Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




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Cryptocurrency project Stellar is in talks to buy a San Francisco-based blockchain startup called Chain. The price tag could be $500 million and would all paid in Stellar Lumens (XLM) coins.

A San Francisco-based blockchain startup called Chain is making headlines in the crypto world. Fortune reports that cryptocurrency company Stellar is in talks to acquire the firm. According to the publication, the entirety of the $500 million acquisition deal will be paid in Stellar Lumens (XLM) coins.

What is Chain?

The startup’s product “Sequence” is designed to be a “ledger-as-a-service.” The company describes itself as creators of “cryptographic ledgers that underpin breakthrough financial products and services.” It raised $40 million in VC funding from Khosla VenturesPantera CapitalBlockchain CapitalNasdaqRRE VenturesBoxGroupVisaCiti VenturesHaystack and Thrive Capital.

Visa has, previously, deployed the Chain Protocol and Chain Core Blockchain platform in their Visa B2B Connect, which helps high-value transactions from corporate clients occur smoothly while connecting to partner banks. All parties involved in the transactions are connected to a private blockchainfor real-time payments.

Stellar Ready for a Change

Ripple co-founder Jed McCaleb created Stellar. Its currency, Lumens, is currently the seventh most valuable crypto in the world with over $4 billion in market capitalization. The company’s blockchain is presently being used by IBM to transfer payments between South Pacific countries and messaging startup Kik.

Earlier this week, the currency was approved by the New York DFS to trade on the itBit exchange in the state. It also received funding from payments firm Stripe.

Stellar and Chain were, reportedly, involved in a fierce battle to hire top developers. A source shared Stellar, which is the larger firm with deep pockets, found it easier to acquire Chain and bring its engineering talent onboard. It is likely that Chain CEO Adam Ludwin will remain a part of the company.

Chain’s role in Stellar and its incorporation into the company’s product is still unclear. None of the companies have made official announcements or comments about the deal.

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Stellar Lumens is currently in communications regarding the potential of purchasing the San Francisco-based startup company Chain.

Chain is a platform focused on blockchain development which is hoping to offer banking and financial institutions a way in which they can develop their own individual and private networks. Chain, unlike other companies with a similar aim, is not a blockchain in itself but rather looks to offer the technology to markets in the finance industry.

According to Chain, this is what is setting them apart and the CEO has dismissed the suggestion that cryptocurrency is a trading entity to replace traditional tender. He said:

Quote:“People want to believe that there’s going to be this mythical coin that comes out of Silicon Valley that the world starts using and that all of Wall Street just falls into the ocean.”

It has not been explicitly stated how  Stellar will use Chain’s technology if and once it has been acquired. It has been said by Fortune that Stellar is willing to spend $500 million USD worth of XLM for the purchase. Currently Stellar has a market cap value of $4.3 billion USD so the amount suggested is not far-fetched.


Since it was founded in 2014, Chain has managed to make its mark in the industry; raising over $43 million USD in funding with some leading venture capital business supporting the project, such as  Khosla Ventures, RRE Ventures, Capital One, Visa, Citigroup, Nasdaq, and Orange.

Stellar, which is hoping to integrate blockchain technology into financial systems, seems to be aligned with Chain’s vision for the company and this could be an acquisition to create a well-paired partnership.

Currently, Stellar’s XLM is down by 6.67% day-on-day, and presently trades at $0.22 USD

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Ethereum & Cardano Founder: Cryptocurrency Will Become a Multi-Trillion Dollar Industry



Charles Hoskinson calls out the mainstream media’s constant predictions on the death of the cryptocurrency Ponzi scheme – scam bubble on Twitter predicting an influx of trillions of dollars from institutional markets once the next round of regulation is settled.


Hoskinson Calls Doom and Gloom Media Reports

There hasn’t been a day gone by since Bitcoin entered into the collective consciousness during its unprecedented 2017 bull run, carrying along with it along the terms cryptocurrency, blockchain, and digital money, that a headline hasn’t appeared warning the public of its inevitable demise and the financial destruction which would encompass all in the space.

