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!
- Bakkt CEO Claims Progress is Being Made; Launch Date Still Not Clear
Bakkt is still in limbo. According to Kelly Loeffler, CEO of Bakkt, progress is being made but there is still no CFTC approval or a launch date. Although there hasn’t been official approval yet, Bakkt has been working closely with the CFTC to provide the first physically delivered Bitcoin futures contracts in the U.S.
“With ongoing reports of crypto market manipulation and security concerns, the need for the solutions we’re building at Bakkt is more critical than ever. It illustrates why regulated custody and market-based solutions for digital assets are at the core of our work to address risks that have discouraged many from interacting with digital assets.” -Kelly Loeffler
Read more about Bakkt’s progress report here: https://www.altcoinbuzz.io/crypto-news/product-release/bakkt-ceo-claims-progress-is-being-made-launch-date-still-not-clear/
- Coinbase is Giving Away $100 Million in XLM to Users Who Study the Stellar Protocol
The best way to learn about cryptocurrency is to use it. This is exactly what Coinbase is doing with Coinbase Earn. Currently, they are offering up to $50 of XLM just for learning how the cryptocurrency works. The company plans on giving away 1 billion XLM which is about $100 million for this education strategy. In addition to XLM, users can learn about 0x, ZCash, and Basic Attention Token.
To learn more about this education program here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/coinbase-is-giving-away-100-million-in-xlm-to-users-who-study-the-stellar-protocol/
- Legacy Trust and Ledger announce Cryptocurrency Custody for Institutional Investors
Ledger Vault is a product released by both Ledger and Legacy Trust to offer institutional grade custodial services for cryptocurrencies. The product offers a multi-authorization wallet which enables financial institutions to keep their funds safe and secure. According to reports, the same cryptocurrencies available on the Ledger Nano S will be the same cryptocurrencies offered by Ledger Vault.
Read more about Ledger Vault here: https://www.altcoinbuzz.io/crypto-news/partnerships/legacy-trust-and-ledger-announce-cryptocurrency-custody-for-institutional-investors/
- Bithumb Hacked, Again! 3 million EOS and 20 million XRP Reportedly Stolen
The largest cryptocurrency exchange in South Korea, Bithumb has been reportedly hacked for 3 million EOS and 20 million XRP. Apparently, this may have been an inside job and the Cyber Police Agency and KISA (Korea Internet & Security Agency) are looking further into the situation. It is worth noting that this is the second time in the last year that Bithumb has been hacked.
Read more about the Bithumb hack here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/bithumb-hacked-again-3-million-eos-and-20-million-xrp-reportedly-stolen/
- Coinbase Custody Launches Tezos Cold Storage Staking Services
Tezos’s (XZT) price has been surging. The reason for that seems to be that Coinbase Custody is allowing institutional clients to stake the cryptocurrency. There seems to be pretty good returns too, as, after all fees, clients can expect about a 6.6% annual reward for staking their XZT.
Read more about Coinbase Custody staking Tezos here: https://www.altcoinbuzz.io/crypto-news/product-release/coinbase-custody-launches-tezos-cold-storage-staking-services/
- Litecoin Adoption Continues; LTC Added As Collateral Option on Nexo
Using NEXO, users can now obtain a loan using their Litecoin as collateral. Besides Litecoin, the NEXO platform supports Bitcoin, Ethereum, XRP, Binance Coin, and NEXO. The premise of NEXO is to allow users to borrow against their cryptocurrency holdings instead of having to cash them out. This allows users to get their funds when they need them while keeping their cryptocurrency.
Read more about the addition of Litecoin on NEXO here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/litecoin-adoption-continues-ltc-added-as-collateral-option-on-nexo/
“This was the NEWS” summary!
I think the most important news of the week, in terms of growth, is Coinbase essentially giving away 1 billion XLM to users, along with 0x, ZCash, and Basic Attention Token. This does a few key things. It demonstrates some of the best use cases for cryptocurrencies, it gives people a stake in the space (however small) which makes people more interested, and most importantly it allows them to actually use cryptocurrencies for free. Once more people start understanding how this technology can help them, adoption will follow.
With Coinbase Custody allowing institutional clients to stake Tezos, it seems they are testing the waters for future proof-of-stake coins like Ethereum. If institutions can stake their coins and earn 6.6% annual returns, I think that is something they will be very interested in. For something with very little risk, that is a very good return.