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Gemini Works With Silvergate On 24/7 Money Transfers

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Gemini Works With Silvergate On 24_7 Money Transfers
Gemini Works With Silvergate On 24/7 Money Transfers

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is joining crypto-friendly bank Silvergate’s Silvergate Exchange Network (SEN) to speed fiat transfers.

Gemini announced the move in an official blog post on Aug. 27. According to the announcement, the main benefit of the exchange’s partnership with Silvergate is that Gemini’s institutional investor clients can withdraw and deposit United States dollars from their accounts at any time. This is already the industry standard for cryptocurrencies, but not for fiat money, per the report.

Additionally, the announcement states that Gemini is integrated into SEN’s application programming interface (API). Integrating with SEN’s API reportedly enables Gemini to process their customers’ deposit and withdrawal requests automatically, in real-time. 

According to a filing with the U.S. Securities and Exchange Commission (SEC), Silvergate gained almost 60 new crypto customers in the last quarter of 2018. Per the filing, Silvergate served 542 clients involved in digital currency, whereas it reported 483 to the SEC in September 2018.  In the more recent filing, Silvergate summarized the scale of the crypto market. The bank wrote:

“Over $8.3 billion has been invested in digital currency-related projects, excluding initial coin offering funding, since December 31, 2013. Approximately $1.3 billion in venture funding was raised in the digital currency and blockchain market in the 12 months ended June 30, 2018, which is the most recent date such information is available.”

 Gemini announced last week that it is expanding into Australia. Its cryptocurrency exchange and custodial services will be available for Australian residents via mobile apps on iOS and Android.

Altcoin News

Former CFTC Chair Giancarlo Suggests That The FED Should Create a Digital Dollar

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Former CFTC Chair Giancarlo Suggests That The FED Should Create a Digital Dollar
Former CFTC Chair Giancarlo Suggests That The FED Should Create a Digital Dollar

Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) believes it’s time for the Federal Reserve to issue a fully digital currency on Feb. 21. Giancarlo told Yahoo Finance’s On the Move program that the Federal Reserve must issue a digital currency in order to compete with China’s central bank digital currency (CBDC). 

The former CFTC chairman highlighted that online shopping would benefit from the U.S. offering a digital payment option as there won’t be any intermediary fees involved like with the traditional debit and credit cards. Giancarlo also added:

“When we talk about a digital dollar we’re talking about in the virtual world, to have that same immediacy of payment that we have in the analog human world.”

Image result for CFTC Chair Giancarlo

Giancarlo believed that a digital dollar is agnostic to other initiatives in the cryptocurrency space. He said that Bitcoin and innovations like Facebook’s Libra have their own “value propositions” and could co-exist with a central bank issued digital currency (CBDC). He expressed that:

“I think the market is always better when there is a lot of competition out there… An instrument like Bitcoin may serve to the equivalent to the digital dollar might be equivalent to the digital gold.”

Giancarlo has also advocated that the U.S. regulatory framework needs updates to adapt to the changes that cryptocurrencies bring to the financial institutions. He says:

“It’s going to change things dramatically and our laws need to evolve with that as they’ve done over the 90 years, now they need to evolve again.”

Giancarlo is involved with a Digital Dollar project that is supported by a global consulting giant Accenture, which is allegedly collaborating with Sweden’s central bank on its own digital currency known as the e-krona. This project was initially started by Giancarlo with the goal of establishing a non-profit foundation to study prospects for converting the dollar into a “fully electronic currency based on blockchain.” 

It was reported earlier this month that the U.S. Congressman Bill Foster (D-IL) has questioned the Chair of the Federal Reserve Jerome H. Powell on U.S’s CBDC progress at a hearing on monetary policy. He specifically cited China’s plan to implement the digital Yuan among countries involved in its Belt and Road initiative and that it could jeopardize the dollar’s world reserve currency status.

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Blockchain News

JP Morgan: Digital Money Foundation Laid, Blockchain In Banking Years Away

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JP Morgan Digital Money Foundation Laid Blockchain In Banking Years Away
JP Morgan: Digital Money Foundation Laid, Blockchain In Banking Years Away

A recent report by a Major United States bank JP Morgan Chase suggested that current blockchain developments are lying down the foundation for digital money, but adoption is still years away. A report published by JP Morgan on Feb. 21 suggests that the finance industry is moving beyond blockchain technology.

Per the paper, the groundwork for mainstream adoption of blockchain, fast payments and digital currencies is already in place. According to JP Morgan, the adoption of blockchain in banking is three to five years away. Still, the bank also believes that project’s like Facebook’s Libra stablecoin calls for a higher degree of centralization:

“For a stablecoin like Libra to succeed, it will likely require short-term liquidity facilities, a source of positive-yielding reserve assets, and less distributed, semi-private networks.”

Image result for libra facebook

The report also notes that the cryptocurrency market is showing signs of maturity such as increasing institutional participation and the introduction of new contracts on regulated exchanges. Still, the researchers also point out that crypto assets continue to show extreme price volatility and claim that Bitcoin (BTC) has already cleared “intrinsic value but have yet to demonstrate their value for portfolio diversification.” The document reads:

“Developments over the past year have not altered our reservations about the limited role that cryptocurrencies play in global portfolio diversification or as a hedge instrument.”

JP Morgan itself is among the banks involved in blockchain and crypto asset development. In June 2019, the institution’s head of digital treasury services and blockchain Umar Farooq said that the firm intended to test its JPM Coin digital currency with selected clients before the start of the current year. Earlier this month, reports suggested that JP Morgan is also considering merging its own blockchain platform with that of a major Ethereum-focused firm ConsenSys.

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Altcoin News

Crypto Makes A Cameo On The Simpsons Where Jim Parsons Explains It’s ‘Cash of the Future’

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Crypto Makes A Cameo On The Simpsons Where Jim Parsons Explains It's 'Cash of the Future'
Crypto Makes A Cameo On The Simpsons Where Jim Parsons Explains It's 'Cash of the Future'

One of the latest episode of “The Simpsons” aired has just aired featuring Jim Parsons of Big Bang Theory appearing as a guest star to explain cryptocurrencies and how a blockchain works. In the song and dance predicts cryptocurrency to be the future money, the animated ledger states: “Each day I’m closer, to being the cash of the future. Not in your wallet, I’m in your computer! At the end of Jim’s talk, there is a subliminal message on screen. It further explains how cryptocurrencies work, part of which says:

“Using the word “cryptocurrency” repeatedly while defining cryptocurrency makes it seem like we have a novice’s understanding of cryptocurrency. Well that is a total pile of cryptocurrency. In this system, rules are defined for the creation of additional units of cryptocurrency. They can be generated by fiat like traditional currency or just thrown around randomly or all given to LeBron.”

The crypto community welcomed the episode. Altcoin Daily account has commented:

“The Simpsons did it! Cryptocurrency explained to Lisa by the great Jim Parsons on #TheSimpsons! It’s the money of the future! Bullish!”

Some comments to the tweet also pointed out that the Simpsons has a reputation for predicting the future over the years. Ten years ago it showcased Donald Trump as the president of the U.S., and more recently guessed the Game of Thrones series finale.

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