Monthly Archives: September 2021

Cryptocurrency has an SEC problem and it just got bigger.

The Biden administration is taking a more hands-on approach to the highly volatile, little understood, and barely regulated cryptocurrency industry. Cryptocurrencies are decentralized digital currencies secured by blockchain technology. Bitcoin, ethereum, and other cryptocurrencies have become almost as accessible as government-issued currency in recent years, but the government offers few consumer protections for them.

The Securities and Exchange Commission (SEC) led by Gary Gensler, who taught a class on cryptocurrency at MIT is trying to make the case that it can and will regulate whatever cryptocurrency investment schemes it decides fall under its purview. The relative newness and rapid expansion of the cryptocurrency industry have put it in a regulatory gray area. The Internal Revenue Service (IRS) classifies crypto as property. The Commodity Futures Trading Commission (CFTC) considers crypto to be a commodity. And the SEC has said that digital assets may be securities, depending on the facts and circumstances. A security is a financial asset that can be traded, like stocks and bonds, and which is governed by several laws designed to prevent fraud and protect investors.

The SEC appears to have decided that an upcoming offering from Coinbase, the largest cryptocurrency exchange in the United States, meets its definition of a security. And its showing that it will step in and regulate it accordingly and, by extension, regulate the rest of the crypto finance industry more assertively.

Cryptocurrency exchanges allow people to buy and sell crypto. Coinbase is one of the biggest in the world and recently went public. It was planning to launch a program called Lend, which would allow investors to let others borrow from them a form of crypto called USDC, a stablecoin whose value is tied to the value of the US dollar (one USDC is always supposed to equal and be traded for the value of one US dollar). In exchange, lenders would receive 4 percent interest on the loan a far higher rate than traditional banks currently offer on their savings accounts. This could have made the Coinbase Lend offering very attractive to consumers who wouldnt have otherwise risked investing in crypto.

Thats where the SEC stepped in, according to Coinbase. The company announced on Wednesday (or late Tuesday, if you count a Twitter thread from CEO Brian Armstrong) that the SEC threatened to sue the company if it launched Lend, but that the agency wouldnt tell Coinbase why it considered Lend to be a security, except that it was doing so through the prism of decades-old Supreme Court cases. These cases, informally known as Howey and Reves, are the prism through which every potential security is considered, including crypto services. Coinbase said it wanted formal guidance from the SEC on how it was using those cases to determine if Lend was a security, but the SEC wouldnt provide it.

The SEC has not officially commented yet, though some people think this tweet qualifies as a response.

The people behind Coinbase might be (or at least claim to be) clueless, but the SEC almost certainly knows what its doing here: asserting its regulatory control over the world of cryptocurrency banking and finance. And its doing so with a pugnaciousness not typical of the agency, according to anonymous former SEC officials who spoke to Bloomberg.

The announcement that the SEC is investigating Coinbases Lend program is consistent with regulators ongoing aggression regarding crypto, George Monaghan, an analyst with market intelligence firm GlobalData, told Recode.

As the New York Times recently explained, cryptocurrency is moving into the banking sector, offering services that are usually reserved for traditional banks, whose services are backed by government-issued currency (the dollar, for example) and have operated under consumer protection laws and regulations that go back decades. For example, some crypto companies now offer interest-bearing crypto accounts, debit cards, and credit cards with cryptocurrency rewards

Sen. Elizabeth Warren has called these shadow banks, noting they arent federally insured and could be more susceptible to hacks and fraud than traditional banks. Shes written to Gensler about her concerns, and, in his August 5 response, the SEC chair agreed that investors using these platforms are not adequately protected. He also said there were certain activities that the SEC can regulate, and that he believed lawmakers should prioritize legislation that addressed crypto trading and lending.

The SEC has previously shown an interest in cracking down on crypto. It launched a crypto regulation initiative in 2018, which became a standalone office within the agency last December. And it recently charged another crypto lending platform, BitConnect, with $2 billion in fraud for operating what the Department of Justice called a textbook Ponzi scheme. Another crypto company, BlockFi, which offers loans and high-interest deposit accounts backed by crypto and a credit card with a crypto rewards program, has been the subject of investigations from several state-level security regulators.

But Coinbase is bigger and more high-profile than those companies. GlobalDatas Monaghan didnt expect the fallout to be significant for Coinbase itself, as the Lend program wasnt yet active. But the SECs interest in Coinbase is a sign to every crypto finance company that there are still rules they have to follow, and they should expect consequences if they dont.

