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Coinsquare Acquires StellarX

Coinsquare Acquires StellarX | Canadian Exchange Takes Over

Canada’s largest crypto exchange Coinsquare has acquired the StellarX DEX according to a press release published yesterday.

Under the terms of the agreement, StellarX will become a fully-owned subsidiary of Coinsquare and will now need regulatory approval to operate its service under the Coinsquare umbrella.

Coinsquare Acquires StellarX

Based in Bermuda, StellarX describes itself as “the first decentralized crypto platform with global fiat gateways. You can trade Bitcoin for Euros for Chinese Yuan on StellarX. That’s not possible anywhere else.”

Developed as an on-ramp for traders, customers have the ability to deposit fiat money directly from their US bank accounts for trading against specific coin pairs.

This is an unusual feature for a DEX and is a feature StellarX waves proudly. Acceptable fiat currencies are the Euro, Chinese Yuan, Hong Kong Dollar, and British Pound.

Native to the Stellar protocol, the exchange announced itself in July 2018 and began trading in October.

CoinDesk describes it further: “As a DEX, users retain sole custody of their funds and trade in a peer-to-peer fashion. StellarX has no access to users’ funds or keys and charges no fees.”

>> Ripple Feeling Pressure? Brad Garlinghouse Speaks Out About JPM Coin

Coinsquare Acquires StellarX: BlockEQ

This is not the first time Coinsquare has taken an interest in Stellar’s wares. In December 2018, the Canadian exchange purchased Stellar’s private wallet called BlockEQ. According to Cointelegraph“the firm is reportedly set to be rebranded to become the anchor wallet for the StellarX platform.”

Under the terms of the new deal, BlockEQ cofounder Megha Bambra will now lead StellarX. The exchange will still develop as planned according to its product roadmap, and while it is now owned by Coinsquare, it will continue under its own brand.

Coinsquare Acquires StellarX: XLM

XLM is trading today up 3.5% at the time of writing. It is the ninth largest cryptocurrency by market cap with a valuation of approximately $1.5 billion USD. XLM is trading at $0.08 per coin according to CoinMarketCap.

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Ripple

Ripple Feeling Pressure? Brad Garlinghouse Speaks Out About JPM Coin

Ripple’s CEO, Brad Garlinghouse, has finally responded to JPMorgan’s recent announcement of its new JPM Coin. Is Ripple feeling the pressure or just annoyed with a bank adopting a similar system? Let’s find out.

Ripple CEO Responds to JPM Coin News

Long before this tweet, Garlinghouse released a blog post titled ‘The Case Against BankCoin’ on his LinkedIn back on August 24th, 2016. The post describes the very thing that was just recently released by JPMorgan. In his earlier piece, Garlinghouse feels these projects are misguided and would cause even more friction than what our current currency landscape has now.

The CEO explained:

“If banks of different digital asset groups want to settle trades with one another, they’ll have to make markets between their unique digital assets or trade between their digital assets and a common fiat currency. What a mess!”

Garlinghouse believes that if each major US bank adopts its own coin, the system will become flawed because they aren’t all using the same digital currency and blockchain system.

SWIFT is the current financial system both projects are attempting to replace, and many analysts speculated yesterday that JPMorgan’s new project will be a direct threat to Ripple.

“JPM’s project is much more evolutionary than revolutionary—it is utilizing a private, permissioned blockchain technology called Quorum, which is much closer to a Google Sheet than a Bitcoin,” said Travis Kling, the Los Angeles-based founder of crypto hedge fund Ikigai Asset Management. “The project is clearly competing directly with Ripple Labs and their centralized cryptocurrency XRP.”

It is highly unlikely that if other major US banks get on board, they will adopt the JPM Coin. Most likely, each bank will want to use its own system and coin—after all, they are competitors. Like Garlinghouse said, that could make for an even more messy financial system than the one we currently have.

The biggest contention point between XRP and the new JPM Coin is its value. JPMorgan said yesterday that its coin is directly pegged to the US dollar, making it a stablecoin. XRP, on the other hand, is not, which may be a reason why most of the major US banks have opted out of using Ripple and XRP for cross-border transactions and remittances.

JPMorgan will start testing its digital currency in small doses within the next few months. It will be interesting to see how the other major US banks respond and if they will start trying to whip up their own blockchain and digital currency.

What are your thoughts? Is the JPM Coin a major threat to Ripple and XRP?

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Anchor

A New Financial Standard and Monetary System

Anchor, a New Financial Standard and Monetary System for Preserving and Enhancing the Value of Investor Holdings

Anchor is a two-token stable currency system pegged to a financial index that safeguards investments against economic volatility, inflation and market speculation.

Anchor AG, a financial services holding company, introduces Anchor, a dual-token stable currency that is pegged to a proprietary Monetary Measurement Unit (MMU), which calculates the value and growth of the global economy with validated data, including the real GDP, from more than 190 countries. Anchor’s monetary system and the MMU financial index are designed to protect, preserve, and enhance investments of individuals, businesses, and organizations over time with a transparent, stable, and predictable financial standard.

The MMU provides the most accurate available measure of the current value and future trend of the global economy in real-time. By pegging Anchor to the world’s economic growth, which increases at an average rate of 2.5% annually while fiats are in consistent decline, Anchor is offering a unique solution to the core global economic issues of depreciation and volatility.

“Economic stability is essential for prosperity, and yet no currency exists across fiat and crypto markets that are both truly stable and non-volatile,” explains Daniel Popa, Founder and CEO of Anchor AG. “Anchor’s mission is to create a foundation for a sustainable and healthy global economy. We believe that whatever you have earned in your life should not be susceptible to losing value and have created a solution that has the potential to help national economies find long-term financial stability and an incremental, steady accumulation of value.”

