A small bank in New York City has started doing business with cryptocurrency firms, joining the very short list of U.S. financial institutions to embrace the sector.
Quontic Bank opened a checking account for a bitcoin ATM company a few weeks ago and is in the process of completing a contract to deliver banking services to another crypto startup. The bank wouldn’t name either client.
“We’re just taking steps so that when the regulatory environment becomes more crypto-friendly, we don’t have a lot of catching up to do,” said Quontic chief executive Steven Schnall, who acquired the bank in 2009. “We’re looking to diversify our product offering and our customer mix by entering into that field.”
While Schnall wouldn’t say how big he wants Quontic’s crypto business to be, he claimed the pending contract “could impact millions of Americans.”
Crypto-friendly banks are extremely rare, in part because of the extra work they have to do complying with know-your-customer (KYC) and anti-money laundering (AML) regulations.
“Banks and other financial institutions have to look out for any suspicious activity,” said Joshua Klayman, head of the blockchain and digital assets practice at law firm Linklaters. “If you have a startup that raised money doing an ICO and didn’t do proper KYC or AML, that bank doesn’t know who the proceeds are from.”
Like those institutions, Quontic is a relative pipsqueak in the banking industry. With $420 million in assets, it is only 0.015 percent the size of JPMorgan.
Yet Quontic stands out because its leaders caught the crypto bug early on.
Students of crypto
Schnall, a longtime mortgage lender, became interested in bitcoin when it was worth less than $1, bought his first bitcoin at $75 in 2013 and lost 500 BTC in the Mt Gox debacle.
Patrick Sells, now the bank’s chief innovation officer, said Schnall began to educate him on bitcoin the first few times they met, while Sells was doing mortgage lead generation for Quontic through his own firm.
To learn more about the mechanics of cryptocurrency, Schnall and Sells built an ethereum mining operation, independent from Quontic, in January 2018. (Schnall said he is now more bullish on bitcoin than any other cryptocurrency.)
The two executives even came close to launching their own cryptocurrency, also separate from the bank, called QCoin. They lined up $2.5 million for an initial coin offering (ICO) but called it off after the market crashed.
Undeterred by the ups and downs, the bankers said that they believe banking and crypto can have a symbiotic relationship and are exploring what steps toward that goal might look like under the U.S. regulatory framework.
The bankers helped educate their staff of 180 by giving them each $20 in bitcoin when the price of bitcoin was around $3,000, and they’re looking to hire employees with experience in cryptocurrency.
“We can teach them the banking side,” said Sells, vaping in a white v-neck and jeans at Quontic’s Manhattan headquarters. “It’s easier to do that than vice versa.”
While the bank wants to let cryptocurrency companies know that it’s open to banking them, Quontic said it has high standards for crypto customers.
When the bitcoin ATM network approached Quontic a year ago, the company was not prepared for the bank’s compliance vetting.
It didn’t have a disaster recovery plan, it was not properly tracking the currency transaction reports (CTRs) filed to regulators, and the company’s reporting was not up to Quontic’s standards.
After working closely with the bank for a year, the company opened an account at Quontic a few weeks ago.
To Schnall, such professionalism is necessary for crypto startups to be taken seriously.
“You don’t have mom-and-pop financial institutions. You’re not going to have mom-and-pop crypto players of any significance,” Schnall said. “Crypto companies have to have strong controls, internal audit, and a very robust system of compliance.”
Additionally, the juice has to be worth the squeeze for Quontic to bank a crypto firm.
“There must also be a strong strategic motivation for us as well – such as meaningful deposit balances, etc.” Schnall said. “‘Meaningful’ is relative to how complex, risk-laden and labor-intensive the account will be.”
Blockstream has launched a colocation mining service and already counts the Fidelity Center for Applied Technology and LinkedIn founder Reid Hoffman as customers.
On Thursday, the bitcoin and blockchain technology firm announced a new mining wing, Blockstream Mining, along with a BetterHash-based mining pool, Blockstream Pool. Led by cryptographer Dr. Adam Back, Blockstream is best known for its bitcoin-sidechain ecosystem, the Liquid Network.
Blockstream Mining will host colocation services across North America with its most recent installation in Georgia. The announcement stated that 300 megawatts, or 300,000 kilowatt-hours of energy, will be made available to customers.
