Weekly Market Recap – February 12/02/18

The popular website and platform MyEtherWallet was this week at the center of what looks like a possible feud between founders, and almost overnight the website “forked” into two companies – MyEtherWallet and MyCryptoWallet, with the MEW twitter assuming the MCW name and taking the original followers with it.

Co-Founder Taylor Monaghan has stated that the abrupt change was brought about with next-level scaling in mind from the beginning. Co-Founder Kosala Hemachandra is remaining with MEW whilst many of the original developers have migrated to the new website.

No doubt it will become clear how the new website differentiates from the original, but for now existing customers are left worried about the future of the platform and where to store their currencies in the short-term.

It has been a busy week for Ripple, with news that payment giant Western Union had started testing transactions using XRP’s blockchain-based settlement protocol and also the announcement of a partnership with the Saudi Arabian Monetary Authority (SAMA).

Tech giant microsoft this week announced via their website that they plan to start work on creating decentralised identification in the near future. “After examining decentralized storage systems, consensus protocols, blockchains, and a variety of emerging standards we believe blockchain technology and protocols are well suited for enabling Decentralized IDs (DID).” Said Ankur Patel from Microsoft Identity Division.

Cryptocurrency took main stage on British television this week, and despite the mildly negative overtones in the BBC One documentary “Who wants to be a Bitcoin millionaire?” that was aired on Sunday 12th February, the cryptosphere was shown in some positive lights. The show attempted to explain elements of blockchain and cryptocurrency world such as mining, cases of scamming and even documented the lives of individuals living in what they call the “Crypto Castle” – An incubator for blockchain entrepreneurs in San Francisco.

The continued commercialization and increasing mainstream acceptance of Bitcoin and other cryptocurrencies seems still to be gradually increasing as celebrities like Jay-Z announce the addition of crypto to their portfolio.

That being said, as a result of Lloyds Banking Group, JP Morgan Chase, Bank of America and several other large banks stopping customers from buying cryptocurrency with their credit cards, Coinbase on Tuesday announced that they have “disabled adding new credit cards as a payment method for US customers”. Existing Coinbase customers who already have credit cards registered to the website will be able to continue using them.

Coinbase has also become part of the first cryptocurrency trade association called “CryptoUK”, and are listed on the website along with E-Toro, CryptoCompare and several others. The association will look to stemming the flow of fraudulent activities such as money laundering within the cryptoshpere.

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