#CryptoCorner Episode 429: World Stablecoin Association Launches in Switzerland, Opera (NasdaqGS: $OPRA) Expands #Crypto Function to UK, and US Banks Granted Crypto Custody
#CryptoCorner
Episode 429: World Stablecoin Association Launches in Switzerland, Opera (NasdaqGS:
$OPRA) Expands #Crypto Function to UK, and US Banks Granted Crypto Custody
Point Roberts, WA, Delta BC July 24, 2020 -
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Stocks discussed: (NasdaqGS:OPRA)
Cointelegraph reports the launch of an
international stablecoin organization in Geneva, Switzerland, called the World
Stablecoin Association (WSA). The goal of the organization – which “is to be
launched by cryptocurrency exchange VirgoX and blockchain capital markets firm
Global Digital Assets, or GDA Capital” – is to “unite major global stablecoin
projects,” “promote the global development of stablecoins, and actively engage
in the advocacy for digital currencies.” VirgoX CEO Adam Cai said:
“Together, this NPO is collectively pushing the
industry forward to serve the needs of global users. To add on that, we do
believe the stablecoin market cap is going to explode in the very near future.
We have seen stablecoin exceeding 10 billion not long ago. The % growth in the
past 2 years is significant. This trend will surely continue.”
According to The Block, internet browser Opera (NasdaqGS:OPRA) is expanding its crypto wallet
top up service to users in the UK. This is being done through a collaboration
with crypto on-ramp provider Ramp Network, which itself “supports fiat
transfers from bank accounts as well as digital banking app Revolut.” This
follows similar expansion into other regions, such as the US, where Opera
partnered with US cryptocurrency-brokerage firm Wyre. At the time of the
expansion into the US, Charles Hamel, Head of Crypto at Opera browsers,
commented:
“Allowing our users to easily load
cryptocurrency into their browser’s
digital wallet is very powerful, as it connects the Web to a global
internet-native payment network.”
The Office of the
Comptroller of the Currency (OCC) – part of the United States Department of the
Treasury in charge of chartering and regulating national banks – has granted
banks permission to custody cryptocurrency, according to a report from Cointelegraph. An excerpt from a letter on the
subject from the OCC outlines the reasoning behind the decision:
“The OCC recognizes that, as the financial markets
become increasingly technological, there will likely be increasing need for
banks and other service providers to leverage new technology and innovative
ways to provide traditional services on behalf of customers.”
Acting Comptroller
of the Currency Brian Brooks, who was formerly part of Coinbase’s legal team,
said:
“From safe-deposit boxes to virtual vaults, we must
ensure banks can meet the financial services needs of their customers today.”
Sam
Mowers, Investorideas
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