Google Joins the BANKING Market!!!
Today, we have picked four hottest pieces of news happening in the crypto market. Let me give you a glance at what they are. First up, It appears another tech giant is set to venture into the world of financial services. Second, this Ripple partner firm is extending its blockchain-powered cross-border payments service via a partnership with Visa. Next, China’s bitcoin mining behemoth has taken a significant step in its much-talked-about U.S. initial public offering (IPO) and, finally, last but not least, TRON’s (TRX) Justin Sun has finally revealed he has a stake in Poloniex.
The Market Today
The crypto market is currently seeing a sea of reds, with king Bitcoin sitting at $8,593, decreasing 2% from Wednesday. ETH is down by 1.12%, while XRP is losing by 2.64%
TRON founder invested in Poloniex Exchange
Last but not least, the high-flying founder of TRON (TRX)and owner of BitTorrent, Justin Sun, has finally admitted to being one of the investors that acquired Circle’s Poloniex crypto exchange. Sun, who previously refuted reports that he was interested in taking over Poloniex, has stated categorically that the exchange operates independently from the TRON Foundation. Following the deal, Poloniex exchange, which is currently the 11th largest bitcoin trading venue in the world, has added support for TRON (TRX), and the move is already having a positive impact on the price of TRON (TRX). At press time, TRX is up by 2.65%, trading at $0.019948, with a market capitalization of $1.38 billion, as seen on CoinMarketCap.
Chinese Canaan plans to raise $100 million in upcoming US IPO
Per a report by Cointelegraph, the Chinese Bitcoin mining equipment manufacturer has taken a step further in its $400 million U.S. IPO push. Reportedly, Canaan Creative has officially announced terms for its IPO scheduled to go live by the end of November, and the firm has issued 10 million American depositary shares (ADS) at a price range between $9 to $11, in a bid to raise $100 million. If all goes as planned, the ADS will raise Canaan’s total market value to $1.6 billion, with an enterprise value of $1.4 billion. For the uninitiated, ADS is simply an equity share of a foreign-based firm available for purchase on an American stock exchange and denominated in U.S. dollars. After previously trying to launch its IPO in Hong Kong and China without much success, Canaan Creative filed for a $400 million IPO with the United States Securities and Exchange Commission (SEC) on October 29, 2019. Notably, Canaan released its Q3 2019 performance earlier in November, with a net profit of 94 million yuan ($13 million). Following Canaan’s lead, Jihan Wu’s Bitmain, which recently launched a massive 50MW Bitcoin mining farm in Texas, has also filed for a U.S IPO. While the price of bitcoin may not be at the same level it was in 2017. The market has definitely overcome the 2018 crypto winter that saw the price of bitcoin crash below $4,000. In essence, this may just be the best time to launch an IPO in order to take advantage of the next bull run.
Nium is partnering with Visa to develop cross-border payments
Nium, a Singaporean fintech firm that has been a member of RippleNet since February 2018, has inked a deal with global payments heavyweight, Visa for super fast cross border payments. As reported by DailyHodl, Nium-Visa partnership will enable users in Southeast Asia to quickly send money to Visa debit cardholders. The funds will then be routed via Visa Direct, a push payments solution that allows Visa debit card users to send and receive remittances in real-time using their cards.
For those who are unaware, Nium is one of the first financial institutions to start using Ripple’s On-Demand Liquidity (ODL) solution which is powered by the XRP altcoin. Though the Ripple blockchain project has faced several criticisms in recent years, the firm remains one of the very few projects working hard to foster broader adoption of blockchain technology. On November 5, 2019, reports surfaced that Vietnam’s TPBank has joined RippleNet, to tap distributed ledger technology for international payments.
Google will partner with banking institutions to offer checking accounts
United States-based global technology giant, Google has announced plans to start offering its users financial services. While Facebook is still battling with U.S. regulators for its Libra stablecoin project, Google has decided to follow a different path entirely. According to a Wall Street Journal report, Google is joining forces with Citigroup Inc. and a Credit Union at Stanford University to roll out a checking account product named Cache. At a time when bitcoin and altcoins are revolutionizing the world of payments, making it easier for people to send lightning-fast payments across the world with meager fees, Google says it plans to do more for the masses, banks, and merchants with its payment solution without selling people’s personal data. Commenting on the development, Google executive, Caesar Sengupta noted that:
“If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us. Our approach is going to be to partner deeply with banks and the financial system. It may be a slightly longer path, but it’s more sustainable.”
While Google’s financial services ambition may appear to be a forward-thinking move in its own eyes, the firm’s scandalous past may end up crushing its new project. Earlier in September 2019, reports emerged that the U.S. Federal Trade Commission had slapped a fine of $170 million on Google and it’s sister firm, YouTube, for violating children’s privacy laws. It’s worth noting that one of the major reasons why U.S. regulators are yet to greenlight Facebook’s Libra crypto project is due to the firm’s unlawful use of people’s personal information for its selfish interests. Now that Google is set to partner with banks to offer payment services, it remains to be seen whether the project will be successful even if it gets the regulators’ nod.
That’s everything you need to catch up today, guys! Do you think Google will succeed in its new financial services project? What do you of Nium’s partnership with Visa? Will Canaan’s IPO move be successful? Will TRON’s (TRX) listing on Poloniex boost the price of TRX?
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.