July 30 – August 5, 2018 | Payment Processing, Litecoin Valuation & More Crypto News
3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.
Starbucks Partners With Microsoft and ICE to Bring Crypto Payments
August 3, 2018 – Starbucks will be introducing the ability for consumers to pay with cryptocurrencies through a new partnership with Microsoft and the Intercontinental Exchange (ICE). The partnership will introduce a new payment platform, named Bakkt, to Starbucks locations across the US. The platform will allow both consumers to pay for products, and companies to buy, sell, and store cryptocurrencies. Those skeptical of cryptocurrencies have historically pointed to the lack of adoption in retail markets; however, brick-and-mortar retailers like Starbucks adopting cryptocurrencies as a means of payment could accelerate wider spread adoption of digital currencies. A number of retail companies already accept cryptocurrencies as a means of payment, such as Expedia, Shopify, and Overstock.com, among others.
“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks,” said Maria Smith, the vice president of partnerships and payments for Starbucks. Brian Kelly, the CEO of crypto investment firm BKCM, thinks that “Starbucks is seeing some kind of demand for acceptance of crypto and bitcoin, and to tie up with a huge regulated institution like the ICE is really positive for the space.”
August 1, 2018 – Mati Greenspan, a senior market analyst at eToro, believes that despite its established position, litecoin is still trading at a massive discount to its peers. In an eight-page report, Greenspan analyzes litecoin off several fundamental and technical factors. Greenspan credits Litecoin developers for structuring the cryptocurrency as a “complement” to bitcoin, emphasizing the importance of litecoin being the second oldest cryptocurrency, behind bitcoin. Due to its early introduction, Litecoin developers have been able to consider the same development upgrades as those considered on the Bitcoin blockchain, such as Segregated Witness (SegWit) and the Lightning Network.
Greenspan also notes that the daily active addresses (DAU) in litecoin are substantially higher than some cryptocurrencies that have larger market capitalizations and similar use cases. He sees the DAU to market capitalization ratio in litecoin as an indicator that the cryptocurrency is undervalued. Additionally, Greenspan notes that the daily transaction volume of litecoin exceeds the other cryptocurrencies that have similar use cases, such as bitcoin cash. He concludes his report by announcing that litecoin has an “established and stable working product, as well as significant adoption”, despite the recent selloff in cryptocurrency markets that have led to litecoin being significantly oversold and undervalued.
Crypto Payments Could Come to Millions of Online Retailers
August 4, 2018 – Major crypto firm Coinbase has introduced a new web plugin that will potentially allow millions of online merchants to start accepting cryptocurrencies as a means of payment. Through its Coinbase Commerce non-custodial cryptocurrency payment solution, and the WooCommerce Plugin, online retailers using WordPress’ e-commerce platform will be able to integrate cryptocurrency payment functions to websites. WooCommerce is one of the largest e-commerce platform plugins in the world, powering over 28% of all online stores.
“Note that all payments made through Coinbase Commerce are truly peer-to-peer — when customers send money from their cryptocurrency wallet it’s sent directly to a merchant-controlled cryptocurrency address and processed on-chain by the respective blockchain. This means merchants never have to pay transaction fees to accept payments and always remain in complete control over their funds,” said Coinbase in a blog post.
Bank of Thailand: Banks can Open Subsidiaries for Crypto Services
August 4, 2018 – The Bank of Thailand has reportedly allowed its local banks to begin setting up subsidiaries to deal with cryptocurrencies. Through subsidiaries, Thai banks will now be able to issue their own digital tokens, provide crypto brokerage services, offer banking services to crypto companies, and directly invest in cryptocurrencies. Despite the banks themselves still barred from dealing directly with cryptocurrencies, banks can create subsidiaries to establish a foothold in the crypto market. New crypto-dealing branches will only be able to offer their services to other businesses who have been approved by Thailand’s Securities and Exchange Commission and the Office of Insurance Commission.
While the subsidiaries still won’t be able to offer services to the public or to the owning bank’s clients, the decision by the Bank of Thailand to allow subsidiaries of local banks to offer crypto services points to successful development of the regulation of cryptos. Previously, the Bank of Thailand released a circular paper to banking institutions in Thailand prohibiting the investment or trading of cryptocurrencies, as well as developing or providing banking services to crypto exchanges.
