Starbucks Receives Bakkt Equity to Start Accepting Bitcoin Payments in 2019

Starbucks Receives Bakkt Equity to Start Accepting Bitcoin Payments in 2019
Bakkt which is owned by Intercontinental Exchange, is a service for people and institutions to seamlessly buy, sell, store, and spend digital assets. The amount of equity given to Starbucks is unknown, but sources say that it is “disproportionately high given that they did not make a cash investment”.
In return, Starbucks is now heavily investing in creating a card and app that will seamlessly allow it to serve as one of Bakkt’s first merchant on their platform, which will allow customers to pay with digital assets, reported by The Block. All digital assets will be converted to fiat, in order to reduce volatility, and keep the assets off of Starbuck’s books.
Just for reminder, in August last year, Starbucks made a surprising announcement that they would be partnering with the Bitcoin futures platform Bakkt. What was initially interpreted as Starbucks accepting Bitcoin, was later clarified as a partnership in which Bakkt would “only let users trade and convert Bitcoin into FIAT currencies,” which they would use to pay for items at Starbucks. Instead of paying for coffee directly with Bitcoin, buyers would pay with Bitcoin that will be auto-converted to FIAT by Bakkt’s software.
They Claimed You Won’t Be Able to Buy Frappuccino With Bitcoin
The Starbucks spokesperson then wrote:
“It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks. At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves. Customers will not be able to pay for Frappuccinos with bitcoin.”
Maria Smith also outlined the company’s plans with Bakkt saying:
“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks. As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”
Today, it’s more than obvious that one of the phases of this operation, which includes its partnership with Starbucks and Microsoft, is also set to launch later this year. One of the phases is designed to utilize Microsoft’s cloud solutions to allow people to buy, sell, store and spend cryptocurrencies on a global network, powering the aforementioned plan to give Starbucks customers a way to buy food and drinks with crypto.
Bakkt’s Delays May Affect Starbucks Partnership
It also turns out that the delay of Bakkt’s launch has affected the launch of the Starbucks partnership. Bakkt has been trying to get regulatory approval form the CFTC (Commodity Futures Trading Commission). However, the recent government shutdown led to a continuous delay of the anticipated launch that was recently intended for January 24th until they could receive regulatory approval.
So far the new launch date has been set. This puts a damper on the Starbucks partnership, as Starbucks cannot be seen to be working with a crypto exchange that doesn’t yet have regulatory approval.
And, it’s important not to forget that Bakkt is also currently working with the US Commodity Futures Trading Commission to launch futures contracts that are physically backed by Bitcoin, as well as with, already mentioned, Microsoft, in order to utilize cloud solutions to allow people to use digital assets on a global network, to enter the retail consumer markets.
In addition, investors for Bakkt are expected to include, among others, a former affiliate of Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol Ventures, and Susquehanna International Group, LLP.
Be it is as it may, Starbucks said in its latest earnings report that it continues to grow in China, even as that nation’s economy slows down in the wake of trade tension with the United States. In its most recent quarter, Starbucks reported same-store sales growth of 1% in China and total sales growth of 18% as the company continues to add more stores.
Starbucks Receives Bakkt Equity to Start Accepting Bitcoin Payments in 2019

