Crypto Market News – “This Week in Crypto” July 3, 2020
Crypto market news about Bitcoin, bonds and digital securities! What’s next up on the CoinMetro releases list, and much more — all in This Week in Crypto!
Crypto Market News Highlights
[17:55] Australian Securities Exchange delays its plan to switch to blockchain technology till 2022
That’s kinda funny. To Kevin it seems like they had a million other reasons why they couldn’t launch, and they came up with a nice excuse, that they’re going to use blockchain.
There is not much reason to use blockchain if you are a traditional market player. Unless you are using a blockchain that can interconnect you, and actually increase liquidity. If you are only blockchain because it saves you a few pennies per transaction and you have a new database and you can get yourself into a few news stories, then it’s probably a waste of time.
Kevin thinks there is more information here that is not being sent out to the public, and that there is a myriad of other reasons as to why they are delaying.
[18:45] PayPal Dabbling in Crypto Could Make BTC a Mainstream Payment Option
No it could not. PayPal has 325 million users. Imagine if 10% of those users tried to make a Bitcoin payment all at the same time. You want to wait to see the network fees and network times? Good luck. Bitcoin will never be a mainstream payment option, because it is not a payment vehicle. It’s too slow, it’s too latent, it’s too expensive.
Bitcoin should never be touted as a payment instrument or a payment vehicle. If you really classify what’s good about Bitcoin, you can say it’s a speculative investment, you can say it’s a store of value if you believe it is, but you can’t say it’s a payment rail.
What PayPal will do is more than likely allow you to buy Bitcoin that you can’t actually send anywhere. You are basically buying a CFD or a future, based on Bitcoin price. And people will realise that, find out that they’re probably overpaying on commission, do a bit of research, and find an exchange.
[22:16] Chainlink Expected to Spend $25M More on Development Than Ethereum
Kevin doesn’t know how much Ethereum spends on development, but Ethereum has pretty much peaked. Until Ethereum 2.0 comes out, or until Ethereum makes drastic changes, Ethereum has done pretty well for itself.
Chainlink has yet to peak. Chainlink has to keep up with the fact that mainstream institutions are realising that data off-chain is really needed to make blockchain protocols more advantageous to the average business users. Now they have to make the decision whether they want to partner with someone like Chainlink for long term and pay fees, or simply recreate what Chainlink has done, for their own uses. So Chainlink needs to make sure they’re always one step ahead of that thought process, and that’s going to require a lot of R&D and lots of investments.
Check out our Medium post to read more crypto market news!
Live Questions – CoinMetro updates and Crypto Market News
[29:54] Any news on the debit cards?
Next week we’re going to have some sessions with designers to finalize designs, one of those designs is the debit card. Once that’s done, T-minus 30 days.
[31:09] Any news on the IBANs?
We can launch the IBANs pretty much at any time. We were just testing that out over the last few days to see about launching individual IBANs into our system. GUI is needed to be able to display those, and that’s one thing that needs to be worked on. Currently UI/UX is focusing on the securities marketplace, and everything for the Montenegro sandbox launch. Kevin hopes that we will be able to launch those IBANs before August.
[32:31] Did Forbes reach out, or what happened?
We had a press release we created, and it was pushed out. Forbes picked it up. Kevin thinks that CoinMetro has had many noteworthy developments, but just not had the marketing team for it. CoinMetro should be much more in the news from here on out, as CoinMetro does things people want to read about.
CoinMetro’s Copy Trading is known as TraM (Trade Mirror).
[44:54] Any news on the app being redesigned?
It’s happening right now. We currently have a beta test going on with the app, Q/A testing. Should be out within 10-15 days.
CoinMetro Mobile App: available both for iOS and Android.
[34:17] Do you think Q3 will see significant growth in signups?
Our Q3 roadmap is huge, there is a lot to do on that roadmap. It will be published soon. Kevin thinks we’ll get a lot more news coverage. Just the securities marketplace is absolutely huge. So Kevin expects to see a good number of signups. And would like to see a controlled number of signups of active traders.
So rather than going out to see what works, we are now looking to create different types of marketing tests that include things like trading competitions, affiliate competitions. As well as PR marketing. More focus on SEO. This will drive more organic and filtered leads back to CoinMetro.
Quantity wise for Q3 signups, Kevin doesn’t really care. But quality wise, should be massively better.
[44:43] How about new TraM managers?
Kevin expects one new TraM manager onboarded and active within the next 30 days.
[45:08] When can we expect the ski resort bond and marketplace?
Probably the first week of August.
Learn more about the ski resort bond that will be tradeable on CoinMetro: Telegram & website
[45:19] When will you add Cardano? Other listings?
We have a shortlist, Kevin isn’t sure if Cardano is on it. But we’ll likely start new listings sometime in July, and pick up pace in August and September. During that time we will add all the possible listings to our CoinMetro Markets page, and we will allow people to vote. This way we don’t add things that nobody wants to trade.
[26:31] When will Swift be ready? Specifically, support for SGD – Singapore Dollar? There are a lot of asian traders who would like to deposit into CoinMetro and prefer cash deposits/withdrawals rather than via crypto. – justme7777
SWIFT for Euros and Pounds, we’re still waiting for the provider to get their setup complete. In terms of Australian Dollar and Swedish Krona, those should be coming online sometime during July.
When it comes to something like the Singapore Dollar, Kevin would have to look to see if any of our current providers provide SGP. It is possible that we do.
The problem is that most of these fiat onramps we are going to get are through our current partners. And we aren’t going to have a current partner in every local market. So you’ll get SGP, but maybe the account will be in the UK for example. So, SGP for SWIFT is possible. But local payment rails are more interesting. There is a big market for Euro, Pounds, etcetera, that we still haven’t really taken advantage of.
So we need to pick our battles. The battle of Faster Payments, SEPA/SEPA Instant, that are some battles that we need to fight, win, and master.
CoinMetro is proud to announce that you can now trade BTC to GBP, in addition to EUR (SEPA).
[24:30] “Kevin Explains Crypto” Term: Sentiment
Now that you are up to date with crypto market news, let’s focus on crypto education.
It’s not a specific crypto term, not even a trading or financial term. It basically means the overall attitude to something. Here we are talking about market sentiment, for the most part.
CoinMetro just incorporated a Twitter Sentiment Indicator on the Dashboard, the same sentiment indicator used by hedge funds. What that indicator shows is the sentiment towards individual crypto assets. If the market is happy about the asset, positive news coming out, positive technical analysis, then the sentiment is bullish. And negative technical analysis, fundamentals or negative news, would mean a negative or bearish sentiment.
CoinMetro’s Twitter Sentiment Indicator featured on CoinTelegraph!
That’s a wrap for this week’s crypto market news with CoinMetro Founder Kevin Murcko! Please join us next week for more CoinMetro reports, Bitcoin news feed, Altcoin prices and Ethereum news! We’ll be live on CoinMetro’s Facebook and YouTube Channel at 12 PM (UTC). Make sure you submit your questions to the CoinMetro subReddit!
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