Could Walmart’s Crypto Expert Vacancy Reveal a Future Crypto Strategy?

Walmart, the largest private employer in the United States, with 2.3 million employees placed a vacancy seeking a crypto expert to oversee, what could be, their upcoming digital currency push. The US supermarket chain has placed the add for the position of product leader who will have the important task to outline their cryptocurrency strategy.

According to the job posting Walmart is looking for a “visionary leader”, with at least 10 years of product management or technology experience to develop its blockchain strategy, preferably someone possessing “significant functional knowledge of the cryptocurrency ecosystem and an entrepreneurial mindset”.

Walmart has been experimenting with blockchain for quite some time now. In 2018, the company started started using IBM’s food tracking solution for leafy vegetables. The Chinese branch of Walmart even made their products traceable via VeChain. In 2019, Walmart filed a patent to launch a US-based stable coin that would benefit low-income households that do not have good access to banking services.

Although the complete job description of the newly aquired crypto expert is not entirely out in the open yet, as the vacancy mainly describes who they are looking for, and not so much what the job might entail, Walmart might be dusting off the idea to start its own coin again.

Walmart is not the only company that has been plunging into to the digital deep of cryptocurrency. Amazon has shared a similar vacancy, but says it’s not going to accept bitcoin any time soon. Other companies such as JPMorgan Chase, Apple and PayPal, are all hiring for cryptocurrency positions.

Other companies such as Whole Foods, Starbucks and Home Depot already allow customers to pay with cryptocurrencies, although indirectly for now, through applications that convert the digital currency into U.S. dollars.

source: the blockchain web site

The Cryptocurrency Whale Phenomenon: How do Investors thread Volatility Splashes?

Cryptocurrencies remain extremely volatile. Bitcoin is consistently on track for topping their biggest monthly increase and decline. It faced one of their record-highs of 37.5% decline just this May 2021, and frequently sees drops like 37% drop seen in November 2018 and 40% slide in September 2011. Most recently, the price of bitcoin climbed to $34,805.19 Monday 28th June 2021, up 8% from where it stood at 5 p.m. ET Friday, after Mexican billionaire Ricardo Salinas Pliego encouraged its purchase. This volatility serves as a double-edged sword, both as an exciting asset choice for some investors and apprehension for others, preventing widespread adoption.

One contributing factor to volatility is that the crypto markets have an abundance of whales – a term given to someone who holds a significant amount of a particular asset; someone who holds a minimum of 1,000 Bitcoin is considered to be a whale. The sheer size of their holdings means that, when they decide to sell, the market is suddenly flooded with this asset, causing big price movements.

These powerful investors exist across all asset classes, but cryptocurrencies are particularly vulnerable because there are more whales, but much smaller volumes and less liquidity across a fragmented sea of exchanges. Without sufficient liquidity, these whales are trapped in a proverbial swimming pool, destined to send huge waves through the market as soon as they move. Because each exchange is segregated into their small swimming pools of liquidity, they are incredibly susceptible to whale movements.

For that reason, we need to solve the liquidity problem by joining all these segregated small swimming pools into one big ocean. The trading technology of the crypto market has not yet caught up to the maturity and stability of forex, which employs OTC trading, which is how it minimizes the effects of large buy and sell orders that can drastically move the market. If the crypto market integrates that, this can dramatically improve crypto exchange liquidity and stabilise pricing as a result. It’s time to deepen the liquidity pool.

The influence of whales

Cryptocurrency assets are still fundamentally very concentrated. The sudden growth of Bitcoin means that a large portion of the market is owned by a small majority of traders who were fortunate enough to buy lots of Bitcoin when the price was low. Currently, around 40% of Bitcoin is held in around 2,500 accounts.

The same is true of altcoins. For example, it was revealed in February this year that one person holds 28% of Dogecoin, which has soared by almost 1,400% since the start of the year. An individual in possession of that large a proportion of the market has a huge effect on the price.

And the effects of these whales are visible. When whales are selling, the prices of cryptocurrencies are on a downward spiral. On April 18th, for example, one trader moved 58,814 BTC – worth more than $3.3 billion at the time – from Binance to a private wallet at the same time as the prices slid to a low of $51,541 per unit.

While whales are clearly affecting the price of Bitcoin, their influence is greater among altcoins, which have lower market caps and are less liquid. Not long ago, the price of Ethereum plummeted by more than 50% on the Kraken Exchange, plunging from $1,628 to $700 within the space of minutes.

The CEO of Kraken attributed this to single sell, saying “it could be that a single whale just decided to dump his life savings.” For Ethereum to drop $1000 dollars in three minutes is extraordinary and it proves that even the biggest exchanges with large volumes can be rocked by big whale movements.