New Exchange LGO Markets Launches Offering Unusual Approach to Crypto Custody

New Exchange LGO Markets Launches Offering Unusual Approach to Crypto Custody
Currently, a lot of crypto experts believe that the future of the industry greatly depends on the involvement of institutions. Institutional trading still continues to gain momentum which ensures a necessity to introduce new ways and approaches to investing which could attract the attention of this growing group of the industry’s participants.
Crypto Custody Welcomes the New Player
One of the newest players is the New Jersey-based platform known as LGO Markets. As the platform was launched with limited functionality, now its clients can fund and trade through their registered accounts but it is planned that soon spot trading will be added. The launch of spot trading in Bitcoin is scheduled for March 11.
As it has been revealed by the platform’s CEO Hugo Renaudin, 10 institutional clients have already joined LGO Markets. They are hedge funds, crypto businesses, market makers. But the greatest interest is observed from the side of over-the-counter (OTC) trading desks. Moreover, 56 clients are to join the platforms soon as at the moment they are preparing for it.
The company views its mission in providing clients with a reliable environment where they will have an opportunity to feel comfortable even when they are just making their first steps in the crypto sphere.
The model of LGO looks like a combination of the best features of centralized and decentralized exchanges. The funds will be stored by clients independently. But at the same time, the order book will run on a central server and the clearing company will be responsible for the settlement of the trades.
LGO wants to prevent market manipulations and data tampering that’s why all orders will be timestamped and visible to everyone as they will be recorded on the blockchain. Such an approach will guarantee transparency and security for the participants.
To join LGO’s platform investors need to create a multi-signature wallet which utilizes three private keys to operate. One key will be kept by a client, the second one – by the platform and the third one is to be held by a Swiss company, Altcoinomy that has been chosen to act as the clearing agent. Another requirement for investors is having a Signature Bank account as this bank is an official bank of LGO.
Tough Competition on the Way
Nevertheless, the platform understands that it will need to do its best to survive in the conditions of very severe competition. Let us remind that, for example, American financial services giant Fidelity revealed last month that its cryptocurrency trading and custody platform is in the “final testing and process refinement periods”. Another company to have developed a special product for institutional traders is TokenSoft Inc. that introduced the Beta version of its new Knox Wallet specifically designed for use by enterprises.
Meanwhile, the number of strong players is growing together with the number of potential clients who are continuously entering the market. Speaking about this issue, Renaudin stated:
“There are roughly 400 institutional clients that are currently trading in the cryptocurrency market. We estimated this by talking to the crypto-friendly banks. Among these 400, it’s mostly hedge funds, proprietary trading firms, OTC brokers, a few family offices, asset managers and purely crypto players like lending providers that consider trading bitcoin as a part of their business.”
Bearing in mind its peculiar approach to crypto services for investors, LGO is very optimistic about the future of its platform. To make the platform look more trustworthy, LGO will be audited by PwC.
New Exchange LGO Markets Launches Offering Unusual Approach to Crypto Custody

Tron (TRX) Price Could Rally If It Breaks $0.0240

Tron price declined heavily after it broke the $0.0240 and $0.0235 supports against the US Dollar.
TRX traded towards the $0.0200 support zone, tested $0.0210, and later bounced back.
There is a major bearish trend line in place with resistance at $0.0238 on the 4-hours chart (data feed via Bitfinex).
The price must break the $0.0238 and $0.0240 resistance levels to start an upward move in the near term.

TRON price declined heavily below key supports against the US Dollar and bitcoin. TRX tested the $0.0210 level and it recently bounced back above the $0.0225 resistance level.
Tron Price Analysis
After a sharp drop from the $0.0280 high, TRON price formed support near the $0.0240 level against the US Dollar. However, the TRX/USD pair failed to hold the $0.0240 support and declined heavily. It broke the $0.0235 and $0.0220 support levels. There was even a close below the $0.0235 level and the 55 simple moving average (4-hours). It traded close to the $0.0210 level and formed a new monthly low at $0.0210.
Later, the price started a solid recovery and traded above $0.0230. Buyers pushed the price above the 61.8% Fibonacci retracement level of the last decline from the $0.0235 high to $0.0210 low. However, the price is facing a solid resistance near the $0.0238 and $0.0240 level. There is also a major bearish trend line in place with resistance at $0.0238 on the 4-hours chart. At the outset, the price is trading above the 76.4% Fibonacci retracement level of the last decline from the $0.0235 high to $0.0210 low.
Therefore, there are chances of an upside break above the $0.0235 swing high and the $0.0238 resistance. Once there is a close above the trend line, the price could trade above $0.0240. The next key resistance is near the $0.0250. It represents the 1.618 Fib extension level of the last decline from the $0.0235 high to $0.0210 low. On the other hand, if the price fails to move above $0.0240, it could resume its decline. An initial support is at $0.0225, below which the price may revisit the $0.0210 support.

