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Cryptocurrency Market is now Worth More Than $600 Billion
Written By: Jen Neville
December 25, 2017
According to Coinmarketcap, the total cryptocurrency market capitalization reached $606 billion on Monday. There claims to be over 1,300 cryptocurrencies in the market. The market is continued to grow rapidly due to the huge price rallies in cryptocurrencies this year. The proposed top-five cryptocurrencies consist of Bitcoin, Ethereum, Bitcoin Cash, Ripple and Litecoin, all of which had apparently seen significant gains in value. Peter Smith, CEO of Blockchain, commented, “I think that we’ll see the total market cap of digital assets hit a trillion dollars in 2018. I don’t know if it’ll hold a trillion dollars but I think we’ll see that milestone breached.”
According to CoinDesk, Bitcoin, one of the largest cryptocurrency by market capitalization, traded at $18,622 on Monday. The price of bitcoin was up over 1,700 percent this year. On Sunday, CME Group Inc., one of the largest futures exchange, started trading its first bitcoin futures contract. According to CNBC, independent research analyst Ronnie Moas said, “The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world.”
Mogo Finance Technology Inc also listed on the TSX Exchange. On October 30th the company announced breaking news that, “it has added dedicated blockchain capabilities to accelerate its plans to integrate Bitcoin and other cryptocurrencies into Mogo’s digital account as well as future new products and features based on blockchain technology.
David Feller, Founder and CEO of Mogo commented,
It’s hard to overstate how disruptive and transformative blockchain technology can be for banking, as it enables a faster, more secure and trusted way to transfer data. In fact, many believe that blockchain will be as disruptive to the financial system as the internet was to the media industry. Developing new products and features based on blockchain technology and cryptocurrencies is a natural extension for Mogo as we continue to build a digital banking experience for the next generation of consumers.
“Canadians, especially tech savvy millennials, want a safe, trusted and easy way to own and ultimately use Bitcoin and other cryptocurrencies,” said Greg Feller, President and CFO of Mogo. “Mogo’s app was built to provide consumers with an easy way to manage their financial health. Adding these capabilities to our existing multi-product mobile account will provide a compelling value proposition that is unique in Canada. Perhaps most importantly, we plan to leverage the power of our technology platform to reduce transaction costs and make these products accessible to more Canadians.”
“We’ve invested more than $150 million building what we believe is the leading mobile-first digital account and banking experience in Canada. We have close to half a million members and one of the country’s largest dedicated and experienced fintech teams of over 250 people, including a technology and product development team of almost 100 people,” continued Greg Feller. “As a result, we believe Mogo is uniquely positioned to offer consumers the ability to own and use cryptocurrencies in a simple, transparent and trusted way.”
“We are pleased to welcome Wayne to the team as we continue to expand our capabilities in this area,” continued David Feller. “Blockchain technology will clearly have a profound impact on the next generation banking experience and we are excited to begin adding this into our product and platform roadmap. We’ve also formed a strong legal and compliance team to support our evolution as a digital platform, and we will continue to build out this competency as the regulation of blockchain further evolves.”
Overstock.com, Inc. is an online retailer based in Salt Lake City, Utah. Earlier this year, the company had announced an integration with ShapeShift, an instant digital asset exchange, that would allow customers to use all the major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash, to buy online from Overstock’s selection of nearly 4 million products, including, furniture, accessories, bedding, décor, rugs, DIY, and more. ShapeShift would allow digital currencies to be easily converted between different coin types in a matter of seconds, all without any account setup or personal data required. Instead, the funds are sent to a specific address, with the blockchain record of the transaction acting as both the order and the receipt.
International Business Machines Corp. is an open-source blockchain solution built for the enterprise. On October 16, 2017, the company had announced a new blockchain banking solution that would help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers. Using IBM Blockchain, and in collaboration with technology partners Stellar.org and KlickEx Group, the solution intends to improve the speed in which banks both clear and settle payment transactions on a single network in near real time.
MGT Capital Investments, Inc. is a U.S. based Bitcoin miner. Further, the Company will continue to focus on an expansion model to grow its crypto assets materially. On December 6, 2017, the company announced that it had executed a new purchase order with Bitmain Technologies for an additional 500 S9 Antminer mining rigs, with shipment expected early in the first quarter of 2018. Following shipment and setup, and in conjunction with the Company’s current rigs in operation or in its possession, MGT’s Bitcoin mining operations would be comprised of over 5,000 Bitmain S9’s. These machines are expected to generate roughly 70 Ph/s of total hash power, and over $4.0 million in monthly revenue, assuming current Bitcoin pricing and Difficulty rates.
Riot Blockchain, Inc. is leveraging its expertise and a network of professional advisors to build and support blockchain technologies. It is establishing an Advisory Board with technical experience intending to become an authority and supporter of blockchain, while providing investment exposure to the rapidly growing Bitcoin and blockchain ecosystems. On December 11, 2017, the company announced that its majority owned Tess Inc. (“TessPay”) had entered into a non-binding letter of intent (“LOI”) to merge with Cresval Capital Corp. TessPay is a blockchain company developing a supply chain payment platform for businesses to attempt to guarantee payment on time and in full.