Coinbase Opens Up XRP Trading for New York Residents

Coinbase Opens Up XRP Trading for New York Residents

Cryptocurrency exchange Coinbase has launched trading support for XRP for New York state residents. The San Francisco-based firm tweeted the news Monday, saying that New Yorkers can now buy, sell, convert, send, receive or store XRP on Coinbase.com or via its iOS and Android mobile apps. After the announcement, the price of XRP jumped over 20 percent to reach a high of $0.39 following the announcement, according to data from CoinMarketCap. However, the surge also coincides with bullish moves from bitcoin in the last 24 hours. Coinbase initially added XRP support for its retail platforms in February of this year, but New York and U.K. residents were not included at the time. The exchange’s list of supported cryptocurrencies continues to grow. It currently offers support for bitcoin (BTC), bitcoin cash (BCH), ether (ETH), ethereum classic (ETC), litecoin (LTC), Circle’s USDC stablecoin, zcash, Brave’s Basic Attention Token (BAT), among others. Coinbase also recently started offering a “fast and free” payments service using XRP and USDC stablecoin. The service is “primarily designed as an educational resource for customers to learn about the benefits of using crypto for cross-border payments,” the exchange’s representative told CoinDesk at the time. Coinbase image via Shutterstock

HTC Has Added In-Wallet Crypto Swaps to Its EXODUS Phone

HTC Has Added In-Wallet Crypto Swaps to Its EXODUS Phone

HTC’s blockchain phone, the EXODUS 1, now allows users to directly swap between some cryptocurrencies within its native wallet, the Taiwanese electronics giant announced Tuesday. The new feature comes thanks to a new partnership that sees HTC add the liquidity protocol from decentralized exchange startup Kyber Network to its Zion Vault wallet app. The addition means users can swap between ERC-20 tokens such as Brave’s Basic Attention Token (BAT) and MakerDAO’s DAI stablecoin, directly in Zion Vault, removing the need to first move tokens to third-party cryptocurrency exchanges. Swaps are entirely done on-chain, HTC said, adding that “fast and secure” crypto-to-crypto trading within mobile applications is key to streamlining the user experience. Phil Chen, Decentralized Chief Officer HTC, told Coindesk: “The ability to swap ERC-20 tokens on chain in the Zion Vault without relying on third party exchanges is another step in empowering the user and maximizing security and privacy, which is at the center of the EXODUS mission.” Kyber Network CEO Loi Luu told CoinDesk last September that the firm aims to open up ERC-20 tokens to wider use cases, so they can be “seamlessly used for payments, as collateral for lending, investing in funds and so on.” ERC-20 is an ethereum standard widely used to build crypto tokens. In today’s announcement, HTC said Kyber’s protocol allows decentralized token swaps to be integrated into any application, including wallets, vendors, websites and decentralized applications (dapps). HTC is further planning to launch another blockchain phone this year, Chen revealed in late April. Last week, he revealed new details indicating that the upcoming EXODUS 1s will be a low-cost option and will notably be capable of acting as a full node for the bitcoin network. “We think that’s foundational to the whole decentralized internet and just the whole fundamental premise,” he said. “If you don’t own your keys, you don’t own your bitcoin, you don’t own your crypto.” Chen said that, while the bitcoin blockchain would be large to store on a cellphone, as is required for nodes, he “expects” HTC would provide sufficient memory, explaining: Imagine the iPod with 256 gigs … of course the music fan wants to keep the whole music library, but the crypto fan wants to keep the whole bitcoin blockchain.” The EXODUS 1s is expected to retail for…

