This is how and why Ripple’s XRP tokens will be used by the banks

The controversy around Ripple and their centralization, premined coins and influence of banks aside, Ripple Labs is all about improving the speed and cost of cross-border payments.

It seems that Ripple’s broader XRP strategy is to generate demand for rapid settlement. Ripple is positioning XRP as the rapid settlement technology to go with those rapid payment systems. All of their payment technology is designed to settle with XRP.

The beginner Ripple product gets banks’ feet wet – with xCurrent and xVia where they don’t have to use XRP. Once there it is easy to gravitate to the next gear, the next product – xRapid. Like an extra gear on the car you already know. It is inevitable.

xRapid is the only Ripple product that uses XRP. Other offerings such as xVia and xCurrent are systems that currently do not require/utilize XRP.

In other words, if the 100 banks you have signed up have no interest in xRapid, there will be no change to the price of XRP.

With xRapid Ripple aims to eliminate delays in global payments while also dramatically lowering cost. xRapid leverages the technology behind the digital asset XRP, to make cross-border payments truly instant.

Some aggregated results from several pilots of xRapid indicate this Ripple net has a bright future ahead to the joy of XRP holders.

For payments in the critical remittance corridor between the U.S. and Mexico, financial institutions using xRapid saw a savings of 40-70 percent compared to what they normally pay foreign exchange brokers. An average xRapid payment took just over two minutes, compared to today’s average of two to three days when sending cross-border payments. The portion of the transfer that relies on the XRP Ledger takes two to three seconds, with the additional processing time attributed to movement across the intermediary digital asset exchanges and local payment rails.

A payment journey with xRapid looks like this: a financial institution connects directly to digital asset exchanges in both the originating and destination corridors. The originating currency is exchanged into XRP which provides the necessary liquidity to power the final payment, and then in seconds that XRP is exchanged into the destination currency in the second digital asset exchange. Once this transaction takes place, the funds are sent out on the local rails of the destination country for payout. The transaction is tracked end-to-end, and the result is a cross-border payment that is cheaper and faster than ever before.


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Author: Torsten Hartmann
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Four Reasons Why Bakkt May Be the Biggest Bitcoin Catalyst Since 2008

Chris Kline, expert crypto enthusiast and COO of Bitcoin IRA, shares his insights into the nature of Bakkt platform explaining why this solution may be revolutionary for the whole cryptocurrency world.

Update: the Bakkt digital assets platform delayed Bitcoin futures launch and now targeting Jan. 24, 2019 as a launch date.

2018 has been a sluggish year for the cryptocurrency sector so far, but with Bakkt on the horizon, that may be about to change. A cryptocurrency startup launched by the Intercontinental Exchange (ICE), many believe Bakkt could be transformative and ignite a cryptocurrency revolution.

Backed by such corporate heavyweights as Microsoft and Starbucks, Bakkt is scheduledto begin testing and onboarding in November and trading and warehousing in December subject to CFTC approval, according to Bakkt CEO Kelly Loeffler. I, personally, believe this launch will be tremendous for the digital currency space, and could, in fact, be the biggest Bitcoin catalyst since the financial crisis in 2008. Here are four reasons why.

Bakkt Could Be the Driving Force Behind Mainstream Adoption

In the wake of the financial crisis in 2008, one thing became abundantly clear: the status quo for processing financial transactions was no longer acceptable. It was precisely the right time for Satoshi Nakamoto’s whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System,” with its vision for a “purely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution,” to make such a dramatic impact.

Fast forward ten years. While the spirit of that initial abstract is alive and well today, there are also some differences. Particularly, in 2018, there is the non-negotiable need for the crypto sector to work alongside regulators in order to create lawful products — and Bakkt is very aware.

“Bakkt will draw resources from reputable companies with knowledge in fields of risk management and technology to create a federally regulated platform. Once investors feel at ease trading in a regulated environment volatility should ease,” said Christopher Bates, a former Member of the NYSE.

