There are green shoots of recovery throughout the crypto markets today, which some have attributed to Morgan Stanley’s reported foray into the field. We’ve got all the details on that one, plus other tales from across the cryptosphere on what’s shaping up to be a bullish day for bitcoin.
Also read: New French Law Sets Out Guidelines For ICOs
Morgan Stanley Wants to Swap
Investment bank Morgan Stanley is looking to swap fiat trading for crypto trading. More specifically, it’s seeking BTC price return swaps. As derivatives, these contracts would enable investors to gain exposure to bitcoin without having to hold the underlying asset. The news, if confirmed, can be taken as further evidence of bitcoin’s infiltration into the world of institutional investments. The likes of Morgan Stanley and Goldman Sachs have been hesitant to comment publicly on their plans for opening bitcoin trading desks, perhaps due to a desire not to be seen as “pumping” the market, coupled with the need to finalize plans before speaking out. Regardless, the crypto markets seemed to like the story, with digital assets climbing an average of 5% since it broke on Thursday.
ETH Goes Down, Dapps Go Up?
Throughout ethereum’s halcyon days of early 2018, its high price was countered with criticism that no one was using the dapps built upon its protocol. The low number of daily average users, critics maintained, was evidence of ETH’s price being driven largely by ICOs and speculation. Those critics may have had a point, but whatever the case, an oddity has emerged: over the past week, as ETH has fallen to its lowest price in 14 months, several ethereum dapps have seen their usage shoot up.
NFT (non-fungible token) marketplaces in particular have been a hive of activity. Nonfungible.com reports that in the past week Decentraland has seen $270,000 of land parcels traded and Cyptokitties has done $170,000. Interestingly, ETH’s falling price may be one of the reasons behind this. MANA, the ERC20 required to purchase land parcels on Decentraland, hit record lows this week, effectively diluting the average price of the 10x10m virtual tracts. This flash sale prompted one whale to splurge on 14 adjacent parcels for a total of 15 BTC.
Vulcat, the one millionth kitty created
The average price of Cryptokitties has also gotten cheaper this week thanks to ETH testing the $170 mark. Coupled with publicity generated by the one millionth kitty being born, and the dapp, which once stress-tested the Ethereum network, is back in vogue. With ETH now back above $200, it will be interesting to see whether NFT marketplace momentum can be maintained.
Remme Launches Blockchain Cybersecurity Solution
Distributed Public Key Infrastructure (PKId) protocol Remme has released its sidechain testnet ahead of a full mainnet launch. As a result, enterprises will have an opportunity to trial blockchain technology in the form of a passwordless access management system. Remme CEO Alex Momot explained: “The sidechains that we have developed enable businesses to store key certificate data in a decentralized manner, eliminating single points of failure.” He continued:
As a result, enterprises can enjoy the multiple benefits of blockchain technology, still working within the framework they are accustomed to. We now look forward to demonstrating the efficiency and security of this system for storing keys (certificates) data as we introduce a community to sidechains.
Remme aims to harness blockchain to act as a network of trust, providing a viable alternative to password-based systems that are fraught with security risks including those posed by weak and stolen passwords.
What do you think of today’s news tidbits? Let us know in the comments section below.
Images courtesy of Shutterstock, Cryptokitties, and Remme.
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The Ink Protocol, a peer-to-peer payment platform announced on Tuesday, announced Tuesday that it will be able to use InPage, a distributed application (dapp), in a coin-based Wallet app.
According to the press release, the new dapp allows buyers to leave their comments and evaluate the seller's reputation before making a purchase and conduct transactions through a third-party marketplace using Ink's XNK token or ether ether. In the future, Ink said it plans to add arbitrator or escrow functionality.
The XNK token is used as the default payment method for all transactions in the current release market, Listia.
At this time, Coinbase does not provide app stores for all jurisdictions in the Wallet app.
According to Gee-Hwan Chuang, co-founder and CEO of Ink Protocol, there are more than 3 million "real products" on the market using XNK.
Chuang told CoinDesk:
"Ink Pay has a public, transferable reputation for each transaction, while enabling safe trading in all markets. Over 3 million real products have already been listed using XNK, and Coinbase has moved past speculation And important utility steps for encryption. "
The founder of the Ink Protocol collected $ 15 million in initial coin offerings (ICO) to power the Listia platform previously reported by CoinDesk. Consensys Ventures and Tetras Capital participated in funding just like any other company.
Coin-based image via Shutterstock
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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Two ethereum-based bounty marketplaces are starting to take off and hope to use distributed application (dapp) space
Toshi adds Litecoin: After listening to its customers, the wallet and dApp browser Toshi is going to be adding Litecoin (LTC) to its platform.
Toshi Adds Litecoin
One of the most common requests of Toshi was that it expand to other cryptocurrencies. Primarily, Toshi has been focused on Ethereum and Ethereum-based projects but it announced this week that Toshi will finally be adding support for other cryptos – including Litecoin!
There’s no release date yet, but the buzz is already flying through the crypto sphere. Charlie Lee summed up the community’s excitement:
Read The Full Article On CryptoCurrencyNews.com
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