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05/03/2018: Biggest Stories in the Cryptosphere

1. PayPal Files Patent for Faster Crypto Payments

American giant PayPal has filed a patent with the U.S. Patent and Trademark Office (USPTO) for a system which will make transactions immediate. The application for the ‘Expedited Virtual Currency Transaction System’ was made last week, on March 1. The new practice differs as in this case private keys are exchanged between seller and buyer secludedly. The keys consist of a succession of numbers and letters used with cryptocurrency holdings. The decision does not come as a surprise, considering the company’s stance on the crypto market. The company previously collaborated with Bitcoin payment service provider BitPay, Bitcoin payment processor GoCoin, and digital currency exchange Coinbase. Lastly, PayPal founder Peter Thiel is a big crypto investor himself.

2. Chinese Political Advisor Calls For Crypto Exchange

Chinese news channel Lie Yun Wang has reported the news that Wang Pengjie, a member of the local main political advisory, has suggested the creation of a national crypto trading platform. Wang Pengjie is a member of the Chinese People’s Political Consultative Conference (CPPCC). The initial idea is for the People’s Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) to jointly create a ‘blockchain and digital asset management approval system,’ followed then by a potential exchange. Pengjie believes the fact that Ethereum, Litecoin and Bitcoin have market caps greater than Chinese internet provider Tencent is a reason why China should consider the move. Furthermore, the Nasdaq is currently contemplating the possibility of launching Bitcoin futures trading, while South Korea is drawing up a regulatory framework. He concluded by stating that the “approval system” would help to deal with the uncertainty of blockchain technology.

3. Cambodia Could Issue Own Cryptocurrency, Inspired by Venezuela

A press release was issued for Cambodia’s approaching ASEAN 2018 BlockChain Summit. According to the piece, attendants can expect an important announcement regarding Entapay, a new payment channel. It was also stated that it could serve as a replacement for companies such as Visa. The main goal of Entapay is to make encrypted currency payments mainstream. There was a hint in the press release that Venezuela’s launch of the cryptocurrency Petro could encourage the country to issue Entapay Tokens.

4. Ripple Rises by 17% Amid Rumours of Coinbase Listing

The crypto market has started the week with steady growth. Most of the top 100 cryptocurrencies have seen their value growing, while none had a loss greater than 10%. However, the currency performing best is Ripple, the third largest cryptocurrency by market cap. Growth of 17% led Ripple’s unit price to over a dollar. Renewed rumours that Coinbase could list the cryptocurrency on its platform could have contributed to the surge. The entire market cap grew by 3% to $ 470.7 billion. The first and second largest cryptocurrencies, respectively Bitcoin and Ethereum, grew by approximately 2.5% to $11,489, and almost 2% to $862 (as of 14.30 GMT).

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