Blockstack CEO Muneeb Ali: ‘You Don’t Need a Blockchain’ for All Dapps

Blockstack CEO Muneeb Ali: ‘You Don’t Need a Blockchain’ for All Dapps

Blockstack CEO Muneeb Ali criticized “most” decentralized apps in the industry during a panel appearance Monday, drawing issue with how they are typically organized today. At CoinDesk’s Consensus 2019 conference, he took aim at the “architecture” most decentralized apps use these days, arguing that apps across the space are putting too much reliance (and data) on blockchains. That’s not to say that blockchains don’t have an important role to play in building “decentralized apps,” or forward-looking apps that users don’t have to trust with their data. But Ali, who’s company is working on a decentralized app platform that recently announced plans to register their upcoming token sale with the U.S. SEC, argued that people are using the blockchain layer “too much.” “You don’t even need blockchains to build decentralized apps at all,” he argued. That’s not to say Ali doesn’t agree with the idea of decentralizing apps. Indeed, the company is built around the idea that this approach represents the future of computing. “The Googles and Facebooks of the world are sitting on large amounts of data. Their business is to know more and more about you. With decentralized computing, you have more control. There’s no big company in the middle,” Ali said. He even admits that blockchains do indeed have an important role to play for some apps. But, he thinks people have been using blockchains more than are necessary: “If you look at our industry right now, we’ve been trying to implement [decentralized apps] in a kind of odd way.” The ‘world computer’ Ali pointed to the idea of a “world computer,” an influential concept that’s floated around the industry for years. The concept is perhaps most tightly associated with the third largest cryptocurrency by market cap, ethereum, though Ali stressed more than once that he is not referencing any one project in particular. He thinks that the idea of a world computer is a fluke, because people of that methodology focus on putting all global state on the blockchain. “If you take these concepts to Web3, they completely break down. Global state is absolutely not something we can put on a blockchain, where every new user is slowing everyone else down,” Ali asserted. In that vein, Ali noted that his decentralized app platform…

Yes, You May Need a Blockchain

Yes, You May Need a Blockchain

Balaji S. Srinivasan is the former CTO of Coinbase, a Board Partner at Andreessen Horowitz and a member of CoinDesk’s advisory board. The following article originally appeared in Consensus Magazine, distributed exclusively to attendees of CoinDesk’s Consensus 2019 event. There’s a certain kind of developer who states that blockchains are just terrible databases. As the narrative goes, why not just use PostgreSQL for your application? It’s mature, robust, and high performance. Compared to relational databases, the skeptic claims that blockchains are just slow, clunky and expensive databases that don’t scale. While some critiques of this critique are already out there (1, 2), I’d propose a simple one sentence rebuttal: public blockchains are useful for storing shared state, particularly when that shared state represents valuable data that users want to export/import without error — like their money. The data export/import problem Take a look at the cloud diagrams for Amazon Web Services, Microsoft Azure, or Google Cloud. There are icons for load balancers, transcoders, queues, and lambda functions. There are icons for VPCs and every type of database under the sun, including the new-ish managed blockchain services (which are distinct from public blockchains, though potentially useful in some circumstances). What there isn’t an icon for is shared state between accounts. That is, these cloud diagrams all implicitly assume that a single entity and its employees (namely, the entity with access to the cloud root account) is the only one laying out the architecture diagram and reading from or writing to the application it underpins. More precisely, these diagrams typically assume the presence of a single economic actor, namely the entity paying the cloud bills.* But if we visualize the cloud diagrams for not just one but one hundred corporate economic actors at a time, some immediate questions arise. Can these actors interoperate? Can their users pull their data out and bring it into other applications? And given that the users are themselves economic actors, if this data represents something of monetary value, can the users be confident that their data wasn’t modified during all this exporting and importing? These are the types of questions that arise when we think about the data export and import from each entity’s application as a first-class requirement. And (with exceptions…

