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Chicago Mayor Believes Crypto Adoption is “Inevitable”

Cryptocurrency received an endorsement from Chicago Mayor Rahm Emanuel when he stated that wide-scale crypto adoption is “inevitable” at a FinTech meeting in his city earlier this week.

The chief of staff for former US President Barack Obama said that while he is no expert in crypto technology, he believes digital assets could help financially unstable countries with their economic recovery.

The politician thinks that “an alternative way of currency dealing with the debt markets is going to happen” at some point in the future.

“One day, somebody’s going to figure out—whether that’s Argentina, ten years from now, five years from now—how to use cryptocurrencies to stay alive when their [sic] facing a financial crisis, and then you’re going to find out that this moment has arrived,” Emanuel said of crypto adoption.

Countries like Venezuela have already turned to cryptocurrency in an attempt to circumvent US-led sanctions, attract investment and bring the country back from the brink of full-blown default.

Crypto Adoption: Cryptocurrency Here to Stay

Despite crypto being a highly volatile market, the Chicago mayor isn’t the only one that believes the currency is here to stay. In fact, some believe cryptocurrency could replace fiat currency as early as 2030.

Former IBM engineer Thomas Frey said at a recent event that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”

According to a recent survey led by researchers at the Neustar International Security Council, 80% of businesses are interested in using cryptocurrency for transactions. What’s more, 48% of the survey respondents said that the use of cryptocurrency could be a way for their businesses to generate income by delivering increased value.

Crypto Adoption: Big Companies Moving into the Space

A number of major companies have already begun creating their own cryptocurrencies, including Starbucks, Samsung, Square, Facebook, and IBM.

The most recent company to join the cryptocurrency movement is US multinational financial services giant Visa, which is on the lookout for project managers with blockchain and cryptocurrency knowledge to join their team.

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polymath

Polymath Partners with SeriesOne for Security Token Issuance

Security token platform, Polymath, has reportedly partnered with digital securities fundraising platform, seriesOne, to give customers “end-to-end” solution for security token issuance.

Polymath and SeriesOne Partnership

The news was first announced by seriesOne yesterday via a press release. The company said the new product will allow issuers to create and manage security tokens that are “compliant throughout their entire lifecycle.” This means from the initial token offering all the way to trading on an exchange.

Easier

The aim of the partnership is to simplify the creation and management of security tokens. seriesOne believes that Polymath’s St-20 security token standard will become the industry-wide standard. As such they are going to partner with the company to make security token management easier.

SeriesOne is a securities issuance platform and as such can qualify for a number of securities exemptions in the US.

CTO of seriesOnes, Dmitry Grinberg, said the following:

“The token control layer that Polymath offers will be the future standard and we are excited to be working together.”

CEO Michael Mildenberger furthered that the partnership aims to reduce the “complex challenges” of creating and managing security tokens. The result will become a “critical” component of seriesOne’s digital securities offering ecosystem.

In using Polymath’s ST-20 protocol, the CEO believes the platform will generate more revenue.

>> Trading with Crypto Exchanges and Crypto CFDs: Which is Better?

Ethereum for Securities

According to its website “What Ethereum did for tokens, Polymath will do for securities,” in saying that the company is aiming to be like the Ethereum network but for securities.

The company has its own token standards that facilitate compliant trading. In fact, its ST-20 security token standard is described as “an extension of the more generalized Ethereum ERC-1400 standard that introduces the ability to restrict transfers of blockchain tokens.”

What do you think about seriesOne partnering with Polymath?

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IBM

IBM Hints at Entering the Stablecoin Arena

Jesse Lund, head of blockchain solutions at IBM, has just hinted that the tech company has plans to explore stablecoins in an interview with Cheddar yesterday. Lund did not disclose when this venture may debut but said it would be on its World-Wire platform.

IBM and Stablecoins

IBM began its venture with Stellar in late-2017 and finalized most of its plans in mid-2018. Stellar is an open-sourced, decentralized protocol that focuses on transfers between fiat currency and digital currency.

Lund told Cheddar that US banks are “very interested” in using stablecoins to send cross-border to replace the current SWIFT system. The reason banks are interested in stablecoins over other forms of digital currency is that stablecoins are linked 1:1 to fiat currencies making them more ‘stable’.

“We’re really feeling excited that we’re on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments,” Lund explained.

IBM feels the market demand for stablecoins has risen, despite the copious amount of similar coins that have flooded the market as of late. Lund hinted that IBM hopes to create an ecosystem of various digital assets, with many different types of digital assets—including stablecoins.

