Uber co-founder & E*Trade alum launch no-fee crypto trading platform
Uber’s co-founder along with an E*Trade vet have teamed up to launch a commission-free cryptocurrency trading service. The platform, named Voyager, aims to capitalize on the fragmentation in the global cryptocurrency spot market. Rather than operating as a traditional centralized exchange, Voyager will serve as a routing engine for other exchanges, helping investors buy and sell 15 cryptocurrencies at the best available prices without having to open dozens of accounts and shop around before making a trade.
CEO Stephen Ehrlich said the firm will profit from the spread between the price quoted to traders and the price at which the underlying trade is actually settled, “We saw an opportunity to build a dynamic smart order router that can take advantage of the marketplace and also offer customers no commissions,” said Ehrlich, a former executive at electronic brokerage firm E*Trade and the founder of Lightspeed Financial. “Sometimes you go to trade on a certain exchange, but there’s no liquidity there.”
Bitcoin’s “coin selection” tech for reducing fees gets first major implementation
Crypto security startup BitGo’s latest technology – “predictive UTXO management” – sounds technical, but it’s got an end goal that everyone will understand: cutting crypto fees. BitGo is the first mainstream crypto company adopting a spin on “coin selection,” a scaling technology that’s been one of many touted as a way to ease the industry’s obsession with lowering fees since they spiked to over $20 a transaction in December.
Though fees have since fallen to less than $1, the incident had a huge psychological impact. As such, the industry jolted into action, looking into technologies that could help chip away at these fees. Coin selection more efficiently selects what coins go toward a particular transaction. The idea has been around for a couple years but is just now starting to gain more widespread attention. BitGo said its clients who have upgraded to their latest software version will have access to this new tool, seeing fee reductions of up to 30%.
“Dark horse” US presidential candidate accepts Bitcoin donations
Andrew Yang, a “dark horse” US presidential candidate running as a Democrat, tweeted that he is accepting donations in Bitcoin and other cryptocurrencies for his 2020 presidential bid. Yang is the author of a book called “The War on Normal People” which argues in favor of a universal basic income of $1,000 a month for all US adults. He is also opposed to artificial intelligence and automation technology.
Yang’s campaign noted that donors will receive a form that will allow the campaign to verify their voter qualifications, after which the campaign will send a cryptocurrency wallet address to allow them to make the donation. Supporters said it is about time candidates accepted cryptocurrency.
HUGE news – my campaign can now accept Bitcoin, Ethereum and other cryptocurrencies! https://t.co/GScyqfZXLY Let’s build the future together. @Steven_McKie @JulianSarokin @yidagao @AdamDraper @mashadrokova @albertwenger @novogratz @ericbahn @RamanFrey @richardtitus
— Andrew Yang (@AndrewYangVFA) July 24, 2018
Iran plans national cryptocurrency as new US sanctions loom
Iran may soon issue its own cryptocurrency as a way to bypass new economic sanctions enacted by US President Donald Trump. A plan to develop an “indigenous” cryptocurrency is currently on the agenda of the government’s Science and Technology Department. Alireza Daliri, the department’s deputy head in charge of investment affairs, said the project is working with the Central Bank of Iran. Daliri also said “We are trying to prepare the grounds to use a domestic digital currency in the country.”
The cryptocurrency would facilitate domestic and cross-border transactions ahead of the U.S. sanctions. The US announced it will restrict Iran’s access to US dollars starting from Aug. 6th. Daliri said his department aims to integrate blockchain technology with the country’s central bank over the next three months, rolling out a cryptocurrency for general implementation across domestic commercial banks.