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Ethereum added to Wirex app; online ETH transactions now available via Wirex Card

Priyamvada Singh

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Ethereum added to Wirex app; online ETH transactions now available via Wirex Card
Source: Pixabay

On 4th September, Wirex, a platform for users to manage digital assets as well as traditional currency announced its support for the 2nd largest cryptocurrency, Ethereum [ETH]. Ethereum has been added to the Wirex portfolio of cryptocurrencies and an Ethereum wallet for the same will be available for the users.

Wirex's tweet on ETH Wallet | Source: Twitter

Wirex’s tweet on ETH Wallet | Source: Twitter

Currently, the users can convert their ETH to GBP, EUR and USD for in-store spending or paying online via Wirex payment card. Wirex, in its official announcement also wrote about the new things that can be done with the ETH wallet on its platform. Some of them are, selling, exchanging and depositing ETH via the app, exchanging altcoins and initiating free cryptocurrency transactions among Wirex users.

Additionally, the blog discussed Ethereum’s defining feature, smart contracts, stating that they facilitate developers to create and run decentralized applications. Smart contracts self-execute themselves distinguishing themselves from the traditional contracts.

Subsequently, Wirex mentioned Decentralized Autonomous Organizations [DAO] that are backed by smart contracts on blockchains similar to Ethereum. The DAO, as called by the community, was developed as a venture capital arm for the decentralized cryptocurrency space. However, it faced a loss of about 3.6 million ETH [=$70 million, then] during a hacking attack in June 2016.

The Ethereum blockchain is also associated with an alliance called the Enterprise Ethereum Alliance [EEA], which was formed as a way of networking for industry institutions such as startups, academia, technology vendors and even Fortune 500 companies. Some of the big companies involved in this alliance are CME Group, Infosys, Ernst & Young. Intel, J.P.Morgan, Shell, Accenture, among others.

The aim of the EEA was to work on the cost for local customers, introduce interoperability into the ecosystem, launch support from multiple vendors and suchlike.

A Twitter handle named Chocolate Lover, who is also a Wirex and ETH user on the announcement commented:

“Not showing in the app yet. Any idea when it will be live?”

To support the query, Wirex replied suggesting a solution. It said:



“Have you tried refreshing your App updates? It comes up after you scroll your finger down from the top to refresh. Hope that helps!”

The thread continued when the same user replied back, stating:

“Not sure if you mean when in the Play store or in the app itself but I have tried both and I can’t swipe down, or at least when I do nothing happens.”

Post this, the two parties took to direct messaging as mentioned in the comments.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Ethereum

Grayscale Investments: Ethereum Trust [ETHE] receives FINRA approval for public quotation on OTC markets

Priya

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Grayscale Investments: Ethereum Trust [ETHE] receives FINRA approval for public quotation on OTC markets
Source: Unsplash

Grayscale Investments, a digital asset management firm, made an announcement with regard to the second largest cryptocurrency in the market, Ethereum. The platform stated that the Financial Industry Regulatory Authority [FINRA] approved its Ethereum Trust, ETHE, making it the third publicly quoted investment product. The other two publicly quoted investment products are Grayscale Bitcoin Trust [OTCQX: GBTC] and Grayscale Ethereum Classic Trust [OTCQX: ETCG].

Grayscale Investments stated on Twitter,

“Our team continues to bring new opportunities for investors to gain exposure to digital currencies. We’re pleased to share that Grayscale Ethereum Trust received FINRA approval for a public quotation on @OTCMarkets under symbol: $ETHE* gryscl.co/2M4wVER (1/2)”

In a blog post, the platform stated that each Share of ETHE would be equivalent to 0.09662399 Ethereum, as of 30th April 2019. Further, the asset management firm also stated that the Ethereum in each share would decrease over a period of time as  ETHE would not “generate income” and the Ethereum would be “regularly distributed” to clear-out expenses.

It further stated,



“There will be no trading volume in the Shares’ public quotation until the Shares are DTC eligible, which ETHE is expected to receive soon. Investors will be able to find current financial disclosure and Real-Time Level 2 quotes for Shares of ETHE on the OTC Markets website once trading commences. “

The ‘announcement of this announcement’ was made yesterday by Barry Silbert, the CEO of Digital Currency Group, thereby creating a buzz. Barry Silbert had stated on Twitter,

“Follow @GrayscaleInvest for some big news at 9 am NY time tomorrow. Announcing an announcement (yeah, that’s how I roll)”

To add on, the firm had recently launched the #DropGold initiative, with its main focus being prompting investors to invest in the digital gold, Bitcoin. The firm had stated,

“Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold. […] Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold.





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