Saturday, 08 August 2020

Crypto Trading Has Gone Mainstream in 2018

Yahoo (remember it?) is still the sixth most popular website, now owned by Oath. You can actually trade cryptocurrencies now on Yahoo Finance!, which according to Alexa ranks as the sixth most visited website both globally and within the U.S., announced this week that it has partnered with financial API developer TradeIt to allow users to trade cryptocurrencies from within Yahoo Finance.

Yahoo Finance Now Offers Trading of 4 Cryptos on Its iOS App

To think Crypto is something taboo while simultaneously being adopted — it’s kind of hilarious for the internet of 2018. A world where the likes of Facebook, Uber, Google, Didi and so many others have lost consumer trust. If Oath can embrace crypto, you know what’s coming. It’s Bakkt to the future for crypto.

According to CNN, with Yahoo Finance’s stock trading feature, which the company first launched last year, users will now see, buy and sell buttons on each cryptocurrency’s quote page. After initiating a trade, they can log in to an external brokerage account (Coinbase, Robinhood, etc.) and execute the buy or sell order, all without leaving the Yahoo Finance platform.

Bakkt will work through big brands such as Microsoft and Starbucks to facilitate crypto discovery and trading. Bakkt launches in November and is creating buzz since it’s backed by the trading titan Intercontinental Exchange (ICE), owners of the New York Stock Exchange (NYSE).

Coinbase aims to have up to $20 billion in regulated custody assets by the end of 2019. That the likes of Binance Labs, Polychain Capital, Andreessen Horowitz and others are fueling crypto hedge funds as the ICO market adjusts to more SEC scrutiny means Wall Street and Silicon Valley venture capital are both waking up to what crypto is inevitability becoming.

Bakkt’s entry also likely fast-tracks Bitcoin ETF approval and, with Ethereum Futures coming as well in late 2018, it’s obvious things are moving fast in spite of crypto bans dotting the global map. If Tech companies have seen their trust diminish in 2018, it’s ever likely that blockchain, widely heralded as a new paradigm of trust in the tech stack, will be even more widely adopted.

This sets up a more decentralized token economy becoming a reality before 2025. Stable coins used as reserve emergency currencies also is becoming much more likely, as we are seeing to some extent with Dash and Venezuela.

As for the fate of Bakkt, with Microsoft’s backing it’s almost assured that Bakkt will introduce a product which is appealing to institutional investors. This will gradually change how we see crypto investments and helps underline why so many talented people in Finance are pivoting to blockchain and crypto startups and funds.

Meanwhile the race of public blockchain with dApp platforms is heating up with more funds going to Chinese and Silicon Valley competitors to the existing space that already has the likes of Ethereum, EOS, NEO, Cardano and many others. From privacy to crypto asset altcoins, it’s clear that with nearly 2,000 altcoins, there’s a demand for them with varied use cases. Even as shitecoins die quickly, there’s a steady influx of new ones that replenishes the market.

It’s clear then that crypto trading, crypto assets, crypto investments and crypto use cases in the real world are just getting started in 2018. The blockchain itself will take decades to mature with arriving waves of exponential technologies. This will redefine the future of software as things like quantum computing, social credit systems, blockchain and the future of 5G content merge, creating new layers of the internet. The fact is, blockchain and crypto might play a larger role in all this than many once assumed.

By Michael K Spencer
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