Those rules might be bulked up in the near future as the Biden administration and lawmakers work to address the regulatory gaps cryptocurrency falls into. Bidens proposed 2022 budget included crypto reporting requirements, the IRS is cracking down, and crypto regulations even became a temporary sticking point in the passage of the infrastructure bill. Adding to this or perhaps exacerbating it is concern over how cryptocurrency can be used to facilitate criminal activities; ransomware attacks often demand payment in bitcoin due to the difficulty in tracing those payments.

Crypto regulations are coming. The question now is whether the slow process of creating rules and passing laws will be able to keep up with the rapidly evolving world of cryptocurrency.

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Coinbase, the largest crypto exchange in the US, faces a potential SEC investigation - Vox.com

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Cryptocurrency is red hot, but if youre looking to get in on the action, you cant buy it on the stock market through a standard brokerage account like you would with an index fund or a share of Amazon. Cryptocurrency like Bitcoin is traded on special exchanges like Etoro, CoinBase and BlockFi. The biggest exchange in the world by far is called Binance. Its so big, in fact, that a native cryptocurrency called Binance Coin was developed just to make it easier to pay for the sites services.

Read: Bitcoin Cash (BCH): Hows It Differ From Bitcoin and Whats It Worth?More: What Are Altcoins and Are the Potential Rewards Worth the Risks?

If youre not familiar with crypto exchanges, the following numbers might not mean much to you, but the 1.4 million transactions that are executed on Binance every second and the sites 2 billion in average daily volume are truly astounding statistics. Exchanges take fees for executing crypto transactions, and part of the reason Binance is so popular is that its transaction fees are among the lowest in the world. Users pay just 0.1% to execute each of those billions of trades.

The Economy and Your Money: All You Need To Know

Binance reduces those already-low trading fees by a full 50% if you pay for them using the exchanges native cryptocurrency, Binance Coin (BNB). That means that instead of paying 10 cents on a $100 transaction, youd pay only 5 cents if you complete the transaction using BNB.

An Ethereum-based (ERC-20) token, BNB hit the market on July 21, 2017, when Binance made its initial coin offering (ICO) of 100 million BNB tokens. It eventually moved to its own unique blockchain called Binance Chain and limited the BNB supply to 200 million tokens in total.

See: Ethereum (ETH): What It Is, What Its Worth and Should You Be Investing?

In review, BNB is the native app for Binance, the worlds largest cryptocurrency exchange. It was designed specifically for use in the Binance ecosystem, which offers juicy rebates to incentivize its use but theres more to Binance Coin than just the trading discount. According to CoinJournal, BNB:

Story continues

Provides lightning-fast transactions

Can be used to buy and sell a huge variety of cryptocurrencies

Is safe and secure

Is accepted as currency by some service providers, mostly in the hospitality/travel industry

Find Out: What Is Chainlink and Why Is It Important in the World of Cryptocurrency?

On April 6, Forbes reported that the cryptocurrency market had topped $2 trillion in value. It was a huge moment for crypto, and Forbes cited BNB specifically as one of the smaller altcoins (Bitcoin alternatives) that are driving so much of that incredible growth.

But investors looking for a quick buck should tread lightly.

Beyond the crypto bubble, BNB is not yet widely accepted as currency outside the travel, accommodations and entertainment industries, although some investment platforms let you use it to buy mainstream securities. Its just as trustworthy as non-native crypto, but its not as anonymous since Binance traders must have registered accounts. In the end, its another altcoin that you can invest in if you choose, but like all crypto investments, expect a wild ride with ecstatic highs, terrifying drops and lots of drama in between. That, after all, has been the story of crypto investing so far.

This article is part of GOBankingRates Economy Explained series to help readers navigate the complexities of our financial system.

More From GOBankingRates

Last updated: April 9, 2021

This article originally appeared on GOBankingRates.com: Binance Coin (BNB): Why Its So Interesting to the Cryptocurrency World

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Binance Coin (BNB): Why Its So Interesting to the Cryptocurrency World - Yahoo Finance

Footballers have traditionally been known for spending their money on fast cars, big watches, bigger houses and designer clothes, but recently a new craze has entered the mix.

More and more players are choosing to spend their sizeable wages on virtual assets such as cryptocurrencies and non-fungible tokens (NFTs). But, as a result, they often find themselves inadvertently sharing risky schemes with their fans via social media.

