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Cryptocurrency Will Create a World of Possibilities In the Financial Sector: Says Daniel Masters.

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Daniel Masters, The Chairman of Digital investment Bank, Coinshares and chief investment officer at Global Advisors explained in an Interview with Bloomberg, how distributed ledger technology is doing for the democratization of peer-to-peer transactions; what the internet did for the democratization of news.

Covered Loopholes
During the conversation, he was asked about the possibility of having a leakage problem in the fractional reserve monetary system, where only some of a bank’s deposits are backed by assets. His response to the question was that of optimism.

“Cryptocurrencies arent creating leakage in that leverage, at least not yet. Masters described a “regulatory sandbox” environment where digital assets resided for the past five years or so through the end of 2017. He said an ecosystem that’s $1 billion – $10 billion in size “is almost experimental in the scope of the main financial system.”

With the inception of cryptocurrency, there were speculations of how authentic and relevant it was, however, it is now evident to the world that cryptocurrency cannot be ignored. banks, regulators and governments have decided to pay attention to it. “I don’t think there’s any concern from that community at the moment that there’s leakage .. but I think they’re beginning to realize that there is potential for that in the future,” he added.

Referencing a statement made by IMF Chief, Christine Lagarde and the Financial Stability Board Chairman Mike Carney, “cryptocurrencies don’t pose any immediate risks to global financial order.”

The possibilities of the market are almost endless

Masters opinion regarding cryptocurrency and the regular financial system has been one of a marriage and not a conflict of interest. He says it’s about “what portion of the total financial ecosystem accrues to cryptocurrencies,” adding: “I think even if it’s only 5% at the end of the day, that market will then still be much bigger than it is today.”

Daniel Masters manages crypto assets worth at least $800 million through his company Coin shares. The assets are used in both active and passive trading strategies. Previously he had also touted Bitcoin as “the play of 2018”.

In contrast, his former employer JPMorgan has been a very vocal critic of Bitcoin. A short while ago JPMorgan boss Jamie Dimon had called Bitcoin a fraud.

Do you think cryptocurrency or the blockchain technology pose a threat or provides endless possibilities? Does Masters have a valid point? lets hear your opinions. Leave your comment down below.

 

 

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MoneyGram’s New Time Remittance Technology backed by Visa not Ripple

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A new service introduced by remittance giant (MoneyGram) which allows users to send and receive money in real-time has been credited to visa and not the work of its blockchain-based partner (Ripple) in an announcement by representatives of the company.

The recently launched Fastsend, a new service which allows clients to send money in real-time to a phone number through a mobile application or dedicated website. While responding to enquiries from news sources about the latest concept, it was revealed to much surprise that MoneyGram did not make use of the technology of Ripple to achieve the latest product.

Do we need blockchain for real-time settlements?

MoneyGram Chief Operating Officer, Kamila Chytil informed news sources that FastSend makes use of Visa’s Direct Original Credit Transaction to send funds to bank accounts making use of Debit card deposit which is clearly not blockchain-backed or related.

Without the need for DLT, the dedicated website and app make use of an open-source cloud-based microservices. Chytil further stated that although Ripple is not involved in the new product, the firm still makes use of Ripple’s blockchain in other fields of the company.

Also, Chytil made mention of MoneyGram’s continuous effort on how to utilize blockchain in areas where it could assist to solve data privacy and regulatory obligations via distributed ledger technology. In her remarks, she spoke highly of DLT technology and cryptocurrencies, stating that the firm believes blockchain to be the future of global cross border payments and transfer of money.

As MoneyGram continues to research on the multiple use cases in order to tap into Ripple’s tools while integrating with the recent version of Ripple’s service suit to introduce cash-out service to all network members.

It is worth noting that Ripple is gaining increased support and approval among financial institutions to provide them with its DLT services in Africa with the National Bank of Egypt joining its network, this has been seen as a welcome development as it would do well for the inward remittance within the region the Ripple Network.

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TRON to onboard Steemit as it sets to join TRON Ecosystem

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Source: TRON

 

TRON has announced a strategic partnership with the largest blockchain based social media platform Steemit to onboard its numerous Dapps and user base into the TRON Ecosystem. 

 

The announcement which was made via a press release on TRON’s medium account revealed that both development teams of the two organizations will immediately begin working together to bring Steemit and other Steem blockchain based DApps to TRON blockchain and its community of over 20 million users, products, and services.

 

According to TRON, “the partnership continues the beat of TRON’s rhythm in partnering with top firms like Samsung, Poloniex, Opera, and DLive to provide a dynamic value proposition to its users, investors, and community members.’

 

Steemit is a decentralised blogging platform built on the Steem blockchain and having its own token. It allows users to easily reward publishers by upvoting their contents published. 

