Firms explore blockchain and Crypto, ConsenSys steps back while Coinbase steps forward

Exploring blockchain and crypto

Explore blockchain and crypto space with news for this week of December

This week on Crypto Inshots:

  • Western Union explores blockchain and cryptocurrency space with Ripple
  • Facebook explores cryptocurrency transfers on Whatsapp
  • ConsenSys moves out of blockchain based startups space
  • Coinbase sets up more shops

Western Union is Exploring Blockchain Technology in Compliance with Ripple

One of the largest company in global money transfers Western Union explores blockchain technology and crypto space. In this interview with Reuters, Odilon Almeida says that “For a digital currency to be widely accepted it needs to solve three problems: Volatility, governance, and compliance. The firm has partnered with Ripple to thus explore the potential of blockchain and cryptocurrencies into its global remittance business.

Facebook is looking at cryptocurrency transfers on Whatsapp, starting with India’s remittance market

According to the World Bank report, Indians settled or working abroad sent home a massive $69 billion in the year 2017 hence giving it top position in the global remittance market. Taking a leap at this, Facebook seems to be keen on developing cryptocurrency and first explore into the Indian Remittance market. Indians across the globe can transfer money (cryptocurrency) through Whatsapp. According to this report by Bloomberg, Facebook is looking at developing a stablecoin which will be pegged to US dollars thus eliminating the issue of volatility in cryptocurrencies. Facebook has been looking to explore blockchain and crypto space since starting a blockchain team head by David Marcus

The Bear Market of Crypto Affects Ethereum Startup Firm ConsenSys

ConsenSys which supports a number of blockchain based startups is phasing out from them. This could in turn very well affect a large number of employees. According to this report by The Verge, as many as 50 to 60% of its approximately 1200 employees could be dropped off.

On the other hand, Crypto Exchange CoinBase expands its horizons

The cryptocurrency exchange firm Coinbase, which is valued at 8 billion dollars, is now stepping head-on in the year 2019. According to this report by CNBC, the firm is expanding its horizons by setting up shops in several other countries. It seems like the exchange is targeting crypto friendly nations including Gibraltar and Iceland along with several European countries

Meanwhile, also take a look at the potential of blockchain technology on a various different sphere in our latest post


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