Markets Update: Crypto Prices Continue to Gather Bullish Momentum

Markets Update: Crypto Prices Continue to Gather Bullish Momentum

Digital asset markets have been surging over the last 24 hours as the market valuation of the entire cryptoconomy has gained over $20 billion. Moreover, global trade volume has been significant, crossing $85 billion worth of coins swapped in the last day. Also read: Bitcoin’s Software Has Been Rolled Back Before Crypto Markets Add $20 Billion in Less Than 24 Hours Cryptocurrency markets have been on the move once again as significant gains have been seen across the board. Large amounts of steady trade volume are taking place on global exchanges and there’s been an increase of tether (USDT) and the U.S. dollar trading. Bitcoin core (BTC) climbed to a high of over $8,160 per coin at around 5:30 p.m. EST, but had subsequently fallen to $7,700 range by 7:30 p.m. two hours later. Currently, BTC is trading for $7,986 per coin and is up 14.1% today. Bitcoin Cash (BCH) jumped above the $400 range around the same time and now hovers around $392 per BCH at press time. On Monday, May 13, the second highest valued market capitalization belongs to ethereum which is up 6.3% today. Each ETH is swapping for $200 per coin and the cryptocurrency has a market valuation of around $21.2 billion. Ripple (XRP) follows ETH with a market cap of about $14.2 billion as each coin is trading for $0.33. Litecoin (LTC) has seen a meager gain today capturing 3.9% over the last 24 hours and each LTC is around $89 at press time. Bitcoin Cash (BCH) Market Action Bitcoin cash markets have done extremely well and are up over 33% over the last week and 10.7% today alone. Since April 29 and up until now, BCH is up well over 63% in value at $392 per coin. The top exchanges swapping the most bitcoin cash today include Bitmart, Digifinex, P2pb2b, Binance, Coinbene, Bitforex, and Huobi Pro. 30-day BCH/USD on May 13, 2019.Tether is the dominant pair with BCH today capturing 49.2% of all trades. This is followed by BTC (23.6%), USD (12.8%), KRW (8.45%), JPY (2%), EUR (1.97%), ETH (0.7%), and USDC (0.6%). BCH has jumped a spot in volume on Monday capturing the fifth most traded coin below litecoin and above eos. Bitcoin cash has an overall market…

Proposal’s Merger Paves Way for New Bitcoin Lightning Features

Proposal’s Merger Paves Way for New Bitcoin Lightning Features

A new routing proposal is expected to be merged today into the official “specifications” of lightning, the technology many advocates trumpet as the fix to bitcoin’s long-standing payment problems. Christian Decker, one of the most prolific lightning developers who engineers for the tech startup Blockstream, pointed out that the proposal, which he wrote, is moving on to the next stage at CoinDesk’s Consensus 2019 conference, emphasizing that this change will pave the way for many highly-anticipated lightning features. These new features are needed because lightning is still experimental and considered even “reckless” to use, as some people are still occasionally losing money from bugs in the protocol. The hope is that new features such as these will continue to help make the payment method easier to use. Decker elaborated to CoinDesk: “This enables quite some cool new features, including multi-path routing, trampoline routing, and so forth. It’s on the agenda for today’s [IRC specification] meeting and I’m confident it’ll get merged today, so we can get started on the next wave of features.” Decker has also already written up a code implementation, putting the proposal into practice. Other developers across the ecosystem agree that it’s a handy change, which is why it is now being merged into the specifications. All lightning code implementations will need to code up these specifications in order to remain interoperable, meaning one person using one implementation can send a payment of another. Decker calls it a “multi-frame” proposal, “which allows us to include more information in the routing onion,” the same technology used in the popular privacy-minded browser Tor. When trying to send a payment across the network, even intermediaries can’t see the information within them by using a technique which mirrors an “onion” in that a layer of obfuscation is peeled away at each hop in the network. So, say there are four hops, the four layers are peeled away one by one with each hop, until the payment reaches the recipient. The proposal makes changes to the routing onion format so that it can include more information that other routing tools on top of it need. Decker image via CoinDesk