The MMU on its own does not guarantee Anchor’s stability across various economic scenarios, hence Anchor’s unique two-token mechanism. Anchor is comprised of Anchor Tokens, the main currency that will be publicly available and traded, and Dock Tokens that are auxiliary utility tokens crucial for keeping the value of the Anchor pegged to the MMU, and therefore, stable and predictable.

When the dynamics of global economic events occurs, such as inflation, causing the Anchor Token’s value to fall below the value of the MMU, an open auction with a reward system will be initiated for Anchor Token holders to incentivize them to exchange their Anchor Tokens for Dock Tokens in order to stabilize the currency. When the exchange rate for the Anchor Token rises above the MMU, an expansion phase is initiated during which any Dock Token owners can convert their tokens back into Anchor Tokens at a much higher value. Additionally, Anchor Tokens are airdropped to holders until Anchor’s value returns to the value of the MMU.

Anchor’s stability is further secured by a safety net of six economic, financial, and algorithmic pillars to protect it against inflation, devaluation, and volatility. In addition, 21 validators, including Anchor AG, financial institutions, auditors, banks, insurance companies, universities, investment funds, all with competing priorities from around the world, will control the number of tokens in circulation with a process setup that prevents the possibility for collusion.  

The team looks forward to introducing themselves and Anchor to attendees at the Blockchain Economy Summit in Istanbul, an event that Anchor will be co-sponsoring on February 20th.

For media inquiries, please contact Sarah Cohen at Melrose PR: Sarah(at)melrosepr(dot)com or call (310) 260-7901.

About Anchor

Anchor is a new financial standard that aims to preserve and enhance the value of investor holdings. Anchor’s mission is to provide individuals, businesses, and organizations with a reliable, predictable, and stable financial standard that is resistant to economic volatility, inflation and market speculation. Anchor is a two-token system pegged to a proprietary index, the Monetary Measurement Unit (MMU). The MMU reflects the value of the global economy and is based on validated data, including the real GDP, from more than 190 countries. Anchor is further protected by a safety net of six economic, financial, and algorithmic pillars, and is rolling out 20 validators over the next year.

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JPM Coin

JPM Coin Launches | JPMorgan Launches First US Bank Cryptocurrency

The first digital currency created by a major US bank is finally here! This morning, CNBC was first to report that JPMorgan Chase has officially launched its own cryptocurrency. The first JPM Coin trial is set to launch in just a few months.

JPM Coin Makes Trial Debut

JPMorgan Chase moves more than $6 trillion around the world a day and soon the company will test its new JPM coin. The bank’s new digital currency will be tested to settle payments between its clients.

JPMorgan’s trial will start small but it’s the bank’s way of preparing for a future that blockchain is the main technology in the banking system. JPM Coin will focus first on international settlements by major corporations, hoping to improve the current SWIFT system. Essentially, JPMorgan will try and accomplish what Ripple is doing with RippleNet and XRP.

“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” said Umar Farooq, head of JPMorgan’s blockchain projects. “The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”

JPMorgan’s CEO Jamie Dimon has been a long-time cryptocurrency doubter, which makes this movement and the new JPM coin a bit surprising. Dimon has even gone as far as calling Bitcoin a fraud.

The world’s first digital currency was birthed by Satoshi Nakamoto due to the financial crisis in 2008. The crisis was started by the US’s major banks, including JPMorgan. Bitcoin was made to disrupt the established banking world.

When these new international payments are tested, it will be one of the first real-world applications for cryptocurrency in banking. Each JPM Coin will be redeemable for a single USD, making it a so-called stablecoin.

Cryptocurrency Price Movements

According to CoinMarketCap, the news hasn’t really affected the price of digital currencies as much as you would think. Usually, when big news strikes like this investors buy in, but that’s not the case today. At the time of writing, BTC is trading at $3,616.83 a coin, down -0.30%. Coins in the top 50 digital currencies are seeing slight gains and losses.

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IBM Blockchain

IBM Blockchain | Santander Bank Enters $700 Million Deal with IBM

According to Cointelegraph, Europe’s Banco Santander and tech behemoth IBM have announced an accord involving the IBM blockchain.

The pair signed a $700 million USD deal aiming to increase Santander’s technological developments.

The news was released yesterday via a press release.

IBM Blockchain

The deal is a five-year “global technology agreement” that will improve the bank’s services by using innovative technology such as blockchain, AI, and big data. IBM will take care of the technology behind its new services.

IBM has been leading the blockchain revolution in business across the globe. Only last week, the company successfully completed a blockchain trial aimed at improving the shipping industry. In this instance, IBM’s blockchain recorded a shipment of mandarins from China to Singapore.

The details of the trade were recorded on the blockchain. This replaced the usual bill of lading (BL) document. In normal practice, the BL is mailed to all parties involved in the shipment; this includes banks and those who provide trade financing. It can take anywhere up to a week to send the document around.

However, in using the IBM blockchain instead, the entire record is sent in 1 second.

>> Is Crypto About to Get Institutional Investment? Novogratz Thinks So

Santander

Santander is Spain’s biggest financial and credit group, and now the company is looking to “evolve towards the open, flexible and modern IT environment it requires.” The move should reduce the bank’s overall annual IT spending.

David Soto, IBM General Manager for Santander Group, was quoted in the press release as saying:

“Santander Group is leveraging IBM technologies to support their security and regulatory work, and to rapidly develop new services that meet emerging customer demand by tapping into IBM’s unique technology and industry expertise.”

The financial institution created its own blockchain research team last year. Called the Digital Investment Banking team, its purpose is to explore blockchain’s ability to enhance securities trading.

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