Indeed, I believe that Bakkt, which is described as a “scalable on-ramp for institutional, merchant, and consumer participation in digital assets by promoting greater efficiency, security, and utility,” is precisely the kind of offering that will appease regulators and drive an influx of institutional interest to the crypto space.

Physical Bitcoin Futures Contracts Add Further Legitimacy

On September 25, Bakkt launched its first producta physical Bitcoin futures contract. These differ from existing Bitcoin futures contracts because “as part of the settlement process of ICE-operated Bitcoin futures, the Bitcoins will actually be delivered on a certain date, unlike other present-day Bitcoin futures that are cash-settled.”

Furthermore, Bakkt’s newest product addresses some of the shortcomings that contributed to the rejection of many Bitcoin ETF applications earlier this year, particularly the lack of trusted price formation and reliance on futures markets and derivatives.

“With our solution, the buying and selling of Bitcoin are fully collateralized and pre-funded. As such, our new daily Bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset. This supports market integrity and differentiates our effort from existing futures and crypto exchanges which allow for margin, leverage, and cash settlement,” Loeffler recently said.

Indeed, I believe Bakkt’s physical Bitcoin futures contract, the company’s first concerted effort to provide a lawful solution in the crypto market, will be a tremendous success in the space.

Bakkt Offers the Heightened Security Customers Need

Many cryptocurrency companies have recognized the importance of providing heightened security measures for their customers, particularly in the wake of major ICO scams and crypto scams.

In particular, the issue of crypto custodianship has become a major initiative for many companies. “By some estimates, there are $10B of institutional money waiting on the sidelines to invest in digital currency today,” CEO of Coinbase Brian Armstrong said last year in a blog post. What’s stopping them? “The existence of a digital asset custodian that they can trust to store client funds securely,” Armstrong continued, before introducing Coinbase Custody.

Bakkt, too, will provide a qualified custodian for cryptocurrencies, thereby enabling various institutional investors to make investments in the crypto asset class. In addition, the company’s security solutions include the monitoring of cryptocurrency fraud, ultimately paving the way for mainstream adoption by catering to both institutional and regulatory needs.

Scalability Suited for Institutional Adoption

In addition to concerns surrounding security, concerns about Bitcoin’s scalability have also prevented mainstream adoption— after all, Bitcoin’s current capacity is about seven transactions a second, which is far too slow to operate at an enterprise level.

However, Bakkt is prepared to tackle this issue by utilizing a primarily off-blockchain solution. The startup would be connected to the ICE Futures U.S. Exchange, so customers can seamlessly trade Bitcoin for dollars or Euros. Then the Bitcoin will shift from the seller’s lockbox in the ICE warehouse to the buyer’s lockbox, and transactions would only need to be reported to the blockchain if there were payments coming into or exiting Bakkt’s warehouse.

With this structure, Bakkt is “enabling its system to operate at warp speed,” and able to keep up with demands at the enterprise level.

For all of these reasons, I, along with many other industry experts, believe Bakkt’s launch in early November will make a dramatic splash in the crypto market. With all of the resources it needs to acquire and maintain institutional adoption, I believe it is ultimately the biggest Bitcoin catalyst since 2008.


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Author: Chris Kline
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Dogecoin (DOGE) – Over 95% of DOGE transactions are in real-world transactions not exchange trading: Reason to be long-term bullish

Dogecoin’s value is way deeper than trading speculation

Under current market conditions, most of the attention is on bitcoin (BTC), its various forks, and of course XRP.  But a little lower on Coin market cap is one coin that deserves more attention, and that’s Dogecoin. While often thought of as a joke, Dogecoin (DOGE) is probably one of the few coins that have a real utility in the market. The real value of any cryptocurrency is not in speculation, but in people buying and selling goods, sending money to their loved ones among others. However, most coins don’t achieve this purpose. A good number of coins are only used for trading on exchanges, even though that is not the core value of any currency.