The chart indicates that TRX price recovered nicely from the $0.0210 swing low. Having said that, a proper close above the $0.0240 level and the 55 simple moving average (4-hours) is needed for more gains. If buyers succeed, the price is likely to move higher towards the $0.0250 and $0.0265 resistance levels.
Technical Indicators
4 hours MACD – The MACD for TRX/USD just moved into the bullish zone, with a positive bias.
4 hours RSI – The RSI for TRX/USD is about to move above the 50 level, with a bullish angle.
Key Support Levels – $0.0225 and $0.0210
Key Resistance Levels – $0.0235, $0.0238 and $0.0240.
The post Tron (TRX) Price Could Rally If It Breaks $0.0240 appeared first on Live Bitcoin News.

Ripple Wins 17th Spot as the Best Place to Work in Silicon Valley

Ripple Wins 17th Spot as the Best Place to Work in Silicon Valley
For the last several years, we have heard a lot about Ripple as one of the most actively growing companies with the most innovative and cost-efficient payment solutions. But have you ever thought about this company as a place to work, about the benefits that it offers to its employees and the working atmosphere that dominates there?
Good Place to Work at
But in this aspect Ripple has also achieved excellent results. As it has been recently revealed, this blockchain firm has been named one of the best places to work at in the Bay area by Fortune research partner Good Place to Work. Ripple occupies the 17th place among small to medium-sized business in Silicon Valley.
But what do employees like about working at Ripple? According to the survey, Ripple has managed to ensure a pleasant working environment and to provide clear goals for its team which is especially valued today. One of the company’s workers shared his opinion:
 “I’ve never before been at a company where everyone has a clear sense of mission, and what the shared goal is. That is obvious from day one. I also love my co-workers, and they make me happy to come to work every day (along with the work itself).”
As it has been found out, 91% of employees of 255 people working in the US office said that they are happy to work at Ripple. 95% workers noted that they are proud to have an opportunity to say that they are a part of the company’s team and 96% of employees are satisfied with their time off that they can take when they need.
These results are really impressive. But to enter the top 10 it was needed to achieve 95% happiness rating. As for the first place that was taken by Asana, 99% of 240 employees said that they are happy with their work.
Speaking about large companies with over 1,000 employees, it’s worth mentioning that a well-known hotel chain Hilton topped the list of the best places to work at. Such prominent names as Cisco, Adobe, Dropbox, and NVIDIA were also included in this list.
To be included in this list a company should let researchers from Good Place to Work conduct a survey. The rankings are mostly based on employee feedback.
How’s Ripple Doing?
Though Ripple is doing its best to prove the community that XRP is not centralized and they do not own this crypto, the community still has a rather controversial opinion about the relations between Ripple and XRP.
For example, when XRP was finally listed by Coinbase, Ripple was accused of having paid for it and violating the listing rules of Coinbase as the platform doesn’t list securities.
Moreover, let us remind that just recently XRP has been listed by Coinhako, Singapore-based crypto exchange and will be paired with SGD, IDR, and VND.
*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome guide.
Ripple Wins 17th Spot as the Best Place to Work in Silicon Valley

Ethereum Price Analysis: Risk Of Bounce Grows In ETH

Ethereum price declined further after it settled below the $140 support level against the US Dollar.
ETH broke the $132 support and traded close to the key $121-122 support area.
There is a crucial declining channel in place with resistance at $131 on the 4-hours chart (data feed from Coinbase).
The price is likely to bounce back as long as it is above the $121 and $122 support levels.

Ethereum price declined heavily below $140 and $130 against the US Dollar. ETH is now trading near a crucial support at $122 and it could bounce back sharply in the near term.
Ethereum Price Analysis
In the past few days, there was a steady decline in Ethereum price from the $165 swing high against the US Dollar. The ETH/USD pair broke the $148 and $140 support levels to move into a bearish zone. There was even a close below the$140 level and the 55 simple moving average (4-hours). The decline was such that the price even broke the $132 support area. Moreover, there was a break below the 1.236 Fib extension of the last wave from the $138 low to $165 high.
However, the price is now approaching the key $122 and $121 support levels. The mentioned $121 support acted as a resistance earlier and it is may now act as a solid support. Besides, the 1.618 Fib extension of the last wave from the $138 low to $165 high is near the $121 level.  Therefore, there is a significant risk of a sharp bounce in ETH as long as it is above the $121 support. On the upside, an initial resistance is near the $128 level. There is also a crucial declining channel in place with resistance at $131 on the 4-hours chart.
A break above the channel resistance could push the price towards $136 and the 55 simple moving average (4-hours). The main resistance is near the $140 level, where sellers may emerge. On the other hand, if the price breaks the $121 support, there could be a sharp decline.

