Blockchain wallet bets on stablecoins

The company is contemplating a partnership with undisclosed stable coin project.
The CEO of the company believes that stable coins are the future.

Tanya Abrosimova Independent Analyst

The worlds’ largest bitcoin wallet service providers Blockchain plans to enter a partnership with stablecoin issuer by the end of 2019. However, the company does not reveal the name of the potential partner.

“There’s a big race between stablecoins right now… Everyone is competing very hard to get their stablecoin out there and to have distribution. I think that market’s going to be really interesting. We will make a move in there soon,” CEO Peter Smith said n the interview with Block.

The company is fascinated with cryptocurrencies backed by fiat or other assets and moves to the status of the most significant player in the crypto universe.

Mr. Smith refused to elaborate on partnership details, only mentioned that it was all about stablecoins. Thus, 32 million Blockchain service users might be able to store certain stable coins in the wallet.

It is worth mentioning that the company has invested in undisclosed stablecoin projects.

“I think all major stablecoin projects at the moment believe they need us. The question is which one do we decide that we need?” Smith said.

Blockchain company was established in 2011. In recent seven years, it raised $70 million from large investors including Richard Branson, Digital Currency Group (DCG) and Google Ventures.

Author

Tanya Abrosimova

Independent Analyst

Ripple and Stellar outlook: XRP and XLM await direction amid cautious sentiment

Ripple and Stellar trade cautiously as both tokens hover around key technical levels. XRP is testing resistance at its 50-day EMA, while XLM continues to consolidate around the $0.187 support zone. Meanwhile, mixed derivatives data with a slight bearish tilt suggests traders remain cautious, keeping the next directional move uncertain.

Crypto Market Overview: Bitcoin recovery eases – HBAR and LDO test key resistance zones

Bitcoin edges below $66,000 extending the previous day's losses. Hedera and Lido DAO sustain bullish momentum, testing the breakout of a crucial resistance zone to extend their rally. CoinMarketCap’s Fear and Greed Index at 39 stalls below the neutral territory, indicating that sellers remain dominant.

Senate Republicans release updated CLARITY Act with new crypto ethics restrictions

Senate Republicans released an updated version of the Digital Asset Market CLARITY Act on Wednesday following briefing calls with stakeholders. The update adds a package of ethics restrictions targeting digital asset activities by public officials and their spouses.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure (on-chain) and traditional finance (TradFi), according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.