#CryptoCorner: Bakkt (NYSE: $ICE) to Launch Consumer App in 2020, Calibra Head Discusses CBDCs at WEF, Ripple CEO Predicts Wave of #Crypto IPOs
#CryptoCorner: Bakkt
(NYSE: $ICE) to Launch Consumer App in 2020, Calibra Head Discusses CBDCs at
WEF, Ripple CEO Predicts Wave of #Crypto IPOs
Point Roberts, WA, Delta BC January 24,
2020 - Investorideas.com, a leader in
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Stocks discussed: (NYSE:ICE) (NasdaqGS:PYPL)
(NasdaqGS:FB)
Bakkt, the crypto
arm of Intercontinental Exchange (NYSE:ICE), is set to launch
a consumer app this year, according to a report from The
Block.
The announcement was made by company president Adam White at the World Economic
Forum (WEF) in Davos. An excerpt from the article outlines White’s comments on
the app:
…White said Bakkt's consumer app will view digital
assets as any form of value that is digital, including cryptocurrencies like
bitcoin. This means the app could also support virtual goods such as loyalty
reward points and equities. The possible inclusion of equity trading, a portal
for merchants, and a wide array of other assets would make the app more similar
to a traditional fintech product like PayPal [NasdaqGS:PYPL] than a crypto-native offering that allows
retailers to accept bitcoin, like Flexa.
Cointelegraph reports that also
at the WEF, David Marcus, head of Calibra – the wallet portion of Facebook’s (NasdaqGS:FB) Libra project – discussed central
bank digital currencies (CBDCs) on a digital currency panel, where he
differentiated between “retail” and “wholesale” approaches. He defined the
“wholesale” approach as going “through existing banks and the banking system”,
whereas the “retail” approach would go “straight to consumers”. Marcus went on
to contrast progress seen in telecommunications that has yet to be seen in the
transfer of money:
“Some of the networks are 50 years old, the web is 30
years old. We still don’t have an easy, cheap, efficient way for people to have
access to digital money and move it around. Personally I’m really excited that
we’re having all these conversations now.”
Elsewhere at Davos,
Ripple CEO Brad Garlinghouse predicted a coming wave of crypto IPOs, and
indicated that Ripple would being among them. The following quote was tweeted by Ripple SVP of
Product Asheesh Birla:
“In the next 12 months, you’ll see IPOs in the
crypto/blockchain space. We’re not going to be the first and we’re not going to
be the last, but I expect us to be on the leading side… it’s a natural
evolution for our company.”
Reuters reports that
Japanese legislators are proposing the development of a Japanese CBDC that
“could be a joint initiative between the government and private companies.” The
planned digital yen is reported to be, in part, a response to China’s own CBDC
and Facebook’s Libra project. Former Bank of Japan (BOJ) board member Takahide
Kiuchi explained:
“The BOJ probably won’t want to do anything that would
stifle private-sector innovation. The best way could be to issue a hybrid-type
digital currency that is operated and issued by private firms, with the central
bank’s involvement.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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