It was the last week of May and there has been some interesting news in the cryptocurrency world. Today we are going to talk about Samsung's project, Coinbase acquiring Tagomi, China's digital currency who is about to be launched and Ethereum who broke an interesting record, between records and huge news we have a lot to deal with. Let's dive into it !
1. Samsung incorporated Gemini in their smartphones :
First what is Gemini exactly ? Well it's a cryptocurrency exchange and custodian allowing its customers to trade and store digital currencies. Samsung decided to collaborate with Gemini in order to integrate it in their blockchain wallet, all the users have to do is to download the Gemini App on their smartphones. It doesn't concern all Samsung's smartphones only the Galaxy's models and exclusively on the US & Canada floor.
The main objective of this partnership is to allow Samsung's users to trade, exchange and store cryptocurrencies directly on their phone. Samsung's collaboration with Gemini basically aims to use the blockchain technology developed by Samsung, a technology in which Samsung believes a lot. This collaboration isn't revolutionary but confirms the current trend of huge companies to enter the cryptocurrency world, we can also mention FaceBook with Libra for example.
2. Coinbase just bought the society Tagomi :
You might know Coinbase, a huge platform allowing its users to buy, trade and store different cryptocurrencies (and recently to stake some with Tezos), but you might not know Tagomi. Basically it's a brokerage company founded in 2018 and based in New-York City. Coinbase stated that this acquisition will strengthen their offer for advanced traders and bigger cryptocurrency investors, it answers to the growing demand from huge investors.
It aims to facilitate huge cryptocurrency purchases on the Coinbase platform, for example if companies wish to buy hundreds of millions in Ethereum it will be now easier on Coinbase. Tagomi offers new tools and features (they haven't specify anything for now) in the Coinbase platform in order to be more efficient, actually Coinbase isn't the only one who did a partnership with them, it includes Galaxy Digital or Bitwise for example.
3. The upcoming launch of the Numerical Yuan :
It has been mentioned a lot during those recent days, China is developing and testing their own digital currency called the Numerical Yuan. This currency based on a blockchain technology aims to answer financial problems and to solve the issues due to COVID-19. It is currently being tested in 4 different cities in China and will be used during the 2022 Winter Olympic Games in Pekin.
If the Chinese government wishes to slow things down, some indicators show that its launch is actually imminent due to some issues. Indeed the USA represents a major threat for the traditional Yuan's position at the international level, the Numerical Yuan could be a solution to this uncomfortable position. In addition the COVID-19 could also accelerate everything, this crisis raised many questions mainly concerning cash, indeed people are afraid of possible transmission risks through cash, as a result a digital currency like the Numerical Yuan could be the major solution.
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4. Ethereum established a record concerning its addresses :
We are going to finish with a fun and interesting news, there are now over 40 millions Ethereum addresses with a positive balance. This fun stat is brought by glassnode who always publishes statistics concerning cryptocurrency, it shows that this number has increased by 4000% since 2017. This statistic confirms the fact that Ethereum gained a lot of popularity during the recent years, we actually saw it through the investments that multiply and the increase in the number of new addresses with 32+ ETH which is around 120.000 as we speaking.
This kind of statistic make some investors and businessman say that Ethereum is currently "underrated" in terms of value. Some traders including IamCryptoWolf are saying that Ethereum will normally experience a huge growth during this year. Ethereum's value could reach between $500 to $790 by the end 2020, let just keep an eye on it.