Bitcoin

Bitcoin Daily: Ripple’s XRP Rises To Top-Performing Crypto; Samsung To Bring Blockchain To Budget Smartphones

Cryptocurrency

Ripple’s XRP added more than 21 percent overnight to become the best-performing asset in the top 10 of coins, reaching $0.38. This has led some to predict that the digital coin could soon return to prices above $0.50.

The surge comes after the announcement that XRP is now available to New York residents, which has brought in a new influx of funds. Despite its gains, some people are skeptical because XRP does not run a decentralized blockchain, and that it allows the potential reversibility of transactions, according to Cryptovest.

In other news, Samsung is planning to launch its blockchain technology onto its budget smartphone.

“We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions,” said Chae Won-cheol, senior managing director of Product Strategy at Samsung’s Wireless division, according to The Next Web.

In addition, the company will reportedly expand its blockchain services beyond Korea, the United States, and Canada. The revelation comes after reports last month that Samsung was planning to develop its own proprietary blockchain network, as well as launch its own cryptocurrency token.

“Currently, we are thinking of a private blockchain, though this is not yet confirmed. It could also be a public blockchain in the future, but I think it will be a hybrid — that is, a combination of public and private blockchains,” a source said at the time.

European Central Bank policy maker Francois Villeroy de Galhau believes that there is more of a future in stablecoins than in bitcoin.

The Bank of France is “observing with great interest initiatives in the private sector which aim at developing networks within which ‘stablecoins’ would be used in transactions involving ‘tokenized’ securities or goods and services,” Villeroy said, according to Bloomberg. “These are quite different from speculative assets like bitcoins, and more promising.”

And SFOX is partnering with New York-based M.Y. Safra Bank to offer its traders deposit accounts backed by the Federal Deposit Insurance Corp. (FDIC) — the FDIC-insured accounts will be linked to a crypto prime dealer.

“SFOX’s partnership with M.Y. Safra Bank represents another step forward in our mission to provide our clients with the best place to trade crypto assets,” SFOX CEO Akbar Thobhani said in a press release. “M.Y. Safra’s Bank proven track record of providing custom banking solutions to institutions and HNWIs made them the ideal choice for taking SFOX trading one step closer to the goal of a truly frictionless and reliable trade experience across all crypto assets.”

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