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#CryptoCorner: #Bitfury and #Coinbase May Be Considering IPOs, Ripple Report a Doubling of XRP Revenue from Q2 to Q3

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Point Roberts, WA and Delta, BC - October 26, 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, now available in podcast.

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#CryptoCorner: #Bitfury and #Coinbase May Be Considering IPOs, Ripple #Report a Doubling of XRP Revenue from Q2 to Q3

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Crypto Corner

Bitfury and Coinbase May Be Considering IPOs, Ripple Report a Doubling of XRP Revenue from Q2 to Q3, India's Supreme Court Asks for 2-Week Deadline on Status of Crypto and Mastercard Applies for Patent for "Fractional Reserves of Blockchain Currency"

Stocks discussed: (NYSE:MA)

Bloomberg reports that crypto mining startup Bitfury is considering becoming Europe's first initial public offering (IPO) in the crypto space. Bitfury makes crypto mining gear and posted revenue of around $450 million USD for the 12 months ending in March of this year. Citing "people familiar with the matter", the report says that Bitfury has reached out to investment banks around the world, including London, Amsterdam and Hong Kong. The sources say Bitfury could seek a valuation of $3 billion USD to $5 billion USD. Representatives of the company have yet to comment.

CNBC Africa's host of Crypto Trader, Ran Neuner, tweeted that crypto exchange giant Coinbase will soon announce an IPO. On December 14, 2017, Coinbase president Asiff Hirji told CNBC that an IPO would most likely happen eventually.

"It is certainly in the interest of our investors…and the most obvious path of Coinbase is to go public at some point, but there's a lot for us to do between now and then, whenever that date is."

Ripple recently published a report which showed that revenues from the sale of its token XRP doubled in the third quarter from the second quarter of 2018. Total sales from Q3 clocked in at $163 million USD over the $73 million from Q2.

The Economic Times reports that India's Supreme Court has asked for a report on the legal status of cryptocurrency from the government within two weeks. Though crypto trading is not currently illegal in India, the country's central bank, the Reserve Bank of India (RBI), has ordered a stop to trading and discouraged its use.

A newly published application shows that Mastercard (NYSE:MA) wants to patent "a method for managing fractional reserves of blockchain currency". A report on Bitcoin Exchange Guide comments on the surprising nature of this move.

Anyone that knows the history of cryptocurrency is probably seeing some red flags, considering that one of the issues that Bitcoin was supposed to fix is fractional reserve banking. Most crypto enthusiasts would rather see this type of banking completely erased from the financial industry, and they don't appreciate currency that is founded in debt.

The report goes on to say:

Mastercard seems to believe that there is a lot to be gained in combining crypto tech with traditional tech, and their system would most likely include the current payment networks and products in place.

Sam Mowers, Investorideas

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