Market Analysis Report (16 May 2018)

Circle Announce New USD-Backed Cryptocurrency

Yesterday, FinTech startup Circle announced it will be launching a new price-stable cryptocurrency called “USDC” (short for “USD Coin”) this summer. The Circle USD Coin will allow customers to buy and use USDC tokens for payments and trading in the crypto ecosystem while avoiding the cryptocurrencies price volatility. This new stable coin is based on an open source fiat framework developed and governed by the CENTRE project.

“Today we announced the pending availability of tokenized US dollar coins supported by developments in the CENTRE open source framework and by a new partnership with Bitmain, which is also leading a $110M Series E equity investment in Circle.”

Read more here

Coinbase Paving the Way for Institutional Investors

Yesterday, cryptocurrency exchange Coinbase announced its launching four new products striving for institutional investors (Coinbase Custody, Coinbase Markets, Coinbase Institutional Coverage Group and Coinbase Prime). Coinbase’s new products goal is to bypass the infrastructural and security issues that are stopping institutions from adopting cryptocurrencies. Adam White, the company’s Vice President and General Manager, said:

We think this [Coinbase’s new product line] can unlock $10 billion of institutional investor money sitting on the sideline. We’re seeing a rapid increase in attention awareness and adoption in the cryptocurrency market.”

Read more here

LedgerX Launches CFTC-Regulated Bitcoin Savings Account

The derivatives exchange, LedgerX, has launched a Bitcoin savings account regulated by the Commodity Futures Trading Commission. The new product allows institutional investors to earn USD interest on their Bitcoin holdings over three-month, six-month, and 12-month maturity periods with target yields of up to 16% per year. LedgerX Co-founder, Juthica Chou, said:

This interface will definitely be skewed to the long Bitcoin holders, who will likely only deposit Bitcoin who will want to earn interest off of that Bitcoin.”

Read more here

Join us at the CryptoCompare MJAC Blockchain Summit

CryptoCompare has teamed up with ADVFN and MJAC Disruptive Investment Conferences to create one of the biggest blockchain events to take place in the UK.

With over fifty leading companies exhibiting at the show, the one-day event will feature presentations and panels from major forces in the industry such as Ripple, Coinbase, Citi, BlockEx, Coinfloor and VanEck and will be followed by an after-show networking event.

Our users get an exclusive 40% discount by using the CRYPTOCOMPARE promo code at the checkout.

Get tickets here

Leave a Reply