2018-8-18 02:04 |
New research from US-based investment management firm Sanford C. Bernstein & Co. suggests that crypto trading could double to $4 billion before the end of 2018, Bloomberg reports. The new report titled ‘Crypto Trading — the Next Big Thing is Here?’ suggests that despite current market declines, cryptocurrency offers “a plethora of opportunities for traditional firms”.
The report found that leading cryptocurrency exchanges have generated an estimated $1.8 billion in revenue from Bitcoin transaction fees in 2017. This number represents about 8 percent of the revenue seen on traditional exchanges. Analyst Christian Bolu told Bloomberg that in terms of segments, only the global cash equities business surpasses crypto trading.
Due to hesitation from Wall Street to enter into the space, once-small crypto start-ups like Coinbase are now dominating the transaction revenue pool, taking up an estimated 50 percent of transaction revenue on crypto exchanges. In fact, the Bernstein report warns that unless Wall Street becomes more engaged, Coinbase may arrive at an “unassailable competitive position”.
Suggested Reading: Learn what we think of Coinbase in our Coinbase review.
Coinbase Continues Expansion, Files Patent for New ‘Key Ceremony’ SolutionsCoinbase has been relentlessly upgrading and expanding its platform in 2018. This week the San Francisco-based exchange announced its new ‘Coinbase Wallet’ and acquired digital identity security company Digital Systems in an effort to integrate decentralized identity protocols across its services.
Most recently, the San-Francisco based company filled a new patent with the US Patent and Trademark Office today for a newly proposed ‘key ceremony’ solution for further securing Bitcoin payments.
“A key ceremony application creates bundles for custodians encrypted with their passphrases,” the patent reads. “Each bundle includes master key share. The master key shares are combined to store an operational master key. The operational master key is used for private key encryption during a checkout process. The operational private key is used for private key decryption for transaction signing in a payment process. The bundles further include TLS keys for authenticated requests to create an API key for a web application to communicate with a service and to unfreeze the system after it has been frozen by an administrator.”
According to Cointelegraph, the key ceremony solution addresses security concerns in the event of private key theft by encrypting private user passphrases into ‘master key shares’. These shares are combined to form an ‘operational master key’, which generates an encrypted private key upon checkout and a decrypted private key when signing transactions. The patent also outlines a number of additional security upgrades including an application programmable interface (API) key generator and ‘Freeze Logic’ payment processing suspension.
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