>> RAID Project: Bittrex Cancels RAID IEO Hours Before Launch

Cheddar asked Lund how the company’s alleged stablecoin compared to the one that JPMorgan just released. The IBM exec said that the company’s solution to cross-border transactions would be “somewhere in between.” Lund claims that this new venture would not be a proprietary coin like JPM coin but feels the major US bank is doing what’s best for them. The bank’s stablecoin will only be used with clients of JPMorgan.

IBM feels its stablecoin should be more broadly accessible and World-Wire seeks to do just that. When this project will be released is still up in the air, but the recent interview proves it is just around the corner.

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Jack Dorsey

Jack Dorsey, Bitcoin Evangelist, Speaks About Square in Recent Podcast

Twitter founder Jack Dorsey has earned himself the title of ‘Bitcoin Evangelist’—such is his advocation for digital assets. His support of Bitcoin has been consistent and unwavering.

Dorsey, as a successful businessman, is hard to ignore. His support for the leading cryptocurrency spurs on Bitcoin bulls and those who love a strong voice supporting their views.

Jack Dorsey’s Square

The entrepreneur recently participated in a podcast called “Tales from the Crypt” where he spoke about buying Bitcoin.

Interestingly, he told how he “maximizes the $10,000 Bitcoin purchase limit on Square Cash to acquire the leading cryptocurrency.”

Square is a payments platform with a built-in cash app. This allows its users to send money to others in an instant.

With a merchant payment system embedded, it is also aimed at the everyday worker who has to send invoices, for example.

According to its website:

“We’re empowering the electrician to send invoices, setting up the food truck with a delivery option, helping the clothing boutique pay its employees, and giving the coffee chain capital for a second, third, and fourth location.”

The businessman believes platforms like Square are the future for cryptocurrency.

March has been an interesting month for Bitcoin. The top coin by market cap has been growing, and the entire cryptocurrency market has added $6 billion to its valuation. At the time of writing, Bitcoin is selling for $3,909. However, it nearly breached the $4,000 mark during the week. Bullish calls from Jack Dorsey and other prominent figures are helping to cause a lift.

>> Coinbase Upgrades: Wallet App and OTC Desk Get Improvements

Brian Kelly

Earlier in the week, for example, Brian Kelly, CEO of BKCM, said he believed the “crypto winter” was ending. Since he spoke, Bitcoin price rebounded to over the $3,900 mark. He said further that Bitcoin is showing improvement:

“If you look at the number of addresses that have been created on the Bitcoin network, that’s up about 20 percent from the January lows, it’s apt highs at the levels we saw in the spring of 2018 when Bitcoin was well above $6,000. So fundamentally, you’re starting to see improvement.”

What do you think? Do the sentiments of successful businessmen such as Jack Dorsey encourage you to back crypto?

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crypto news

Crypto News | SEC Rules ETH NOT Security; Binance Adds XRP

The cryptocurrency market is making a comeback this week, after closing out last week in the red. Crypto news was pretty slow last week, but it has picked up a bit today. This morning, CoinCenter released news that the SEC Chairman confirmed that ETH is not ruled as a security by the regulator. In addition to this big news, Binance announced it has added XRP and credit card payment support to its Trust Wallet app.

Let’s get into it!

Jay Clayton Rules ETH a “Non-Security”

When investors began taking notice of digital currencies in mid-2017, the US Securities and Exchange Commission started researching and commenting on the industry too. The SEC’s main purpose is to protect investors, facilitate capital formation, and maintain fair, efficient, and orderly markets. Jay Claton, the SEC’s Commissioner, hasn’t been shy in voicing his view of digital currencies from the start.

The SEC was mostly concerned with Initial Coin Offerings (ICOs) and made definitive decisions on whether coins offered in this fundraising method were subject to SEC rules and considered an official ‘security.’ Now it seems the official consensus of the SEC regarding other digital currencies was released on March 7th, when Clayton addressed US Representative Tedd Budd in a statement.

In the official statement, Clayton confirms that ETH and cryptocurrencies like it aren’t securities under US law. This is a win for the cryptocurrency community, but this news is not completely surprising, considering Clayton has held a similar stance for years.

>> Amy Castor, Crypto Expert, Talks QuadrigaCX at MPWR Summit

Binance Wallet Adds XRP and Credit Card Purchase Support

Another piece of large crypto news released today surrounds Binance, the world’s most popular cryptocurrency exchange by 24-hour trade volume.

Trust Wallet, the official wallet of the crypto exchange, has just added support for credit card purchases and XRP. Last July, Binance acquired Trust Wallet in the company’s first public acquisition. Currently, the Trust Wallet supports BTC, ETH, LTC, XRP, and BCH. Binance’s main wallet also holds support for any ERC20, ERC223, and ERC721 tokens.

Users can now use their credit card on the Trust Wallet app to buy digital currencies. Adding this feature now makes it easier for investors to purchase and use digital currencies.

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