Crypto Corner - July 23, 2018
Market Steadily Grows Over Weekend, Fit Pay Joins with Rapper Lil' Flip for Contactless Payment Device, India's Central Bank Tells Supreme Court to Regulate Crypto and Coinbase Forms a PAC
Stocks discussed: (Nasdaq:NXTD)
The total market cap this morning is sitting at $287 billion USD, according to data from CoinMarketCap. The market peaked at $300 billion USD on Wednesday last week, only to drop $25 billion USD by Friday, so this represents a steady recovery. Bitcoin (BTC) is trading at $7700 USD and holds a 46 percent market share at press time.
Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD), today announced a co-marketing agreement with rapper, record producer and entrepreneur Wesley Eric Weston, Jr., better known as Lil' Flip aka "Flip Gate$". Under the agreement, Lil' Flip and FitPay will collaborate to market a contactless payment device that allows Bitcoin holders to make contactless payments in millions of retail locations with value exchanged from their cryptocurrency. The device, which will include artwork designed by Lil' Flip and carry his branding, leverages the FitPay® Bitcoin Exchange and payment Token Requestor platforms.
The coin-shaped device will store a preloaded amount of U.S. dollars that are exchanged from the user's existing Bitcoin account and has a digital wallet that allows users to set how much value they would like their device to hold and when they would like it to reload. It includes near field communication (NFC) antenna allowing users to tap and pay at any retail point of sale location that accepts contactless payments. The artwork on the device will be designed by Lil' Flip and reflect his branding.
Lil' Flip explained the agreement:
"I've always been ahead of my time. This move was planned 10 years ago. I'm a calculated mastermind. I pattern my biz moves after greats like J.Prince, Warren Buffet, Jay-Z and Bill Gates. That's why my nickname is FLIP GATE$ and don't forget the dollar sign. Checkmate!!!!! #KINGLIFE. Great to work with a company like FitPay that is forward thinking and shares my vision."
India's central bank, the Reserve Bank of India (RBI), told the country's supreme court on Friday that it is necessary to regulate cryptocurrencies like Bitcoin. According to the Financial Express, the RBI's senior counsel, Shyam Divan, told Chief Justice Dipak Misra that without regulation, crypto will "encourage illegal transactions and also impact international flow of funds" Advocating for regulation seems to be more mild than the RBI's crypto ban issued in April.
Trading and wallet giant Coinbase has become the first U.S. crypto entity to form a Political Action Committee (PAC), according to documents made public on Friday. The move could be seen as an attempt by Coinbase to secure more political clout in a time where the regulatory state of the crypto market is uncertain.
Sam Mowers, Investorideas
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