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Crypto Corner: Uber creates new cryptocurrency, Ripple surges and Coinbase faces a class-action lawsuit

 

Point Roberts, WA and Delta, BC - March 5, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.

Crypto Corner - March 5, 2018

By Samuel Mowers at Investorideas.com

Uber creates new cryptocurrency, Ripple surges and Coinbase faces a class-action lawsuit

Garrett Camp, co-founder of ride-sharing company Uber, has announced the creation of a new cryptocurrency called Eco. The Eco design proposal claims that "mainstream adoption of existing cryptocurrencies is held back by issues related to complexity, usability and scalability" and that "Eco makes significant improvements by 1) forming a verified network, where universities run nodes, 2) increasing overall token supply, and creating simple web and mobile apps, and 3) designing a system with more energy-efficient and coordinated token generation, to reduce overall power consumption."

Popular cryptocurrency exchange, Coinbase, is facing a class-action lawsuit over a claim that it unlawfully kept cryptocurrencies that were exchanged via email in 2013. The lawsuit seeks to recover the cryptocurrencies exchanged and deliver them to their intended recipients.

Ripple (XRP) has surpassed US dollar parity reaching $1.05 USD after surging 17% earlier today. A potential impetus for this is a corresponding surge in South Korean trading volumes.

Sixteen different Japanese cryptocurrency exchanges have come together to form a self-regulatory organization following a $530 million Coincheck hack in January. A report from Nikkei states:

If approved by the government as an independent regulator, the body will be able to make a list of virtual coins that exchange operators are permitted to handle, allowing it to exclude those of the world's more than 1,500 cryptocurrencies suspected to be used in fraud or money laundering.

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