To better understand this, let’s look at Dogecoin (DOGE) transactions in the past 24-hours. In this period, Dogecoin has moved over $688 million dollars’ worth of value. However, out of this, only about $26 million worth of Doge was used for exchange trading. This means that over 95% of all the Dogecoin’s that have moved in the last 24-hours was used by merchants and other real-world payments purposes. Just to give context on how big of a deal this is, Bitcoin Cash moved $163 million in the past 24-hours.

Of this, $134 million of it went to exchange trading. This means that a significant portion of Bitcoin Cash’s volumes come exchange trading and not usage by merchants, and people actually doing something with it, that isn’t price speculation. You can compare Dogecoin (DOGE) with lots of other coins, and it returns the same results. Dogecoin (DOGE) is being used, as a form of currency for actual value transfer, and that’s the whole essence of any cryptocurrency that has any hopes of getting adopted as a currency.

This has wide ramifications on Dogecoin (DOGE) going into the future. First, it gives it a strong intrinsic value that will grow over time. That’s because the more people use it, the more stable it will become, and act as an anchor to its value. With its strong fundamentals such as fast speeds, low transaction costs, and security, Dogecoin (DOGE) could emerge as the crypto that ends up revolutionizing how people transfer value on the internet, displacing most of the conventional payments method available today.   Secondly, this growing intrinsic value of Dogecoin (DOGE) could draw in more institutional interest in DOGE as an investment, and drive up its speculative value as well. Smart money looks for value that runs deeper than hype and speculation, and Dogecoin seems to have it.

With utility supporting its value, Dogecoin (DOGE) will continue to surprise the market when it comes to pull backs and bull rallies. Investors always get surprised when Dogecoin gets listed on a new exchange, or rallies more than the rest of the market. That’s because it is always assumed to be a joke coin. However, in reality, it’s the furthest thing from a joke in this market. It could easily become the future of payments. It would not be surprising if Dogecoin (DOGE) hit $1 in the next decade.


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Author: Nicholas
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Starbucks and ICE’s Bakkt partnership: Does it mean anything for cryptocurrency space?

New York Stock Exchange parent, Fortune 500 and Fortune Future 50 company Intercontinental Exchange (ICE) announced in August its plans to create a new firm, Bakkt, which intended to utilize Microsoft Cloud solutions to create an open and regulated worldwide ecosystem for digital assets.

The new firm is collaborating with such organizations as Microsoft, BCG, Starbucks and others to develop an integrated platform that allows for institutions and consumers to purchase, sell, store and spend digital assets on a seamless worldwide network.

Federally regulated markets and warehousing along with consumer and merchant apps are expected to make up the Bakkt ecosystem. The first use cases of the ecosystem will be for trading and conversion of bitcoin versus fiat currencies.

Does Starbucks’ involvement in this project mean anything for the digital currency sector? I asked Sheri Kaiserman, 20+ year Wall Street veteran and principal advisor & co-founder at Maco.la, and Jason Davis, former senior UX designer at Wells Fargo and CEO of Hoard, a platform that allows for seamless integration and management of both crypto and fiat currencies. (Thanks to Lauren Epstein and account supervisor Stephanie Rosenblum at PR agency 5W for coordinating).

Starbucks and ICE’s Bakkt partnership: Does it mean anything for cryptocurrency space?

Sheri Kaiserman

Kaiserman: “I think it is premature if everyone is thinking that people will start using their crypto to make purchases at Starbucks.  First of all, from what I understand, Starbucks’s role in this partnership is more as a consultant to help develop crypto related applications for customers.

Second of all, even if Starbucks did accept crypto as payment, I would not expect many people to pay with it, certainly not in the US, where most of the people who own crypto hold it for speculative purposes.

There are a lot of expensive lessons the community is able to learn from the people who spent their bitcoin in the early days.  The first purchase that was made with Bitcoin was for 2 pizzas costing 10,000 bitcoin. I’d be happy to buy someone a cup of coffee for just one tenth of a bitcoin!”

Starbucks and ICE’s Bakkt partnership: Does it mean anything for cryptocurrency space?

