#CryptoCorner: Bakkt Futures May Have Fueled Weekend Market Recovery, Rakuten Launches Spot Trading, Binance Announces Stablecoin Project ‘Venus’ and Santander Expands Ripple Solution to Latin America
Point Roberts, WA, Delta BC, August 19, 2019 - Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Stocks discussed: (NYSE:ICE) (TYO:4755) (NYSE:SAN)
The crypto market is looking a lot greener this morning after last week’s downward trend. According to data from CoinMarketCap, Bitcoin (BTC) is trading for $10,720 at press time. This is an improvement of nearly $1,000 from its lowest points on Friday, when it was trading in the late $9,000 range. Bitcoin still dominates all other cryptocurrencies with a market cap of about $191 billion, or nearly 69 percent of total market capitalization.
An article from CoinDesk considers that this bullish trend may be linked to news on Friday that Bakkt, a subsidiary of Intercontinental Exchange (NYSE:ICE) received regulatory approval to launch physically settled bitcoin futures trading. The article quotes a tweet from crypto analyst and trader Scott Melker:
“The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing.”
Rakuten Wallet, inc., a subsidiary of Japanese e-commerce company Rakuten (TYO:4755), has launched a spot trading service for cryptoassets. The service will be available on a dedicated smartphone app, that will debut on Android with an iOS version to follow. An excerpt from the announcement reads:
Through the smartphone app, customers can make transactions for crypto asset trading accounts, such as depositing/withdrawing Japanese yen and depositing/withdrawing crypto assets, 24 hours a day, 365 days a year. The app also features many useful functions that allow customers to effectively manage their crypto assets, such as confirmation of assets deposited in Rakuten Wallet, the purchase and sale of crypto assets, and real-time chart rate confirmation. Three types of crypto assets can be traded: Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).
Crypto exchange giant Binance has announced Venus, an “initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe”. Binance co-founder Yi He explained the project to CoinDesk:
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”
Cointelegraph reports that Spanish banking giant Santander (NYSE:SAN) is expanding its Ripple-powered global payment solution to Latin America. Using a mobile app called One Pay FX, the service will enable zero-fee transactions from Latin American countries to the United States. One reason for this expansion is that One Pay FX transaction volumes have tripled from January to June of this year.
Sam Mowers, Investorideas
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