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XRP misses out as Rhode Island begins BTC, LTC, and ETH trade

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XRP

Robinhood, a financial company based in California has recently declared that it will begin the trade of major cryptocurrencies: Bitcoin, Litecoin, and Ethereum on its platform (surprisingly Ripple’s XRP not included), Robinhood Cryptocurrency.

Indeed, this comes as great news as it will allow 4 million potential investors to trade not only on cryptos but on stocks, bonds, ETFs and also other features that have been rolled out by the financial company.

It is important to know that these features are slowly being released to the platform users that reside in these American states: Massachusetts, California, Montana, Missouri, New Hampshire, Alaska, Arizona, Colorado, Florida, Georgia, Indiana, Iowa, New Jersey, New Mexico, Oklahoma, Pennsylvania, Rhode Island, Texas, Utah, Virginia, and Wisconsin. The company has stated its features will be released to other states as time goes by.

At the time of the launch, RobinHood stated on its Twitter page:

As per the tweet by Robinhood, the major cryptocurrencies and other digital assets can be traded without commission on them. The addition of Bitcoin, Litecoin, and Ethereum on RobinHood sums up the cryptocurrencies on its platform to sixteen as it has added other cryptos such as monero, Zcash, Dash, Qtum, Stellar, Bitcoin Gold, Lisk, Omisego, Dogecoin, and NEO.

Furthermore, RobinHood has also stated that it is rolling out some kind of news feed for its users. The Feed will help to update its users on current cryptocurrency news and so on. However, the news feed would only be accessible to some users only on its platform.

The trading of cryptos by American citizens have boosted the platform. After the platform announced it would be adding more cryptos with a commission-free feature, the number its users in America increased.

Robinhood has stated this,

Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards RobinHood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way. Together, we reached four million users and well over $100 billion in transaction volume on our brokerage platform, leading to over $1 billion in commissions saved in equity trades. With the release of RobinHood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”

This is a major stride for RobinHood, but there is no doubt that it will face a stiff rivalry from Coinbase – a popular crypto-exchange. Coinbase on the other hand has increased its investments as news of the procurement of $500 million from TigerGlobal surfaced recently.

RobinHood has been doing very well ever since its launch. But at one time, it was accused of selling users’ information. Meanwhile, RobinHood later responded to the allegations that it is a reputable company, and it would never reveal users’ information for personal gains.

The third largest cryptocurrency, Ripple (XRP) hasn’t been added to the list yet, but the company has stated that more cryptos will be added very soon. On that note, a crypto fan, Rad Gnarlinmouse, stated:

“The app is nothing without #XRP.”

For the global insights every crypto trader must have, apply for Elite membership!

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 JakeWilliamHeckey/Pixabay

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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly

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The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.

However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.

He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.

Users should store their private keys

The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.

That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.

Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.

After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Partnership Between Bridge Mutual & AllianceBlock Announced

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Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage. 

“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”

In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets. 

By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…

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