One startling recent example is MiniFootball, an obscure digital token which rose in value after being promoted by some of the worlds top players. Shortly afterwards, it plummeted, with terrible consequences for fans who bought into the online hype.

Two of the players Chelsea and Brazil defender Thiago Silva and Liverpool legend John Aldridge told The Athletic that they knew little about the details before they shared it.

Aldridge said his endorsement was secured via his Cameo page.

Cameo is a website where people can pay celebrities to record video messages for friends and family. These are usually simple birthday greetings or well-done notes, but some, like Aldridge, offer a more expensive product for business-related campaigns.

A representative of Silva, meanwhile, thanked The Athletic for bringing the advertisement to his attention, and said the player did it upon request from a friend, and has now suspended his participation in the campaign.

Experts warn such digital tokens, all of which are unregulated, are often designed to confuse and confound.

The entire existence of of some of these tokens seems to be based around trying to make money as opposed to any legitimate use case, says Josh Kamps, a PhD student at University College London researching cryptocurrency.

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MiniFootball: The strange story of a cryptocurrency players and legends 'pumped' on social media - The Athletic

In cryptocurrencies, Bitcoin prices today were trading above $51,000 mark after the world's biggest and best-known cryptocurrency rose back above the crucial $50,000 level on Sunday. As per CoinDesk, Bitcoin jumped more than 3% to $51,808. It had hit a record of almost $65,000 in April and is up around 79% this year (year-to-date).

Ether, the coin linked to the ethereum blockchain network, surged near 1% to $ 3,928.58 after briefly rose above $4,000 last week for the first time since May 15, amid a monthlong surge around a major upgrade, and as demand for non-fungible tokens continues to widen.

Ether has also done well amid continued interest in decentralized finance or DeFi, and NFTs, much of which use the Ethereum network. NFTs in particular have surged, with sales on major marketplace OpenSea rising more than 10-fold in August from the prior month.

Meanwhile, dogecoin prices gained 4% to $0.31, whereas, Cardano prices surged nearly 2% to $2.89. Other cryptocurrencies like Stellar, Uniswap, Litecoin also jumped over the last 24 hours.

Numerous cryptocurrencies have been performing well. The overall crypto market cap is $2.36 trillion, after bottoming at $1.24 trillion on July 20, CoinGecko data show.

Bitcoin hasnt seen the gains of its smaller peers, though it counted a success of its own recently by breaking through and holding near $50,000, after spending more than a week sitting just under the key round-number level. Supportive views from billionaire Elon Musk and the direct listing of digital-currency platform Coinbase Global Inc. fueled optimism.

(With inputs from agencies)

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Cryptocurrency prices today: Bitcoin trades above $51,000, ether, dogecoin surge - Mint

Cryptocurrency, a digital medium of exchange, like US dollar and other physical currencies, is fast gaining traction across the globe. Despite the fluctuations, the cryptocurrency market has grown phenomenally.

In India, this market has grown from $923 million in April 2020 to $6.6 billion in May 2021, according to Chainalysis, a blockchain data platform. Among 154 nations, India ranks 11th in cryptocurrency adoption, it said.

Bitcoin was one of the earliest cryptocurrency, which was lapped up by investors. Since then, many new platforms have emerged, which are mostly powered by blockchain technology.

A blockchain is a database that is shared across a network of computers. In fact, it is the technology that enables the existence of cryptocurrency.

Blockchain uses strong encryption techniques to keep a check on the creation of monetary units and verify the transfer of funds. Once a record has been added to the chain, it is very difficult to change. To ensure all the copies of the database are the same, the network makes constant checks.

Blockchain has been used to underpin cyber-currencies like bitcoin, but many other possible uses are emerging.

It is believed to be the fastest growing blockchain network in the world of cryptocurrency. Solana has a block time of 400 milliseconds and transaction fees of less than $0.01.

Its token - a virtual denomination of a cryptocurrency - is SOL. It has jumped to the seventh spot among the worlds top 10 largest virtual coins amid optimism that the blockchain could be a long term competitor to Ethereum.

Solanas SOL token has tripled in about three weeks and now has a market value of more than $41 billion, according to CoinGecko.

The coronavirus pandemic has sparked huge interest in shared virtual environments, or the "metaverse". First coined in science fiction, the term is a combination of the prefix "meta", meaning beyond, and "universe".

It refers to shared virtual worlds where land, buildings, avatars and even names can be bought and sold, often using cryptocurrency. In these environments, people can wander around with friends, visit buildings, buy goods and services, and attend events.