Jason Davis

Davis: “The press release issued by Starbucks pertaining to customer purchases using cryptocurrency is nothing more than hype. Starbucks customers are already spending their bitcoin, as well as many other cryptocurrencies, at Starbucks retail locations using crypto-backed Visa debit cards. In fact, digital currency holders are making similar purchases all over the world and have been for years. The most exciting thing we can gleam from the press releases is Starbucks is talking about Bitcoin to the general public. This is a positive direction for the retail sector.

However, what this announcement didn’t emphasize is the corner merchants are still backed into. With every consumer purchase, merchants are beholden to 3 percent transaction fees AND 3 to 5 day settlement times. Cryptocurrencies, and companies like Hoard that support crypto-commerce see a different future. One where merchants aren’t subject to a single medium of exchange backed by a slow and centralized intermediary. Instead, they can transact directly with the counterparty and settle the transaction in seconds without paying exorbitant fees.

Lastly, the partnership with Bakkt and Bakkt’s capabilities are still to be seen. Cryptocurrency companies make many claims yet very few are viable at this time. From what we know, buying Bitcoin through Bakkt consists of a futures contracts. Until that futures contract is converted into real asset ownership, consumers won’t be in full possession of their bitcoin. This is in direct opposition of the original position of the Bitcoin white paper, an electronic peer-to-peer cash system. I’m interested to see how this plays out but I know first-hand far more robust and integrative financial solutions are coming to retail consumers. This deal isn’t it.”

Image credits:

Starbucks headquarters – Public domain image by Wesley2048 at the wikipedia project

Photos of Davis and Kaiserman – Via 5W


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Author: Tabish Faraz
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Zcoin Facilitates the World’s First Political Elections

Blockchain technology continues to prove that it has no boundaries and has huge potential of changing how we do most common tasks. Thailand opposition party has hit the headlines online for using blockchain technology in its just concluded primary elections.

World’s First Major Political Party to Use Blockchain Technology in Elections

Thailand opposition party is the first political part in the entire world to use blockchain technology to hold elections. The live e-voting system that was supported by Zcoin blockchain facilitated the voting process that was held between November 1st and November 9th 2018. More than 120,000 votes took part in the process.

Thailand Opposition Party Uses Blockchain Technology in its Primary Elections_coinrevolution news

This occasion is also the first time that a Thailand political part has elected a leader using the suggestions of its general party members. Notably, the country is also organizing the first general elections since the famous 2014 military coup.

Zcoin and IPFS Gaining Ground in Thailand

As reported by CCN few days ago, Rap against Dictatorship music video produced by one of the prominent musicians in Thailand went viral recording more than 30 million views in less than two weeks. This video is the first piece of art directed towards political resistance. Blockchain technology was used to store the video due to threats of censorship from the government.

IPFS, a decentralized file storage system that is powered by blockchain technology made it possible for an unidentified person to save a copy of the video in a special transaction that was done on Zcoin blockchain system. The system is built on the Zerocoin protocol.

Thailand Democratic Party took this a step further by using the same decentralized file storage system to enhance its elections. The technology helped to maintain a high degree of integrity and transparency. Voters were able to take part by using the mobile voting application. They were required to submit a photo of their identification card before voting to avoid double entry. There were also manual voting stations that used Raspberry Pi system.

Thailand Opposition Party Uses Blockchain Technology in its Primary Elections_coinrevnolution

Encrypted Election Data Stored in IPFS

All the election data was stored in IPFs in form of encrypted data packets. The tech personnel hired by the party opted to store the hashes in the Zcoin blockchain system. The decision was made to make it possible for Thai Election Commission as well as Democrat Party candidates to access the information if an audit is requested.

The Founder and Lead Developer at Zcoin, Poramin Insom, said that the company as very happy that their technology made sure that Thailand major large-scale e-voting process was successful. Poramin also added that this is a major milestone in the Thailand’s political history. He also hopes that other governments and political parties will follow suit and use the technology to conduct elections.

Thailand Democratic Party has also revealed to the media that the encryption keys that used were split into Shamir’s Secret Sharing Scheme, a cryptographic method that guaranteed consensus. In addition, only an accredited official from Thai Electoral Commission would be able to decrypt a voter identification documents.