With old money market bears like Warren Buffet calling the entire industry “rat poison” and headline-grabbing institutional heads like Mark Carney of the Bank of England calling for the fall of cryptocurrency every chance he gets, it’s refreshing to have a crusading voice on the side of the industry make a loud prediction every once in a while. It doesn’t hurt that in this case, that voice belongs to the founder of both Ethereum and Cardano Charles Hoskinson.

Hoskinson tweeted out to his 92 thousand plus followers criticism on the mainstream media’s “cryptocurrency is going to die broken record” stance. Predicting that when the present regulatory problems are settled “wall street is showing up to the party with all their locked up capital. That’s tens of trillions of dollars entering the space

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[/url]Charles Hoskinson@IOHK_Charles



[url=https://twitter.com/IOHK_Charles/status/1009689496185724929]

What's often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That's tens of trillions of dollars entering the space eventually. Future is bright
1:48 PM - Jun 21, 2018 · Edinburgh, Scotland
  • 1,644533 people are talking about this

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Hoskinson is not alone in this opinion. Ever since Goldman Sachs solidified rumors of wall streets first digital asset trading desk and with recent clarity coming from the SEC clearing the way for Ethereum and possibly other crypto-based derivatives talk about the tidal wave of institutional monies coming to flood the crypto market has been ramping up.

Crypto Bulls put the Present Price Lull into Perspective

Wall Street’s ‘Crypto King’ Bart Smith who runs the investment firm Susquehanna International Group recently told CNBC in an interview focused on the interest of institutional investments into crypto and blockchain based technologies that: “[Regulatory] clarity will allow institutions to come in more than anything else because institutions don’t like to invest into uncertainty. So we’re just taking the most conservative approach that we can,”

Likewise, San Francisco’s Coinbase CEO Brian Armstrong told his employees in a series of tweets about the nature of the crypto market that:  “When there is hype, people are irrationally exuberant. When there is despair, people are irrationally pessimistic. Neither is true, reality is always somewhere in the middle, more correlated with real usage (transactions per day) than the price.”

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Yo coin – The next generation currency
 
 
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Reports of Stellar acquiring Chain are floating around this week. On June 20th, Fortunereported that Stellar, the creator of the virtual currency XLM, is in talks to purchase the California-based blockchain startup. But is it really going to happen?

Stellar Acquiring Chain – Real or Fake?

Rumors in the crypto space take different paths. When the fake Coinbase listing rumors spread about XRP, the Ripple price soared. But then it dropped when people realized it wasn’t true.

As for the rumor of Stellar acquiring Chain, the cryptocurrency has neither soared nor plunged. However, that’s not to say that the latter won’t happen. More on that later, though.

The news is still on the DL. Fortune got its information from anonymous sources close to the matter, and while that isn’t an official confirmation, Fortune did provide some real figures to go along with the not yet confirmed acquisition.

Stellar Acquiring Chain – The Details

According to Fortune, Stellar (XLM) will be acquiring the San Franciso-based company for $500M. This amount will not be paid in equity or cash – it will be in XLM.

Citing sources close to the matter, Fortune then reported that backers of Chain will be given payment in XLM. They will be able to either hold or sell right after the transaction.

Aside from numbers, Fortune had something to say about the reason behind Stellar acquiring Chain. Reportedly, Chain has a fantastic team of blockchain developers, and even though there is a high demand in this field, there is a short supply.

So, instead of stumbling upon a talented blockchain developer, Stellar is openly seeking them out.

XLM Daily Chart: June 21, 2018

Currently, Stellar (XLM) is selling for $0.22. This puts the coin down 2.95% in the past twenty-four hours.


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Source: CoinMarketCap


Earlier in the day, XLM had over $40M in daily trading volume. This was why I said it was possible for the news of Stellar acquiring Chain to cause the token to plunge.

