ShapeShift news

Established in 2013, Switzerland. No. of assets - 53. Fiat - no.

World latest news

Crypto is Taking Over the World, Bubbles are Normal; Shapeshift CEO Says to Blomberg

Crypto is making its way into the world of finance, slowly taking over an important part of the global markets. The recent Bitcoin (“BTC”) Bullrun seems to have attracted a substantial amount of fresh investors and this new wave of enthusiasm is very beneficial for the expansion of the ecosystem. This impression was shared by Erik Voorhees, CEO of Shapeshift in an interview for Bloomberg. The well-known businessman and bitcoin bull said that not only financial experts believe that the bearish season passed; from his point of view, common traders also share this opinion and are venturing into the world of crypto, albeit more cautiously: “We’ve seen four or five of these bubbles at this point, so a lot of this is just cyclical. People wait until they feel the bottom is in and when they feel like the bear market Is over then they feel comfortable moving back into crypto. That´s probably the biggest reason why this is happening but often these things are just a confluence of many individuals making their own decisions” Voorhees explained that bubbles are part of the typical behavior of an asset such as Bitcoin which is growing and settling in the industry. The experienced businessman explained that he is sure that cryptocurrencies are taking over the world. An opinion that has been shared by other investors such as Tim Draper and Mike Novogratz Crypto is a Volatile and Heterogeneous Ecosystem  “There have to be bubbles in crypto because crypto is taking over the world and it’s not just going to advance 5% a month without end” Said Mr Voorhees while calmly explaining why bubbles tend to be cyclical in crypto “There’s no way to go from a zero dollar asset onto one that is worth trillions without mass speculation and massive volatility we see in cyclical bubbles” This graph shows the stages of a bubble. It seems very similar to the performance of the crypto markets Voorhees also commented that there are already practical cases for Bitcoin in various parts of the world but that most of those who use it do so for speculative purposes. Finally, he explained that there are still very few assets that can really affect the ecosystem since the gap in the global marketcap is still too high:  “In crypto you have to understand that even though there are thousand of these assets, it’s a very long tail and only the (first) ten or 20 have any importance at all and then there’s a lot that don’t really matter much, and they don’t really move the market” Bloomberg Video: Crypto Is Taking Over the World: ShapeShift CEO #bitcoin #ethereum #blockchain #finance https://t.co/GeaawM9B93— Erik Voorhees (@ErikVoorhees) May 14, 2019 The post Crypto is Taking Over the World, Bubbles are Normal; Shapeshift CEO Says to Blomberg appeared first on Ethereum World News.
Ethereum World News

ShapeShift CEO Erik Voorhees Wants Whole World in Crypto’s Big Tent

By CCN: With the bitcoin price trading above $8,000 once again, the mainstream financial media has once again taken an interest in cryptocurrencies. ShapeShift CEO and Founder Erik Voorhees was featured in an interview with Bloomberg where he confronted the bitcoin bubble debate and regulation. While the ecosystem is evolving since Voorhees first entered the space, as evidenced by regulators now participating in industry events, Voorhees isn’t uncomfortable with the direction in which it’s going. “I want crypto to be a big tent. I want the whole world to be using it. And most of the world doesn’t think like The post ShapeShift CEO Erik Voorhees Wants Whole World in Crypto’s Big Tent appeared first on CCN
CCN

Bitcoin [BTC] has different use cases depending on where the user is; Venezuela is a good example, says Shapeshift’s Eric Voorhees

