In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
1. Goldman Sachs and Novogratz Betting on Crypto Custody
Goldman Sachs and Mike Novogratz have invested in the U.S. custody service BitGo. BitGo considers itself a leader in security, compliance, and custodial solutions for blockchain-based currencies. Of the $70 million raised, $15 million was raised by Goldman Sachs and Mike Novogratz. According to Mike Belshe, BitGo’s co-founder and CEO, many investors are “worried about their assets disappearing,” and in order for cryptocurrency to reach its full potential, “we’ve got to conquer that.”
Read more about BitGo here: https://altcoinbuzz.io/goldman-sachs-and-novogratz-betting-on-crypto-custody/
2. Bakkt CEO: Crypto Market Is Fragmented, ‘We’re About to See a Revolution’
Kelly Loeffer, Bakkt CEO, believes that we are “about to see a revolution in cryptocurrencies.” In addition, fifth Coinbase employee, Adam White, will join Bakkt in November as their new chief operating officer (COO).
There is belief in Bakkt that a new asset class is forming and they want to be at the forefront of that. In order for institutions to enter this potential new asset class though, regulators will need to step up and properly regulate the space.
“Many of us share the view that a new asset class is forming and a framework for operating within these markets is welcome. The potential for product development is strong, as is the need for regulatory certainty.” -Kelly Loeffer
Read more about Bakkt here: https://altcoinbuzz.io/bakkt-ceo-crypto-market-is-fragmented-were-about-to-see-a-revolution/
3. International Security Firm to Offer Vaulted Offline Cryptocurrency Storage
G4S, an FTSE 250 Security Company, which offers protection for many different assets, is now offering storage for cryptocurrency protection. This offline storage service is only for large clients though. According to G4S, exchanges are turning to them for storage instead of using their weaker systems. While this doesn’t necessarily help retail investors, it could be revolutionary for the cryptocurrency space.
Read more about G4S’s storage here: https://altcoinbuzz.io/crypto-news/page/2/
4. Apple Co-Founder Steve Wozniak Co-Founds Blockchain Focused Venture Capital Fund EQUI Global
Steve Wozniak, Apple co-founder, is the co-founder of a new blockchain focused venture capital called EQUI Global. As a technology guy, it is expected that he somehow got himself into the cryptocurrency space.
EQUI aims to allow investors to trade on external exchanges via EquiTokens. The infrastructure for the tokens is based on the Ethereum (ETH) blockchain, which is used by many decentralized applications (DApps).
“People propose ideas to me every day … actually, dozens per day and I always say no. Since I founded Apple together with Steve Jobs, this is the second time in twenty years that I really said yes. I want to be a part of this. It must be something that I really believe in and I really believe in EQUI.” -Steve Wozniak
5. HUGE: XRP Helped Moving $50 Million in 2 Seconds! Costs: Only 30 Cents!
Ripple and their XRP token are changing the remittances industry. $50 million worth of XRP was sent for a total fee of $.30 and was processed in 2 seconds. No matter what way you look at it, how could this technology not be the future? There is no comparison to the current technology that banks use which require high wire fees, days or weeks to process, intermediary banks, and foreign currency exchange fees.
“For a hedge fund like us, to denominate in XRP … is really, really, really good. We did our first close [as] we moved [sic] $50 million into the company in like 2 seconds and it cost 30 cents. That is amazing. There’s no way to do that with fiat [currency] or bitcoin.” -Michael Arrington
Read more about this amazing technology here: https://altcoinbuzz.io/huge-xrp-helps-move-50-million-in-2-seconds-costs-only-30-cents/
“This was the NEWS” summary!
There was a lot of positive institutional and cryptocurrency custody news this past week. Goldman Sachs and Mike Novogratz have invested in BitGo, a U.S. crypto custody service. In addition, G4S has entered the cryptocurrency custody space and a large part of their business comes from exchanges. Instead of some exchanges using their weaker storage systems, they choose to outsource that to G4S.
Kelly Loeffer, Bakkt CEO, believes that we are “about to see a revolution in cryptocurrencies” and Steve Wozniak co-founds a blockchain-focused venture capital fund called EQUI Global. His company’s mission is to“seek, support and fund the blockchain and tech stars of tomorrow.”
With Ripple showing off the benefits of using XRP by transferring $50 million worth of XRP for 30 cents and in 2 seconds, this technology is showing how promising it can be. There is no comparison to the current technology the banks use as it is slow and costly. More stories like this will help bring more attention to cryptocurrency markets.