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Pro-Bitcoin Billionaire Chamath Palihapitiya Gives Advice to Payment Systems

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Wed, 07/01/2020 - 12:19
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Vladislav Sopov
Legendary investor, CEO of Social Capital and chairman of Virgin Galactic, Chamath Palihapitiya, revealed how payment processors can boost mass adoption of digital money
Pro-Bitcoin Billionaire Chamath Palihapitiya Gives Advice to Payment Systems
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According to the investment sphere veteran, cross-border remittances will see adoption once the main providers manage to build interoperable systems with intuitive user interfaces.

One-click payments

Mr. Palihapitiya revealed samples of how proper payment processors operations should look. He brought three invoices for Paypal's VenMo, Cash App and Zelle as examples.

Chamath Palihapitiya says interoperability is inevitable for payment processors
Image via Twitter

According to this draft, a payment voucher for cross-border remittance can need only a few symbols. Such a level of interoperability and intuitiveness should be achieved by the shared efforts of all big processors.

It should be noted that Mr. Palihapitiya is a vocal Bitcoin (BTC) proponent. Recently, he claimed that everyone who didn't buy the king coin would regret it.

In a recent interview, he outlined that he isn't interested in the euphoria surrounding the DeFi segment since he owns Bitcoins (BTC). As previously covered by U.Today, he was lucky enough to buy the king coin at $100.

One step towards interoperability

In the comments below Mr. Palihapitya's post, many soldiers of the XRP Army announced that such a system has already been launched by Ripple, called PayID.

This system allows cross-platform remittances through the simplest interoperable addresses, Payment IDs. This system was promoted by Ripple Inc. in a recent dedicated conference.

Ripple CTO David Schwartz also highlighted that this system can help digital assets avoid taxation and accounting problems. 

Related Ripple CTO David Schwartz Reveals Benefits of PayID. Which is Most Important?
Related
Ripple CTO David Schwartz Reveals Benefits of PayID. Which is Most Important?

The CEO of Ripple, Brad Garlinghouse, insists that with PayID, cross-border money transfers become as easy as e-mail messaging.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

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Fri, 10/23/2020 - 09:24
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Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
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Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)