Chinese National Cryptocurrency Turns Out Not Being an Actual Crypto
Chinese National Cryptocurrency Turns Out Not Being an Actual Crypto
According to Brian Armstrong, the CEO of Coinbase, one of the largest cryptocurrency exchanges in the global market valued at $8 billion, institutional customers have been depositing $200 million to $400 million per week into the crypto market.
Up until mid-2018, major exchanges and regulated investment vehicle operators had struggled to see a consistent inflow of capital from institutions into the sector likely because of the inexistence of reliable custodial solutions and regulated investment vehicles.
In the past 12 months, as seen in the steep increase in the inflow of institutional capital into cryptocurrency investment firms like Grayscale Investments, companies have started to observe rising optimism towards crypto by institutional investors.
As of August 2019, the market valuation of bitcoin, the most dominant cryptocurrency in the market, is estimated to be around $181 billion.
Possibly due to its relatively low market capitalization in comparison to traditional safe-haven assets, short term price movements of bitcoin and the rest of the cryptocurrency market have shown that investors prefer gold, bonds, and other forms of safe-havens over digital currencies for now.
Although cryptocurrencies have not been moving in tandem with gold and safe-haven assets in general, digital assets have shown independent movements that could indicate a lack of clear correlation with the performance of the global equities market and economy.
Such independence in price movements could enable bitcoin to evolve into a stronger alternative store of value over the medium to long term, a narrative that many institutional investors seem to consider as a part of their thesis of investing into the market.
“Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it’s safe to say we now know the answer. We’re seeing $200-400M a week in new crypto deposits come in from institutional customers,” said Coinbase CEO Brian Armstrong.
The statement of Armstrong followed the acquisition of Xapo’s institutional business by Coinbase, making Coinbase the largest crypto custodian in the global market by combining the firm’s in-house custodial business and Xapo’s institutional client base.
The official document released by Coinbase read:
“Xapo has long been a pioneer in the storage of crypto assets, leading the industry in the creation of security techniques that have kept their customers’ cryptocurrency safe since 2014. Xapo was founded with the mission of making Bitcoin more secure and accessible. Coinbase will extend Xapo’s legacy and bring it yet another step closer to achieving its mission.”
The increasing emergence of regulated custodial services and investment vehicles would serve as a foundation for institutional investors entering the cryptocurrency market, facilitating the demand from investors that previously were largely uninvolved in the sector.
The post Major cryptocurrency exec sees big inflow of capital from institutions, a sign of adoption appeared first on CryptoSlate.
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Top 7 Best Cryptocurrency Hardware Wallets For 2019
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Coinmine, Inc., the creator of the Coinmine One cryptocurrency mining device, has raised $2.5 million in a funding round led by Los Angeles-based M13 Ventures with participation from Republic Labs, Gumi Crypto, Canaan Beta and early Uber investor Shervin Pishevar, the company’s CEO and co-founder, Farbood Nivi, told Bitcoin Magazine.
The new funding round brings the total amount raised by Coinmine to $4.5 million. Early backers of the startup include Coinbase Ventures, Social Leverage, Wonder VC, Arrington Capital and angel investors including Balaji Srinivasan, co-founder of Earn.com, and Brian Norgard, chief product officer of Tinder.
Launched in November 2018, California-based Coinmine is the maker of the Coinmine One, a cryptocurrency miner targeted at mainstream users. The miner has an accompanying mobile app which allows users to set up, control and keep track of their miner’s activity.
At launch, the Coinmine One was able to mine monero, zcash, grin and ether, and in June 2019, the company added the ability for users to receive payouts in bitcoin. The device doesn’t mine bitcoin directly but instead algorithmically selects “whatever converts best to bitcoin.” These bitcoin payouts are calculated based on “current market prices,” Jinny Kang, head of public relations and partnerships at Coinmine, told Bitcoin Magazine.
Since April 2019, the company has been growing over 50 percent month-over-month only from word of mouth, Nivi said. He declined to share specific sales or revenue figures but said that the company was on track to beat its 2019 sales targets.
Nivi also said that the company will use the capital injection to expand the cryptocurrencies available through the device, add new services and ship over-the-air updates with improvements like increased hash power and energy efficiency.
Coinmine claims its Coinmine One miner is the world’s “first all-in-one crypto device” made for the average consumer. The device isn’t meant to get users rich overnight, but rather to help them get started with cryptocurrencies, and allow them to mine new tokens and run a full node on the network.
Users don’t need to have any previous experience or expertise with cryptocurrency mining, and the set up is relatively easy and straightforward: just plug the miner into a wall outlet, install the mobile app, connect the Coinmine One to WiFi through the app and select a coin to start mining. The cryptocurrencies mined are then immediately stored in the in-app digital wallet.
All devices come with a full version of the Bitcoin blockchain and a Lightning Network Daemon (LND). Nivi said that Lightning functionalities should be turned on and available later this year with another wireless update.
“You’ll be able to send and receive bitcoin directly from your Coinmine One — instantly and for free,” he said. “You’ll also help Bitcoin succeed by helping other people route bitcoin payments through your Coinmine One and you’ll even earn a little bitcoin for doing that.”
The Coinmine One miner is powered by a proprietary operating system called MineOS, which the company started building internally in 2018.
Some of MineOS’s unique features include automated overclocking and undervolting hardware on the fly, as well as automated updating and upgrading over the air.
Updates so far in 2019 include the reduction of the Coinmine One energy consumption by 30 percent, the addition of bitcoin payouts, support for grin mining and the increase of ether hashrate by 5 percent.
Moving forward, Nivi said that Coinmine plans to add support for handshake (HNS) mining as well as new services and features such as the ability for users to earn interest on their cryptocurrency.
“There are decentralized finance services like Compound Finance that let you earn interest on your crypto and you can take your principal out whenever you want,” he said. “So we can invest the crypto your Coinmine One is making into a service like that and earn you interest. We plan to launch it this year.”
The post Cryptocurrency Miner Maker Coinmine Raises $2.5 Million appeared first on Bitcoin Magazine.
Cryptocurrency Miner Maker Coinmine Raises .5 Million
Nevada abruptly changed its regulatory stance on cryptocurrency kiosks, alarming many providers.
Nevada Cryptocurrency Kiosks Now Require Money Transmission Licenses
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