Tempo Money Transfer is a very well established international remittances company that is launching a new service consisting of crypto-to-fiat operations. It would allow for people to walk into one of their desks and buy a crypto of their choice paying cash. They recently announced that they will adopt Stellar Lumens’ XLM crypto coin as the mediating currency for all its global transfers.
Then, a few days ago the influential Coinbase exchange announced it’s doing the due diligence needed to decide if they will list XLM in their site.
Both announcements made XLM’s price surge at a time in which the coin has been going down for months. Analysts are talking about gains that are in the two digits.
XLM’s price behavior
Yesterday Stellar (XLM) went up by more than a tenth, reaching $0.206. And from yesterday to today it went up to $0.30583 which is an increase of almost another 8%. That’s around 21% in only two days.
The increase in trading volume has been even more impressive, rising by a spectacular 74% from last Friday to Saturday. Binance is the central player as something like 40% of all that trade happens in that exchange.
At current values, Stellar’s capitalization is at almost six billion dollars (5.7 to be specific), which makes it the seventh largest cryptocurrency in the world.
Will Coinbase list it?
It was reported a couple of days ago that Coinbase is considering to include five new cryptocurrencies for trade. XLM is one of the assets under consideration along with Cardano’s ADA, Zcash, Basic Attention Token, and 0x. But after the Bitcoin Cash incredible fiasco, it seems Coinbase is learning to play it safe as they accompanied that announcement with a clarification.
The coins are for consideration but there is no decision yet, and there are no guarantees that they will be included. On top of that, if they are listed, they could be available only for a few geographic zones, at least at the beginning.
Please note that we are not guaranteeing the listing of any of these assets. We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the US.
— Coinbase (@coinbase) July 13, 2018
Coinbase is a US-based virtual currency exchange with emphasis on usability. As such it only carries a handful of crypto-coins (Ethereum, Bitcoin, Litecoin, Ethereum Classic, and bitcoin cash) but it’s the US’ largest with a user base of more than thirteen million users. This vast number of clients makes it one of the world’s most influential, and the reluctance they’ve shown to offer a broader coin spectrum to their clients make it one of the most desired exchanges for cryptocurrencies.
The Tempo goes for Stellar
Tempo is already global. A lot of its business is in money remittances from Western Europe to South America, but they are basically everywhere. You can think of them as the European Western Union.
Some time ago they announced their intention to incorporate digital assets into their services and yesterday they let the world know that all their crypto-fiat business will use Stellar’s XLM as the primary currency to mediate transactions. Since Tempo can transact on the Stellar (XLM) network more than half a million times for the cost of a single US cent, this will lower transfer fees for end users in a spectacular way.
Tempo, the crypto payment network simplifying the exchange process from crypto to fiat, is creating the largest payment network of any licensed crypto exchange globally…. https://t.co/Xh5STxkBMw
— Stellar Lumens (@StellarLumens) July 12, 2018
Stellar called this partnership “largest payment network of any crypto exchange globally…”
Because of the strong position Tempo holds in Europe, this partnership could turn Stellar into the primary tool for Euro-USD transfers. This is no mean feat, and it could prove to be Ripple’s worst nightmare.
“The existing Tempo remittance network allows Tempo to offer a quick cash-out process in multiple countries” explained Tempo’s president, Mr. Jeff Phaneuf “We are now expanding to offer the easiest, fastest and most secure bridge between cash and crypto.”
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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.
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Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
Bitcoin as a divorce tool?
In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
Three Biggest Things To Know Come Cryptocurrency Tax Season
In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.
These three tips should help anyone looking to legally report their crypto activity to figure out where to start.
Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
Calculate your total gains…
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