That level of energy supply would be able to power up around 100,000 more-advanced ASIC mining models such as MicroBT’s WhatsMiner M20S or Bitmain’s AntMiner S17 Pro.
These machines on average have an electricity consumption of about 3 kWh per unit with a hashing power of around 55 terahashes per second. That could add about six exhashes per second to bitcoin network’s computing power (1 exhash = 1 million terahash).
Blockstream says its self-mining efforts currently make up one percent of the global bitcoin hash rate. The future relationship between Blockstream’s self-mining and Blockstream Mining was not specified.
Blockstream CSO Samson Mow says the firm’s mining efforts, even before the latest launch, were largely based on concerns about the network’s future:
“We began self-mining back in 2017 after being motivated by widespread concern that mining decentralization was declining. At the time it appeared that parties involved in ASIC manufacture, hosting, and pool operations were becoming a centralizing force and holding back Bitcoin from reaching its full potential. We figured we could use our Bitcoin expertise to improve the situation.”
In this vein, Blockstream also announced the launch of Blockstream Pool running the BetterHash mining protocol. Introduced in 2014 by Blocskstream project OpenHash, BetterHash decentralizes mining pool decisions, such as which block to mine, to individual owners. Proponents argue it further decentralizes and democratizes bitcoin mining.
Blockstream Pool is the graduate of a one-year testnet and is available to Blockstream Mining customers. As of now, Blockstream Mining is exclusive to enterprises and institutions.
Bitcoin.com has announced it will launch a crypto exchange called Exchange.Bitcoin.com.
Price of BCH last 30 days via CoinDesk data.
This is the latest addition to a suite of products Bitcoin.com provides beyond their news service. The company has also developed a crypto casino, a wallet, and a P2P bitcoin cashexchange, aimed at furthering the utility of the forked alternative to bitcoin.
“While our company thinks the bitcoin cash network will be adopted by the masses worldwide, we also think it’s important to promote free markets and choice,” the company said in a statement.
Expected to launch in early September, the exchange will list many of the largest capitalized coins including bitcoin, ethereum, and litecoin. Additionally, it plans to offer around 50 trading pairs, as well as Simple Ledger Protocol (SLP) tokens tied to the BCH blockchain.
Former CEO and proponent of bitcoin cash Roger Ver said:
“We’re on the cusp of something very exciting with SLP tokens — It’s the beginning of a world where we can tokenize anything and, as people realize the potential this holds, they’re going to start demanding a place to trade their tokens.”
- Bitcoin could rise to $10,500 in the next 24 hours or so, as the 4-hour chart is looking more bullish.
- A break above $11,120 is needed to revive the short-term bullish outlook, though.
- Some expert believe the just-announced U.S. Fed interest rate cut could bode well for BTC in the long-run.
Bitcoin (BTC) has eked out moderate gains amid the U.S. Federal Reserve’s announcement of its first rate cut in over a decade.
The top cryptocurrency by market value is currently trading at $9,950 on Bitstamp, representing a 2 percent gain on a 24-hour basis.
The Federal Reserve (Fed) on Wednesday said it will lower interest rates by 0.25 percent to cushion the economy from a global slowdown and trade tensions. That was the first U.S. interest rate cut since the great financial crisis of 2008, and indeed since the creation of bitcoin in 2009.
BTC rose by over $200 to $10,000 in the three hours leading up to the Fed’s announcement at 18:00 UTC. More importantly, the cryptocurrency remained bid in the following hours and hit a high of $10,172, according to Bitstamp data.
The price action seems to have convinced investors that BTC picked up a bid due to Fed’s rate cut.
Boon for bitcoin?
Some observers believe rate cuts by the Fed bode well for BTC.
This is because an interest rate cut reduces the yield on a currency. Further, the liquidity added to the economy via rate cuts often leads to inflation and loss of purchasing power of the currency.
Put simply, falling interest rates mean fewer reasons to hold U.S. dollars, as pointed out by Alan Silbert, executive managing director at INX Trading Platform.
Silbert believes the Fed will deliver more rate cuts in the near future. The central bank, however, refrained from signaled further easing yesterday.
The Fed has cut rates less than 12 months away from bitcoin’s mining reward halving – a process aimed at curbing inflation by reducing reward for mining on the blockchain by 50 percent every four years.
Essentially, BTC’s monetary policy is on a preset path – its supply is halved every four years.
