#CryptoCorner: BTC Breaks $4K Over Weekend Rally, Citigroup (NYSE: $C) Scraps Crypto Coin and Startup 2gether Announces Prepaid Visa That Allows #Crypto Transactions
Point Roberts, WA, Delta BC - March 18, 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 and the Genesis Exchange and Wallet App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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March 18 Crypto Corner
BTC Breaks $4K Over Weekend Rally, South Korean Messaging App Kakao to Integrate Crypto Wallet, Citigroup Scraps Crypto Coin and Startup 2gether Announces Prepaid Visa That Allows Crypto Transactions
Stocks discussed: (NYSE:C)
The crypto market gained some steam over the weekend. According to data from CoinMarketCap, it peaked at $141.5 billion on Friday, and has settled at a market cap of $139.5 billion at press time. Particularly impressive was the rally by Bitcoin Cash (BCH), which began the weekend trading for about $140 and at press time is trading for $163. Meanwhile, the flagship cryptocurrency, Bitcoin (BTC) sits at about a $71 billion market cap and is trading for $4030 at press time, having cleared the elusive support level on Friday.
fnnews, a South Korean outlet, reports that Korean messaging app Kakao, which boasts some 44 million users, is integrating a password-protected crypto wallet to its service. In a statement to CCN, Heslin Kim, South Korea-based CEO of BlockchainROK, said of the news:
Kakao is representative of South Korea, a country with over 55 million people. It embodies the fast paced, technology driven lifestyle that Koreans adopt so readily. It’s an app so deeply attached to what it means to be Korean.
The fact that one of the most widely adopted apps, with over 95% market share, is publicly promoting and spreading blockchain/crypto is tremendous for mainstream adoption. Connect the dots with the market share and total population. With Samsung’s S10 and now Kakao’s wallet we can continuously expect Korea to be at the forefront of the DLT disruption.
CoinDesk reports that Citigroup’s (NYSE:C) proposed cryptocurrency, Citicoin, which was initially announced four years ago, has been cancelled. The company has decided to put the work and research that was invested in the project and instead use it to improve existing systems. Gulru Atak, global head of innovation for treasury and trade solutions, and chief of Citigroup’s innovation lab, told the outlet:
“Based on our learnings from that experiment we actually decided to make meaningful improvements in the existing rails by leveraging the payments ecosystem and within that ecosystem, we are considering the fintechs as well or the regulators around the world as well, including SWIFT.”
According to an official announcement, banking startup 2gether is launching a prepaid Visa card in Europe that allows users to make transactions using cryptocurrencies. Users can also buy, sell and trade the seven supported cryptos, which include: Ether (ETH), Bitcoin (BTC), XRP, Bitcoin Cash (BCH), EOS, Stellar (XLM), and Litecoin (LTC). An excerpt from the press release reads:
2gether’s prepaid Visa debit card allows consumers to spend crypto as easily as if they were euros anywhere, instantly without fees. Whether it be shopping at your favorite boutique or taking a friend out for dinner, users simply swipe their 2gether card and it seamlessly integrates cryptocurrency into the everyday lives of its customers, essentially paying with crypto without even realizing it.
Sam Mowers, Investorideas
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