Proponents in the cryptocurrency industry have always made the effort to inform users and holders of coins about what is going on around them, in terms of use cases as well as regulations. The latest person to speak about the industry, more specifically Bitcoin [BTC], was Eric Voorhees, CEO of Shapeshift, a popular cryptocurrency exchange. In discussion with Bloomberg, Voorhees stated that BTC’s price fluctuations and bubbles pave the path for establishing itself as a legitimate form of transaction. Voorhees was also asked whether Bitcoin will always remain a speculative asset or will it be used for actual purposes. To this, the Shapeshift CEO replied, “The usage of Bitcoin actually depends on where the user is. In Venezuela, people are using it to escape inflation while in other countries people have started using in actual transactions. I agree that a majority of the use cases are still speculative but that will change as soon as people fully embrace it.” Voorhees admitted that it has been a rough year for Shapeshift because of the addition of the Know Your Customer [KYC] feature on its wallets. He stated, “We wanted a model that was supposed to be frictionless and aimed to increase the user’s privacy. All of us at Shapeshift wanted to build something that was useful but with the advent of KYC, it has become difficult. I have been a believer in Bitcoin since 2011 because as soon as I saw its application in terms of cross border transactions, I was hooked.” The CEO opined that the legitimacy of cryptocurrency does not increase due to comments by groups of people, but rather from usage. He even commented on the entry of institutions into crypto by saying that established companies will hold a minority position for the foreseeable future. Eric Voorhees was in the news recently after claiming that Bitcoin’s success rate was really minor in its early days, when compared to recent times. He had said, “… the first bubble I was in, early-mid 2011, was bigger in terms of percentage gain but the industry was small back then, the people talked in terms of hundreds of thousands of dollars not multi-billion dollars. This is a big industry at this point and when this whole industry rises by a 100x in 2017 and then collapses back down by 90x, it has a big effect” The post Bitcoin [BTC] has different use cases depending on where the user is; Venezuela is a good example, says Shapeshift’s Eric Voorhees appeared first on AMBCrypto.
AMBCrypto
More news sources

ShapeShift news by Finrazor

DIGEST

Updates on Shift Card, Bank of Lithuania and ETF rules in Indonesia, police to tackle some crimes in Canada India and Turkey, IIT Bombay to join Ripple's UBRI, UAE waste permit portal on blockchain, Germany's interest and Spain's skepticism, Oracle for Czech SDK.finance

Read more

Trending

Hot news

Hot world news

XRP Spikes 10% on Ripple MoneyGram Partnership News

Big partnership announcements have been thin on the ground for many of the major crypto companies recently. That changed for Ripple a few hours ago when the firm announced a strategic partnership with one of the world’s largest money transfer companies, MoneyGram. XRP Climbs 15% in a Week Compared to bitcoin and litecoin, XRP has been asleep for the past two months. Even Ethereum has outperformed it in terms of percentage gains. That all changed a few hours ago when XRP awoke from its range bound channel at $0.42 and surged almost 10% to hit an intraday high just over $0.46. A minor pullback followed in the hours after the announcement but XRP is still one of the day’s top performers. XRP price 1 hour candles – Tradingview.com XRP 00 has climbed almost 15% over the past week as it was trading just under $0.40 this time last Tuesday. Daily volume has just topped $2 billion as XRP market capitalization approaches $20 billion. The gap to ETH in second place is still $10 billion in terms of market cap, however. It has been one of the best weeks for XRP in terms of gains as the Ripple token has only made 27% since the beginning of the year. Big Partnership Driving FOMO The San Francisco based firm announced the partnership on its company blog late last night. It stated that the initial partnership will last two years during which Ripple will become the key partner for MoneyGram’s cross border payments and foreign exchange settlements. A substantial capital commitment of $50 million has also been pledged by the blockchain company enabling MoneyGram to draw it over a two year period in exchange for equity. Ripple’s xRapid system will be deployed for the partnership. It facilitates on-demand liquidity enabling instant transactions by reducing reliance on pre-funding. The XRP token will be used as the ‘real-time bridge’ between different currencies. Ripple CEO, Brad Garlinghouse, stated; This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies. MoneyGram has a $600 billion global remittance market supporting multiple currencies in more than 200 countries. Traditional forex markets requiring advance purchases are currently used for international transfers. The partnership and leverage of Ripple’s native token are expected to reduce costs and increase transfer speeds for the firm. Alex Holmes, MoneyGram Chairman and CEO, added; Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management. Will XRP hit $0.50 this week? Add your comments below. Images via Shutterstock, Tradingview.com The post XRP Spikes 10% on Ripple MoneyGram Partnership News appeared first on Bitcoinist.com.
Bitcoinist

XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms?

