#CryptoCorner: #Bitcoin Back Below $10K but May Have Long Term Bull Prospects, MoneyGram (NasdaqGS: $MGI) Launches Real-Time Transfers Without #Blockchain
#CryptoCorner: #Bitcoin
Back Below $10K but May Have Long Term Bull Prospects, MoneyGram (NasdaqGS: $MGI)
Launches Real-Time Transfers Without #Blockchain, Boerse Stuttgart’s Blocknox
Makes #Crypto Custody Services Available and China Sees Expansion of Blockchain
Amid #Coronavirus Outbreak
Point Roberts, WA, Delta BC February 18,
2020 - Investorideas.com, a leader in crypto and blockchain investing news
brings you today’s edition of the Crypto Corner podcast and commentary on
what’s driving the cryptocurrency market .
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Stocks discussed: (NasdaqGS:MGI) (NYSE:V)
Since the last
Crypto Corner, Bitcoin (BTC) has fallen from
its heights above $10K and dragged much of the wider crypto market along with
it. Specifically, Bitcoin got as high as around $10,430 on Wednesday last week,
but then gradually tumbled over the week and weekend to a trading price of $9,766
at press time, according to data from CoinMarketCap. Traders may have
been put off by the rapidity of Bitcoin’s rise to and above $10K, followed by a
600BTC deposit reported in a tweet by TokenAnalyst.
In any case a long term bullish trend is still anticipated, particularly with
Bitcoin’s block reward halving in May. Despite the downtrend witnessed over the
weekend, the market is actually quite green today. Ethereum (ETH) in particular,
which remains the largest altcoin, is enjoying growth of 7.3 percent at press
time.
MoneyGram
International, Inc. (NasdaqGS:MGI) has announced a real-time
remittance solution called FastSend, which does not utilize blockchain, but
rather uses “Visa’s [NYSE:V] Direct Original
Credit Transaction to deliver funds to bank accounts through Debit card
deposit,” according to a report from Cointelegraph. MoneyGram does
have a blockchain partner in Ripple, however, and according to the former’s
Chief Operating Officer Kamila Chytil, MoneyGram does leverage blockchain in
other areas:
“Today, MoneyGram is utilizing Ripple’s On Demand
Liquidity product which allows MoneyGram to trade FX at a corporate level using
XRP. It’s a back-end treasury function that’s not consumer facing. The
technology is helping to solve the most expensive and time consuming aspect of
the current process by reducing the amount of money the company needs to park
around the world, which will eventually reduce working capital needs.”
For those
interested, MoneyGram stock is up some 16 percent today.
CoinDesk reports that
Blocknox, a subsidiary of Germany’s second-largest stock exchange Boerse
Stuttgart, has made its crypto custody service available to users of Boerse
Stuttgart's BISON app and its digital assets exchange, BSDEX. Ulli Spankowski,
managing director of Blocknox and chief digital officer for Boerse Stuttgart,
explained:
“As a pioneer in Germany, Blocknox has already been
operating as a custodian of cryptocurrencies for more than one year. Now we
want institutional clients to benefit from our experience and set-up as well.
They can use Blocknox’s reliable custody as a building block for their own
services around digital assets.”
An article from
local Chinese outlet People’s
Daily
reports the recent spread of blockchain technology in the country in response
to the Coronavirus outbreak. For the first half of this month alone, “at least
20 applications based on blockchain were launched to tackle the emerging
challenges.” An excerpt from the article outlines the particular utility of
blockchain for this situation:
Local authorities say blockchain makes information on
the platform tamper-proof and traceable. It achieves precise collection of
epidemic data and dispels rumors, helping citizens to cope with the epidemic in
a positive and reasonable way.
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin,
Blockchain and Digital Currency Stocks Directory
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