Wednesday, February 12, 2020

#CryptoCorner: #Bitcoin Back Over $10K as Market Surges, BIGG Digital Assets’ (CSE: $BIGG.C) Netcoins Launches Support for Canadian Stablecoin from Stablecorp




#CryptoCorner: #Bitcoin Back Over $10K as Market Surges, BIGG Digital Assets’ (CSE: $BIGG.C) Netcoins Launches Support for Canadian Stablecoin from Stablecorp, JPMorgan (NYSE: $JPM) Considering Merger of #Blockchain Unit with Consensys and Consensys Codefi Announces Launch of SKALE Network




Point Roberts, WA, Delta BC February 12, 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.

Listen to today’s Crypto Corner Podcast:  



Stocks discussed: (CSE:BIGG) (NYSE:JPM)

Bitcoin (BTC) reclaimed a trading price above $10,000 yesterday, and has since continued onward for a current price of $10,335, according to data from CoinMarketCap. This latest surge has propelled the wider crypto market to a total market cap of just over $300 billion, at press time. Also displaying impressive growth is Ethereum (ETH), with an increase of about 13.5 percent in the last 24 hours, and XRP, which has surged just under nine percent.

An article from CNBC identifies several factors that may have contributed to this bull run. Vijay Ayyar, head of business development at cryptocurrency exchange Luno, told CNBC by email:

“External factors contributing to the rise above $10K include global uncertainty around the Coronavirus outbreak.”

Perhaps more pertinently, as the Coronavirus has been in headlines for weeks, are comments made by Federal Reserve Chairman Jerome Powell on Tuesday to the U.S. House Financial Services Committee, in which he spoke favourably of a privacy-oriented approach to digital currencies. CoinDesk reports that, in contrast with China’s planned CBDC (central bank digital currency), Powell said:

"A ledger where you know everybody's payments is not something that would be particularly attractive in the context of the U.S.”

Netcoins, a subsidiary of BIGG Digital Assets Inc. (CSE:BIGG), has launched support for a “new Canadian dollar-backed QCAD effective immediately via its OTC trading desk and Netcoins.app trading platform.” The QCAD stablecoin was released by Canada Stablecorp Inc., is itself “a joint venture between 3iQ, Canada’s largest crypto asset manager and Mavennet Systems, a leader in blockchain development.” Mitchell Demeter, President of Netcoins, commented:

“Netcoins is absolutely thrilled to be part of this historic moment in Canadian finance. The ability to send and receive Canadian Dollars around the world instantly via QCAD, with almost zero fees, or limits, is an absolute game-changer. Netcoins main goal is to help Canadians learn about and access digital currencies, and partnering with Stablecorp on the QCAD launch aligns perfectly with this goal.”

Despite this news, however, BIGG Digital Assets stock is actually down a bit this morning, posting a nearly six percent drop at press time.

Banking giant JPMorgan (NYSE:JPM) is considering a merger of its Quorum blockchain unit with blockchain software firm Consensys, according to a report from Reuters. Quorum is a private blockchain built on the Ethereum network, used to run the Interbank Information Network, a payments network that involves more than 300 banks. According to the sources,  who are identified as “people familiar with the plans,”:

A merger with ConsenSys was chosen as the best path forward as both organizations work with ethereum and have been involved in joint initiatives in the past.

Consensys Codefi, described as “the blockchain operating system powering commerce and finance,’ has announced the launch of the SKALE Network through the former’s Activate platform for decentralized networks. The press release describes SKALE network as “a decentralized elastic blockchain platform for securely scaling Ethereum based dApps.” Joseph Lubin, Founder of ConsenSys and Co-Creator of Ethereum, explained:

"Layer-two scalability solutions are bringing lightning-fast high transaction throughput and more flexibility to Ethereum. The SKALE Network is a state of the art solution, representing a configurable and low cost layer-two platform for developers to enable near instant execution of smart contracts. Activate is setting the standard for fair and maximally distributed token networks, while providing a seamless and consistent validator and user experience to ensure all participants interact meaningfully with the SKALE Network  — and decentralized networks of the future.”

Sam Mowers, Investorideas

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