If Chain investors flood the market so that they can sell a percentage of their obtained XLM tokens, downward pressure could be put on the exchange price of XLM. Maybe not in the long-term, but definitely in the short-term.

With that being said, at press time, the daily trading volume is currently below $40M. Right now, XLM has a trading volume of $37.42M.

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Earlier this year, the team of Stellar Lumens announced that thirty top financial institutions and about 60 percent of the retail corridor in South Pacific Island will be using XLM. If this happens, then the value of the digital currency could fly to the moon.

While some investors would be happy to see the value of Stellar Lumens return to 40 cents, others want the value of the coin to increase over the $1 mark and beyond. In this article, you will find some of the latest digital currencies predictions for 2018.

What You Should Know about Stellar Lumens (XLM)

Stellar Lumens is designed to provide solutions to the flaws of bitcoin, and it is cheaper, scalable, and faster than bitcoin. Stellar Lumens transactions are very cheap and you can carry out a transaction in three to five seconds.

Stellar Lumens is more focused on transforming international payments, and it is more concerned with offering banking services to individuals.

Price History of Stellar Lumens

Last year was a breakout for the digital currency. In April last year, the coin was trading at $0.002. It started gaining attention in May, and its value increased to 4 cents over the summer. The digital currency went as high as 31 cents in December last year, and it experienced its all-time high of 93 cents in January this year.

Stellar Lumens Price Prediction

In the month of May and June, Altcoin Forecast predicted that the value of Stellar Lumens would increase by 35 percent against Bitcoin. It also predicted that the coin would experience an increase of 10 percent in the short-term.

Wallet Investor updates the predictions and prices of digital currencies every three minutes based one technical analysis. At the moment, the site has predicted that the value of the digital currency could increase to about $0.351 in the next one year and $0.974 in the next five years.

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The cryptocurrency craze rages on, and one unintended consequence is the dramatic rise of illicit cryptocurrency mining.

It takes computing power to transform digital calculations into crypto cash, whether it be Bitcoin or one of the many other forms of digital currency.

So, quite naturally, malicious hackers are busying themselves inventing clever ways to leech computing power from unwitting victims — and directing these stolen computing cycles towards lining their pockets with freshly mined crypto cash.

Individual consumers have been the prime victims for more than a year. And now small- and medium-sized businesses (SMBs) are being increasingly targeted — especially companies  rushing to tap into cloud services such as Amazon Web Services, Microsoft Azure and Google Cloud.

To help you unpack all of this, here are five fundamental concepts that will help you understand why you should reduce  your exposure to illicit cryptocurrency mining.

Cryptocurrency basics. Bitcoin gets created by solving an increasingly difficult math problem; the difficulty factor has risen to the point where Bitcoin today can only be mined by special-purpose computers that consume massive amounts of electricity.
However, Monero, Ethereum, Bytecoin and other cryptocurrencies have come along that can still be mined by ordinary computing devices. So naturally, cryptocurrency mining services have cropped up. Coinhive is a notable example. Intended to give web site owners another way to monetize their sites, Coinhive works by embedding a mining function on web sites. However, since it degrades web site performance, it never really caught on until . . .

Cryptojacking arises. . . . someone got the bright idea to hack web sites and install infectious copies of Coinhive on them. This is done in way so that JavaScript code gets silently installed in the browser of the computing device of anyone visiting the infected site. The JavaScript then commences to mine cryptocurrencies without asking permission. The Federal Trade Commission calls this  cryptojacking, and you can now file a complaint with the FTC if you think you’ve run into it.

Cryptojacking, in fact, has scaled to epic proportions. Palo Alto Networks released a June 11 report pegging the value of crypto cash mined by cryptojackers at some $143 million. At least  500 million PCs have been discovered doing such mining, and AdGuard recently foundover 200 sites launching crypto mining scripts.