The term covers a wide variety of virtual realities, from workplace tools to games and community platforms.

It is a cryptocurrency exchange which claims to be the largest in the world in terms of daily trading volume of cryptocurrencies. According to its website, Binance was founded in 2017 and is registered in the Cayman Islands.

Binance is in trouble as Singapore's central bank recently said that it should stop offering payment services. The Monetary Authority of Singapore warned last week that Binance's website could be breaking the law by providing payment services to Singapore residents without an appropriate licence.

After the blow, the exchange has said that it will it will restrict its services in Singapore from September 10.

Binance entered India in 2019.

Several digital currency exchanges are eyeing India to launch trading platform to capture the growing domestic crypto market. However, the fate of cryptocurrency in India is still unclear.

The government was set to present a bill to parliament by March that proposed a ban on cryptocurrencies, making trading and holding them illegal. But the bill was not tabled in the session and there is uncertainty about the government's plans.

The Reserve Bank of India (RBI) recently said it is planning to launch its own digital currency by December.

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Cryptocurrency: What you need to know about Metaverse, Solana and other terms - Hindustan Times

SYDNEY, Sept 9 (Reuters) - Two of Australia's largest lenders, National Australia Bank (NAB) (NAB.AX) and Westpac (WBC.AX), on Thursday rejected criticism that they are stymieing competition by refusing to do business with cryptocurrency providers.

Many of Australia's top financial institutions have not engaged with the sector, despite its huge growth in the past year, due to its high risks.

The stock exchange ASX Ltd (ASX.AX), similarly has not allowed cryptocurrency-related listings, forcing some firms to seek public listings overseas, including on the Nasdaq.

"It's one of the emerging issues that we are looking at - what should our relationship be, if at all, with cryptocurrency," NAB Chief Executive Ross McEwan told a regular parliamentary hearing.

The bank did not have a policy excluding crypto-related customers, but did not service any of them and would only do so if it was profitable and the bank could tolerate the risks, McEwan said.

"We have to look at where does cryptocurrency go, along with ... the reserve bank and regulators. And what's the risk inside the bank of dealing with cryptocurrency providers as well."

Peter King, the chief executive of Westpac, the country's second-largest lender, said the anonymity of cryptocurrency made it "very hard" to meet the bank's anti-money laundering and counter-terrorism financing requirements.

Local digital currency exchanges Bitcoin Babe Pty Ltd and Aus Merchant Pty Ltd on Wednesday told a parliamentary committee exploring how to regulate the sector that none of the Big Four banks would do business with them.

Singapore-based payments and remittances firm Nium on Wednesday also said that Australia had been the only country where it had been "de-banked", out of 40 where it operates. read more

"Today, fintechs are always one decision away by the banks from closing their businesses," Nium APAC head of consumer Michael Minassian said. "It's time to cast an appropriate light on this anti-competitive practice."

Reporting by Paulina Duran in Sydney; Editing by Kim Coghill and Stephen Coates

Our Standards: The Thomson Reuters Trust Principles.

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Australian banks reject pressure to deal with cryptocurrency firms - Reuters

Blockfi

The BlockFi Interest Account is the ideal overall place to earn interest on Bitcoin, Ethereum, and stablecoins. BlockFi, a fully regulated and licenced bank-like supplier of cryptocurrency savings accounts, loans, and exchange services, was formed in 2017 and has financial licences to operate in 48 U.S. states.

They usually have the best rates for stablecoins, which are cryptocurrencies whose value is directly linked to the value of a fiat currency such as the US dollar. USD Coin (USDC), GUSD, and PAX, for example, are all stablecoins that can earn 7.5 percent. Tether (USDT) has the potential to earn up to 7.5 percent.

Nexo's high yield interest accounts pay out up to 12% APY on 17 different cryptocurrencies on a daily basis. Only members of Nexo's loyalty program, which is based on holding their native coin, NEXO token, get the best rates.

Cryptocurrencies such as Bitcoin, Ethereum, and Ripple have rates ranging from 4% to 8%. Stablecoins like USDT, USDC, and DAI, as well as cash deposits in USD, GBP, and EUR, earn between 10% and 12%.

Celsius Network is not only the most transparent but also the most profitable crypto lending platform in the world. It was launched in 2017 by serial entrepreneur Alex Mashinsky (one of the VOIP's inventors), and it already has over $200 million in funding and 40,000 active wallets.

