On 16th July, TokenPay CEO Derek Capo, ran a live YouTube broadcast on TokenPay’s official channel to speak about TokenPay as a platform, his former business called eFin, his days as an entrepreneur, failures and more. This is in response to Bitcoin influencer Tone Vays‘ recent Twitter castigation of TokenPay and Litecoin partnership, the respective leaders and their acquisition of stakes in WEG Bank.
Derek Capo, along with crypto-enthusiast Sean Davis, approached the discussion by speaking about TokenPay’s recently released website. It is for the rebranding of TokenPay, which also displays the products that the company is working on. One of the main features is merchant services which are planned to be brought in August.
Merchant services are significant for the adoption of cryptocurrencies in businesses. The TokenPay CEO also added:
“Merchant services is needed in order for businesses to start accepting crypto and then once we start to get the ball rolling there we will get hopefully hundreds of thousands of businesses worldwide to be able to start accepting crypto.”
Since TokenPay is not as popular as Litecoin in the cryptocurrency space, the platform is following the push-pull business strategy to spread its adoption. Litecoin is pushing the adoption of their coin through sales while TokenPay still has a long way to go in terms of recognition of its ecosystem. This is why TokenPay is establishing more and more partnerships, explained Derek.
Next, he clarified the purpose of Token Suisse, which according to Derek, is going to be a regulated, registered broker-dealer. This is why TokenPay purchased the 10% stake of a bank. Post this purchase, TokenPay can issue certificates for coins. For instance, not all crypto-holders, especially institutions that want to actually hold their digital assets in a wallet. The exchanges are centralized, vulnerable to hacks, and do not always possess an insurance.
Many individuals of high net-worth invest in cryptocurrencies to diversify their portfolio. The role of Token Suisse is to issue certificates for that customer base. However, the certificate requires funds worth at least $1 milli0n to be executed. For acquiring such a certificate, Token Suisse may charge a yearly fee or an entry and exit fee. Currently, TPAY is not tradable but can only be invested via certification.
The conversation shifted to eFin, one of the startups of Derek and initially was a credit store for stocks that operated on several algorithms. On this, Derek admitted that the business failed within three to four months, due to a major competition and other factors. Furthermore, the domain name of this business, eFin, was versatile and decided to be built into a decentralized exchange.
Derek explained the reason for his interest in building a decentralized exchange. After stating that many cryptocurrency exchanges are attacked by hackers time and again, he said:
“We realized that there was obviously a demand for having a decentralized exchange but there was no big one out there that was actually doing a really good job, so what we decided to do was build an exchange and build a specific coin that would work within that exchange, apart from other coins that you can have in exchange.”
On the Litecoin-TokenPay deal, Derek said that the deal is important because of Litecoin’s huge reach on every exchange in the world, by default. He also mentioned that Charlie Lee can assist TokenPay to enter new networks, and vice-versa. He cites an example of the importance of having a wide reach by stating that the partnership deal was covered by a plethora of news portals online.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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