The monetary reward that results isn’t stolen out of anyone’s pocket, per se. However, hacked web sites spewing this mining malware ultimately can get blacklisted. And consumers’ computing devices that get roped into crypto mining invariably heat up and slow way down.

Consumer relief. So what steps should consumers take? Avoid sketchy sites, such as porn, media piracy and Dark Web sites; such sites run a higher risk for spreading cryptojacking scripts. Similarly, be judicious about installing any new add-ons, plugins and phone apps, all of which could be corrupted with mining scripts.

Be cognizant of your computing device’s performance. If your CPU usage rises steeply for no good reason, a power draining mining script might be to blame. You’ll have to take methodical steps to locate, shut down and uninstall the mining script.

After you get your device back to a clean state – or, better yet, before you get victimized – consider using an ad blocking service, like Adblock Plus, and/or a plug in, like No Coin Chrome Extension; these types of services are effective at detecting and blocking known mining scripts.

Cloud targets. Attackers are also targeting businesses with a similar type of illicit cryptocurrency mining scheme, especially companies that are increasing their dependence on cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud. These attacks build off familiar phishing or website hacking techniques to gain access inside a company’s firewalls. The attackers then concentrate on locating cloud computing instances that aren’t well secured.

The endgame: install mining scripts directly onto these cloud endpoints, thus piggybacking onto a company’s cloud resources to mine Monero or Ethereum, and direct the proceeds into digital wallets they control. The company is none the wiser – at least until a cloud services billing statement arrives showing elevated AWS usage and fees.

SMB relief. The best thing companies can do is the obvious thing, practice cyber hygiene.This requires strict, constant attention to securing logons and encryption keys for all cloud resources. Unfortunately, the current business environment really does not support that approach.

It’s pretty clear that  that vast majority of companies, large and small, at this moment are enamored by how cloud services can lower operating cost and improve speed of innovation. Most, I believe, lack a full appreciation for the need impose security best practices onto cloud-based operations.

Realistically speaking, illicit cryptocurrency mining, whether by way of cryptojacking or via piggying backing off cloud servers, is just getting started. It’s up to each individual – and each company – to understand this, and to deal with it.

Don’t wait until your smartphone heats up and shuts down; or your company’s cloud services bill goes through the roof

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Knowing the Difference Between Cryptocurrency and Non-cryptocurrency May Avoid You from Booby Traps

Cryptographer and PhD in Information Security Dr. Pavel Kravchenko shares his insights into the nature of crypto and non-crypto assets, and explains why it’s critical to understand the difference between them.

Current situation on the digital currency market is both: extremely advanced and unbelievably comical. In short, incredible demand provokes the appearance of a great abundance of cheaters. In order to bring matters to a head, let’s contemplate on one very short example.

In some time, we’ll be passing through the period when fuel cars will no longer be in fashion because new models of electric vehicles will be much more efficient, that said faster and even cheaper. E-vehicles will be the new trend to which everyone would strive. By this time, you’ll be able to find a lot of market offers, when something quite distinct from an e-vehicle is presented as nothing more than it.

An old push-bicycle introduced as a ‘Tesla-killer’ is very similar to how many ‘enthusiasts’ today try to present something which is nowhere near cryptocurrency as the very one.

So, in today’s highly speculative market, one could either make a big time or fall very short of their expectations. Whilst the failure is mostly contingent on the lack of knowledge and a number of misconceptions about the concept of cryptocurrency. Let’s consider what’s what.

The Definition of Cryptocurrency

The definition of cryptocurrency is exceptionally simple. It consists of three basic keywords.