The monetary policy divergence would widen further if the Fed embarks on a full-blown easing cycle, as anticipated by Silbert. That would further strengthen bitcoin’s appeal as store of value and may bolster the bull market.
As for the next 24 hours, bitcoin looks set to test key average located at $10,500.
BTC rose above $10,000 yesterday, validating the seller exhaustion signaled by the long-tailed doji created on the 4-hour chart on July 28.
That bullish doji reversal indicates that the sell-off from recent highs above $13,000 has ended and the path of least resistance is to the higher side. The descending triangle breakout confirmed yesterday also indicates a bull reversal.
Notably, buying volumes picked up following the price breakout. The green volume bar created in the four hours to 16:00 UTC yesterday was the highest since July 19.
Hence, the cryptocurrency may rise toward $10,500 (50-day moving average) over the next day or two. However, the outlook as per the daily chart would turn bullish only if and when BTC invalidates the bearish lower-highs pattern with a move above $11,120.
The case for a rise to the 50-day MA in the next 24 hours would weaken if prices find acceptance below yesterday’s low of $9,574, although that looks unlikely.
Lightning-centric bitcoin wallets are gaining traction in 2019 and making small transactions affordable by reducing network fees.
The bootstrapped Spanish startup Bluewallet garnered 35,000 downloads so far this year, according to co-founder Nuno Coelho, a significant jump from the 5,000 users it had in 2018.
Coelho told CoinDesk the wallet’s built-in lightning marketplace, offering connections to external services like the crypto exchange ZigZag, the blog Yalls and games like Lightning Roulette, facilitates nearly 10,000 referrals a month. So far, BlueWallet users have completed more than 100,000 lightning transactions.
“The things we are working on now are to prepare the wallet for the next bull run,” Coelho said. “To allow users to have more control over the fees when the market will be with higher fees.”
After a year of operations, Bluewallet is currently raising its first round of venture capital. It is hardly alone. Competition across the marketplace is ramping up with a crop of new wallets seeking funding to support lightning development, sources told CoinDesk.
The price of bitcoin over the last 30 days via CoinDesk data.
In June, the Lightning Labs wallet launched and attracted 2,000 downloads within the first 24 hours. That same month, the bitcoin wallet provider Samourai Wallet announced a partnership with the French lightning node-maker Nodl to make the mobile wallet lightning-compatible.
At the same time, Zap wallet creator Jack Mallers told CoinDesk that 500 Android users downloaded Zap since early June. This summer could be described as a lightning boom for product development.
Plus, Mallers added, Zap now has more than 25,000 desktop downloads and 1,000 active TestFlight users on iOS.
“Not only are they downloading it, but the applications are actually checking assets because they’re using it and the wallets are open,” Mallers said. “On average, we get thousands of asset downloads a day. That means we have thousands of active users.”
According to Google’s analytics, Mallers said, only 33 percent of those users are located in the United States. While Bluewallet has far more American users, Coelho said his company’s wallet also appears to be gaining traction in Indonesia, the Philippines and Japan, based on App Store data and the times that users interact with the product.
Across the board, all of these apps share a common trait: They lack a clear business model.
However, for some, that process might be seen as a feature, not a bug.
“It’s not our main priority to focus on a business model at the moment,” Coelho said. “It’s our priority to … put product out there and talk to users.”
Like Coelho, Mallers said he is not in a rush to profit from this wallet because playing the long game means focusing on users for now. Lightning Labs developers told CoinDesk the startup will offer premium services for wallet users in the future, but collecting fees from users isn’t a priority for their team either.
“It wasn’t very clear how a lightning wallet would make money. A lightning wallet’s point is to help with scaling,” Mallers said.
Most mainstream wallets like Jaxx and Bread earn revenue by taking a percentage of transaction fees. They also rely on other revenue models like fundraising tokens (Bread) or integration partnerships (Jaxx). Meanwhile, open-source wallets like Bluewallet and Zap de-prioritize the business model as they seek to stabilize the product with the help of volunteer contributors.
“You cannot accelerate the development of bitcoin,” Coelho said. “We see this as a long-term project, from 5–10 years.”
So far, most of these wallet apps rely on an autopilot setting rather than making users manage channels and independent nodes. Coelho said those options for experts will come with time, considering that the LND beta version many such wallets are experimenting with is just one year old.
