You’ve probably heard about CoinBase already. It’s a company based in California, considered to be one of the most important crypto exchanges in the world because of its amazing thirteen million users (that many people can’t be wrong, right?). But while it’s so well known as a coin trading site, Coinbase offers a variety of other services that are not so famous. One of them is known as “custodial service.”
That means that they accept to hold somebody’s wealth or property and make sure it stays safe and invest with it in the most reliable possible ways. It’s not a retail service, as you need at least ten million dollars to open this kind of account and, as such, it’s usually demanded by institutions that need to keep a big pool of money safe, such as pension funds.
A pension fund’s primary aim to keep money safe for the clients which is why pension fund managers are very conservative in their investment strategies and do not delve that much into the stock market. Which is not to say that they never do, several funds of this type are known to put some of their money in Blue Chip stocks it small quantities. And now the question is: will they start using cryptocurrency investment anytime soon? And if they do, how important will Ripple’s XRP be for them?
The answer to the first question is a definitive yes, just not very soon. The cryptocurrency markets are still not very appreciated by financial operators that are used to work with traditional financial tools only. But as Bitcoin and many other assets keep moving forward and showing their worth, it’s unavoidable that even people in Wall Street will start bringing some money to the table. It’s going to be a long process, but it’s already happening to a point.
What does that mean for XRP? Nothing, until recently, but things change. Coinbase just announced that as part of its custodial service it’s studying the inclusion of forty new cryptocurrencies to use to invest and store wealth, and Ripple’s XRP is among them. That is a breakthrough as, so far, Coinbase has only used for this the handful of crypto coins it offers for trade.
It would be very significant for XRP because it would give it a use that it currently does not have and that is not seeking to acquire either. Ripple’s XRP has always been a coin with a single and clear purpose which is to settle international payments in a much quicker, cheaper, and safer way than can currently be done with the outdated but dominant SWIFT system.
That’s what it’s been aiming for since its inception, as opposed to becoming a local currency (something “average” people could use to pay for goods or services), or a means to store wealth, an investment tool or any of the other typical uses associated with crypto coins.
If Coinbase decides to use XRP in its custodian service really, that would increase the demand for this token dramatically and would turn it into a wealth storing coin, besides the regular use it has typically. And more demand means higher prices and good coin performance.
It’s not a done deal yet, Coinbase is moving very carefully lately, after the Bitcoin Cash fiasco, and the announcement is, above all, a declaration of intent. But even that is significant taking into account that the same exchange has not shown any interest so far in supporting Ripple (XRP) for trade.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Maxpixel.net
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…