Whole Foods and Major Retailers Now Accept Cryptocurrency via the Spedn App

Whole Foods and Major Retailers Now Accept Cryptocurrency via the Spedn App

On May 13, cryptocurrency enthusiasts were pleased to hear that major retailers including Whole Foods, Lowes, Petco, Regal Cinemas, and Gamestop will accept payments in crypto. The payments will be processed by Flexa using its custodial wallet called ‘Spedn’ which gives people the ability to spend with bitcoin core, ethereum, bitcoin cash, and GUSD. Also read: Satoshi Nakamoto Could Be Criminal Mastermind Paul Le Roux Spedn App Allows Crypto Purchases at Many Well Known Retailers Digital currencies got a mainstream push today from the startup Flexa and its new wallet called Spedn. Users will be able to spend a variety of cryptocurrencies including BCH, BTC, GUSD, and ETH at a multitude of well-known establishments. This includes Lowes, Gamestop, Whole Foods, Petco, Barnes & Noble, Regal Cinemas, Baskin Robbins, Crate and Barrel, and Nordstrom. According to the startup, the application works due to a partnership between Flexa and its retail partners and the digital currency firm Gemini. The platform basically allows the user to load up one of the wallets with any coin and purchase items with one of the partner shops. Flexa payments are made possible due to a partnership with the New York-based exchange Gemini. The Flexa network was a project cofounded by Tyler Spalding, Trevor Filter, Zachary Kilgore, and Daniel McCabe. Flexa uses its own cryptocurrency called Flexacoin in the background, the company has explained. Essentially Flexacoin is used as collateral to secure payments until the transaction is approved on one of the four public blockchains. The team says they built Flexa because they believe existing payment networks are broken and rather than team up with a debit card provider they decided to work with a large network of merchants. “Over the past year, we’ve built new connections with tens of thousands of merchant point-of-sale terminals nationwide, to bypass the existing payments infrastructure and push cryptocurrency-based payment authorizations directly to merchants on your behalf,” Flexa’s announcement noted. Stores that will accept cryptocurrencies like bitcoin cash via the Spedn application. 30,476 Stores Accepting Crypto Essentially the partnerships allow users the ability to spend their cryptos at 30,476 stores according to the company blog. Flexa says that the company has more apps coming that will tie into the Flexa network and later this year the…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 13

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 13

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Crypto markets are welcoming a series of good news. The much-awaited platform Bakkt has finally announced that it will start testing Bitcoin futures trading in early July of this year. This is likely to attract a lot of institutional investors. Though cryptocurrencies are not strongly correlated to any asset class, the sharp fall in U.S. stock prices due to the escalation of trade war between the U.S. and China is providing an added impetus to crypto prices. While many traders milk the volatility of the crypto markets, about 12% of the crypto traders stay invested for the long term, according to a survey by HBUS. While the stage is being prepared for institutional investors, mass adoption of cryptocurrencies is another important factor for long term growth of the asset class. Two companies, Starbucks and Facebook, have been in the news for the past few months on rumors of their involvement with cryptocurrencies. While Starbucks is expected to start accepting Bitcoins at its retail stores, Facebook is likely to launch its own cryptocurrency named FB Coin, which is a stablecoin. Though the actual details are sketchy, these companies have massive reach among retail customers and their arrival will boost crypto adoption among the masses. These fundamental developments are pointing towards the growth of the asset class. However, the question remains on which cryptocurrency will be the major beneficiary. Michael Novogratz, CEO of Galaxy Digital,  believes that Bitcoin will only be treated as a store of value and other networks will grab attention with their use cases. BTC/USD Bitcoin (BTC) is skyrocketing.  The pace of the rally has surprised us. It has scaled above the overhead resistances with ease. This shows that the bulls have continued to buy on every rise without waiting for a dip. While this is a positive sign, the pace of rise is unlikely to sustain for long. Traders can trail the stops on the remaining long positions at $7,100. The next level to watch on the…

Bitcoin Breaks $8,000 for First Time Since July 2018, Stocks and Oil Report Losses