Cryptocurrency is an independent digital currency. Independence is the main point here and is achieved by virtue of decentralization of the following processes:
    • Issuance. New coins in the system are to be issued according to the algorithm that’s based on the determined upfront monetary policy.
    • Transaction validation. Anyone can participate in the transaction validation process.
    • Availability. The system is opened for use for all (it has no registrations or permissions).
    • Data storing. Data is available for everyone, that said, everyone is able to store and verify it, which makes transactions irreversible. You cannot fool anyone when you’re in the public eye.
    • Audit. Everyone can synchronize with other nodes and verify the accuracy of the transaction history.
    • Governance. No one holds the ultimate reigns of making decisions, rather, they are made mutually through discussions on forums.
Needless to say, that the initial code and specification of a cryptocurrency should be in the open source. Eventually, all the properties we have just considered can only be possible in case of a sufficiently big and open community: Even if you copy the initial code of Bitcoin, which is kind of designed for a decentralized digital currency, and launch your own — it won’t be a cryptocurrency if there won’t be a fairly big and open community around it, eventually.

What is What?

As you can see, it is specifically decentralization the main attribute of every cryptocurrency. If at least one of the above-mentioned processes takes place in a centralized manner — it’s not a cryptocurrency, because it’s no more independent.

BitcoinLitecoinMonero — these are good examples of cryptocurrencies, where all the above stated processes are decentralized, which makes them as much independent as possible.

Having analyzed the Ripple (XRP) currency, you’ll see that transaction validation in it is not really decentralized (only a limited number of parties can validate), while the process of emission is totally centralized because creators are in full control of how the coins are issued and distributed. So, it’s fundamentally wrong to call Ripple a cryptocurrency. But it is not good or bad, it’s just the way it is. Because Ripple aims to solve other problems.

What is a Token?

It’s important to understand that token is never a currency, while its definition is extremely vast and even abstract. So that in each particular case it can undergo certain contextual changes.

You could’ve never known, but you’ve already dealt with tokens. For example, the subway token that grants the right to using the subway service. Another example is American dollar at the gold standard times. It was a token that presumed the right to a certain amount of gold.

Cryptographic Token

This term is much more narrow, so it’s easier to give it a clear and comprehensible definition.

A cryptographic token is an accounting unit that is being used to represent digital balance in a certain asset, whilst the ownership of a token is evidenced by the aid of certain cryptographic mechanisms, for example — digital signature. Bitcoin (coin) is a cryptographic token. But, it’s important to understand that …

Cryptocurrency coin is a cryptographic token, but it’s never the other way around, meaning that not all cryptographic tokens are cryptocurrencies.

Once again, the cryptographic token represents a unit in certain digital accounting system. Meaning that tokens can not only represent some digital independent currency like Bitcoin but also be backed by something physical or digital:
  • Stocks;

  • Digital obligation;

  • Any currencies;

  • Ownership rights;

  • Right for a service, etc.
For example, agribusiness company can tokenize its grain receipts, so that seeds are situated in the warehouse, while the tokens are being easily traded.

Most commonly, the accounting of cryptographic tokens is realized with the aid of the blockchain technology, while the access to them is carried out through special e-wallets that use the digital signature schemes.

Now, Let’s Have Our Knowledge Structured

The last thing we’re going to do is puzzle out this, at first sight, complicated scheme. In reality, it’s a piece of cake.

[Image: Dr.-Kravchenko.png]
Photo: Pavel Kravchenko

As you can, see it’s all about digital assets. Let’s first define the right side of the picture:
  • Non-auditable digital currency. Commonly, a centralized payment service with which you can transfer certain digitized assets and/or currencies. No one can verify the database, but only trust the honesty of the service.

  • Complementary digital currencies. Basically, it’s the same thing, it’s just that the safety mechanism implies the use of cryptography. The circle intercepts with ‘cryptographic token’.
  • Now, let’s consider the left part:
  • Cryptographic token. A unit in the accounting system that’s protected with the aid of cryptographic mechanisms. (Tether (USDT) is a cryptographic token, the price of which is backed by that of USD)

  • Auditable digital currency. It’s a digital currency that’s not yet cryptocurrency because some of the processes are not decentralized, though the database can be audited by any or some external parties (which significantly distinguishes it from non-auditable digital currency, where it’s all based on trust and confidence). That’s where many people get frequently confused because they think that it’s a cryptocurrency, but it’s actually not. Ripple and Stellar are good examples.