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Author: AlphanMaina
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Ripple’s xRapid Client, FLEETCOR, About Buying Western Union Business Payments

Ripple’s xRapid –Information reaching us states that Western Union and FLEETCOR are nearing an agreement to completely sell the WU’s business payments operationsPE Hubstated on Wednesday, November 15, 2018.

PE Hub, which cited three unnamed sources, airs that Citi is the dealing advisor, stating further that the deal could reach nothing less than $600 million.

While this has not been confirmed, Deutsche Bank Analyst Ashish Sabadra said in September that FLEETCOR is a prospective purchaser of Western Union’s business payments unit.

The statement was succeeded by Bloomberg reports indicating that Western Union was doing an underground work to sell the operations that provides cross-border B2B payments services.

Sabadra maintained in the report that Cambridge Global Payments, a subsidiary acquired last year by FLEETCOR makes the firm a growing B2B payments company. Sabadra believes the acquisition of Western Union business payments assets is a step forward for the payment company.

Ripple and FLEETCOR Technologies Explores Ripple’s xRapid

1st March 2018, Ripple (XRP) announced that Cambridge Global Payments, a subsidiary of FLEETCOR Technologies, has decided to launch a pilot program that purposely intends using XRP in cross-border payment flows through xRapid.

With its over 13,000 clients across the globe, Cambridge handles around $20 billion in international transactions every year.

The company decided to make use of XRP in order to provide its clients with the state of the art cross-border payments experience that is more transparent, cheaper, and faster. The firm is also looking into xCurrent.

The purchase of Western Union’s Business Payments operation is a step closer to WU’s expected decision to use any of Ripple’s cross-border tools like xVia, xCurrent, or xRapid.

Ripple (XRP) Elbows Ethereum (ETH) Down To Third, Sits Confidently On The Second Position

The market is regaining its strength back and many coins are beginning to flaunt green colors in the market. Ripple’s XRP seems to be an opportunist of the recent bearish market and the present recover.

In the recent bearish market, while many were plunging massively, losing big from their market cap, XRP got affected slightly and lost not so much from its market cap compared to the like of Ethereum (ETH) making it displace the then known world second largest Cryptocurrency in the table.

XRP has since been the second position while Ethereum maintains the third position.

Also, while the last 24 hours has been featured with market recovery, Ripple (XRP) is placed amongst the top gaining coins in the market, spacing Ethereum (ETH) with wider margin which some referred to as an irreconcilable gap.

After starting the last 24 hours priced $0.4568 according to Coinranking, the altcoin began its upside trend trip on the rising wedge and it is yet to relent.

Xrp Price Today Takes Over Ethereum

At the early hours of the Asian trading session today, trade pair XRP/USD attained its highest price of the day, $0.4852, as at press time.

As at the time of writing this article, XRP/USD has added 3.21% to its value in the market, and it is priced $0.4715 against dollars.


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Author: Oliver Green
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Forthcoming Crypto Fund Extremely Bullish on Crypto Infrastructure and Adoption

A cryptocurrency fund that is scheduled for launch early next year believes that the current slump in prices is distracting people from the ever-growing adoption rates of both consumers and investors alike.

Circuit Capital has also created an index to measure mainstream adoption of blockchain-related technologies.

Circuit Capital Index Shows Adoption is Rising, Even if Price Isn’t

According to a report in Bloomberg, the founders of a new San Francisco-based cryptocurrency hedge fund believe that the poor performance of digital asset prices during 2018 has made it more difficult to observe the ever-rising interest in the space from both consumers and investors.

Former Deutsche Bank derivatives and Circuit Capital co-founder, Eugene Ng, told the publication:

“Despite what is happening with prices, we’re seeing adoption growing and a lot of people are looking to scale crypto businesses… We are starting to see talent moving into this space and institutional infrastructure developing.”

Supporting Ng’s statements are recent moves from the likes of Coinbase, Circle, and Blockchain to expand their platforms to an institutional class of investor.