Chinese Billionaire to Build a $300 Million USD Crypto Hub
August 2, 2018 – Bruno Wu, a billionaire Chinese investment mogul, is planning to build a $300 million USD crypto innovation hub in Connecticut, which may include a college entirely dedicated to fintech and crypto-related initiatives. Wu has selected Hartford, Connecticut to be the location for the multi-million dollar crypto hub, notably for its close proximity to top US colleges such as Yale and the University of Connecticut. The “Fintech Village” will be a hub for students and those interested in fintech, cryptocurrencies, robotics, and machine learning. Through anticipated partnerships with nearby colleges, Wu and his firm Seven Stars Cloud will seek to create an “accredited entity” that will specialize in cryptocurrencies and other fintech topics through innovative courses.
The cryptocurrency and blockchain job markets have been in hot-demand, as LinkedIn reportedly had a four-fold increase of related job postings in 2017 over the previous year. The importance of education and talent in the crypto market is important, as qualified employees remain in short supply. According to Miha Grcar, the head of business development for major crypto exchange Bitstamp, the shortage of talent in the cryptocurrency industry may be one of its biggest challenges. “Globally, the pool of talent — people with experience in blockchain and distributed-ledger technology — is somewhat limited,” said Grcar. “This is a big challenge.”
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Due to applicable legal restrictions, you may not access the following content. We apologize for any inconvenience this may cause.
WARNING: THIS SECTION OF THE WEBSITE CONTAINS ANNOUNCEMENTS, DOCUMENTS AND INFORMATION (TOGETHER THE “INFORMATION”), ACCESS TO WHICH MAY BE RESTRICTED UNDER THE SECURITIES LAWS OF CERTAIN JURISDICTIONS. IN PARTICULAR THE INFORMATION IS NOT DIRECTED AT, AND IS NOT ACCESSIBLE BY, PERSONS RESIDENT, OR OTHERWISE LOCATED, IN THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THE INFORMATION IS BEING MADE AVAILABLE BY 3iQ Corp. (“3iQ”) IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY. THE AVAILABILITY OF THE INFORMATION IS SUBJECT TO THE TERMS AND CONDITIONS SET OUT BELOW.
Please read this notice carefully - it applies to all persons who view this webpage. This notice may be amended or updated by 3iQ from time to time and accordingly it should be read carefully in full each time you wish to view the Information. In addition, the content of the site, and its availability to persons resident in certain jurisdictions, may be amended at any time in whole or in part at the sole discretion of 3iQ.
Basis of access
Please read this notice carefully before clicking “I agree” or “I disagree” below. This notice applies to all persons who view the Information. Access to these materials is being made available on this webpage by 3iQ in good faith and for information purposes only. Any person seeking access to this webpage represents and warrants to 3iQ that they are doing so for information purposes only.
Nothing on, or which can be downloaded from, this webpage constitutes an offer for sale or subscription or any solicitation for any offer to buy of subscribe for any securities in any jurisdiction. Making the Information available does not constitute a recommendation by 3iQ or any other party to sell or buy securities.
Confirmation of representation
Any person seeking access to this webpage certifies that they are not located in the United States of America or any other jurisdiction where the release, publication or distribution of these materials would be unlawful. Any person seeking access to this site confirms that they have read and understood this disclaimer and agree to be bound by its terms.
The information contained on this website does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or in any jurisdiction in which such offers or sales are unlawful. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state or other jurisdiction in the United States. The securities referred to herein may not be offered, sold, resold, taken up, transferred, delivered or distributed, directly or indirectly, within, into or in the United States or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration of such securities in, the relevant jurisdiction except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of securities in the United States.
The materials are only addressed to and directed at persons in Canada.
If you are not permitted to view materials on this website or are in any doubt as to whether you are permitted to view these materials, please exit this website. These materials must not be released or otherwise forwarded, distributed or sent in or into the United States or any jurisdiction in which such offers or sales are unlawful. Persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from the United States or any other jurisdiction where to do so would be unlawful.
Acceptance of this notice
To visit the following pages of the site, you must confirm that you have understood the above sentences and agree to comply with the restrictions.
By selecting “I agree” below, you:
confirm that you have read, understood and agree to be bound by the terms of the notice set out above;
warrant and represent that you are not a resident of, or otherwise located in, the United States of America (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction where accessing the Information would constitute a violation of the relevant laws or regulations of that jurisdiction.
agree that you will not transmit or otherwise send (directly or indirectly) any Information to any person in the United States of America (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction if to do so would breach any applicable law or regulation; and
confirm that you are not a person to whom the communication of the information contained on the site is restricted and are not acting for the benefit of any such person.