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US Adults Keen on Investing in ‘Facebook Coin’ Rather Than in Bitcoin: Survey

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A recent survey by LendEDU reveals that adult Americans might not be so interested in the crypto market or assets it offers. However, many are looking forward to the stablecoin launch announced by Facebook

A New-Jersey-based website that allows consumers to compare loans for various goals, including studies or business, has recently conducted an interesting survey. It shows a high interest towards the announced ‘Facebook Coin’.

Adult Americans seem to prefer the yet unreleased stablecoin to investing in such popular crypto assets as Bitcoin, Ethereum, XRP and other cryptocurrencies. Full results have been published in the company’s blog.

Crypto market in 2019, big-names are stepping in

Numerous analysts, financial gurus and investors promise that 2019 is going to be much more fortunate for the crypto industry. Indeed, over the past few weeks, Bitcoin has made some major gains, peaking at the $8,000 level recently and pulling the whole market along up the charts.

In 2019, several major companies, which previously considered Bitcoin and other crypto to be fraud or a bubble, have changed their opinion and are currently working on their own digital coins or have even launched them. A good example here is the JP Morgan banking giant that has now fired away its own JPM Coin.

Another big-name which is about to enter the crypto market is Facebook.

All eyes on ‘Facebook Coin’

Despite the current turmoil in the crypto market, Bitcoin surpassing $8,000 and now falling back in a correction, many people, whose minds are far away from this, seem to be keen on the stablecoin announced by the social media giant.

The LendEDU survey was conducted on 1,000 adult US citizens and has found out that around 7% of them have ever invested in crypto, such as Bitcoin or other virtual assets. However, 18% are interested in investing in ‘Facebook Coin’ because it may have a great potential for practical use.

Facebook user-base totals over 1.5 bln people. Many respondents have said that the ‘FB Coin’ will be not only used for remittance to India via WhatsApp but it is more likely to transform Facebook’s marketplaces in the future.

Currently, people buy and sell goods in numerous groups on Facebook, and the survey participants believe that ‘FB Coin’ will be actively used for that, as well as for other purposes within the social network.

Besides, 57% of respondents chose an answer which implies that they trust Facebook to launch a better crypto coin than other virtual assets in the market.

The LendEDU blog post says:

Facebook has the ability to tap into a considerable percentage of Americans (and their bank accounts) that have alluded the biggest virtual currencies like Bitcoin, Ethereum, and Ripple. Our data seems to indicate that this is in large part due to Facebook’s potent brand.

Photo by William Iven on Unsplash

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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