#CryptoCorner: MoneyGram (NasdaqGS: $MGI) Reports "Quiet Quarter" with Ripple, Coinbase Blog Post Argues Bitcoin>Gold
Point Roberts, WA and Delta, BC - May 4, 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: MoneyGram (NasdaqGS: $MGI) Reports "Quiet Quarter" with Ripple, Coinbase Blog Post Argues Bitcoin > Gold
Stocks discussed: (NasdaqGS:MGI)
Bitcoin (BTC) is close to where we left it on the last episode of Crypto Corner with a trading price at present of $8,850, according to data from CoinMarketCap. This is not to say, however, that it simply plateaued over the weekend. Bitcoin climbed slowly over Friday and Saturday, and wound up spending much of Sunday trading above $9,000. Then it took a slight tumble, getting as low as about $8,650 this morning, but now appears to be on the ascent again. The Bitcoin halving, which is widely expected to spark a rally in the crypto market, is just eight days away.
Cross-border payments firm MoneyGram (NasdaqGS:MGI) had a "quiet quarter" with Ripple, according to Cointelegraph. MoneyGram announced a strategic partnership with Ripple in June 2019, wherein the latter would act as a "key partner for cross-border payment and foreign exchange settlement using digital assets." MoneyGram CEO Alexander Holmes said:
"I would say it was a little bit of a relatively quiet quarter, in the sense of really pushing anything particularly new into the market or expanding the service."
Despite this, Holmes affirmed:
"But, yes, it's been a good partnership, and definitely pleased with what we've been doing."
A recent blog post from crypto exchange giant Coinbase argues that Bitcoin holds a distinct market advantage over gold. Specifically, the piece targets gold's "fragile physical supply chains," and highlights Bitcoin's resilience during the recent market crises associated with COVID-19, and its "technical advantage" in transporting, depositing, or withdrawing to exchange globally. An excerpt reads:
"...as gold refineries, miners, and supply chains have been disrupted, Bitcoin's core protocol continues to function as designed. Miners continue to mint 12.5 new Bitcoins every ten minutes on average, verifying Bitcoin's network while edging towards its 21 million limit. In May 2020, after its third programmatic supply "Halving", Bitcoin will be approximately as scarce as gold while also being teleportable."
Crypto exchanges in India have petitioned the country's central bank, the Reserve Bank of India (RBI), for greater clarity on their status as lenders and categorization for taxation, according to a report from local outlet the Economic Times. This follows a Supreme Court ruling in the country that reversed the central bank's ban on banks and financial institutions providing service to crypto exchanges.
Sam Mowers, Investorideas
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