February 12 – 18, 2018 | Litecoin Surges, Olympics & More Crypto News

3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.


Litecoin Price Surges Over 60%

February 16, 2018 – Cryptocurrencies experienced a sharp reversal this past week, and litecoin led the pack, rising over 60% from its weekly low. Litecoin has been regarded as the ideal small payment coin due to its faster transaction times and lower transaction costs.

Many believe that the upcoming hard fork was the fuel for this litecoin rally. The hard fork will result in a new cryptocurrency called Litecoin Cash. When the fork takes place, any investor holding litecoin will receive an equal amount of Litecoin Cash. Experts see this hard fork as a good sign for Litecoin, however this recent price movement is largely the result of speculation. Nonetheless, it has pushed “the silver to Bitcoin’s gold” back into the top 5 cryptocurrencies based on market capitalization.

Read the full article here.

Learn the basics about blockchain forking in

Blockchain Forks

by 3iQ Research Group

Canadian Speed Skater is the First Olympic Athlete Paid in Crypto

February 15, 2018 – For the first time in history, an Olympic athlete has been paid in cryptocurrency. The athlete, Ted-Jan Bloemen, is a Canadian speed-skater who struck a sponsorship deal with ONG Social, a social network and crypto community, and CEEK VR, a virtual reality company. According to his agent, Bloemen is exploring a “whole new frontier” when it comes to Olympic athlete funding.

Sources say ONG Social has mined 300 million coins, worth a total of $138.69 million. It is not known exactly which coins ONG social has mined, or which ones Bloemen will receive. As cryptocurrencies become more widespread in adoption, sponsorship deals and contracts between companies and athletes using crypto may become more common. Some cryptos, such as ether, harness powerful technology such as “smart contracts” which could apply well within sponsorship deals.

Read the full article here.

Canadian Bank Builds Vaults For Cryptocurrencies

February 14, 2018 – VersaBank Inc. is taking the plunge in a global banking industry that’s been reluctant to delve into cryptocurrencies and the technology behind them. The Ontario-based bank plans to have its digital vault ready by June, and offer the service to customers around the world. The company is set to build a virtual safety deposit box for cryptocurrencies and other digital assets. The company has a market value of about $158 million CAD, and has outperformed Canada’s big banks, with its shares up a sharp 24% so far this year.

“We’re using what banks are all about, safety and security, only what we’re doing now is saying that physical box in the basement is getting obsolete” said David Taylor, the CEO of VersaBank.

Read the full article here.

Coinbase Introduces Commerce, the “PayPal of Crypto”

February 15, 2018 – Coinbase announces “Coinbase Commerce”, a new PayPal like platform which it claims will simplify the process of making purchases with cryptocurrencies. Coinbase Commerce is designed to be integrated with a retailer’s existing online payment system or e-commerce storefront. Merchants using the platform will be able to accept payments in bitcoin, bitcoin cash, ether, and litecoin.

This isn’t the first such platform out there, but Coinbase is the most popular US exchange and this is a step towards mainstream commercial adoption. Shopify, which allows its users to establish their own online stores, has already offered Coinbase Commerce as an option to its customers.

Read the full article here.

Crypto-Miners Drawn to Small Canadian Towns

February 15, 2018 – The computers used by cryptocurrency miners consume a huge amount of electricity and emit an abundance of heat. Two things many small Canadian towns are actually well equipped for. As cryptocurrency prices rise, investors are looking to expand their mining operations and lock down cheaper sources of energy to operate and cool their computers. Provinces such as Quebec and Manitoba offer some of the lowest electricity rates in North America and the colder climate cuts down on cooling bills.

Several towns, such as Powerview-Pine Falls, have lost their heavy industries like lumber and paper mills over the years. The machinery was sold off and jobs cut but the high-powered transmission lines remain. These towns had excess power capabilities but no one to sell it to until cryptocurrency miners arrived. Along with their power hungriness, these mining operations may serve as a much needed employment boosters for these dwindling industrial communities.

Read the full article here.

 


 

 

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2019-08-06T19:48:03-04:00 February 18th, 2018|