Point Roberts, WA and Delta, BC – February 5, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.
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#CryptoCorner: Japanese Banking Groups Cancel Remittance Service Plans, Huobi Announces Fiat-to-Crypto Launch in US
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Japanese Banking Groups Cancel Remittance Service Plans, Huobi Announces Fiat-to-Crypto Launch in US, Facebook Makes First Blockchain Hires and Coinbase Introduces PayPal Support in Europe
Stocks discussed: (NasdaqGS:FB) (NasdaqGS:PYPL)
Nikkei Asian Review reports that three of Japan’s largest banking groups – Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group – have cancelled plans for a peer-to-peer remittance service linked to mobile phone numbers. The article states that the three groups felt the project had become redundant and that each party preferred to develop their own digital services.
CoinDesk reports that Singapore-based crypto exchange giant Huobi’s U.S. sister-exchange, HBUS, will launch USD-to-crypto trading for Bitcoin (BTC), Ethereum (ETH) and the U.S. dollar-pegged stablecoin Tether (USDT), in a bid to expand its North American market. Speaking to CoinDesk, HBUS CEO Frank Fu explained that the company had even more ambitious plans following the aforementioned fiat-to-crypto trading:
“Once we establish partnerships with our institutional clients and put in place the required regulatory and compliance structure, we should be able to offer innovative products and financial services to larger audiences, such as … potential ETFs and derivatives.”
Cheddar reports that Facebook (NasdaqGS:FB) has made its first acquisition in the blockchain space in hiring the team behind blockchain startup Chainspace. Chainspace is known for building a smart contracts platform using blockchain technology. Though having hired some of their employees, a spokesperson for Facebook confirmed that they would not be acquiring any of Chainspace’s technology. The spokesperson told Cheddar:
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”
U.S. crypto exchange and wallet provider Coinbase announced via blog post that they were introducing PayPal (NasdaqGS:PYPL) account withdrawals for European users. The support extends to customers in the European Union and the European Free Trade Association, which includes Iceland, Liechtenstein, Norway, and Switzerland. The post explains how the PayPal support works:
To get started, sign in to Coinbase and link your PayPal account to your Coinbase account. Select your PayPal account as a payment option when withdrawing your cash balance to easily move your funds.
Sam Mowers, Investorideas
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