#CryptoCorner: #Bitcoin Back in the Green, Lloyd’s (NYSE: $LYG) Announces Insurance Policy for #Crypto Hot Wallets, BoE Speech Warns of Stablecoin Challenge to Credit Creation and Ripple May Introduce Feature to Create Stablecoin on XRP Ledger
#CryptoCorner: #Bitcoin
Back in the Green, Lloyd’s (NYSE: $LYG) Announces Insurance Policy for #Crypto
Hot Wallets, BoE Speech Warns of Stablecoin Challenge to Credit Creation and
Ripple May Introduce Feature to Create Stablecoin on XRP Ledger
Point Roberts, WA, Delta BC March 2, 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: (NYSE:LYG)
When we left off on
Friday’s Crypto Corner, Bitcoin (BTC) was trading for
around $8,500, having spent the preceding week in seeming freefall from a peak
of about $9,770 last Monday. According to CoinDesk, this wound up
being a 13 percent drop in the seven days ending yesterday, making it the
biggest one-week loss since November last year. This decline was shared with
the wider crypto market which lost about $45 billion in total market
capitalization in the same period. Happily, this week is opening with a modest
rally, however, with Bitcoin and the majority of altcoins listed by market cap
in the green, according to data from CoinMarketCap. This recovery
seems to be shared with stock market indexes and commodity markets, which, like
crypto, experienced a downturn resulting from concerns over the Coronavirus.
Lloyd’s (NYSE:LYG) has announced the launch of an
insurance policy aimed at protecting cryptocurrency in hot wallets. Developed
by Lloyd’s syndicate Atrium and crypto firm Coincover, the policy is available
with limits “from as little as £1,000,” and is backed by members of Lloyd’s
Product Innovation Facility (PIF). David Janczewski, CEO, Coincover, commented:
“We are delighted to have worked with Atrium and the
Lloyd’s PIF members to bring such a unique and timely solution to the crypto
asset market. As the crypto asset market heats up again at the start of 2020, a
new wave of crypto-curious customers are standing by at the ready to jump in,
having previously been put off by the lack of adequate protection against theft
and loss. With this innovative new policy, we can remove these barriers and
broaden the appeal of crypto. It represents another step forward in enabling
cryptocurrency adoption.”
In a speech given to the
London School of Economics on Feb. 28, Bank of England (BoE) Deputy Governor
Financial Stability Jon Cuncliffe warned that the adoption of cryptocurrencies,
and specifically stablecoins, could present a challenge to the creation of
credit. An excerpt reads:
There is certainly the possibility with stablecoins
linked to large technology and social media platforms, that it could become
mainstream for people to move from holding all or much of the money now in
‘current accounts’ at banks to holding it in ‘stablecoin’ in virtual ‘wallets’
provided by non-banks.
In such a world, and depending how and whether
stablecoins were backed with other financial assets, the supply of credit to
the real economy through the banking system could become weaker or indeed
disappear. That would be a change with profound economic consequences.
Staying on the
subject of stablecoins, Cointelegraph reports that
Ripple may be introducing a feature that would allow stablecoin creation on the
XRP system. Ripple’s
Chief Technology Officer (CTO) David Schwartz, explained:
“One of the features that I think is very exciting is a
feature that would allow people to launch — well, stablecoins are the obvious
use case, but it’s not just stablecoins — it’s essentially assets pegged to
some external value.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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