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A UK Challenger Bank Goes Peer-to-Peer with Crypto, With a Catch

Ziglu only lets you send crypto to other Ziglu customers—you can’t send it to external wallets.

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In brief

  • Challenger bank Ziglu has announced that you can use its app to send cryptocurrency to other people, as well as buy and sell crypto. B
  • But you can’t send your crypto to regular cryptocurrency wallets, only to other Ziglu customers.
  • Revolut and Ziglu are attempting to out-maneuver traditional banks with their crypto offerings.

Ziglu, a new British crypto-first challenger bank, today announced that you can send cryptocurrency to other people, as well as buy and sell crypto from its app. In this, Ziglu joins Revolut, another challenger bank that also supports peer-to-peer cryptocurrency transactions. 

But there’s a catch—you can’t send your crypto to regular cryptocurrency wallets. Instead, you can only send it to other Ziglu customers. The same is true for Revolut’s offering.

This seems strange: Isn’t the whole point of cryptocurrency to release oneself from the shackles of traditional finance and do whatever you please? And isn’t sending Bitcoin between wallets incredibly easy to set up? Indeed, there are dozens of wallet apps on the market. 

It’s complicated, Nick Turner-Samuels, Ziglu’s Chief Product Officer, told Decrypt.

Sending crypto to external wallets “is something that we will be looking into,” said Turner-Samuels. A Revolut spokesperson told Mashable in July that such functionality is “a focus for the product team going forward.”

Ziglu’s compromise was, in part, “to get to the market fast,” Turner-Samuels said. Ziglu, which only launched on June 15, wants to “prove that we can find a relative product-market fit sooner, [and to] test the app, and to integrate [crypto] as quickly as possible,” said Turner-Samuels.

Ziglu’s CEO, Mark Hipperson, told Decrypt earlier this year that the bank is playing a kind of “regulatory arbitrage.” 

Challenger banks—small, retail banks in the UK—like Revolut, Ziglu, Starling and Monzo, aim to undercut traditional retail banks by out-maneuvering them. So far, this means lower currency conversion fees, easy-to-use apps, robo-advisers, and so on. 

Ziglu and Revolut hold a special money transmitter license, issued by the UK’s chief regulator, the Financial Conduct Authority, that lets them process cryptocurrency transactions alongside regular banking activities. They’re the only two challenger banks to hold such a license, meaning that they are leading on the crypto-front in what could be a winner-takes-all market. Ziglu only received its license in the past couple of weeks and Revolut received its license in May 2016.

Ziglu thinks that crypto is the next milestone, and it wants to be the first to corner the market. “We’re focused on an ambitious roadmap to get crypto out there to move into the challenger banking space,” said Turner-Samuels. Ziglu’s pitch is to undercut other cryptocurrency brokers by acting as a kind of power-user on cryptocurrency exchanges, allowing it to get the best price for Bitcoin. 

“Now that we’ve got our FCA license, we’re launching additional features, such as peer to peer payments. And we’re going to be rolling out cards fairly soon as well. We’re starting to build out the entire package for customers,” he said. But Revolut, five years old, is still miles ahead—it extended its crypto offering to the US this summer. 

There’s another reason why Ziglu isn’t rushing things: It doesn’t want to upset regulators. There are “darker sides of the crypto world,” said Turner-Samuels, full of fraudsters, hackers and money-launderers. 

“What we want to do is to make sure that we are really on top of our game when it comes to following the money, making sure that everything is above board—from where the money comes from, to the source of funds, to where the money goes to,” he said. Turner-Samuels added that Ziglu is working with anti-money laundering technology companies, though he did not disclose which ones. 

And mistakes are expensive, both in pecuniary terms and in reputation: “You can look into the world of crypto and see that there have been issues with various companies or various cryptos. [They] have been tainted by the fact that they have been hacked,” he said.

Another thing: Ziglu is, like Revolut, targeting its services at newcomers to crypto. Blockchains are notoriously unforgiving when it comes to sending funds to the wrong addresses or losing private keys, and Ziglu’s initial control over its users’ funds could help resolve issues for newbies. “It’s very easy to make the wrong wallet address inputs if you’re not careful,” said Turner-Samuels. And it’s “also very difficult for everyday customers to find out where their money has gone if they have made a mistake.” 

Hence Ziglu’s decision to rush to the market with its neutered crypto offering. “Ultimately, it’s going to be customers voting with their wallets about who they want to trust,” he said. 

Source: https://decrypt.co/41023/ziglu-goes-peer-to-peer

Blockchain

Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement

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It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles.

The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond.

Carbon Neutral Bitcoin Mining

After announcing plans to expand its Bitcoin mining operations last month, Greenidge is now looking to go entirely carbon neutral this year and in the future.

The company is committed to the cause, and it plans to invest in US-based renewable energy projects.

According to a recent press release, the company will also take part in the Regional Greenhouse Gas Initiative, which is a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.


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Speaking on the matter was Jeffrey Kirt, the CEO of the company, who said:

“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”

Musk’s Message Resonates

Greenidge’s announcement comes days after the leading electric vehicle manufacturer, Tesla, revealed that it would no longer support bitcoin payments. As a reason for its decision, the company cited environmental concerns related to bitcoin mining.

Elon Musk, the company’s CEO, confirmed and reiterated that he is bullish on crypto but so long as it doesn’t have a negative environmental impact.