As such, Coelho concluded:
“Our goal was just to show this is what lightning could be in the future.”
Bitcoin futures platform Bakkt is gearing up to launch soon, the head of its parent firm said Thursday, although he did not set a firm timeline.
Intercontinental Exchange (ICE) CEO Jeffrey Sprecher, speaking during a quarterly earnings call, said Bakkt is “working to develop a regulated ecosystem that services the evolving needs of [participants] around the world,” adding:
“Subject to final regulatory approvals, we plan to launch our physically settled bitcoin futures in the very near future.”
Sprecher did not provide a specific timeline.
Bitcoin prices over the last seven days via CoinDesk data.
ICE first announced Bakkt in August, unveiling an ambitious plan to offer physically-settled bitcoin futures contracts and additional work with Microsoft, Starbucks and BCG Consulting.
While the company initially planned to launch the platform in December 2018, Bakkt was delayed a number of times, and does not currently have a firm launch date.
Bakkt initially intended to have the Commodity Futures Trading Commission (CFTC), which oversees derivative products in the U.S., approve its futures contracts, but ultimately self-certified.
The company is now waiting on a trust charter from the New York Department of Financial Services. Once NYDFS approves Bakkt’s warehouse, the company will be able to launch its new product.
The company is facing competition, however: TD Ameritrade-backed ErisX is also planning to launch physically-settled bitcoin futures contracts, and LedgerX announced Wednesday that it had already gone live with a product.
Bakkt aside, ICE generated $1.3 billion in revenue across the second quarter, according to a release.
ICE chief financial officer Scott Hill said ICE intends to launch its ETF Hub, a single portal for traders to take part in the exchange-traded fund market, in the coming months. The company believes the ETF market might double in the next few years.
Payments company Square reported its second-quarter earnings Thursday, revealing $125 million in bitcoin sales through its Cash App, nearly doubling a record first quarter.
“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit,” the earnings report explains.
Founded by Twitter co-founder Jack Dorsey, Square reported that bitcoin represented very nearly half of the total revenue on its Cash App, at $260 million, for the second quarter of 2019. Bitcoin costs, however, are listed at $122.9 million in the unaudited quarterly report, yielding the aforementioned $2 million in profit.
On an investor call Thursday afternoon announcing the numbers, Dorsey said:
“We love you, bitcoin.”
The first quarter of 2019 was Square’s best quarter for bitcoin at the time, with $65.5 million in revenue and $832,000 in profit. Clocking $125 million in sales in the second quarter, however, represents significant growth and a new record for the company. For comparison, the company reported $166 million in bitcoin sales in all of 2018.
With a net loss for the quarter of $6.7 million on $1.17 billion in total revenue, bitcoin remains a long way away from the center of Square’s overall strategy. Transaction-based revenue in Q2 topped $775 million, according to the report.
The company sells bitcoin to users through its Cash App, a service that expanded to all 50 U.S. states in August 2018.
Earlier this week, the company clarified the role of Square Crypto, a project within the company created to make open-source contributions to the bitcoin protocol and ecosystem.
A senior research director at market intelligence firm CB Insights told CoinDesk he believes adding bitcoin is helping Square drive more usage from its customers.
“They don’t really make a lot of money on it, but it is driving engagement,” Chris Brendler said.
Wednesday, July 31 — crypto markets are seeing widespread green, with Bitcoin (BTC) breaking back above $9,700 and many large market cap altcoins seeing solid gains of between 3 and 9% on the day.
Despite trading in a lower price range since dropping back to a four-figure price point in a recent corrections, BTC is today up a solid 2.4%, bringing it to $9,717 by press time.
This mild uptick nonetheless stops short of bringing the coin back into the green on its 7-day chart, where Bitcoin is still reporting a fractional 0.7% loss. On the month, losses are starker, topping 8%.
Yesterday, Peter Tchir — a former Executive Director at German multinational investment bank Deutsche Bank — argued that Bitcoin is an indicator of hidden geopolitical tensions, pointing to the coin’s momentous performance this May at a time of fraught trade talks between the United States and China.
Also this week, erstwhile Bitcoin bear and CNBC host Joe Kernen predicted that the top coin could hit $55,000 — a 500%+ price surge — by the time of its next halving in May 2020.