The Steemit blockchain also houses several other Dapps such as DTube, APPICS etc which are designed to be censorship resistant. Built by Dan Larimer and Ned Scott, Steemit empowers anyone to create an account and earn crypto for published contents upon upvotes. 

 

Speaking on the partnership, Justin Sun, CEO of TRON and Bittorent said “We are very excited to welcome Steemit into the TRON ecosystem, together we will usher in a new era of decentralized social networking.”

 

TRON disclosed it will work with Steemit Inc, to create further value for its users and to augment their advancements in decentralised technologies. 

This will include migrating STEEM token to a new TRON based STEEM token and the creation of accelerator program for the developer community. 

 

TRON believes this partnership further empowers its title as the blockchain industry’s leader in distributed ledger technology with over 800 Dapps now in its ecosystem.

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CryptoTVPlus partners with Kubitx to Spread Crypto Awareness using Local Languages

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Leading African based crypto-focused media organization, CryptoTVPlus has partnered with Blockchain solutions company, KuBitX, to spread education and awareness of cryptocurrency. 

This partnership arises from the need to explore the vast untouched population in the African market. Education plays a significant role in the advancement of new technologies and utilizing local contents presents a very much effective way of achieving such goals.

The continent of Africa holds great promise in the world of digital assets; there are countless opportunities being explored and countless others to be explored in creating solutions to the large set of challenges which the continent faces.

While there are globally acceptable educational or awareness spreading techniques, there are special ways of reaching out to unique audiences; this is exactly what the drive is, in this partnership represents.

This partnership will see both organizations working together to create contents to educate and spread awareness of the digital asset revolution in both the Hausa and Pidgin local languages.

The Hausa and Pidgin speaking audience represents a vast combined segment of the local populace and it is expected this initiative will ensure the effective education of a large portion of the total population.

Speaking on the partnership, Tony Emeka, CEO of CryptoTVPlus commented saying “One of the challenges holding back the increasing awareness of digital assets and the underlying technology is proper and locally constructed educational programs that utilize relatable languages and analogies to express the WHAT, WHY and HOW of the digital asset technology. I believe with the convergence of our two organizations, there will be a new wave and rise in awareness in the local industry. ”

About KuBitX

Launched in 2018, “KuBitX is one of the most advanced and robust cryptocurrency trading platforms designed in a very user-friendly manner to enable people from all regions and backgrounds get a stronghold of the ideas revolving around the Blockchain and the Cryptocurrency space. Contained within the KuBitX ecosystem are the KuBitX trade engines, the secure KuBitX wallets and an advanced Admin dashboard for regulating the activities within the Trade Exchange.” It is currently utilizing the Stellar blockchain owing to its remittance, cross border payment and regulatory compliance needs.

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Justin Sun to launch Tron-based Decentralized stablecoin. Why should we care? 

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Founder of the Tron Blockchain, Justin Sun has hinted at plans to launch a stablecoin based on the Tron blockchain. 

This was made via his Twitter account hours ago.

According to the tweet, the TRON community will launch a new decentralized stablecoin backed by the TRX and BTT token. 

 

 

There was little information given by the tweet but Justin Sun posted a question to the entire community, and it is for the best name for the new stablecoin. 

Stablecoins have grown in numbers since the eventual launch of US dollar backed Tether (USDT). Ever since then, various fiat currency pegged stablecoins have been made available on the market. 

The stability of this cryptocurrency class has also pricked the interest of governments and private corporations,  the decision of Facebook to launch Libra provides a testament to the global interest in stablecoins which does away with the apparent honeypot feature of non-stable cryptocurrencies such as bitcoin, ethereum and other non-stablecoins. Volatility. 

Nations CBDC has also become a fascinating way to utilize the idea behind stablecoins. Several countries are experimenting and others such as China are already getting ready. 

Justin Sun’s decision to launch a decentralized stablecoin may be a noble cause, but the optics of this decision may show a contrary view. 

Tron and the founders Justin from its earliest time has been involved in certain controversies such as plagiarizing the White Paper of other projects and copying codes from Ethereum, has also been linked to pump and dump schemes most especially with the use of its wide audience to manipulate value of coins by tweeting mostly inconsequential pieces. 

The new stablecoin will be decentralized according to Justin Sun. While the decentralization is not absolute, complete decentralisation is a myth and it has been a much discussed topic in the space. It therefore begs a very important question, since it’s claimed to be decentralized, who will be the horses pulling the chariot. 

With many stablecoins in the market, one would wonder why launch a new one, there are mostly two options on ground, it’s either the stablecoin markets offer very juicy returns that the Tron blockchain will benefit from the volume as the ‘horses’ also does, or Justin Sun has ran out of ideas. 

For the community’s sake, let it be the first. 

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