  • Cryptocurrency. Totally decentralized and independent digital currency (issuance, validation, audit, decision making, etc).
Conclusion

Sometimes people find it hard to distinguish what is cryptocurrency and what’s not. We aimed to show that it’s not that difficult when you have your main focus on the criteria of independence and decentralization. Because it is specifically they that define the true freedom of the currency and of those who own it; they that triggered a tiny (or maybe even not) revolution of the accounting systems; revolution in people’s min

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Cryptocurrency IRA platform that lets customers purchase Bitcoin and other cryptocurrencies for their retirement accounts, on June 19th, announced that it is adding Stellar Lumens [XLM] and Zcash [ZEC] to its list of available digital currencies. Chief Operating Officer at BitcoinIRA, Chris Kline said regarding this partnership:

Quote:“As the prominent company for crypto retirement investments, we’re excited to meet the high demand for both Stellar Lumens and Zcash in the marketplace by making these coins available to customers looking to diversify their retirement portfolios,”

[Image: bitcoin-IRA.jpg]
Bitcoin IRA announcement | Source: Twitter

This cryptocurrency platform headquartered in California, USA, offers a full-service solution that allows traders to invest in Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC], Bitcoin Cash [BCH], and Ethereum Classic [ETC] with their IRA [Individual retirement accounts].


The company believes in making the complex process, simpler and safer. Their aim is to be fully transparent and straightforward to help investors achieve their retirement goals with cryptocurrencies.

Bitcoin IRA prioritizes safety, security, and Insurance and support. Their core team includes Camilo Concha, the CEO from Bogota, Colombia. Johannes Haze, the Co-founder, and CMO from Rotterdam, Netherlands. Chris Kline, the co-founder, and COO from Denver, Colorado.

Camilo Concha, CEO, and Co-founder of BitcoinIRA said:

Quote:“Both Zcash and Stellar Lumens have established their influence in the competitive cryptocurrency space. Zcash’s zero-knowledge cryptography is a powerful solution to privacy concerns regarding visibility of transaction history. And Stellar Lumens, with its impressive partnerships, fast transaction times, and altruistic mission, has also established itself as a valuable currency to look out for.”

BitcoinIRA website states that it selected these coins based on a variety of factors which includes customer requests, overall marketplace acceptance, product development progress, and regulatory factors.

At the time of writing, Stellar Lumens [XLM] has a market cap of $4.3 billion and has had a steady rise of 2.44% over the past 24 hours with the price at $0.23. Zcash [ZEC] is trading at $195.75 with a uniform increase of 1.58% over the last 24 hours. It has a market cap of $819

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With an exciting and potentially game-changing industry update, the cryptocurrency race of company acquisition seems to have truly kicked off, with the Stellar Lumen’s Foundation – and its for-profit arm Lightyear – looking to acquire San Francisco start-up ‘Chain’.


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[/url]Lumenauts.com@lumenauts





According to Fortune, "Stellar is in talks to acquire http://Chain.com ". Chain's investors include "Nasdaq, Visa, Citi Ventures" & "will receive payment in the form of Lumens". No comment from @StellarOrg yet. http://fortune.com/2018/06/20/stellar-acquires-chain/ …
5:00 AM - Jun 21, 2018
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Stellar In Talks to Acquire Blockchain Startup Chain
Stellar has the money, and Chain has the engineering talent.
fortune.com


  • 15See Lumenauts.com's other Tweets



A tweet just yesterday from [url=https://www.lumenauts.com/]Lumenauts.com, a community news and ‘unofficial Stellar guide’ outlet, quotes a Fortune article detailing this rumoured takeover. In what appears to be a confirmation of the rumour, Anthony Barker – CTO at Tempo.EU (a remittance company and Stellar anchor) corrects the Fortune article title, stating ‘I think they must mean Lightyear’ (Stellar’s for-profit arm).

