#CryptoCorner: #Bitcoin Plummets, SIX Signs Partnership Agreement with Omniex, MoneyGram (NasdaqGS: $MGI) Gained $11M from Ripple in Last 2 Quarters, Bank of Canada Discusses CBDCs and Significance of Libra (NasdaqGS: $FB)
Point Roberts, WA, Delta BC February 26, 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 .
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Stocks discussed: (NasdaqGS:MGI) (NasdaqGS:FB)
Bitcoin (BTC) appears to be in a freefall and is dragging the rest of the crypto market along with it, according to data from CoinMarketCap. When we last left it on Monday’s Crypto Corner, Bitcoin had come off of the weekend having failed to secure a $10K support level, and was trading for about $9,770. At press time, it has fallen to $9,058, thereby erasing February’s gains and returning to a level not seen since January 28. Correspondingly, the wider crypto market has lost nearly $30 billion from its total market cap. Explanations for this sharp decline tend to revolve around Bitcoin having been overbought as a reaction to the Coronavirus, and this would comport with its considerable bull run, and that this could be seen as an overdue market correction.
Swiss financial services firm SIX Group, which operates the SIX Swiss Exchange, signed a partnership agreement with fintech company Omniex, providing the former, and its subsidiary Swiss Digital Exchange (SDX), with “a gateway to digital exchanges (including crypto currency exchanges) and OTC market makers worldwide.” Thomas Zeeb, Head Securities & Exchanges, member of Executive Board, SIX, said:
“We see a growing need in the market to access crypto currencies. Our new collaboration will provide a standardized and secure gateway via SIX as the trusted partner of the financial industry. With SDX as the digital exchange infrastructure in development, the collaboration with Omniex to deliver the front end for clients, both for existing crypto currencies, as well as in future for SDX-listed assets, is an important addition to the digital ecosystem.”
Remittance giant MoneyGram International, Inc. (NasdaqGS:MGI) has gained $11.3 million from Ripple in the past two quarters, according to an SEC filing. An excerpt from a CoinDesk report on the subject reads:
"The Company is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows."
In a speech titled Money and Payments in the Digital Age, Bank of Canada Deputy Governor Timothy Lane addressed the topic of central bank digital currencies (CBDCs) and Canadian central bank’s position on them.
“We have concluded that there is not a compelling case to issue a CBDC at this time. Canadians will continue to be well-served by the existing payment ecosystem, provided it is modernized and remains fit for purpose.”
Lane does, however, seem to indicate that the success of Facebook’s (NasdaqGS:FB) Libra project may impact the bank’s own position on digital currencies.
“Libra would run on an existing messaging platform with strong brand recognition. This would give it the potential to reach billions of people—including many with little or no access to banks or financial services.
It’s tough to predict if Libra will ever live up to its promises or even come into existence. But it is a good example of a transformative technology that affects how the Bank needs to respond to the future of money.”
Sam Mowers, Investorideas
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