Bitcoin Breaks $8,000 for First Time Since July 2018, Stocks and Oil Report Losses

Monday, May 13 —  Following a solid to break above the $7,400 mark earlier today, bitcoin (BTC) has broken $8,000, with all top-20 cryptocurrencies trading in the green. Market visualization from Coin360 BTC is trading around $8,013 at press time, up over 13% on the day.Bitcoin’s weekly gains are now at around 38.88%. Bitcoin 7-day chart. Source: CoinMarketCap Ethereum (ETH) has seen an increase of 7.57% in the last 24 hours. The second largest cryptocurrency is trading at $202.65 at press time. The altcoin’s weekly chart shows gains of over 15%. Ethereum 7-day chart. Source: CoinMarketCap Ripple (XRP) is seeing slightly less significant daily gains, up 5.16% on the day to trade around $0.327 at press time. The altcoin saw a jump to as high as $0.335, marking its weekly high point. On the week, XRP is up by modest 7.94%. Ripple 7-day chart. Source: CoinMarketCap Apart from bitcoin, bitcoin cash (BCH), binance coin (BNB), IOTA (MIOTA), Tezos (XTZ), and Ontology (ONT) have also reported double-digit gains, from 10% to 17%, according to CoinMarketCap. Total market capitalization of all cryptocurrencies is around $234 billion at press time –– up from around $209 billion at the beginning of the day. Total market capitalization 7-day chart. Source: CoinMarketCap Contrary to digital asset markets, stocks slumped today after China decided to raise tariffs on some United States goods, CNBC reported today. The Dow Jones Industrial Average lost 617.38 points, or 2.4%, to 25,324.99, marking its worst session since Jan. 3. The S&P 500 also fell 2.4% to 2,811.87, while The Nasdaq Composite dropped 3.4%, which is reportedly its largest one-day loss of the year, to 7,647.02. Oil futures have also reported losses today, with Brent crude futures down 42 cents at $70.20 a barrel, and U.S. West Texas Intermediate (WTI) crude futures down 1%, or 62 cents, at $61.04.

BitOasis Secures Preliminary Approval With UAE Financial Regulator

BitOasis Secures Preliminary Approval With UAE Financial Regulator

United Arab Emirates-based cryptocurrency exchange BitOasis has reportedly secured preliminary approval with financial regulators, Bloomberg reported on May 13. Founded in 2015, BitOasis claims to be the Middle East’s first digital currency wallet that uses multi-signature technology. The company previously announced that it was seeking to be fully licensed in the financial center Abu Dhabi Global Market (ADGM) before the end of this year. Ola Doudin, the founder and CEO of BitOasis said then that “we are hoping to be one of the first regulated exchanges to get that licence.” Today, Bloomberg reported that BitOasis received preliminary approval in April from the Financial Services Regulatory Authority of ADGM to operate a crypto asset platform and wallets. To get a license, the exchange has to meet specific technical and operational requirements, which it expects to do in the second half of the year. Doudin reportedly said: “This is a huge milestone. It gives us legitimacy as well, and we can now work with regulated financial entities. We’re able to work with other regulators in the region, such as Saudi Arabia. Overall, it will boost our growth in the region, legitimize the space and expand our reach in the market.” The UAE has been demonstrating a proactive approach toward cryptocurrencies. Last September, Richard Teng, head of the Financial Services Regulatory Authority of the ADGM, claimed that loss and theft of cryptocurrency negatively impacts its image as an asset. “This space needs to be properly regulated, otherwise there is the risk of financial crime. Every time a coin gets stolen or lost, it affects the confidence in this asset class,” Teng said. In February of this year, six commercial banks from Saudi Arabia and the UAE joined a digital currency project after the authorities of both the countries announced an agreement to cooperate on the creation of a cryptocurrency in January. As Cointelegraph reported last October, the Dubai government also intends to use a digital currency backed by the state and pegged to the UAE’s fiat currency, the dirham, for utilities payments.