Looking at the chart, Ethereum price is clearly trading near a crucial support at $121. If buyers defend the $121-122 support, there is a high chance of a solid rebound above $130 in the coming days. In the mentioned scenario, the price could rise towards the $138 and $140 resistances.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly reducing its bearish slope, with hardly any bullish sign.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently correcting higher and it could test the 40 level.
Key Support Levels – $122, followed by the $120 zone.
Key Resistance Levels – $130 and $136.
The post Ethereum Price Analysis: Risk Of Bounce Grows In ETH appeared first on Live Bitcoin News.

Circle Further Bids for Mass Tokenization, Officially Completes SeedInvest Acquisition

Circle Further Bids for Mass Tokenization, Officially Completes SeedInvest Acquisition
Circle, blockchain startup backed by Goldman Sachs, has officially completed the acquisition of equity crowdfunding firm SeedInvest. The announcement comes amid realizing Circle’s fundraising plans. In the future, the company wants to tokenize securities and become a fully SEC-regulated broker-dealer.
In a blog post, Circle said:
“The acquisition is a further step toward realizing our vision of a more open, global, connected, and inclusive financial system. Broadly, we aspire to bring the economic and technical breakthroughs of crypto assets and blockchain technology to traditional forms of financial contracts such as equities and other securities.”
The deal was first announced in October last year. The acquisition of SeedInvest, a company that helps various private companies raise money through the internet, became the next step of following the Circle’s strategy. Before that, Circe acquired an entire cryptocurrency exchange Poloniex. The most probable aim of such expansion is to register with the SEC so that traders could purchase and sell tokens as securities for the first time, which would be a milestone for the entire cryptocurrency world.
Founded in 2012, SeedInvest facilitates the equity-crowdfunding service through its platform that enables retail investors to browse through different businesses and buy stakes depending on their eligibility. The company has successfully funded over 220 companies and has over 260,000 users. The total investment made via SeedInvest makes up over $115 million.
Commenting on the acquisition, Circle said:

“We welcome the talented SeedInvest team and the incredible community of SeedInvest investors and companies. SeedInvest joins Circle’s team of more than 300 people and global customer base of more than 8.5M individuals and more than 1,000 institutions.”

Circle to Win Regulatory Approval
The acquisition of SeedInvest was completed after Circle obtained regulatory approval by the Financial Industry Regulatory Authority (FINRA). Now Circle is capable of offering blockchain-based securities, under the control of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Circle stated:
“As with other areas of our business, we will work closely with leading regulators in the US such as the SEC and FINRA as we evaluate the evolution of private capital market products and services using crypto assets and blockchain technology.”
According to the company’s blog post, SeedInvest will continue to operate separately, but with additional support behind the company. Moreover, Circle promises to explore future opportunities enabled by tokenization.
Circle’s co-founders Sean Neville and Jeremy Allaire said:
“We believe that the tokenization of financial assets will ultimately unlock capital for growing companies and investment opportunities for people everywhere. Over time, more functions of private equity will be tokenized — including voting and governance, dividend payouts, and other economic features. T
okenization will also create new opportunities for businesses to build better relationships with their customers by leveraging tokens linked to ecosystem behaviors.”
Fundraising Rumors
There is speculation that Circle is seeking to raise $250 million in new funding, that’s why it has been investing money into areas apart from its exchange Poloniex. The company has recently added support to its USD Coin (USDC), a stable coin pegged to the US dollar, adding more than 100 exchanges, wallets, platforms, apps, and service providers to the ecosystem.
According to a person familiar with the matter, Circle is considering a combined round of equity and debt funding. Moreover, some believe that the company will use Security Token Offerings (STOs) to raise money.
STOs act as digital investment contracts. They are an evolution of ICOs, but with proper regulation. To find more about STOs, you may read our comprehensive guide that will help you figure out what STO is, how it works, and what’s hidden behind this industry’s disrupter.
You may also check the latest Security Token Offerings (STOs) in COinspeaker’s STO Calendar.
Circle Further Bids for Mass Tokenization, Officially Completes SeedInvest Acquisition

