CNBC’s Fast Money Looks at Coinbase’s Five Candidate Cryptoassets (XLM, ADA, ZEC, ZRX, and BAT), Gives Its Prediction

On Friday (13 July 2018), following Coinbase's announcement that it was considering adding several new cryptoassets to its platform, CNBC's Fast Money decided to analyze each of Coinbase's five candidate digital assets: Cardano (ADA), Stellar (XLM), Zcash (ZEC), 0x (ZRX), and Basic Attention Token (BAT).

Here is what hedge fund manager Brian Kelly (the founder and CEO of BKCM) thinks about each one:

  • Cardano (ADA): "That is something similar to an Ethereum, if you will. They have a live working network. They have a live roadmap... That's important; that's what SEC said what was important so it's not a security."
  • Basic Attention Token (BAT): "You use this in the Brave browser. You can have an ad-free experience. You can BAT token to pay for content on the web."
  • 0x (ZRX): "This is one of the most interesting ones. That is a decentralized exchange protocol, up and running, and in fact, I believe, Coinbase launched a bulletin board exchange type of thing [he is referring to Paradex, which has not launched yet]... they use 0x technology."
  • Stellar (XLM): "Similar to Ripple [he meant XRP]"
  • Zcash (ZEC): "A privacy token, so you can send stuff back and forth without people knowing. Remember, Gemini has already said they are going to have Zcash on their platform. So, this one is probably the most likely."

The host, Melissa Lee, then asked Brian Kelly why Coinbase was not considering adding XRP if in fact XRP and Stellar are similar. Here is how Kelly explained XRP's absence from the list of candidates:

"So, I think probably it has to do with the uncertainty around whether or not it is a security, and I'm not going to opine one way or the other, but there are some lawsuits pending about Ripple [he meant XRP] being a security. So, I think just that uncertainty itself would cause Coinbase to say 'Let's tap the breaks on that one for today!'."

More importantly, he finished on a bullish note, saying that he wouldn't be surprised if these five cryptocurrencies go up 20%, 30%, or even 40% over the weekend, and that he was "long on every single one of them", but the two that he would rate a BUY at this moment are 0x and Zcash, which according to CryptoCompare, at press time, are trading around $0.9771 and $176.19. 

 

Featured Image Credit: Photo via Pexels; licensed under "CC0"

TRON Foundation Announces $20 Million TRX Buyback to Promote Market Stability

The TRON Foundation, an organization created to support the development of the TRON network, has recently announced a $20 million TRX token buyback that’s set to “promote community activity and market stability.”

According to a Medium blog post, the TRX buyback will be “by far the largest” token buyback plan the Foundation has ever had, and will have “the widest coverage in the secondary market.” The buyback is set to last for a year and will have several batches.

The TRON Foundation’s TRX holdings, it added, will be unlocked on January 1 of 2020, although the organization has no plans for its TRX at the time. Currently, one TRX token is trading at $0.034 after falling 10.6% in the last 24-hour period.

The token’s price dropped amid a major market sell-off that has seen the price of some altcoins – including Litecoin, EOS, and XRP – drop by well over 10%. The price of BTC is currently down 5.4% in said period. The selloff is likely being caused by traders taking profits off of the bull run we’ve been seeing since the beginning of the year.

Earlier this year, TRON announced a soon-to-be-released upgrade for its blockchain, called Odyssey 3.6. It’ll reportedly include features that are set to improve the network’s security and stability.

As CryptoGlobe covered, in May of this year the TRON Foundation announced BitTorrent, a leading peer-to-peer file sharing platform, would be incorporating the BitTorrent File System (BTFS) protocol to “allow users to receive and host storage on their computers with other individuals and businesses.”

The TRON Foundation has recently celebrated its Independence Day, as on June 25, 2018 the TRON mainnet was launched and its genesis block was created. Since then, the network has grown to over 3.1 million mainnet addresses, and an average of 1.5 million transactions per day, according to Justin Sun.