Coinbase Takes Aim at Institutional Money, Another Blockchain Smart Phone and Circle Circles Volatility Solution
Bitcoin and Ethereum seeing little moment overnight – Bitcoin up slightly to $8378, Ethereum down a touch to $704. Altcoins not faring as well with the top 100 altcoins having a red glow about them at a glance, reflected by the global cryptocurrency market cap now at $385 billion – down $20 billion on yesterday.
Coinbase have announced a suite of four new products aimed at unlocking the sizable pool of cash held by the institutional investor classes. Coinbase Custody, Coinbase Markets, The Coinbase Institutional Coverage Group and Coinbase Prime are designed to ease the path of institutional money into the markets by tidying up the security and regulatory fears. Coinbase Custody is a partnership with an as yet unnamed SEC regulated broker-dealer that will store crypotcurrency for its clients. Coinbase Prime will be a separate trading platform solely for institutional traders, aside from its existing GDAX exchange – despite being separated – both will share the liquidity pool. Coinbase Markets will be the new electronic market place for Coinbase products, set to be run from a new office in Chicago. Coinbase Institutional Coverage Group will run from the New York office and act as the onboarding tool for new clients and providing services to institutions.
The race to roll out the first blockchain powered mobile phone hots up as handset manufacturer HTC announce their intent to roll out the HTC Exodus. The news comes after the recent statement from Sirin Labs on the release of their blockchain handset – the Finney – due to ship in October with pre-order prices at $1000 per unit. No pricing available yet on the HTC handset – both handsets aim to secure support for the main underlying protocols, cryptocurrencies and DApps. Competitors Huawei might just have the advantage in the long run after the recent addition of a Bitcoin wallet to their AppGallery last week which will no doubt aid in acquiring users to existing devices.
Poloniex owners, Circle have announced their intent to release their own version of a USD pegged cryptocurrency dubbed the USD Coin or USDC. The announcement itself labours on the new USD Coin apparently solving price volatility by requiring the equivalent FIAT value to be held by clients “keeping the price stable” according to CNBC – with no further elaboration as to how it would maintain stable pricing. Even on Circle’s own FAQ page there is no detail to speak of as to how this apparent stability will be achieved. At this point the idea reads in a similar fashion to the ridiculous concept rolled out recently by Basecoin without the quantitative easing functions mentioned in the plan.
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Created: Wednesday, May 16, 2018
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