Romania’s Bitcoin Crypto Exchange CoinFlux Adds Ripple’s XRP Coin Trading

Ripple (XRP) is one of the most popular crypto coins, which have stunned the world via the massive increase in the value of the token in 2017. Despite major criticism on crypto and regulations instituted by many large economies, the currency has kept growing. Many major companies have already adopted its platform.

Large banks and financial institutions have already adopted the ripple platform. Even remittance companies have adopted it for payment processing purposes. In the Ripple network, global transactions take place in seconds. This is as opposed to the current financial system where a global transaction takes place in days. It might even take longer if even a simple glitch occurs.

CoinFlux now Supports Ripple

Almost all major crypto exchanges have extended support for the Ripple platform and its token XRP.

CoinFLux, which is a top exchange that operates in Romania, recently announced that it would add Ripple to its trading platform. The official announcement by the company confirmed that it had done so in response to customer demand. To be allowed to trade Ripple, all customers need to do is have an account with the exchange. To trade in Ripple, the transaction needs to be equal to or larger than 30 EUR.

About Ripple

Ripple is a global payments platform that has revolutionized the financial world. The global business transactions that used to take days with conventional money transfer systems can now take three seconds on Ripple. All the companies that utilize Ripple are connected via the Ripple blockchain. For some time now, CoinFlux has also been experimenting with the Ripple Network. CoinFlux was established in 2015. It recently re-invented itself and changed the UI and design. It helps users to trade crypto with each other and with fiat currencies such as RON or Leu.

It’s Nothing But Up for Ripple

Ripple XRP is achieving its goal of going global slowly but surely. The crypto coin is just waiting for the decision by the SEC for it to list on CoinFLux. There is very little chance of that approval not going through.

XRP is well established in Japan. This is after SBI Holdings, a major Ripple partner, opened their platform to the public. The Japanese financial giant has an in-house crypto trading platform. It is the first bank-backed crypto exchange in the world. Investors in Japan are able to trade with Bitcoin, XRP, and BCH against the Yen. At first, the exchange only allowed trade in XRP. However, BTC and BCH were later added.

The CEO and president of SBI Group, Yoshitaka Kitao, said he thinks that the use of Ripple will only continue to grow. He believes that Ripple will be adopted globally, which will help to revolutionize how global transactions take place.

The reason for his belief is because Ripple is cheaper, faster, and more scalable than all other digital assets. According to him, it is only time until Ripple becomes the global standard for crypto. With Ripple, it is possible to make instant and cheap cross-border payments.

 

source: bitcoinexchangeguide

Grayscale Report: Institutional Investors & Retirement Funds Love Bitcoin

Grayscale, the investment company behind over-the-counter cryptocurrency products such as the Bitcoin Investment Trust and the Ethereum Classic Investment Trust has just released their first annual report. The good news is that they saw a 2018 influx of just under $250 million in new investments – more than half of which came from what they call institutional customers. The bad news is that naturally, anyone who invested in January saw upwards of 69.4% losses.

The Grayscale Tale

Grayscale is an investment firm that specializes in offering cryptocurrency-based investment trusts and other products through OTC markets. This means that from a functional level, their products operate in a manner very similar to conventional stock exchanges. However, according to their report, their products are not registered with the SEC as they apparently do not require registration.

Grayscale Investments was set up by Digital Currency Group back in 2013 and has become a one-stop shop of sorts for those looking to get exposure to digital currencies without actually holding them directly.

Currently, the group offers investment products that give exposure to bitcoin, Ethereum Classic, Zcash, Ethereum, Bitcoin Cash, XRP, and Litecoin. The firm also offers a product it calls Digital Large-Cap Fund.

Grayscale has been particularly interested in the development of Ethereum Classic, as the group is one of the key organizations behind the new Ethereum Classic Summit, the second of which will be held in South Korea later this year.

Key Data Points

The report itself is only a few pages long, but it provides a number of interesting points that reflect on an aspect of digital assets that may not be apparent from just reading price charts. The report states that since the beginning of 2013, the group has seen $248.39 million invested into Grayscale products, which breaks down to $9.55 million per week.

What’s also interesting is where this money is coming from.

The report states that 56% of all investment for 2018 has come from institutional investors. The average investment for institutional investors is $848,000. The next largest investment group is accredited individuals, followed by retirement accounts, and lastly family offices. Accredited individuals average $289,000 each.

Of these investors, 64% are US-based, 26% are based in the Cayman Islands, and 10% come from other territories.

Long-Term Income, Short-Term Losses

One section of the report was dedicated to the performance of the individual investment products themselves. A chart lists two categories. One is the performance of the fund from the beginning of 2018 to now, and another includes the total performance since the launch of the product.

Unfortunately, the majority of products only launched this year and so the amount of data this section includes is somewhat limited as a result. Regardless, this is what the report states.