Top altcoin Ether (ETH) — which celebrated its fourth birthday yesterday — has posted a 1.9% to trade around $212 by press time. In corrections earlier this week, the coin had circled perilously close to the round $200 mark, but has since recovered ground and is just slightly in the red, at 2.2%, on its 7-day chart. On the month, however, Ether is down over 18%.
XRP is reporting a 2.7% gain on the day, while among the remaining top ten coins several alts are seeing stronger upward momentum: Bitcoin Cash (BCH) is posting a 7.5% gain on the day, Litecoin (LTC) is up 3.6% and Binance Coin (BNB) is up 4.1%.
In the context of top twenty coins, Tezos (XTZ) is outstripping all other assets, seeing a 24% gain on the day following news of the token’s listing on major United States crypto exchange Coinbase. At press time, XTZ is trading at $1.24
Still among the top twenty, strong gains are being reported by Chainlink (LINK) — up over 9% — as well as by NEO (NEO), IOTA (MIOTA) and Cosmos (ATOM), all of which are up by 4-5%.
Total market capitalization for all cryptocurrencies is at $261,434,827,781 at press time, according to Coin360 data.
Dominating the crypto headlines this week is the hearing devoted to examining regulatory frameworks for cryptocurrencies and blockchain held at the United States Senate Banking Committee. Cointelegraph reported live on the most important developments during the hearing as it unfolded.
Yesterday’s Committee hearing notably follows upon earlier hearings in mid-July that had examined the regulatory hurdles surrounding Facebook’s Libra.
Despite the lack of decisiveness in the bitcoin market following the dominant crypto asset’s abrupt drop from $14,000 to $9,500, many analysts – even bearish ones – generally remain confident that the bitcoin price is heading towards a new record high in 2020.
On CNBC’s Squawk Box, as CCN reported, prominent news anchor Joe Kernen emphasized the imminence of the next halving of the Bitcoin blockchain protocol, suggesting that it could act as a major catalyst for the asset over the medium to long term.
Bitcoin price should surge as one crucial event disrupts supply & demand ratio
In recent years, the bitcoin price has been primarily driven by supply and demand from the market. As the market capitalization of the asset grew, the impact of news and events have started to lessen.
The block reward halving of bitcoin, which occurs approximately every four years, is expected to have a fundamental effect on the circulating supply of bitcoin, altering the rate at which new BTC are mined.
On the Bitcoin blockchain protocol, users mine BTC to secure transactions and process payments using mining equipment and electricity. In return for the consumption of resources, miners are rewarded with BTC, which then is sold, primarily through over-the-counter (OTC) markets.
During or around May 2020, the amount of BTC miners receive for processing transactions on the Bitcoin blockchain protocol will decline by half, leading to a decline in the inflow of BTC into the global market from miners.
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“With what we produce of gold every year, it would take 62 years to produce that much gold. If you do the same kind of analysis using bitcoin or silver or anything, you can come up with some of these flow metrics that are highly correlated. Silver I think is 22 years and gold is… and in the next halving, bitcoin, all of the sudden, gets close up to where gold is…. we will see anyway.”
Due to the block reward halving and other technical indicators, technical analysts who remain bearish on the short-term trend of bitcoin have stated that in the long-term, the trajectory of the dominant cryptocurrency is likely to be positive.
Venezuelan President Nicolás Maduro and his administration appear to be leveraging tax revenue and cryptocurrencies as part of a broader effort to evade economic sanctions, an investigation by Spanish newspaper ABC has found.
As detailed in a story published Monday, the newspaper asserts it uncovered a scheme by which Maduro and his associates were using a digital wallet app to turn tax revenue from domestic airports into bitcoin and other cryptocurrencies that were then transferred to exchanges in Hong Kong, Hungary, Russia and China.
There, the funds were converted and sent back to Venezuela, according to the report.
The effort is the latest example of how the ban on Maduro’s government from using US bank accounts and from participating in the open international market has forced it to look at cryptocurrencies as a way to obtain dollars.
The newspaper alleges that the tax revenue in question came from the Maiquetia International Airport (IAIM) located near Caracas, the country’s capital, and that taxes were collected through an automated system that works with an app called Jetman Pay.
Maduro’s administration is said to be in talks to expand its use of the app, including for proceeds it collects from refueling airplane that traffic the airport.
