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Cryptocurrency

U.S Central Bank plans Crypto U.S dollar

President of the Dallas Federal Reserve hinted that it was time for the US Federal Reserve to begin work on a crypto dollar.

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U.S Central Bank plans Crypto U.S dollar

President of the Dallas Federal Reserve, Robert Kaplan, hinted that it was time for the US Federal Reserve to begin work on a crypto dollar immediately. This is a clear sign that some policymakers view this as an urgent case that needed to be promptly attended to.

READ: Central banks digital currencies pose a threat against the U.S dollar

Speaking recently at a virtual seminar hosted by Bloomberg, the President of the Dallas Federal Reserve reportedly said,

It is critical that the Fed focuses on developing a digital currency in the coming months and years.

READ: Gold prices drop lower, Gold traders await U.S. Federal Reserve

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“The world’s largest economy is finally considering the use of digital dollars, following slow COVID-19 stimulus payments to its citizens. The U.S Congress recently heard testimonies on the usage of digital dollars to facilitate the U.S’ legacy financial infrastructure.

“America’s Congressional Fintech Task Force examined Federation Accounts and the use of digital dollars in expanding financial reach in the United States,” said Kaplan.

READ: FEC approves N87billion for construction of roads

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  • The U.S government is presently considering a framework in creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.
  • The digital dollars would be stored in a distributed database via the internet, on an electronic computer database, within a stored-value card or virtual files.

READ: EFCC re-arraigns ex-NIMASA DG over alleged N156.4 million money laundering

What you should know

Former CFTC Chairman and Co-founder of the Digital Dollar Project, J. Christopher Giancarlo, some months ago spoke about the need for America to upgrade its financial system. He said, “Unless we act, this coming wave of innovation will put enormous strain on our aged financial system.”

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. Paul

    November 11, 2020 at 8:00 am

    this is a great idea..

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Cryptocurrency

Crypto robber sends out over $5 million worth of stolen Bitcoins

An unknown crypto robber has moved 270.97974 Bitcoin from a wallet associated with the Bitcoin robbery.

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cryptocurrency, U.S Department of Justice sets strategy targeted at crypto criminals

In 2016, Bitcoin worth billions of dollars was stolen from the Bitfinex crypto exchange. Recently, cyber robbers moved some of the loots between wallets, as seen by Nairametrics.

  • Data retrieved from Blockchain data revealed an unknown crypto robbery mob has moved 270.97974 Bitcoin from a wallet associated with the Bitcoin robbery.
  • The sum is estimated to be worth over $5 million at the time of writing this publication.
  • The wallet address 1GytseWXyzGpmHkcv9uDzkU9D8pLaGyR5x is linked to the cyber robbery that occurred in 2016.

What you should know

  • In 2016, a top official at Bitfinex, in a statement credited to Reuters, disclosed that 119,756 Bitcoins were stolen from users’ accounts.
  • To date, the BTC robbers responsible for these heist have only been able to move only 1-2% of the funds from the exchange.
  • It should be noted that Bitcoin is not really anonymous, because all BTC transactions are kept permanently and publicly on the blockchain or ledger system. So, it’s very easy for anyone to see the transactions and balances of any BTC address.

What this means

Blockchain security and security agencies have flagged the BTC wallets containing the stolen BTCs, making it very difficult to move the 119,756 BTC without being noticed.

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Cryptocurrency

Ripple opens last billion XRP for 2020, worth over $662 million

Ripple, a few hours ago unlocked 1 billion XRP, worth about $662 million, from an escrow account.

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ripple cryptocurrency, XRP

Fast-rising crypto and presently the third most valuable by market value, unlocked 1 billion XRP worth about $662 million from an escrow account a few hours ago.

Whale Alert, an advanced crypto tracker, monitored these large crypto movements, which occurred in two different 500 million XRP transactions in real-time.

Ripple opened 500,000,000 XRP (331,666,216 USD) from escrow at Ripple Escrow wallet.

It also opened another 500,000,000 XRP (330,070,551 USD) from escrow at Ripple Escrow wallet.

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Ripple had earlier set up a strategy where it released 1 billion XRP monthly for sale, for the purpose of funding its company operations, and to invest in start-ups of interest, with the rest kept back in the escrow accounts.

What you should know

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Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.

  • Ripple has gained the attention of major global banks such as Bank of America, Santander, Standard Chartered, and Barclays for international transactions worldwide.
  • It is following hard on the heels of its arch-rival and traditional banking payment system, SWIFT, with its fast-rising payment network, better known as Ripplenet.

What this means

In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to those XRP.

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Cryptocurrency

U.S investment giant, with $295 billion assets plans to buy Bitcoin

Wall Street giant that has about $295 billion assets under management is seeking permission for one of its funds to take a substantial stake in Bitcoin.

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Canadian investment company buys more Bitcoin, Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Global investment powerhouse, Guggenheim Partners is getting ready to invest about $500 million dollars into the flagship crypto asset, Bitcoin.

According to its recent filing with the US Securities and Exchange Commission (SEC), the Wall Street giant has about $295 billion assets under management is seeking permission for one of its funds to take a substantial stake in the Grayscale Bitcoin Trust (GBTC).

READ: Investment bank with over $35 billion assets plans investing in bitcoin

“The Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust. To the extent the Fund invests in GBTC, it will do so through the Subsidiary. Except for its investment in GBTC, the Fund will not invest, directly or indirectly, in cryptocurrencies,” the report said.

READ: World biggest crypto hedge fund: Grayscale Crypto holdings now $9.8 billion

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What you should know

The Investment giant, Guggenheim Partners provides services such as investment banking, broker-dealer services in capital markets, and asset management, It has more than $295 billion under its asset management. The elite investment bank is primarily known for its solid investments returns in entertainment and media firms

The investment company, However, spoke on the risks associated in investing such assets, as it took into consideration the very high volatility it often exhibits when compared to other financial instruments, meaning such attributes could result in huge losses for the company.

READ: CardinalStone’s Debut Commercial Paper Issuance records 148% subscription

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“The price of Bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence in the Bitcoin network, or a change in user preference to competing cryptocurrencies. The Fund’s exposure to cryptocurrency can result in substantial losses to the Fund.”

Bottom-line: With a blurry global outlook gradually becoming a daily norm, institutional funds around the globe have been trooping in droves to have a stake in crypto assets, particularly Bitcoin which all have been outperforming other financial assets in 2020.

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