Tether and TRON Collaborate to Issue New Version of USDT Tokens

Tether and TRON Collaborate to Issue New Version of USDT Tokens
Tether is partnering with the Tron Foundation in an effort to pursue the launch the dollar-pegged USDT stablecoin as a TRC-20 token. TRC-20 is a technical standard used by the Tron blockchain for implementing tokens, similar to and compatible with ethereum’s ERC-20 standard. They are planning to introduce USDT to the Tron network by Q2 2019.
This will allow users to more easily transact with decentralized applications (dApps) and protocols based on the Tron blockchain, the companies said. Specifically, they hope to improve decentralized exchange liquidity and make Tron more accessible to institutional investors by providing the stablecoin option to the network.
Given the severe price volatility of cryptocurrency throughout the last year, a period which is now being referred to by some as the “crypto winter,” the advent of a stablecoin will be a welcome addition to TRON merchants and developers looking for more peace of mind in their transactions.
As we already wrote, Tron CEO Justin Sun had announced the imminent roll out of a hard fork, which took place on Feb. 28, designed to deliver institution-friendly functionality, alongside features such as multi-signature abilities and account management options.
The expansion of the Tron ecosystem took a significant step last year with its acquisition of popular peer-to-peer torrent client BitTorrent. The latter launched its native, Tron-based BitTorrent (BTT) token at the start of 2019, which will power the pair’s plans for an evolving decentralized content distribution platform.
Widening Their User Base
Tron has been in several collaborations with many major players in the cryptocurrency industry. The new collaboration with Tether will definitely widen its user base as more users will patronize the project now that TRX can be used with the USDT stablecoin especially in the heat of this bear market.
Jean-Louis van der Velde, Chief Executive Officer of Tether said:
“We are pleased to announce this collaboration with the Tron Foundation. This integration underlines our commitment to furthering innovation within the cryptocurrency space as we continue to anticipate the needs and demands of the digital asset community. “
Justin Sun, founder of TRON and CEO of BitTorrent said:
“Our collaboration with Tether to bring a USDT TRC-20 token to TRON will bring incredible stability and confidence to users. As we perform and execute on our vision, they can easily redeem their tokens for US dollars.”
Indeed this collaboration couldn’t have come at a better time as the market is in the reds and at times like this, stablecoins are the only tokens that are in the greens as they are right now, including Tether USDT. This will be of great benefit to Tron and make TRX more useful for transactions.
USDT as a Safe Haven Against Bitcoin Volatility
What may be of interest is that Bitcoin (BTC) saw the influence of Tether (USDT) increase dramatically as selling accelerated in the new week. BTC dropped on Tuesday, trading at around $3,765.45 in the time of writing. The price is down just 0.75% in the past 24 hours, but the new week sell-off is starting to worry traders.
Based on CryptoCompare data on Monday, BTC trading has above 77% of all activity happening in the BTC/USDT pair. The record weight of Tether spread to all markets, making it responsible for more than 27% of crypto volumes. The usage of stablecoins shows that trading is currently limited to the crypto ecosystem, with little inflows of fiat funds. Due to the difficulty of handling fiat, stablecoins are also taking over.
In the case of BTC, the Monday sell-off shows that USDT is still used as a safe haven. With BTC volumes exceeding $7.8 billion in the past 24 hours, the increased activity sees the stablecoin used as protection against volatility.
BTC market prices have been stuck in the range of $3,800 to $4,200. However, the current stagnation is starting to remind of the almost zero volatility around the $6,000 level, which was followed by a sudden crash to $4,000 and below. Expectations are that a BTC bottom is yet to materialize as 2019 progresses. Extreme predictions have prices sliding below $1,000 again.
Tether and TRON Collaborate to Issue New Version of USDT Tokens

Ethereum Price Analysis: ETH/USD Trends of March 04–10, 2019

Ethereum Price Analysis: ETH/USD Trends of March 04–10, 2019
Key Highlights:

The Bears took over the control of the ETH market;
the Bearish trend may continue;
the price is currently exposed to $114 price level.

