New Survey: Wealthy Millenials Very Interested in Crypto

Avi Rosten

A new survey has today shown that young wealthy people are increasingly interested in the cryptocurrency space.

According to consultant Capgemini’s World Wealth Report 2018, wealth management firms will need to move beyond their “ambivalence” towards providing their young wealthy clients with information about cryptocurrency investments.

Reporting that more than 25% of the High Net Worth Individuals (HNWIs) surveyed “place importance” on getting information about cryptocurrencies, the survey showed that the percentage is even higher for millionaires under the age of 40 - with the figure increasing to 70% for this demographic.

The survey also showed that globally just over 39% of HNWIs say the primary reason they would hold cryptocurrencies is for investment return, while 19% view them as an alternative store of value.

Strong Regional Variation

Of particular interest is the regional differences with regards to HNWI's attitudes towards purchasing and holding cryptocurrencies. With North American, European and Japanese interest levels among the lowest, a clear standout was Latin America - where nearly 60% of HNWIs showed high interest levels in cryptocurrency investments.

hnwi capgemini.pngSource: Capgemini

This enormous interest in Latin America in particular will not be surprising to many given the precarious position of the Venezuelan economy, the rapid inflation and the country’s soaring adoption of bitcoin.

While undoubtedly more and finer-grained research will be needed before we can predict an unequivocally bright future for crypto investment, this latest survey will give some hope to investors in the current bearish atmosphere.

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0x Protocol (ZRX) Surges Over 33% After Listing on ‘Coinbase Consumer’

Siamak Masnavi

On Tuesday (16 October 2018), less than one week after crypto exchange Coinbase listed cryptocurrency 0x Protocol (ZRX) on "Coinbase Pro", it announced that it had made ZRX also available on "Coinbase Consumer" and on its mobile apps.

0x's white paper describes it as "a protocol that facilitates low friction peer-to-peer exchange of ERC20 tokens on the Ethereum blockchain." One interesting fact about 0x is that it forms the foundation of Paradex, the decentralized exchange that Coinbase acquired on 24 May 2018, and which is being integrated into Coinbase Pro.

Here is how Linda Xie, co-founder and managing director of Scalar Capital, describes the purpose of the 0x Protocol:

"0x was co-founded by Will Warren and Amir Bandeali in October 2016. They envision a world in which every asset can be represented as a token on the Ethereum blockchain including fiat currencies, stocks, gold and digital game items. This tokenization will lead to thousands of tokens that need a method of trustless exchange. Decentralized exchanges have been a major step forward but there are still the remaining inefficiencies and lack of operability between decentralized exchanges. 0x aims to create a standard protocol on the Ethereum blockchain that allows any Ethereum token to be traded and for anyone to operate a decentralized exchange. These parties building on top of 0x are referred to as Relayers as they host off blockchain order books and can charge fees for their services."

And this is how she describes the ZRX token:

"0x has its own Ethereum token, ZRX, which is used to pay trading fees to Relayers for their services. However, the main purpose for ZRX is decentralized governance over 0x protocol’s upgrade system, meaning owning ZRX gives you a say proportional to your holdings in how the protocol should be improved over time. "

If you believe in the idea of "Tokenization of Everything", which is something that Goldman-backed FinTech startup Circle frequently talks about, then you can see how important 0x could be in future, and why Coinbase might have decided to make ZRX the first ERC-20 token to offer on its trading platforms.

Anyway, here is how Coinbase announced the news on Twitter:

Coinbase Consumer is the trading platform hosted at Coinbase.com, and it is used by most of Coinbase's millions of users; in contrast, Coinbase Pro is hosted at Pro.Coinbase.com, and it is intended for use by "professional" (or very experienced) investors.

Coinbase's blog post says that it is now possible to trade ZRX on Coinbase.com and on Coinbase's mobile apps. As you can see in the following screenshot, Coinbase.com now allows trading of BTC, ETH, BCH, LTC, ETC, and ZRX:

Coinbase Consumer Screenshot.png

However, it is worth noting that "ZRX will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York."

This latest news led to another surge in the price of ZRX tokens. According to CryptoCompare data, ZRX is currently trading at $0.9802, up 33.8% in the past 24-hour period.

Here is the one-day price chart for ZRX:

ZRX One Day Chart - 17 Oct 2018.png

Will Warren, co-founder and CEO at 0x, used the following tweet to try to temper investors' expectations:

 

Featured Image Courtesy of ZeroEx