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Crypto Corner Episode 429: World Stablecoin Association Launches in Switzerland, Opera (NasdaqGS: $OPRA) Expands Crypto Function to UK, and US Banks Granted Crypto Custody

 

Point Roberts, WA and Delta, BC - July 24, 2020 (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 cryptocurrency stocks and the crypto market.

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https://www.investorideas.com/Audio/Podcasts/2020/072420-CryptoMarket.mp3

Crypto Corner Episode 429: World Stablecoin Association Launches in Switzerland, Opera (NasdaqGS: $OPRA) Expands Crypto Function to UK, and US Banks Granted Crypto Custody

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Stocks discussed: (NasdaqGS:OPRA)

Cointelegraph reports the launch of an international stablecoin organization in Geneva, Switzerland, called the World Stablecoin Association (WSA). The goal of the organization - which "is to be launched by cryptocurrency exchange VirgoX and blockchain capital markets firm Global Digital Assets, or GDA Capital" - is to "unite major global stablecoin projects," "promote the global development of stablecoins, and actively engage in the advocacy for digital currencies." VirgoX CEO Adam Cai said:

"Together, this NPO is collectively pushing the industry forward to serve the needs of global users. To add on that, we do believe the stablecoin market cap is going to explode in the very near future. We have seen stablecoin exceeding 10 billion not long ago. The % growth in the past 2 years is significant. This trend will surely continue."

According to The Block, internet browser Opera (NasdaqGS:OPRA) is expanding its crypto wallet top up service to users in the UK. This is being done through a collaboration with crypto on-ramp provider Ramp Network, which itself "supports fiat transfers from bank accounts as well as digital banking app Revolut." This follows similar expansion into other regions, such as the US, where Opera partnered with US cryptocurrency-brokerage firm Wyre. At the time of the expansion into the US, Charles Hamel, Head of Crypto at Opera browsers, commented:

"Allowing our users to easily load cryptocurrency into their browser's digital wallet is very powerful, as it connects the Web to a global internet-native payment network."

The Office of the Comptroller of the Currency (OCC) - part of the United States Department of the Treasury in charge of chartering and regulating national banks - has granted banks permission to custody cryptocurrency, according to a report from Cointelegraph. An excerpt from a letter on the subject from the OCC outlines the reasoning behind the decision:

"The OCC recognizes that, as the financial markets become increasingly technological, there will likely be increasing need for banks and other service providers to leverage new technology and innovative ways to provide traditional services on behalf of customers."

Acting Comptroller of the Currency Brian Brooks, who was formerly part of Coinbase's legal team, said:

"From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today."

Sam Mowers, Investorideas

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