Likewise, the coming Bakkt platform from the Intercontinental Exchange (ICE) and the interest multitrillion-dollar asset manager Fidelity Investments has shown in the space also represents an evolution of the underlying digital asset investment infrastructure.

Meanwhile, many individuals are turning their backs on employment in the traditional finance sector in favour of positions at cryptocurrency startups. Recent hires by Coinbase and others are examples of such a migration of talent.

Circuit Capital is hoping to ride the next wave of investor interest. It plans to raise $30 million and launch in January 2019. Bo Nam, a former tech stock analyst and one of the four co-founders of the new fund, said Circuit plans to grow assets to over $100 million.

Completing the team of Circuit Capital co-founders is Aaron Tay, former analyst at Tikehau Capital, and venture capital investor Richard Jahnke.

The plan is for Circuit Capital to operate in both the U.S. and Asia. Tay and Ng will oversee the eastern wing of the hedge fund. Meanwhile, Nam and Jahnke will manage the company’s interests in the United States.

Circuit Capital has also developed an index to track interest in cryptocurrency and blockchain technology. It draws data from a variety of sources. These include: the number of active crypto wallets, transaction volumes, different crypto’s hash rates, hiring rates in the industry, and web searches for content relating to digital assets.

According to the Circuit Capital index there is an increasing adoption of cryptocurrency. However, prices have yet to register this heightened interest.

Presumably, since most institutional investors that have already taken up positions in cryptocurrency have done so in over-the-counter trades, and it was retail investors who drove the late 2017 up movement bearing the brunt of the crash earlier this year, it will take more recovery time before typical exchange demand increases again.

When  it does, the infrastructure will be much more prepared for huge surges in demand than it was last time round.

They’ll also be a lot less Bitcoin to buy thanks to these OTC accumulators, and we all know what reduced supply and increased demand means.


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Author: RICK D.
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One More Step by France towards Crypto Adoption

French lawmakers are planning to cut the capital gain tax on cryptocurrencies. The lawmakers have amended the 2019 budget bill which will reduce the capital gain tax on cryptocurrencies sales from 36.2 per cent to 30 per cent. In France, other non-real assets are also taxed at a flat rate of 30%. The amendment will bring crypto transactions in line with other non-real estate assets.

According to a report, the finance commission of lower house of parliament has adopted the budget bill amendment. But in order to become a law, it must be approved in the final version of the bill by the broader parliament. If the bill approved in the broader parliament the new tax will come into force from January 2019.

At one point in time, the cryptocurrency capital gain tax reached 45% in the third largest economy in Europe. In April this year, the Council of State said that the gains generated from cryptocurrencies should be treated as capital gain on movable properties. And this led a significant slash in the tax rate of digital assets. The step taken by the French regulators perceived very positively by the blockchain and cryptocurrency ecosystem.

France is trying to become the heaven for the crypto industry in hope to attract foreign investment. Currently, blockchain technology and cryptocurrencies represent a new vibrant industry in France. The President of France, Emmanuel Macron launched the Action Plan for Business Growth and Transformation (PACTE) earlier this year. The new action plan will make it easy to operate blockchain and crypto companies in France. In September, France government also laid out legal guidelines for fundraising via Initial coin Offerings (ICOs) or token sale. The finance minister Bruno Le Maire said that the new legal framework enables the financial regulators Authorité des Marchés Financiers (AMF) to approve and issue the permits to the businesses which are planning to float initial coin offering in France. The issuers of ICOs have to give full disclosure to the AMF so that the buyers of tokens can make an informed decision about investing in ICO. Earlier the French regulators were concerned about the lack of clear regulations on ICO projects as there are some risks associated with ICOs such as terrorist financing, money laundering, and the possibility of lose money.


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Author: Chetna Phour
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‘Shark Tank’: This app turns your spare change into bitcoin — and Kevin O’Leary invested $100,000

Everyone’s talking about bitcoin and cryptocurrency (even NFL star Richard Sherman’s grandmother). Still, investing in it can be more than a little confusing. On Sunday’s episode of ABC’s “Shark Tank,” one entrepreneur found a way to simplify the process — and got Kevin O’Leary to invest six figures.