Ripple bought a share issue from MoneyGram worth $30 million at $4.10 per share to acquire 8-10% of the company. MoneyGram would also have an option of infusing another $20 million over the next two years. A strategic partnership will now ensue where Ripple will become the critical service provider for cross-border payment and foreign exchange settlement using digital assets. The digital asset they will be leveraging is Ripple, using Ripple’s xRapid Product. This partnership is a massive step towards the vision with which Ripple began, and investors put money is XRP. Also Read: Ripple Fathers’ Day Gift Propels It Past $0.4400 as Bulls Return Until now, MoneyGram has had to use banking services to provide settlements for payments they initiate. Due to the difference in time of settling payments, MoneyGram has to take loans to increase the required liquidity. However, by deploying xRapid, they will now be able to leverage XRP’s liquidity to provide cheaper and faster settlements. MoneyGram Chairman and CEO, Alex Holmes noted, “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.” MoneyGram reported a net loss of $24 million in 2018 compared to a net loss of $29.8 million for the fourth quarter of 2017. The money transmitting service provider has been working towards developing, and 2019 will be part of the roadmap. Hence, the success of this strategic partnership is crucial for MoneyGram. Also Read: Bitcoin Vs Facebook Coin: Should Bitcoin Hodlers Care About Facebook Coin? Currently, MoneyGram works independently by leveraging money from banks. Ripple CEO Brad Garlinghouse told the media,  “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations,” XRP/USD 4-Hour Chart on Bitstamp (TradingView) Moreover, while XRP recorded gains around 5%, it rose from $0.43 to a reach high at $0.46. Notably, a partnership like this back in 2016 or 2017 would have likely propelled the price by 30%. This can be attributed to an apparent decrease in the use case for MoneyGram itself. Digital payment is quickly becoming more accessible than ever with major firms working on implementing or integrating digital currencies on their respective platforms. Facebook is the most prominent example of it. Do you think MoneyGram and Ripple will be able to increase their volume and user base in the current environment? Please share your views with us.  The post XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms? appeared first on Coingape.
CoinGape

Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP

Ripple has secured another major partnership with international money transfer company MoneyGram. This will allow the company to use Ripple’s native token XRP to provide liquidity for international payments to MoneyGram customers. This is in a bid to enhance the speed and efficiency of the payment system that MoneyGram operates. In an interview with Fortune on the partnership, Ripple CEO Brad Garlinghouse said: “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations.” The partnership also gives Ripple an 8% to 10% stake in MoneyGram by paying $4.10 per share. This, however, does not give Ripple a voice in the dealings of MoneyGram for now as part of the agreement. MoneyGram, on the other hand, will have the opportunity of reviving its financial standing from Ripple’s investment which it direly needs after its share price crashed significantly.  It will also increase the efficiency of the payment platform, the management said. “We are very pleased with the terms of the Ripple investment which supports the Company with permanent capital and additional liquidity,” Larry Angelilli, chief financial officer of MoneyGram, said in a statement. “This partnership also provides MoneyGram with the opportunity to improve operating efficiencies and increase earnings and free cash flow,” Larry Angelilli, the chief financial officer of MoneyGram said. Ripple is the leader in remittance services as far as the blockchain industry is concerned. Its xRapid is second to none in terms of transaction efficiency and speed. With the new partnership, XRP which will be used for liquidity will be exposed to MoneyGram’s customers in over 200 countries globally. MoneyGram is the second largest provider of money transfer services in the world and while partnering with Ripple will ensure better service delivery to its customers, it is also a huge breakthrough for Ripple which has been looking to expand its reach further into the world. With hundreds of clients using Ripple’s payment platform, the company has grown significantly thus improving the international remittance settlement market by improving customer experience in conventional financial institutions. The post Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP appeared first on ZyCrypto.
ZyCrypto

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas MoneyGram, a global money transfer company, announced today it has entered into a strategic agreement with Ripple (XRP), the provider of enterprise blockchain solutions for cross-border payments. The deal will enable MoneyGram to utilize Ripple’s xRapid product, leveraging ripples (XRP) in foreign exchange settlement as part of MoneyGram’s global payment process With an initial term […] Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas
CryptoNinjas

Ripple Announces Game-Changing Partnership With MoneyGram

By CCN Markets: Ripple announced a partnership with money transfer giant MoneyGram today. Two Year Exclusive Agreement, Ripple and MoneyGram According to Ripple Labs, a two-year partnership has been struck with MoneyGram which makes Ripple its exclusive digital assets partner. The purview of Ripple’s use case here might be more limited than expected. It depends on how many of the transactions are sent and received using Ripple’s technology and how much they’re worth. Whatever the case, the partnership doesn’t, for example, mean that you’ll be able to buy and sell XRP at any MoneyGram location. Something along those lines would The post Ripple Announces Game-Changing Partnership With MoneyGram appeared first on CCN Markets
CCN
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.