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CryptoCorner: Coinbase Introduces Coinbase Card, Bittrex Denied NY BitLicense but Responds

 

Point Roberts, WA and Delta, BC - April 11, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.

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Crypto Corner

The crypto market took a serious tumble after peaking with a total market cap yesterday of $186 billion USD. At press time, total market capitalization sits at just $170 billion, according to CoinMarketCap. Virtually all of the top coins listed by market cap are in the red, with Bitcoin (BTC) still just holding support above $5000. Some of the biggest losers were EOS, Litecoin (LTC) and Bitcoin Cash (BCH), which lost 10.25, 11.25 and 10.8 percent, respectively.

Crypto exchange giant Coinbase announced in a blog post today that it has launched the Coinbase Card, a Visa debit card that allows users to spend crypto as easily as with a bank card. Payments can be made with chip and PIN and contactless, and withdrawals can be made from ATMS. The post claims that users will be able to use the card in millions of locations around the world. When purchasing, the card instantly converts the crypto of your choosing into the appropriate fiat for the transaction. The company is also launching an accompanying app, which the following excerpt explains:

To help customers manage their spend, we've also launched the Coinbase Card app, which enables customers to select which of their crypto wallets they will use to fund their Coinbase Card spending. Coinbase Card supports all crypto assets available to buy and sell on the Coinbase platform, meaning they can pay for a meal with bitcoin, or use ethereum to fund their train ticket home. The app also offers instant receipts, transaction summaries, spending categories, and more.

Bittrex has been denied a crypto exchange BitLicense from the New York Department of Financial Servical (DFS). The body cited concerns in a letter yesterday, over what it deemed as inadequate policies on anti-money laundering (AML) and know your customer (KYC) from Bittrex. But Bittrex responded later yesterday with a statement from their communications team, in which it "fully disputes the findings of the NYDFS". The statement goes on to correct factual inaccuracies and other contentions it has with the DFS letter, concluding with:

We do not challenge that Bittrex is on a journey to improving and maturing our compliance function. Less than 2 years ago, we were a company of only four people. Bittrex is a young, innovative company that believes in the future of blockchain technology. Bittrex will continue to mature its compliance program because we believe in being good corporate citizens, and because we believe in the rule of law. We will continue to work with the many other regulators, and we will continue to take constructive feedback to improve our ability to be the corporate citizens we have set out and committed to be.

Business Korea reports that Pohang University of Science and Technology (POSTECH) and Yonsei University plan to establish a blockchain-based campus to "secure leading research capacity in the field of blockchain technology, open a research center, organize curriculums, and link up with entrepreneurial programs". POSTECH will launch a knowledge-sharing platform called Engram, which is explained as:

"...a blockchain-based system that allows students to share their knowledge and reward superior knowledge content with its own cryptocurrency called Neuron. Neurons can be used at school cafeterias."

Sam Mowers, Investorideas

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