Tag: Cryptocurrencies

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Crypto Markets

eToro Will List Cryptocurrencies And Mainstream Stocks Together

In a new big announcement, eToro reported that the trading platform would list cryptocurrencies and mainstream stocks together, coming out with the first trading platform to list both cryptos and stocks at the same time. More important, with this new feature eToro implements, investors will be able to trade mainstream stocks and sustain their investments with their cryptocurrency wallets.

Price really matters, and we think ticket and management fees are exactly the kind of old world practices that put many people off investing. We are rethinking some of the outdated practices investors might be used to from other investment providers. It also means we’ll continue to expand the range of assets we make available to our 10 million users.

Yoni Assia, CEO of eToro, in an official statement

The move eToro has made is indeed a great one and helps traders from different fields to get along on a single platform.

eToro will list cryptocurrencies and mainstream stocks together, a fact which will increase the cryptocurrencies adoption

As mentioned above, the new eToro feature will list mainstream stocks and cryptocurrencies together, on the same unique platform, and this will make it possible for traders to sustain their investments in traditional assets with their cryptocurrencies wallets.

Also, eToro, from now on, will cover the stamp duty which is the fee the traders would usually have to pay when acquiring the UK shares.

Additionally, eToro has announced that it will be absorbing stamp duty on the purchase of UK shares, and will not charge ticket or management fees to any user buying shares through eToro. The platform isn’t completely feeless, however; according to the announcement, fees are included in the spread which is just 0.09% per side.

Finance Magnates

As for the cryptocurrencies adoption, the eToro new feature will help a lot, as the cryptocurrencies market might now attract the traditional investors. Of course, on the other hand, the cryptocurrencies traders might also be tempted to invest in mainstream stocks.

All these investments will now be straightforward to do as eToro will list cryptocurrencies and mainstreams stocks together.

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Crypto News

IMF Leader, Christine Lagarde, Said Cryptocurrencies Will Affect The Way People Pay Bills Or Invest

The official blog of the International Monetary Fund (IMF) changed its perspective on cryptocurrencies from “the dark side of cryptocurrencies”, as published in an article in mid-March, to “the promise cryptocurrency holds”, in a note signed by Christine Lagarde, the IMF’s leader, recently.

According to the French lawyer, Christine Lagarde, currently the leader of the IMF, “with more than 1,600 cryptocurrencies in circulation, it is inevitable that many will not survive the process of creative destruction”, but “just as some of the technologies born out of the computer bubble have changed our lives, the cryptocurrencies that survive could significantly influence the way we save, invest and pay our bills.”

“That’s why the authorities should be open-minded and develop an impartial regulatory framework that reduces risks while allowing the creative process to bear fruit,” Lagarde added.

The IMF changed its point of view regarding cryptocurrencies and Christine Lagarde’s statements prove it

With regard to the benefits provided by cryptocurrencies, Lagarde was remarkably positive, admitting that cryptocurrencies make quick and inexpensive financial transactions possible.”

The IMF director general added that the technology on which cryptocurrencies are based, known as distributed general ledger, could facilitate a more efficient functioning of financial markets through the execution of smart contracts.

Christine Lagarde also highlighted the capacity for encrypted storage of important records in order to protect the property rights, strengthen the market confidence, or promote investments.

The IMF’s leader admitted that smart contracts “could eliminate the need for some intermediaries” but in her opinion “the ‘FinTech’ revolution will not eliminate the need for trusted intermediaries such as brokers and bankers.”

In short, Lagarde believes that cryptocurrencies “will propel the business world to a better balance between centralized entities and decentralized applications”, thus proving that IMF’s views regarding the cryptocurrencies market have changed radically in just a few months.

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Crypto Finance News Tech

Industries that are Impacted by Cryptocurrencies and the Innovations of Blockchain Technology

The blockchain technology managed to alter the way we look at money even if it’s still in its early days. The most common comparison is that blockchain will do for money what the Internet did for media, e-commerce, and communication. What the blockchain mainly did is that it managed to reduce the need for a trustworthy third-party to authenticate transactions. On the other hand, blockchain can facilitate transactions on an open source distributed ledger. Cryptocurrencies started to gain popularity mainly because such currencies offer unique benefits that other traditional methods can hardly compete with. The controversy involving the discussion of whether cryptocurrencies and considered currencies involves local laws because some countries see things differently compared to others.

So far, blockchain transactions have been targeted at the exchange and trade of cryptocurrencies and speculations say that in the future, blockchain will flaunt an even more significant impact across more or less expected industries even beyond cryptocurrencies.

Let’s have a look at a few significant sectors that will likely be impacted by cryptocurrencies and blockchain as well in the near future.

Cybersecurity

Cybersecurity has a lot to gain from using the blockchain technology. For instance, a distributed ledger is, and this means that it needs using advanced cryptography to process transactions. This reduces the need for large-scale cybersecurity protocols to store databases in centralized locations all over the world. Even if the blockchain was also affected along the way by various hacking events, the shift towards it will help lots of industries including cybersecurity to become more secure and reliable for users.

Financial services

Blockchain and cryptocurrencies have been making headlines in the financial sector for quite a while now. The crypto space slowly but surely penetrated even the Wall Street, and massive players such as Goldman Sachs have already entered the game. An increasing number of bank executives are interested in the benefits provided by the blockchain and using cryptocurrencies, and this can only lead to enhanced implementation of the technology and the currencies in the banking sector. The best benefits of using cryptos and blockchain include reduced transaction times and diminished fees. Even the SWIFT technology is slowly but surely becoming an old-school method compared to the blockchain.

