#CryptoCorner: Bakkt Futures May Have Fueled Weekend Market Recovery, Rakuten Launches Spot Trading, Binance Announces Stablecoin Project ‘Venus’ and Santander Expands Ripple Solution to Latin America
#CryptoCorner: Bakkt Futures May Have Fueled Weekend Market
Recovery, Rakuten Launches Spot Trading, Binance Announces Stablecoin Project
‘Venus’ and Santander Expands Ripple Solution to Latin America
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Stocks discussed: (NYSE:ICE) (TYO:4755) (NYSE:SAN)
The crypto market
is looking a lot greener this morning after last week’s downward trend.
According to data from CoinMarketCap, Bitcoin (BTC) is trading for
$10,720 at press time. This is an improvement of nearly $1,000 from its lowest
points on Friday, when it was trading in the late $9,000 range. Bitcoin still
dominates all other cryptocurrencies with a market cap of about $191 billion,
or nearly 69 percent of total market capitalization.
An article from CoinDesk considers that
this bullish trend may be linked to news on Friday that Bakkt, a subsidiary of
Intercontinental Exchange (NYSE:ICE) received
regulatory approval to launch physically settled bitcoin futures trading. The
article quotes a tweet from crypto
analyst and trader Scott Melker:
“The @Bakkt news is arguably the most bullish event for
institutional investors in the history of bitcoin. PHYSICALLY delivered futures
(require the holder to either produce actual bitcoin or take delivery from the
exchange) backed by the New York Stock Exchange. We are maturing.”
Rakuten Wallet,
inc., a subsidiary of Japanese e-commerce company Rakuten (TYO:4755), has launched a spot trading
service for cryptoassets. The service will be available on a dedicated
smartphone app, that will debut on Android with an iOS version to follow. An
excerpt from the announcement reads:
Through the smartphone app, customers can make
transactions for crypto asset trading accounts, such as depositing/withdrawing
Japanese yen and depositing/withdrawing crypto assets, 24 hours a day, 365 days
a year. The app also features many useful functions that allow customers to
effectively manage their crypto assets, such as confirmation of assets
deposited in Rakuten Wallet, the purchase and sale of crypto assets, and
real-time chart rate confirmation. Three types of crypto assets can be traded:
Bitcoin (BTC), Ethereum (ETH),
and Bitcoin Cash (BCH).
Crypto exchange
giant Binance has announced Venus, an
“initiative to develop localized stablecoins and digital assets pegged to fiat
currencies across the globe”. Binance co-founder Yi He explained the project to
CoinDesk:
“We believe that in the near and long term, stablecoins
will progressively replace traditional fiat currencies in countries around the
world, and bring a new and balanced standard of the digital economy. We hope to
achieve a vision, that is, to reshape the world financial system, allow
countries to have more tangible financial services and infrastructures, protect
their financial security and increase the economic efficiency of countries.”
Cointelegraph reports that
Spanish banking giant Santander (NYSE:SAN) is expanding its
Ripple-powered global payment solution to Latin America. Using a mobile app
called One Pay FX, the service will enable zero-fee transactions from Latin
American countries to the United States. One reason for this expansion is that
One Pay FX transaction volumes have tripled from January to June of this year.
Sam Mowers,
Investorideas
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