Cryptoblock News — October 26th, 2018

QUOTE OF THE DAY

“An ETF is not news. It’s amazing how much energy is spent on it. Very few people know that the last asset class that was certified for an ETF was copper. It took three years, even though copper has been around for 8,000 years… The SEC doesn’t want widows and orphans buying Bitcoin ETFs. They don’t even know if Bitcoin is officially a security. So, I think an ETF is years away.”

Dan Morehead, the founder and CEO of Pantera Capital, when asked, “What are the next milestone events that you see happening?” during a panel at Bloomberg’s Institutional Crypto conference.

MARKET ACTIVITY

BTC (Bitcoin)
$6,483.90
-0.03%

ETH (Ethereum)
$203.08
-0.22%

XRP (Ripple)
$0.46
+0.83%

BCH (Bitcoin Cash)
$440.83
-0.23%

EOS (EOS)
$5.38
+0.09%

* As of 8:45pm ET (10/25/2018)

A STABLE COINBASE

Coinbase announced it’s also jumping into the stablecoin game — the latest crypto craze since CryptoKitties — as it adds support for USD Coin (USDC), a US dollar-pegged cryptocurrency created by Circle, to its platform.

“Starting today, Coinbase customers in supported jurisdictions can buy, sell, send and receive the USD Coin stablecoin (USDC) at Coinbase.com and in the Coinbase iOS and Android apps.”

Adding a stablecoin to its platform marks a first for Coinbase, which to date has supported traditional cryptocurrencies like Bitcoin, Ethereum and Litecoin.

The reason for adding USDC? Coinbase, together with Circle, developed the underlying technology behind the USDC as part of a joint venture dubbed the CENTRE Consortium.

Use cases for USDC? Coinbase says there are three reasons for using USDC today:

  1. Improved send and receive: Because USDC is pegged to the U.S. dollar, consumers can use the USDC without worrying about volatile price swings seens with traditional crypto.
  2. Use in dApps and exchanges: USDC in based on the ERC20 token standard, meaning it can be used with any dApp that accepts ERC20 tokens, like CryptoKitties.
  3. A programmable dollar: A digital dollar like USDC is easier to program with making it easier for programs to send and receive them using the public Ethereum blockchain.

Coinbase even put together a snazzy video to help explain why you, too, should be using USDC.

Bottom line: If you’re worried about that $1000 of BTC today being worth $500 tomorrow, a dollar-backed coin may be your answer.

IN OTHER NEWS…

  • Do the terms “blockchain”, “DLT”, or “consensus” leave you scratching your head? This blockchain primer lives up to its claim that even George Washington would understand it.
  • Questions arise after Tether says it burned — taken out of circulation — 500 million of its USDT tokens.
  • Trezor adds built-in integration with crypto exchanges to its Trezor Wallet software — they’re starting with ShapeShift and Changelly.
  • Boxer Floyd “Money” Mayweather is being sued by investors for his involvement in Centra Tech, an allegedly fraudulent company that raised $32M in an ICO.
  • HTC’s blockchain phone, Exodus 1, is available for pre-order — but its “blockchain” features have been seriously pared down.

TICKETING GIANT LOOKS TO BLOCKCHAIN

Ticketmaster: it’s the ticket company everybody loves to hate… until now, maybe?

The ticketing giant announced it has acquired Upgraded, a blockchain startup that uses distributed ledger technology (DLT) and what it calls “smart tickets” to fight fraud within the industry — an interesting move given Ticketmaster’s history of questionable practices.

For the fans

Upgraded’s founder, Sandy Khaund, expressed excitement about the deal, calling Ticketmaster the “unquestioned leader in live event ticketing” and noting that the acquisition would “bring the unique promise of blockchain to millions of fans” — we’re guessing what he meant to say was “bring fair ticket prices to millions of fans,” but what he said is essentially the same thing.

OUTRO

Stat of the Day

~$15M — The investment into crypto custody startup BitGo, by Mike Novogratz’s Galaxy Digital Ventures and… Goldman Sachs.

Name That Crypto

(Answer located at bottom of newsletter)

That’s a Wrap

We’ll be back next Friday with more crypto goodies. As always, email us with any thoughts, feedback or suggestions. We’d love to hear from you.

Peace out. ✌🏼

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Originally published at mailchi.mp.

Trivia Answer

Maker (MKR)

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