ETH/USD Long-term Trend: Bearish
Supply Zones: $134, $149, $161
Demand Zones: $114, $101, $85ETH/USD is bearish on the long-term outlook. On February 24 the Bulls topped the ETH price at the supply zone of $161. The bullish breakout of the level could not be sustained due to bear’s pressure that formed a big bearish engulfing candle.
This made Ethereum price declined to $134 price level after penetrated the $149 price level. The coin started consolidating directly on $134 level till March 2nd. The bears increased their pressure and the $134 former demand zone and the dynamic support (the two EMAs) broken downside. The coin is currently exposed to the demand zone of $114.
The ETH price has penetrated the two EMAs downside and the 21-day EMA is above the 50-day EMA which implies that the bearish momentum is increasing. Meanwhile, the Stochastic Oscillator period 14 is below 20 levels with the signal lines point down which indicates sell signal and a further decrease in Ethereum price.
Further increase in bearish pressure will make the demand zone of $114 as the target for the ETH price. The loss of bearish momentum will make the coin to range towards $149 price level.
ETH/USD Medium-term Trend: Bearish
On the medium-term outlook, Ethereum is also bearish. The evening star candle pattern formed on 24th of February around $161 supply level happened to be a bearish reversal candle pattern that declined the ETH price to $134 price level.
The bearish momentum was exhausted and could not decrease further, the scenario led to sideways movement above the $134 price level. On the 3rd of March, the bears were able to break downside the $134 price level.
The Stochastic Oscillator period 14 is at 20 levels with the signal lines interlocked which connotes consolidation is ongoing on the 4-Hour chart in the ETH market. However, Ethereum price is keeping a distance away from the two EMAs and the coin is trading under the 21-day EMA and the 50-day EMA which indicate strong bearish momentum.
Ethereum Price Analysis: ETH/USD Trends of March 04–10, 2019

Wall Street Refuses to Bank Crypto Businesses, and Here’s Why

Wall Street Refuses to Bank Crypto Businesses, and Here’s Why
What is actually happening is that JP Morgan still refuses to bank cryptocurrency businesses. The Wall Street giant even shut down the account of Kraken – one of the world’s largest and most-secure cryptocurrency exchanges.

Paypal locked up all the money I had for 6 months, almost lost my business/apartment. BofA killed @Krakenfx's payroll account on 30 days notice. Chase killed it on 5 days notice, by mail, which arrived after the account was closed. Found out when employee checks bounced.
— Jesse Powell (@jespow) January 9, 2019

And while top-tier banks are getting more crypto-curious every day, JPMorgan rolled out a prototype digital coin last month. Not just that. They went so far that they called other cryptocurrencies (especially XRP) “a scam”.
Robby Houben, a lawyer and professor at the University of Antwerp who co-authored a paper for the European Parliament on financial crime involving cryptocurrencies said:
“No bank is willing to help them out. I have met some really stand-up people in crypto that don’t deserve such a bad reputation and want the sector to be regulated, yet for every one of those, there are plenty of others trying to scam the public, launder money or evade taxes.”
Despite Bitcoin coming a long way since its Silk Road days, a one-size-fits-all ban is being implemented by big banks to keep out crypto-companies.
Sam Bankman-Fried, Chief Executive Officer of Alameda Research, a digital-assets trading firm in California said:
“The standard answer of `just go to your local Chase branch’ doesn’t work in crypto. It’s not illegal for big banks to bank the crypto industry, but it’s a massive compliance headache that they don’t want to put the resources in to solve.”
Digital currencies have attracted outlaws since the first one, bitcoin, appeared a decade ago because they obscure the identities of parties in a transaction and operate outside the regulated financial system. From Silk Road, the online drug bazaar shut down by the FBI in 2013, to Russian intelligence officers indicted for hacking offenses related to the 2016 U.S. presidential campaign, crypto has been associated with illicit activities.
New Rules and Tougher Standards for Cryptocurrenices
Though legitimate uses have mushroomed in recent years, it’s simpler for banks to maintain a blanket prohibition, said Jerry Brito, executive director of the crypto advocacy group Coin Center in Washington.
Across the world, regulators have been imposing new rules on crypto businesses, subjecting them to tougher standards for derivatives tied to virtual currencies, introducing new licensing requirements or just reminding firms that their newfangled products must comply with securities and banking law. Those warnings are loudest about the need for banks to meet existing rules to fight money-laundering—a compliance task that already costs financial firms some $25 billion a year, according to one estimate.
Anti-money laundering rules typically require banks to know the identity and aims of their clients and often be able to trace the source of their customers’ cash. Building a compliance and monitoring system is expensive and some banks conclude the costs just aren’t worth it.
Wall Street Refuses to Bank Crypto Businesses, and Here’s Why