Celsius Network offers some of the finest cryptocurrency interest rates and accepts a variety of prominent cryptocurrencies and stablecoins, including Bitcoin, Ethereum, USDC, PAX, and others. Furthermore, it pays weekly interest, with the option of earning more when paid in Celsius' native cryptocurrency CEL.

With offices in Cyprus and Switzerland, YouHodler is a European bank-like crypto asset management platform. The company offers a crypto savings account with a high compound interest rate of up to 12%, as well as crypto-fiat loans with loan-to-value ratios of up to 90%.

There are a total of 25 cryptocurrencies and stablecoins to earn interest on, with BTC paying 4.8 percent, ETH 5.5 percent, LINK 6.2 percent, and stablecoins paying about 12 percent. There are no lock-up periods with YouHodler, and investors can withdraw or sell their assets at any moment.

Binance Earn is Binance's one-stop crypto interest solution. Binance Earn provides a comprehensive set of staking and savings solutions for earning passive income from your crypto assets without having to trade.

There are over 60 cryptocurrencies and stablecoins to select from, with set or variable terms for earning interest.

Regular savings products, staking, and DeFi solutions are available to users, each with its own set of risks, terms, and rewards. Savings with flexible or set terms, Locked Staking, DeFi-Staking, ETH 2.0 Staking, Liquid Swap, Launchpool, and the BNB yield aggregator Vault are some of these options. While the various features can be intimidating at first, if you're ready to learn how to use them, Binance's savings and staking solutions could potentially generate a passive income.

Coinloan is a legal and regulated cryptocurrency lending and borrowing marketplace established in Europe. The company began operations in 2016 and is regulated by the Estonian Financial Supervision Authority, indicating that it holds a European Financial Licence.

Cryptocurrency interest is calculated daily on your deposit and credited to your wallet on the first of each month. Coinloan interest account rates vary, but can reach 12 percent per year. CoinLoan keeps cryptoassets in offline, cold, multi-signature wallets with the digital asset trust custodian BitGo, which is insured by Lloyd's for $100 million.

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6 Best Crypto Savings Account in 2021; Deposit Crypto And Earn Interest Up To 8% - Goodreturns

HEX (CRYPTO: HEX), a cryptocurrency associated with a project that claims to be the first blockchain certificate of deposit, has soared in market capitalization ahead of Cardano (CRYPTO: ADA), Solana (CRYPTO: SOL), and Dogecoin (CRYPTO: DOGE), if CoinMarketCap data is to be believed.

What Happened: At press time, Hex had a market cap of nearly $79.1 billion, as per CoinMarketCap.

See Also: How To Buy Dogecoin (DOGE)

Screenshot From CoinMarketCap Indicating MarketCap Of Hex And Its #201 Rank

This would put the coin ahead of ADA, which had a market cap of $77.7 billion at press time, and make it the third-largest cryptocurrency by that metric.

It's worth noting that other data providers like Messari Cryptoand Coingecko don't provide a market capitalization metric for HEX as of press time and don't feature it in their lists of top cryptocurrencies.

On Wednesday night, HEX was seen listed as the fourth-largest cryptocurrency by market cap on CoinMarketCap. Benzinga reached out to the price-tracking website owned by cryptocurrency exchangeBinance to clarify if this was an anomaly but didn't receive a response as of press time. HEX disappeared from the list of top 100 cryptocurrencies an hour later but the market cap continues to be reflected with an amount that would put it above Cardano.

Screenshot From CoinMarketCap Taken At 9:39 p.m. ET.

Why It Matters: Should the CMC data prove to be accurate, HEX is now a larger coin than not only ADA, but also SOL, which has been on a tear lately rising 427.58% in a span of 30 days and 82.01% in a week.

See Also: Is Solana Better Than Ethereum? Twitter Buzzes With Questions As Crypto Strikes Massive Gains

Going by CMC data, HEX has also exceeded the market cap of DOGE, which has shot up 4,365.1% so far this year to emerge as No. 8 on the cryptocurrency price-tracking website's list.

This is a remarkable ascent for a project whose disclaimer page states, HEX is not a security. There aren't actually any coins, they're just numbers in a distributed database. No one is actually given anything.

The disclaimer concludes with a somber note of the most literal fashion, You will notice the theme of all of the above text is that you should have absolutely no expectations of any sort regarding anything, and if anything goes wrong, you shouldn't look for redress anywhere, and you should receive none.