The gambling industry

Even if it may seem hard to believe for some people, from the very beginning the mix between cryptocurrencies and online casinos has turned out to be quite a match. Online gambling showcased a massive growth in popularity for the past few years and this went hand in hand with the increasing popularity of the crypto trend. Both these developing trends managed to captivate more and more tech enthusiasts to have a look at online casinos such as Casino.com.

As we already said, the vision on cryptocurrencies vary from one country to another and considering that when you’re gambling with cryptos, you’re not betting with fiat money, the gambling legislation doesn’t apply for them. As expected, Bitcoin was the first crypto used on online gambling platforms, and more and more casinos started adding it as a payment method. New cryptocurrencies appeared, and online casinos adopted more cryptos as well, such as Ethereum, Ripple, Litecoin and more. An essential aspect of blockchain casinos is that they’re not restrained to payments with cryptos. The usage of blockchain tech offers various advantages for online gamblers giving them the possibility to use their payment method of choice.

Healthcare

Healthcare is also impacted by the use of blockchain because the technology allows for digital medical records to be much better secured. The patients’ data is crucial in the industry and leak of such confidential information is the enemy in this area. IBM teamed up with the US Food and Drug Administration in order to fight the risk for data leakage and what the blockchain can do is modernize healthcare services all over the world leading to better outcomes for both patients and healthcare services by generating increased revenues.

With each passing day, more and more industries in the entertainment area, Internet of Things, real estate and more are embracing the cryptocurrency space and the blockchain technology as innovative ways to attract users and customers.

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Crypto Markets

Plus500 Soared Up By 200% In the Last 12 Months Thanks To Cryptocurrencies

Plus500, the renowned investments firm, triples its sales and clients database with the cryptocurrencies boom at the beginning of the year. The effects of the crypto craze continue to be felt on the stock market at the stocks of Plus500 are continuously registering gains. The broker specialising in derivatives contracts has recently become one of the leading securities on the London Stock Exchange.

The shares of Plus500 rose 5.75% today, bringing the accumulated appreciation in the last 12 months to 207%. Its capitalization exceeds the level of 1,6 billion GBP, which equals roughly to $2,17 billion USD.

Despite this rally, investors became more optimistic just after today’s release of Plus500 results for the first quarter of the year.

Cryptocurrency trading was the most beneficial for Plus500

As it has happened with the Plus500 share price, both sales and the registration of new customers tripled compared to the previous year, thanks mainly to the investments craze triggered by cryptocurrencies, especially by Bitcoin (BTC). The crypto craze started at the end of 2017 and continued during the first 4 months of 2018, despite the cryptocurrencies market’s ups and downs.

The company’s revenues increased from $77.5 million to $297.3 million, and new customer acquisition soared from 22,210 a year ago to 72,960 in the first quarter of 2018.

Also, at the end of March, the company had 218,187 active customers, which means three times more than in March 2017.

Plus500’s earnings soared up thanks to the crypto craze

The recorded growth levels have also boosted the group’s earnings to $237.3 million, which are now five times more than the $45.8 million achieved in the first quarter of last year.

The company itself acknowledges that it will be almost impossible to repeat these growth rates in the forthcoming quarters due to the slowdown in the cryptocurrencies investment boom.

The recent investments craze over cryptocurrencies has totally shadowed the threat of a stricter regulatory market regarding the financial products such as CFDs (Contracts for Difference), being a beneficial situation for Plus500 which soared by 200% in the last 12 months. However, the cryptocurrencies market tend to follow the same direction towards regulations, thus, it might be possible that the crypto craze to slow down faster than expected.

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Crypto Finance News

Reserve Bank of India To Face Legal Action For Its Attempt To Implement A Total Cryptocurrencies Ban

After India’s efforts to combat cryptocurrencies related operations, the outcome was not as expected. When the country’s central bank, the Reserve Bank of India, has recently attempted to a cryptocurrencies ban, especially targeting the Bitcoin (BTC) operations, the organization is now confronted with legal repercussions for its actions.

India’s central bank to face legal action

India has experienced a difficult connection with Bitcoin (BTC), as well as with other and other cryptocurrencies. Now, it appears that the general atmosphere is not set to change soon. Even though the Reserve Bank of India is seeking to ban cryptocurrencies operations, it looks as if their endeavors may prove meaningless and could cause them even more troubles.

The Reserve Bank of India has promulgated a resolution dissuading the creditors from financing cryptocurrencies exchange and transactions. This is a serious issue for these cryptocurrency exchanges, particularly for the ones who have to handle investments and withdrawals in banknotes.

Apparently, India’s constitution prohibits a total cryptocurrencies ban

The banks were advised to progressively close their relations with cryptocurrency exchanges in the time frame between April and July 2018. However, it is still unknown how numerous are the financial institutions that have implemented this until now.

A petition was submitted to the Delhi Supreme Court at the beginning of this week demanding a verdict from the Reserve Bank of India. In the words of Kali Digital Eco-Systems, India’s national constitution apparently prohibits a complete cryptocurrencies ban, thus filing the appeal.

Although it is not the very first time that someone has declared that the harsh measures taken by the central bank in India are anti-constitutional, it might be well accepted in India. If the RBI fails to officially explain why such an approach is needed and for what reason they intend to accomplish it, it is clear that the decision-making process following this amendment of the circumstances could be contested.

In short, the Reserve Bank of India will face legal action against it after it took the decision to implement a total cryptocurrencies ban, which, apparently, is not a constitutional endeavor in India.

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