In a contract – allegedly yet to be signed – the Jetman Pay app would be used to directly defy the U.S. ban again. Under the scheme, a plane would land at IAIM, at which point it would transfer fiat currencies in exchange for fuel. Petróleos de Venezuela, S.A, the state’s oil and natural gas company, would then use the app to pay government taxes, upon which it would be sent abroad as cryptocurrency.
The automated system has been used at IAIM since February 2018 for airport tax collection.
The report concluded by speculating that Maduro may be looking to expand the scheme to other airports across the country.
The European arm of Japan-based cryptocurrency exchange bitFlyer has launched a bitcoin buying and selling service aimed to be easier to use than spot trading exchanges.
BitFlyer Europe announced the news on Tuesday, saying the new trading platform targets people wanting “a simple way to buy and sell bitcoin, from total beginners to experienced traders.” Until now, the firm offered only a pro-trader service, dubbed Lightning, as its euro-bitcoin marketplace.
Available via the bitFlyer Europe website, the “bitFlyer Buy/Sell” service allows users to exchange bitcoin for euros, with a maximum of 20 BTC per transaction.
According to its website, the service is not an order book exchange and users will pay no fees on sales or purchases of bitcoin. Presumably, in that case, bitFlyer is making its money on the spread between its own buying and selling prices.
Indeed, while the global average price for bitcoin displayed on crypto data service CoinMarketCap is €8,526 at time of writing, bitFlyer is offering sales at €8,727.
On sign-up, new users are expected to check a box indicating they are not residents of the U.S. Standard know-your-customer procedures request personal details such as address and phone number, as well as an identity documents like a passport or driving license.
The firm describes itself as the “only” crypto exchange to be licensed in Japan, the U.S. and the EU.
Andy Bryant, co-lead and COO of bitFlyer Europe, said:
“bitFlyer Buy/Sell is a virtual currency exchange for everyone – with simple two-click buy and sell capability. Not only is bitFlyer Buy/Sell easy to use, but with us users have the confidence that they are using a trusted, regulated platform with long-standing global heritage.”
Bitcoin wallet and blockchain explorer provider Blockchain just launched its first exchange platform.
Blockchain’s head of retail products, TD Ameritrade alum Nicole Sherrod, told CoinDesk the custodial exchange, called The PIT, can connect to non-custodial Blockchain wallets for nearly instant transfers. Registration opens today, with the ability to trade up to 26 assets rolling out over the next two weeks.
Sherrod said that with nearly 40 million wallets already created – and an exchange matching-engine set up in London’s Equinix LD4 data center – PIT could be posed to attract more liquidity than competitors.
“That’s what market makers are looking for,” Sherrod said. “They want to co-locate [data center servers] with you, they want to directly connect to your matching engine. It’s the way it’s done on Wall Street.”
Indeed, Tom Haller, previously the chief software architect for trading systems at the New York Stock Exchange, contributed to the development of PIT’s matching engine.
Sherrod added the exchange will measure speed in “microseconds,” like traditional asset exchanges. However, an anonymous industry expert was skeptical about whether that theoretical speed with remain constant under real pressures. The source said many infrastructure dependencies are “almost impossible to model out,” so the system will only prove itself when tested by “real-world trading volumes.”
Either way, Blockchain is prioritizing diverse token offerings over margin trading options and the bitcoin software update SegWit, both of which are also on the road map.
“Beyond the 26 [assets] we already know what our phase two asset listings are going to be, as well as phase three,” Sherrod said, declining to name any assets beyond what the wallet already supports.
It remains to be seen how PIT will compete with mainstream exchanges like Binance and Coinbase, which also offer a plethora of crypto assets. Coinbase was also a wallet provider and brokerage, before it became Silicon Valley’s iconic unicorn exchange.
“We’re looking to compete on the overall client experience,” Sherrod said, adding that a new customer support team has become the second-largest division of the company as part of a broader shift to exchange services.
Mainstream exchanges are generally slow to respond to retail users when market activity spikes, so Sherrod argued that beyond speed this is another area where PIT could rival incumbents.
Only time will tell if the new revenue flows Blockchain users generate through transaction fees will justify this expansion into the heavily saturated exchange space, with fierce competition for market makers and heavily regulatory costs.
Blockchain is applying for new licenses in various jurisdictions, Sherrod said, but failed to specify which ones. In the meantime, the exchange won’t operate in any jurisdiction that requires a license, a spokesperson added.