The company also said that it’s looking for ‘greener’ alternatives to Bitcoin so that it can continue accepting crypto payments. This led to many speculations about which cryptocurrency it would choose. Shortly after, Musk said that he’s working closely with Dogecoin developers to improve transaction efficiency, causing many to believe that the meme-inspired coin might be Tesla’s choice.

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Source: https://cryptopotato.com/bitcoin-mining-company-vows-to-be-carbon-neutral-following-teslas-recent-statement/

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Blockchain

There is something different this time around for MATIC and ETH

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MATIC’s growth has been community and developer-driven. Trading at the $1.13 level and registering 27% gain in price in the past 24 hours, MATIC’s rally is an extended one, leading the altcoin season 2.0. However, there is something different this time around, MATIC is currently rallying alongside ETH, more as an ally, than a competitor. With ETH’s price above the $3700 level, and MATIC’s rally, the alt season has offered several opportunities, consolidating alts and rallies following closely after.

Here's why traders are bullish on MATIC and ETH

MATIC network || Source: Twitter

Since the release of the latest transparency report on Polygon Multisigs, Polygon has become more relevant and there is increased demand for the altcoin across exchanges. Multisigs are used by top projects that have the feature of updating smart contracts. This is not the case for Ethereum, since smart contracts on Ethereum are immutable by design ie. they can not be changed once deployed.

However, this feature also means that if there is an inherent error or potential exploit in the code, there is no way to fix it. Upgradeable contracts are needed and that’s where Polygon’s narrative fits in, making it a much-needed scaling solution and an upgrade on ETH.

The current network statistics for MATIC are looking bullish since there are over 65.8 Million total transactions in over half a million wallet addresses and at $10.4 Billion market capitalization. The trade volume has increased consistently since the beginning of 2021 and more buyers are lining up across spot and derivative exchanges.

The demand for MATIC and the number of transactions have increased and are expected to increase to the level of Ethereum before the end of the alt season. The increase in wallet addresses and unique users is a direct measure of MATIC’s demand as an L2 scaling solution for the #1 altcoin in the crypto market.

The competition with ETH is no longer as intense, considering the fact that ETH’s increasing popularity contributes to the network growth and inflow of investment to MATIC. MATIC’s transaction volume largely depends on ETH’s network and the fact that ETH needs a scaling solution despite the launch of L2, has led to a symbiotic relationship between the two altcoins.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/there-is-something-different-this-time-around-for-matic-and-eth

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Litecoin price prediction: Litecoin trades above $300, attempt to break below later?

TL;DR Breakdown LTC retests the $300 support overnight. Lower local low set at $320. Next support at $280. Today’s Litecoin price prediction is bearish as the market rejected further upside around $320 earlier today and currently moves lower to attempt to break below the $300 once again. The overall market trades in the red today. […]

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TL;DR Breakdown

  • LTC retests the $300 support overnight.
  • Lower local low set at $320.
  • Next support at $280.

Today’s Litecoin price prediction is bearish as the market rejected further upside around $320 earlier today and currently moves lower to attempt to break below the $300 once again.

Litecoin price prediction: Litecoin trades above $300, attempt to break below later? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red today. Bitcoin has lost more than 2 percent and trades around $48.900. Meanwhile, Ethereum is among the worst performers with a loss of more than 5 percent. Alternatively, Stellar (XLM) is among the best performers, with a gain of 5 percent over the last 24 hours.

LTC/USD opened at $300.11 today after a bearish close yesterday that resulted in another retest of the $300 mark. Over the past hours, LTC/USD rejected further upside, indicating that we should see another push lower over the next 24 hours.

Litecoin price movement in the last 24 hours

The LTC/USD price moved in a range of $297.59 – $323.76$, indicating a moderate amount of volatility. 24 hour trading volume has dropped by 7.15 percent and totals $5.2 billion. The total market cap stands at $20.6 billion, ranking the cryptocurrency in 12th place overall.

LTC/USD 4-hour chart – LTC prepares to break below the $300 support again

On the 4-hour chart, we can see moving lower over the past hours as bears attempt to finally break below the $300 mark. 

Litecoin price prediction: Litecoin continues trading above $300, attempt to break below later?
LTC/USD 4-hour chart. Source: TradingView

Overall, Litecoin price action momentum continues to be bearish as the market retraces after setting a new all-time high at $413 on the 10th of May. Previously, we saw Litecoin rally around 80 percent from the $220 major support area, indicating we could see a similar upswing over the following weeks.

First, Litecoin has to finish retracing from the current high. Support around the $300 mark was reached on Thursday. From there, Litecoin retested the $335 resistance and reversed to the $300 overnight. 

Over the past hours, LTC/USD moved higher and established another lower high around the $320 mark. Therefore, we expect Litecoin to attempt to push below this support over the next 24 hours. Once the $300 support breaks, the next support is located around the $280 mark. 

Since the $280 level previously acted as a very strong support, we should see the market price reverse back to the upside next week. From there, LTC/USD should move higher and try to establish another several-week upswing and set further all-time highs.

Litecoin Price Prediction: Conclusion 

Litecoin price prediction is bearish as the market continues setting lower highs over the past few days. LTC/USD currently attempts to move lower once again to break the $300 support. Therefore, we expect further downside over the next 24 hours, with the next support target at the $280 mark.

While waiting for further Litecoin price action development, read our guides on how to buy Ripple, mine Monero, and long-term Ethereum Classic price prediction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/litecoin-price-prediction-2021-05-16/

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