#CryptoCorner: Bitcoin Back in the Green, Lloyd's (NYSE: LYG) Announces Insurance Policy for Crypto Hot Wallets
BoE Speech Warns of Stablecoin Challenge to Credit Creation and Ripple May Introduce Feature to Create Stablecoin on XRP Ledger
Point Roberts, WA and Delta, BC - March 2, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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#CryptoCorner: Bitcoin Back in the, Lloyd's (NYSE:LYG) Announces Insurance Policy for Crypto Hot Wallets
Stocks discussed: (NYSE:LYG)
When we left off on Friday's Crypto Corner, Bitcoin (BTC) was trading for around $8,500, having spent the preceding week in seeming freefall from a peak of about $9,770 last Monday. According to CoinDesk, this wound up being a 13 percent drop in the seven days ending yesterday, making it the biggest one-week loss since November last year. This decline was shared with the wider crypto market which lost about $45 billion in total market capitalization in the same period. Happily, this week is opening with a modest rally, however, with Bitcoin and the majority of altcoins listed by market cap in the green, according to data from CoinMarketCap. This recovery seems to be shared with stock market indexes and commodity markets, which, like crypto, experienced a downturn resulting from concerns over the Coronavirus.
Lloyd's (NYSE:LYG) has announced the launch of an insurance policy aimed at protecting cryptocurrency in hot wallets. Developed by Lloyd's syndicate Atrium and crypto firm Coincover, the policy is available with limits "from as little as £1,000," and is backed by members of Lloyd's Product Innovation Facility (PIF). David Janczewski, CEO, Coincover, commented:
"We are delighted to have worked with Atrium and the Lloyd's PIF members to bring such a unique and timely solution to the crypto asset market. As the crypto asset market heats up again at the start of 2020, a new wave of crypto-curious customers are standing by at the ready to jump in, having previously been put off by the lack of adequate protection against theft and loss. With this innovative new policy, we can remove these barriers and broaden the appeal of crypto. It represents another step forward in enabling cryptocurrency adoption."
In a speech given to the London School of Economics on Feb. 28, Bank of England (BoE) Deputy Governor Financial Stability Jon Cuncliffe warned that the adoption of cryptocurrencies, and specifically stablecoins, could present a challenge to the creation of credit. An excerpt reads:
There is certainly the possibility with stablecoins linked to large technology and social media platforms, that it could become mainstream for people to move from holding all or much of the money now in 'current accounts' at banks to holding it in 'stablecoin' in virtual 'wallets' provided by non-banks.
In such a world, and depending how and whether stablecoins were backed with other financial assets, the supply of credit to the real economy through the banking system could become weaker or indeed disappear. That would be a change with profound economic consequences.
Staying on the subject of stablecoins, Cointelegraph reports that Ripple may be introducing a feature that would allow stablecoin creation on the XRP system. Ripple's Chief Technology Officer (CTO) David Schwartz, explained:
"One of the features that I think is very exciting is a feature that would allow people to launch - well, stablecoins are the obvious use case, but it's not just stablecoins - it's essentially assets pegged to some external value."
Sam Mowers, Investorideas
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