Chain, with CEO Adam Ludwin, currently engages in developing high net worth cryptocurrency and blockchain projects and research, building cryptographic ledgers that ‘underpin breakthrough financial products and services’. Founded in 2014, Chain has raised in excess of $40 million with venture funding from notable names including Nasdaq, Citi Ventures, Pantera Capital and even Visa themselves. Links to industry heavy-hitters will only serve as further confirmation of the company’s pedigree, connections and Stellar’s acquisition motives.

This would mark a very interesting development for both the Stellar protocol and the cryptocurrency space as a whole. Acquiring a serious cryptocurrency engineering and research company would signal a challenge to the rest of the blockchain industry, and be seen as serious future intent from both the SDF and Lightyear. With Stripe amongst the first investors in the Stellar Protocol itself, it seems that the financial and future pieces of the secret jigsaw may be finally coming together – especially with IBM’s Universal Paymentsystem just weeks away. Exactly what the deal between Chain and Stellar will entail remains to be seen.

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For several years banks have eyed the crypto movement with fear and distrust. Crypto’s ability to undermine much of their business model should no doubt be concerning to them, but at the same time cryptocurrency opens doors to new possibilities. The simple fact that decentralized blockchain assets are now a permanent part of the financial landscape should be reason enough for banks to embrace the technology, and now many are beginning to do so.

Although crypto advocates have long asserted that blockchain assets will enable the public to break free from the banking industry, the truth is far more complex. Banks have the capacity to offer many necessary financial services that, at least for the time being, can be very beneficial for crypto users. Cryptocurrency businesses, for example, still need banks for issues such as payroll, fiat conversion, and loans. Many individuals also link bank accounts to crypto exchanges for purchasing.

Although most large banks are reluctant to work with cryptocurrencies, a number of smaller community banks have become more receptive. San Diego-based Silvergate Bank, for example, provides services for more than two hundred-fifty cryptocurrency companies, including some of the largest exchanges. Other small banks that have embraced crypto include Metropolitan Bank in New York, and Cross River Bank, in New Jersey. These institutions understand the risks associated with the crypto space, but believe that such moves give them an advantage over their much larger competitors.

It is worth noting that these banks still only work with fiat currencies, and banks have yet to begin managing crypto directly. It is nonetheless reasonable to assume that as crypto adoption grows, banks could begin to do so. They are fully aware of the substantial profits being made by fiat-to-crypto exchanges, and they are in a perfect position to offer similar services. It is highly unlikely that they will sit idly by while such an industry develops.

There is also the very real likelihood of crypto exchanges offering more traditional banking services. Coinbase, for example, has already begun to explore the option of obtaining a bank charter. Such a move would enable it, and other exchanges, to offer many more services, such as federally insured fiat accounts.

There are, of course legal and regulatory issues to overcome, and central banks have not embraced the idea of banks becoming involved in crypto. In fact, in some countries central banks have attempted to ban banks altogether from dealing with it. Nevertheless, it is folly to assume that banks can be prevented from participating in such a revolutionary industry, especially now that even the staunchest critics of cryptocurrency have come to respect the technology.

It is also reasonable to argue that bank involvement will be a positive step in bringing cryptocurrency into the mainstream. By both supporting crypto businesses and directly offering crypto investment, established banks will add legitimacy to crypto in the eyes of the public. Also, although the ability to manage one’s own wealth is a key benefit of cryptocurrency, many people are certain to be more comfortable with their coins in a bank sponsored wallet, held and secured by professionals.

Given the significance of the cryptocurrency revolution, banks are all but certain to become involved in blockchain assets. The few steps that have been taken are but a glimpse of what is to come. The means by which banks will shape cryptocurrencies, and of course adapt to them, remains to be seen.

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