying To Gain On Its Competitors? 
While Coinbase intends to reach for the stars with this two-week program, one of its competitors, preeminent fintech firm Square, was recently revealed to have undergone a monumental rise to prominence. On Saturday, Miles Suter, a prominent Bitcoin commentator, divulged that Cash App, Square’s in-house equivalent of PayPal or Venmo, had suddenly become the #1 application on Apple’s iOS App Store, a monumental accomplishment for any startup.

The easiest way for every single person in America to buy bitcoin is #1 on iOS today @CashApp pic.twitter.com/nYUt6tSkIJ
— Miles Suter (@WahWhoWah) December 8, 2018

Although this development isn’t exciting in and of itself, the fact that Cash App (Square’s Cash) natively supports BTC is undoubtedly a fact that struck a chord with crypto diehards worldwide. Referencing his years of experience in the startup realm, The Block founder Mike Dudas reminisced back to 2017’s Bitcoin rally, when Coinbase was in Square’s shoes, adding that Cash App achieved the “unthinkable,” especially considering the hegemony PayPal and Venmo had established over the payments realm.
Still, the fact of the matter is that Square, run by Twitter CEO Jack Dorsey, remains enamored with cryptocurrencies, and in turn, will be a primary catalyst behind Bitcoin’s growth in the years to come. As put by Matt Odell, a long-time Bitcoiner, Square’s Cash, which doubles as a centralized payment service and BTC vendor, is much more pertinent to crypto than a Bitcoin-backed exchange-traded fund (ETF).
Related Reading: Square Generates $43 Million in Bitcoin Revenue in Q3, Profits Reach $500,000
However, Coinbase, valued at $8 billion after venture funding, is unlikely to go out without a fight. In recent weeks alone, the world-renowned, well-diversified upstart has done its best to build on its already expansive product roster. For instance, Coinbase’s head of coverage, Christine Sandler, made a guest appearance on Cheddar, an up-and-coming fintech outlet, two weeks back to tout a cutting-edge company offering. Sandler, discussing the matter publicly for the first time, noted that Coinbase recently launched an “agency-only” OTC desk to complement its traditional exchange business.
Most recently, the firm seemingly abandoned its stringent listing policy, listing ox (ZRX), USDC, BAT (BAT), and ZCash (ZEC) in quick succession, before announcing its intention to “explore” support for 31 crypto assets. As put by Rob Paone, better known as “Crypto Bobby” to the cryptocurrency community, Coinbase went “YOLO in like six months,” with the rapid addition of altcoins likely being undertaken to entice more investors to use Coinbase’s wide array of products.
What it boils down to is that even this industry’s golden child, Coinbase, isn’t safe from the arrival of forward-thinking, precedent-setting startups that are ready to tackle crypto head-on.
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BitPay CEO: Fidelity and Bakkt Will Drive Next Major Bitcoin Rally

The chief operating officer of global bitcoin payment service BitPay is not worried about the latest downward moves in the price of the largest cryptocurrency by market capitalization. Sonny Singh expects Bitcoin to surge towards the $15,000-$20,000 area over the next year as institutional incumbents launch blockchain-powered products.
BitPay CEO Says Fidelity, Bakkt, Square, Blackrock, Will Drive Next Bitcoin Bullish Run
Observing the mainstream adoption of Bitcoin across the world as a sign of a great brand recognition, BitPay’s Singh told Bloomberg “we shouldn’t look at the price so much” because what really matters is what happens behind the scenes.
The chief operating officer doesn’t expect any significant price movement in BTC, whether up or down until institutional names come to the market with their own products.
As an example, he mentioned financial services company Fidelity who announced it would be launching a crypto subsidiary focused on custody and trade execution. Sonny Singh also mentioned future products by Bakkt, Square, Blackrock, as potential drivers of an upcoming bullish move in BTC trading.
When asked about J.P. Morgan’s CEO Jamie Dimon and his harsh comments in September 2017 about BTC being a fraud, Singh told Bloomberg’s Emily Chang that J.P. Morgan is likely to enter the crypto space once Fidelity proves there is demand for such products.
Bitcoin has faced significant bearish pressure in recent days, having lost the $6,000 handle in mid-November. The market hasn’t quite found stable ground for now. The price ranged around $4,500 since November 20 but has shed about $250 on Friday. Singh remains confident about the cryptocurrency, but cannot say the same about most altcoins.
“I think there’s a big night a day difference between Bitcoin and everything else. Bitcoin is the hundred pound gorilla. That’s the one that has massive network effect. […] The other ones, I don’t know what is going to happen to them […] I think it is safe to say the ICO market is pretty much dead right now. Maybe a couple of them will survive, I’m not sure, but none of them will survive unless Bitcoin survives first.”
BitPay is on its way to process over a billion dollars this year despite the tumble in the Bitcoin market, which has lost most of its value. The firm had reported similar volumes for the year ending 31 December 2017. This year’s results show that the adoption of Bitcoin as a means of payment continues to increase across the world regardless of recent fears.
As of publishing, Bitcoin failed to hold the $4,000, having eased to the area between $3,600 and $3,900 on Sunday. Market capitalization is now around $67 billion, having dropped below $100 billion in mid-November. The number one cryptocurrency in the market keeps printing new lows as the end of year approaches, drawing the opposite pattern of late 2017.
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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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Source: CoinSpeaker