A Cointelegraph report dating back to May 2020 pointed out that true believers in HEX claim on social media that whales have staked a lot and since the project rewards them it is not a scam.

On the other hand, cryptocurrency media have derided the Richard-Heart-founded HEX as worthless and an outright scam, Cointelegraph noted at the time.

Critics reportedly include podcast host PeterMcCormack and Bitcoin Magazine writer Vlad Costea.

Read Next: 'Dogecoin Mining' Scam In Turkey Costs 1,500 People $119M As Alleged Perpetrator Vanishes Into Thin Air

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Has HEX Cryptocurrency Overtaken Cardano And Dogecoin In Market Capitalization? - Benzinga - Benzinga

Jaylen Clark, a UCLA basketball reserve, will be the first collegiate athlete to have his own cryptocurrency, he announced on his YouTube page Thursday.

Clark, who averaged 2.5 points per game last season for a UCLA squad that lost to Gonzaga in the Final Four, said he worked with Rally, a personal cryptocurrency company, to create $JROCK. He said he'll market $JROCK to his more than 22,000 YouTube subscribers and 59,000 Instagram followers.

"I already trade all the time," he told ESPN. "I'm active on my Robinhood account."

Added Clark: "I feel like it's a great way to educate people on crypto and how it works."

He said he'll use his own crypto to build his connection to his fans through various events, such as ticket giveaways. Those who use $JROCK will also have access to unique content through his platforms.

Cryptocurrency is a digital currency. Clark said he was already actively involved in cryptocurrency before meeting with the officials at Rally.

"The NCAA's policy change is allowing young, talented athletes to embrace the creator economy in ways which were previously not possible," said Nick Millman, vice president of partnerships at Rally in a statement. "We are excited to have Jaylen at the forefront of this new economy and are looking forward to helping other athletes unlock new ways to share value with their fans."

Months after name, image and likeness rules changed for collegiate athletes, Clark said he doesn't believe most athletes will benefit. But those who have a strong social media following, he said, will thrive. He said he already is generating significant revenue through his YouTube page after "being able to monetize your fan base."

He is represented by ACIB Management, a group co-founded by Andre Chevalier II and Ian Brown.

Brown said Clark's venture with cryptocurrency could set the blueprint for other collegiate athletes to follow.

"We see crypto as an incredible vehicle for NIL because it really gives the power to the player in a way that other deals don't," he said.

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UCLA basketball sub Jaylen Clark to have his own cryptocurrency - ESPN

The Cardano platform could become the most valuable in the cyber world. Its virtual currency (ADA) even surpasses current market leaders such as Bitcoin and Ether after increasing its value by 1000% during 2021.

Depositphotos.com

Last Thursday, August 26, the price of Cardano rose 19%, which surpassed the Binance coin and placed it in third of the most valuable cryptocurrencies in the market, according to Sebastian Sinclair at Coindesk. The currency could rise even higher as a result ofits "sustainable" properties.

When Tesla CEO Elon Musk announced that the company would stop accepting Bitcoin payments, more than a quarter of a trillion dollars was wiped from the global cryptocurrency market. However, ADA survived because of its blockchain protocol, which is based on a proof of stake and not of work.

Related:Bitcoin Reaches $50,000for the First Time Since May

The underlying technology of the platform does not depend on "super"computers to process transactions and generate new ADA units, but rather values the percentage of coins it owns in a miner rather than the processing power it has.

Charles Hoskinson, founder of Cardano, estimated that his network used less power than 0.01% of the Bitcoin network, potentially increasing the energy efficiency of a proof-of-work system like today's leaders by more than four million.

According to the platform's forum, the potential of Cardano could be compared in the future with companies such as Amazon, Facebook and Netflix: Cardano aims to become a global financial computer. It is here for all the people who could use a decentralized currency to create decentralized services."

Related: Xoycoin: the First Mexican Cryptocurrency With Which You Can Invest From 20 Pesos

"What could the price of ADA be in a few years? Cardano could have a similar capitalization to that of the technological giants, says the platform.

It ranks on par with Baidu and already surpasses Dropbox, McAfee antivirus, Slack and LG Electronics.

At the moment, Cardano has reached a capitalization of $86 billion. While it is still far from the $367 billion that Ether capitalizes or the $893 million from Bitcoin, the blockchain is emerging as the new favorite of experts.

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Cardano's Cryptocurrency Could Become the Most Valuable in the Cyber World - Entrepreneur