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#CryptoCorner: BTC Cracks $9K Before Swiftly Correcting, Coinbase Supports EOS, SBI Introducing In-Store Cashless Payments

 

Point Roberts, WA and Delta, BC - May 31, 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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#CryptoCorner: BTC Cracks $9K Before Swiftly Correcting, Coinbase Supports EOS, SBI Introducing In-Store Cashless Payments

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Crypto Corner

Stocks discussed: (TYO:8473)

Yesterday Bitcoin (BTC) briefly peaked at a trading price of $9005, before quickly correcting down to the $8200-$8300 range for most of the rest of the day, according to data from CoinMarketCap. The total crypto market capitalization basically mirrored Bitcoin's trajectory, peaking at $286 billion and then sinking down to a current total of $267 billion. Consequently, most of the top 100 coins listed by market cap are in the red going into the weekend. At press time, Bitcoin is trading for $8437, Ether (ETH) for $261 and XRP for $0.43.

According to a blog post published yesterday, crypto exchange giant Coinbase is now supporting the buying, selling, storing and trading of EOS. This latest addition to the platform will be available in most jurisdictions excluding New York state and the U.K. The blog describes EOS as:

EOS is a cryptocurrency designed to support large-scale decentralized applications. There are no fees to send or receive EOS. Instead, the protocol requires EOS to use resources like RAM, CPU, and network bandwidth. It also rewards the entities that run the network periodically with new EOS, effectively substituting inflation for transaction fees.

SBI Ripple Asia, which is a subsidiary of SBI Holdings, Inc. (TYO:8473) has announced the launch of in-store payments based on the firm's Money Tap service. Initially the service will be trialed as a "demonstration test" to note customer feedback before launching the full service within the space of a year. The announcement also reveals that SBI will promote the move to cashless payments through Money Tap more generally. A loose translation reads:

The SBI Group will continue to encourage local banks and other financial institutions to participate in management as a shareholder of Moneytap, and will actively strive to expand sales of the service, creating a new local industry through cashlessization. Will contribute to the development of society and to the reduction of social costs.

The International Organization of Securities Commissions (IOSCO) has issued a media release seeking feedback on the regulatory status of crypto exchange platforms. This is based on a more expansive consultation report published by IOSCO. The media release outlines the concerns surrounding crypto-asset trading platforms (CTPs):

Many of the issues related to the regulation of CTPs are common to traditional securities trading venues, but may be heightened by how CTPs are operated. Where a regulatory authority has determined that a crypto-asset is a security and falls within its remit, the basic principles or objectives of securities regulation should apply. The report, therefore, sets out that the IOSCO Principles and Methodology provide useful guidance for regulatory authorities considering the identified issues and risks.

Sam Mowers, Investorideas

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Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD). By leveraging the FitPay Payment PlatformTM, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com

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