Total Return (Cumulative %)

H1 2018 Performance

The Bitcoin Investment Trust is down 59.8% this year, but is up 4107.1% since launch. Ethereum classic is down 47.7% this year, but is up 270.3% since launch. The Zcash Investment Trust didn’t fare quite as well, with it down 69.4% this year, and down 30.1% since launch. The Ethereum Investment Trust is down 43.9% this year, and a little less since inception. The remaining four products all seem to have launched this year and are all down between 47.9% with the Digital Large-Cap Fund, and 64.3% with the Litecoin Investment Trust.

These numbers don’t come as much of a surprise, however, as we all know that 2018 has been a very hard year for cryptocurrencies.

That is, only when we consider where they were in January to where they are now. If we don’t factor in the massive bull run in December and January, prices have actually been on a slow and steady increase for the last two years, which is why the two investment products Grayscale offers that have been running for quite some time see large returns overall since the launch of each respective fund. Particularly, the Bitcoin Investment Trust with its unbelievable 4100+ percent gains.

Bitcoin Still King

One final point we’d like to discuss from the report is to which digital currency most investments in Grayscale products are going.

It comes as no surprise that bitcoin is still leading the pack by a large margin. More than half of all investments made in Grayscale products were towards the Bitcoin Investment Trust. While other currencies are seeing investment and some degree of growth, bitcoin is still consuming the lions share of all investment funds.

This makes sense for a number of reasons. Obviously, bitcoin is the most well-known digital asset and requires the least amount of explanation to new investors of blockchain assets. Secondly, bitcoin operates very similarly to an index fund, in that its value is often representative of the market as a whole. Simply put, if bitcoin is up, the market is up and vice versa.

What that means is that for investors that just want exposure to digital assets, investing in bitcoin is still the easiest way to do that. And of course, with 4107.1% gains in the last five years, it’s difficult to argue that bitcoin would not be a wise choice.

 

source: blockonomigrayscale

Billionaire Steven Cohen Invests in Crypto Hedge Fund

Billionaire Steven Cohen has invested in a hedge fund focusing on cryptocurrencies and blockchain-based companies, according to a person familiar with the matter.

The investment was made through his Cohen Private Ventures, said the person, who asked not to be named because the information is private. The hedge fund, Autonomous Partners, was started last year by Arianna Simpson, an early advocate of cryptocurrencies. It has also secured investments from Union Square Ventures, Coinbase Inc. Chief Executive Officer Brian Armstrong and Craft Ventures Co-Founder David Sacks, Simpson said in an interview Thursday.

Simpson said she is interested in investing in cryptocurrencies that serve as general purpose money and companies that are building the next generation of financial infrastructure. Autonomous Partners also invests in some large cap cryptocurrencies like Bitcoin and Ethereum, she said.

Cohen Private Ventures invests in private equity and other longer-term investments on behalf of Cohen, who runs Point72 Asset Management. A representative for the firm declined to comment.

Crypto-dedicated funds have taken off recently. Of the 249 crypto funds that have opened, 70 percent did so last year, according to Autonomous Research. Despite this year’s collapse in digital coin values, hedge fund managers and other investors have continued to wade into the asset class.

Fortune reported the Cohen investment earlier Thursday.

 

Source: Bloomberg

Coinbase considers adding five new coins to its platform

Coinbase, the largest cryptocurrency exchange in the U.S., is considering adding five new tokens to its platform.

The five digital coins include cardano, basic attention token, stellar lumens, Zcash and 0x.

“It wouldn’t surprise me to see these things up 20, 30, 40 percent over the weekend,” digital trader Brian Kelly said Friday on “Fast Money.”

Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, said he’s “long almost every single one of them” but would probably choose Zcash and 0x first.

The announcement came Friday in a blog post that read, “these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.” The San Francisco-based company went on to say that some assets may have limited functions and that it has not yet determined if the coins are securities. In addition, some of them may only be available in select countries.

All five assets moved higher after the announcement.

Previously, with the entire cryptocurrency industry under increased regulatory scrutiny, Coinbase only traded four coins despite user demand for more.

Kelly breaks it down for investors:

Cardano

Brian Kelly said it is similar to ethereum.

“They have working network,” he said. “They have a live road map. That’s important. That’s what the [Securities and Exchange Commission] said was important, so it’s not a security.”

Basic Attention Token

This coin is unique in that it offers an ad-free experience, Kelly said. “You can use Basic Attention Token to pay for content on the web.”

0X

Pronounced “zero x,” this is a decentralized exchange protocol that Kelly said is “up and running.”

Stellar Lumens

Kelly said this token is similar to ripple.

Zcash

This is a privacy token, “so you can send stuff back and forth without people knowing,” he said.

Kelly said the digital asset platform Gemini has already said it’s going to have Zcash on its platform.

“So this one is probably one of the most likely” to be approved by Coinbase, Kelly said.

 

source: CNBC