Coinbase launches crypto gift card service in Europe
US based cryptocurrency exchange Coinbase now offers a way for customers to purchase retail goods and services using crypto assets, thanks to a new partnership with a digital gift card startup. Coinbase has integrated its wallet services with WeGift, a London-based online gift card platform, and now allows users to purchase gift cards with cryptocurrency stored in their Coinbase wallets.
Currently, the exchange supports Bitcoin, Litecoin and others, with more likely to be added soon. Gift cards purchased by cryptocurrencies can be used in over 120 retailers that accept WeGift, including Tesco, M&S, Uber, Carrefour, Google Play and Costa. The service is so far only available in the UK, France, Spain, the Netherlands and Italy.
Reddit co-founder says crypto is “viable alternative” to fiat
Alexis Ohanian, the co-founder of Reddit and Initialized Capital, the venture captial firm with $250M in assets managed, says Bitcoin, blockchain technology and other cryptocurrencies can revolutionize the web. He also said he stands by his prediction that Bitcoin’s price will be at $20,000 by the end of the year, and went on to say “Bitcoin… is a changing sign of the times… we see it continuing to go up over the long term because more and more people are going to look for alternatives to fiat as a store of value.”
“Plenty of states may try to stop – and some already have – the rise of cryptocurrencies that would present challenges to their fiats. The ultimate result though, is the internet as a technology is a very robust and resilient one, the technology represents a real, viable alternative that is showing more and more credibility over time – and it’s still very volatile – but in the long term has unique value.” Ohanian also talked about his VC firm “We want to bet on the picks and shovels… the robust, very unsexy infrastructure… that all these things are going to ultimately need to work.”
TechCrunch founder’s hedge fund holds more Bitcoin than anything else
Mike Arrington, the founder of Arrington XRP Capital, who last November launched a 100 Million dollar hedge fund denominated in crypto, said the hedge fund is “vastly diversified” and actually holds more Bitcoin than anything else, during a CNBC Cryptotrader interview at Korea Blockchain Week.
Arrington, who is also the founder of TechCrunch, predicted Bitcoin’s price will reach $25,000 this year.
Investment startup Bitwise proposes ETF for top 10 cryptos
Crypto investment startup & asset manager Bitwise seeks permission from the SEC to offer an exchange-traded fund (ETF) tied to the top 10 cryptocurrencies. The Bitwise HOLD 10 Cryptocurrency Index Fund ETF would be tied to a passive investment fund which invests in the top 10 cryptocurrencies by market capitalization. This fund “captures approximately 80% of the total market capitalization of the cryptocurrency market,” the company said Tuesday.
According to a press release, the ETF proposal addresses issues surrounding supply, liquidity, trade volume and custody, which are areas the SEC has expressed concern about in the past. The proposal, filed with the SEC, differs from other ETF applications under the agency’s review in that it lists multiple cryptocurrencies as part of the fund, and not just Bitcoin.