Dmitri Love walked into the Tank Sunday seeking $100,000 in exchange for a 10 percent stake in his company, Bundil, a platform that lets people turn their spare change into crypto.

But Love’s story started nearly three years ago when he was studying biochemistry at the University of Arkansas. After a serious knee injury (he was an avid soccer player) sidelined him for a long recovery, Love taught himself to code and became a software engineer.

Then inspiration for Bundil struck.

“I’m a web developer myself, and I wanted to invest in cryptocurrency, and my family also wanted to invest,” Love explained to the sharks.

“So they came to me and were like, ‘Dmitri, how do we buy this? What do we do?’ So I thought, ‘Man, you know, anyone that’s trying to invest in cryptocurrency has to go through all these steps to try to figure out how to buy it. And I thought there could be an easier way for it to be done.”

Love’s “Shark Tank” pitch was far from perfect; he stumbled over his words more than once, losing his place and stopping to collect himself. But instead of sinking their teeth into him, the Sharks encouraged him to keep going and he did.

Bundil is an app that allows consumers to automatically invest spare change from credit or debit card purchases into various forms of cryptocurrency, including Bitcoin, Ethereum, LiteCoin and BitcoinCash. The platform rounds up every day transactions — like when you buy coffee or lunch — to the nearest dollar, and then invests the resulting spare change into crypto.

Most of the sharks had concerns and dropped out: Lori Greiner wasn’t sold on the idea of cryptocurrency in general; Mark Cuban was already invested in a comparable company; Daymond John didn’t like the volatility of the digital currency space; guest judge and CEO of RSE Ventures, Matt Higgins, also opted out.

 

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We love turning your spare change into profit. It’s like, our calling.

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O’Leary, though, was interested. While he was unsure about the app’s viability — noting that the lifespan of many apps is not very long — he still offered Love $100,000 in exchange for 50 percent of the company.

“Fifty percent is quite a bit,” Love replied, but struck the deal with O’Leary, despite looking a bit dejected.

“He doesn’t look too happy,” Daymond John says, doubled over laughing. “He looks miserable.”

It reminded John of another seemingly greedy royalty-based offer O’Leary gave to Tracey Noonan for Wicked Good Cupcakes on season 4 of the show, causing the entrepreneur’s daughter Dani Vilagie to start crying.

Love should hope his deal turns out as well as that one, though: “And today, she’s a millionaire,” says O’Leary.


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Author: Sarah Berger
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Crypto Faces Global AML Regulations by June 2019, Says Watchdog

The international watchdog focused on anti-money laundering (AML) regulations has said it plans to institute a global framework for cryptocurrency beginning in June next year.

As Reuters reports, the Paris-based Financial Action Task Force (FATF) has taken a significant step forward in the process of regulating the famously unregulated market of digital currencies with its announcement this week.

FATF detailed plans to begin publishing rules that would set a standard for all cryptocurrency transactions, noting that global jurisdictions would be required to enforce certain licensing schemes or compliance checks on exchanges, financial service providers for initial coin offerings (ICO), and potentially digital currency wallet providers.

Marshall Billingslea, FATF’s president, was responsible for setting the early summer date for action next year following discussions this week between officials from 204 global jurisdictions.

The upcoming regulations come with a warning: any non-compliant countries will be put on FATF’s blacklist, meaning they will suffer from restricted access to the global financial system.

A statement released by the watchdog on Friday reads: “there is an urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism.”

A lack of global cooperation on cryptocurrency regulations until now has led to entirely different approaches being adopted by national governments, bringing uncertainty to crypto firms looking to expand their operations.

Countries have failed to agree on how best to manage the price volatility of the cryptocurrency market, and have been skeptical of wallets’ and exchanges’ inability to protect peoples’ investments on their platforms from hacks and ensuing theft.

During the G20 Summit earlier this year, leaders expressed a desire to expand existing international AML onto the cryptocurrency industry.


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Author: Amelia Trapp
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