Football and FinTech: eToro Set to Lead the Revolution

Football and FinTech: eToro Set to Lead the Revolution
As CoinSpeaker has reported earlier, in August the global investment platform eToro entered in a partnership with seven leading Premier League clubs. It was a milestone not only for the crypto world itself but also for the football industry as both these spheres finally met.
According to Iqbal Gandham, UK Managing Director at eToro, thanks to their nature, cryptocurrencies and blockchain in a wide meaning could bring numerous improvements not only to football but to other sports as well.
As eToro has become a sponsor for the clubs, it offers its support in cryptocurrencies which is said to help the clubs get used to working with digital assets and in the future apply this technology to many processes including ticketing and selling of different fan staff. “I expect to see the purchasing of players using Bitcoin and crypto asserts,” said Gandham.
Cryptocurrencies are Conquering Football world
Though blockchain and cryptocurrencies can bring an impressive quantity of advantages, the adoption may take quite a long time.  There is still a lot of misunderstanding of the nature of these technologies among a wide audience which is one of the issues to address.
Nevertheless, step by step this process is moving forward.  Gibraltar United team is the first one in Europe to get its wages in crypto, in Quantocoin to be more precise. There was even a case when payments in Bitcoin were an obligatory part of transfer fees.
Though football still follows a rather conservative business model, some clubs like Real Madrid and Atlético Madrid have an experience of allowing fans to pay for tickets via a mobile blockchain-powered app. Some former players as Ronaldinho and Wesley Sneijder have even launched their own cryptocurrencies.
Though the Premier League clubs are just starting to implement the emerging technology, eToro has plans how to help the industry fully realize the advantages that blockchain can bring. Moreover, eToro has already discussed some related opportunities with the Football Association and individual clubs.
Gandham explained their plans the following way:
 “In terms of what eToro would like to do, we want to work with blockchain companies and help them interact with football teams. Building the fintech and football ecosystem, so if there is a good blockchain platform out there which can tackle ticket touts, we can then take it to Tottenham Hotspur.”
Prevention of Wrongdoing
The use of crypto is not only a matter of convenience. The transparent nature of blockchain payments is to stop illegal sales of tickets and prevent corruption as thanks to the capacities of the technology all money transfers from clubs to players will be saved in the network.
According to Gandham, blockchain may facilitate for clubs the processes of getting financial support from their fans which is extremely important for clubs that are doing their best to make both ends meet. Moreover, such an approach to sponsorship will allow clubs to offer some bonuses to fans as soon as their money is received.
What’s more, using crypto for making payments to players can help banks to avoid a lot of difficulties with banks.
But football is far not the only sphere of interests for eToro. Speaking with CoinSpeaker about their plans, Gandham said:
“We are currently exploring several areas which align with our customers’ interests. These range from music to retail and even additional sports.”
Given eToro ambitions to revolutionize the world with the help of crypto assets and blockchain, it is highly possible that soon we will hear about new projects and collaborations of eToro aimed at enhancing some new spheres.
Football and FinTech: eToro Set to Lead the Revolution