Bakkt to Launch Crypto Consumer App, Starbuck is the First Partner!!!
In this news series, we are going to talk about the five hottest news items on the crypto sphere. First up, it looks like Argentina’s Central Bank cut dollar purchase limits to stabilize the economy after Sunday’s election results, restricting dollar purchases to $200 per month via bank accounts and $100 per month in cash – which has resulted in Bitcoin trading spiking to all new highs. Next, the Center for Information and Industry Development (CCID), backed by the Chinese government, recently published its rankings of 35 digital assets, placing Bitcoin at the 11th position while EOS holds the top spot on the board. Third up, after peaking last week, Bakkt’s Bitcoin futures volume has once again skyrocketed to 260% to trade $11 million within 24 hours. Next up, another update from Bakkt. The cryptocurrency venture recently announced its plan to launch a crypto consumer app next year partnering with Starbucks. And finally, TRON will be partnering with Samsung as Samsun formally adds APIs to support TRON transactions.
The Market Today
The market today is a mixture of greens and reds. Bitcoin is slightly dropping by 0.17%, standing at $9,408. Ethereum and XRP are still on the upward trend with 1.67% and 0.34% gains respectively.
Argentina limits monthly BTC trading at $200
According to a report on Cointelegraph, the Argentine central bank has limited the amount of dollars that can be purchased from $10,000 to just $200 in an effort to protect the national reserves. For those who are not aware, the national currency Argentine peso (ARS) has seen a significant depreciation with annual inflation exceeding 50%. The bank stated
“It establishes a new limit of $200 per month for dollar purchases for individuals with a bank account and $100 for the amount of dollars that can be purchased in cash. These limits are not cumulative.”
Now, this move came as Argentina witnessed the third-strongest week in terms of Bitcoin trading on Localbitcoins, a crypto P2P platform. According to data from Coin Dance, for the week ending Oct. 26, accounts traded 14.15 million ARS ($240,000). It should be noted that the tally in BTC terms was not high, with the volumes highlighting the continued weakness in the peso.
CCID: Bitcoin ranks 11th, EOS rank 1st
China’s state-backed tech workgroup, Center for Information and Industry Development (CCID) has published a Global blockchain Technology assessment index, which ranking Bitcoin and EOS at the 11th and the 1st place respectively. Now, the rankings include 35 digital assets as you guys can see on the board right here. Compared with the orders in July, this time Bitcoin has held its position. In the second and the third position we have TRON and Ethereum respectively. Meanwhile, XRP has made a significant improvement, climbing from 30th to the 20th. For those who haven’t heard about CCID, it established and launched the first monthly crypto rating report in May 2018. In order to come up with the rankings, all the coins are evaluated in terms of three parameters: basic technology, application, and innovation. Each characteristic will have its own score. After adding up three scores, you’ll get the Total index, and that’s the total sum that the group ranks the token on.
Bakkt’s BTC futures traded $11M in 24 hours
The bitcoin futures exchange and digital assets platform Bakkt has reportedly had another breakthrough with nearly $11M of BTC futures traded on Friday, Oct 25. For those who are not aware, Bakkt Bitcoin futures launched last month with much ambition and promise but the exchange has been wracked by persistently low trading volumes from the beginning. However, the exchange has seen a dramatic increase in its volume recently. Now, according to the Bakkt Volume Bot, there were 1,183 Bitcoin futures contracts traded on the platform or 1,183 BTC ($11 million) last Friday. When compared with the $3.1-million volume on Thursday, the gain in just 24 hours was astonishing – 257% guys, which is the highest volume ever on Bakkt. So, why the surge? Last week, news broke that the Chinese government has officially embraced blockchain technology. In response to the news, Bitcoin surged immediately, going on to reach $10,500. Many believe that as time progresses, there will be institutional tools that can support BItcoin, especially as custody solutions for investors are being introduced.
Bakkt will launch ‘consumer app’ with Starbucks
Bakkt also announced that it will be launching a consumer app in the first half of 2020 with Starbucks becoming the very first launch partner. Mike Blandina, Bakkt’s Chief Product Officer wrote,
“We’ll be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in which they can transact or track them. Merchants gain access to a broader set of customers with expanded spending power.”
In his blog post, Bladina hinted that the app might not only support Bitcoin but other digital assets as well. Blandina also adds that Bakkt plans on testing its consumer app and merchant portal with Starbucks, its first launch partner. The purpose of this project is to provide its customers with a platform to manage a digital asset transaction and storage.
TRON is available on Samsung’s Blockchain Keystore
according to a report on cryptopotato, Samsung is going to add TRON cryptocurrency support to its Blockchain Keystore. The new update was declared shortly after the project successfully upgraded its Odyssey protocol. For those who are not aware, TRON has already participated in Samsung’s Blockchain Keystore before this release. With this partnership, developers on Samsung Blockchain Keystore SDK can build applications that run on top of TRON’s blockchain. Furthermore, users can have access to the blockchain from their devices as well as the project’s other features.
And there you have it guys! So what are your thoughts regarding all the news?
What do you think about Argentina’s currency controls?
Do you agree with those crypto rankings up above?
Will Bakkt’s trading volume surge even higher this week?
Who will be the next to use Bakkt’s consumer app after Starbucks?
Are you excited to see TRON partner with Samsung?
Please leave a comment right below to let me know what you guys are thinking.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.