Shrinking liquidity

Considering price swings are compounded by fragmented liquidity, the market must pay attention to the fact that liquidity is getting worse, not better. The amount of Bitcoin on exchanges is down 20% over the last 12 months. Slowly but surely, liquidity is drying up and the pool is getting smaller.

The bullish cryptocurrency market means people are holding the asset, simply watching the price tick up. Evidence suggests that there is a growing number of whales, with the number of individual holders of over 1,000 Bitcoin at an all-time high of 2,334. So, despite growing popularity, there is still only a very limited amount and diminishing amount of cryptos changing hands.

Contributing to these problems, big investors are entering the crypto market in swathes. Institutional investors, hedge funds, high-net worth individuals, and companies – most famously Tesla – are all looking to hold and trade crypto assets. And with more buying power, it is likely to increase order sizes and add to the influence of whales.

We cannot prevent these big players from influencing crypto trading, but solutions for the underlying lack of liquidity that exacerbates price swings exists.

Unifying the pool

To combat whale-induced price swings, the market is slowly adopting tactics from other asset classes. For example, many OTC brokers are targeting crypto whales to trade digital currencies over the counter because they can access more liquidity than exchanges.

However, for a lasting solution that can cushion large orders and prevent sudden and drastic price changes, exchanges should turn to trading technology that has been mastered in other markets. For example, the FX markets have long provided Straight-Through-Processing capabilities on a global liquidity network, where orders are aggregated and processed using Smart Order Routing. This infrastructure allows global price discovery, where the best bid and ask prices are presented to all market participants, regardless of trading avenue.

Effectively, it allows exchanges to leverage the liquidity of other exchanges, including from the biggest in the industry. Using this model, exchanges can consistently provide traders the best prices and absorb the impact of big whale splashes by drawing on liquidity from the wider market. The multiple individual pools join to become an ocean.

Only once these issues are addressed will cryptocurrencies be free of the volatility that comes with so many big fish in a market lacking depth.

source: the blockchain web site

Cashaa And UNICAS to Open First Crypto-Friendly Bank Branches in India, Transforming UNICAS’ Banks into Crypto Lounges

  • Open saving accounts with crypto wallets
  • Loan against cryptocurrencies, gold, and real estate
  • Invest in cryptocurrencies, Bonds, and fixed deposits
  • Rapid expansion to over 100 branches by 2022
  • Buy cryptocurrency with cash in physical branches

“Most Indians are not aware or are miss guided about Cryptocurrency as an online product and they tend to trust what they see or what the government recognizes and recommends. Also, India is still largely a cash-based economy despite a Demonetization drive. With UNICAS Crypto lounges we intend to address both issues which are slowing the process of cryptocurrency adoption in India,” stated Kumar Gaurav, Founder & CEO of Cashaa.

The joint venture will enable Cashaa to access The United’s regulatory licenses, its physical branches, and overall banking Infrastructure.

“This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets,” said Dinesh Kukreja, Managing Director of United Multistate Credit Co. Operative Society, who has been appointed as the CEO of the Unicas venture.

UNICAS will enable people to access traditional banking services along with crypto banking services both online and through its 22 physical branches across north India. The United’s existing branches will be transformed and modernized as Crypto Lounges.

Members can walk into any of these branches and get educated about Cryptocurrencies along with other Banking services. Initially account holders will be able to buy and sell Bitcoin (BTC), Cashaa (CAS), Ethereum(ETH), Binance (BNB), Bitcoin Cash(BCH), EOS, Litecoin (LTC) and Ripple(XRP) in cash or with the account balance in Indian Rupees. The immediate plan is to open these Crypto Lounges in Delhi, Gujarat, and Rajasthan covering a population of 150 million Indians living in these states. ‘We are looking forward to expanding our footprints across other Indian states from there on’ stated Mr. Kukreja.

In September, Cashaa had raised 5 Million USD (~35 crores INR) to expand its operations into the Indian market from a Dubai-based investment fund O1EX. During the covid-19 pandemic Cashaa which saw an 800% jump in its operations and businesses. Mr. Gaurav added ‘‘This made us feel that the moment was ripe for India to start inducting emerging technologies into its banking domain. This is the opportune moment for us to revolutionize the banking space and deliver Indian’s a world-class inclusive banking experience with cryptocurrencies.’

Under the leadership of Kukreja, The United has been operating since 2012 and has been improving the lives of millions of Indians through its financial services. It is a member of the National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) vide membership no. 1753 and certified with ISO 9001:2008 for Quality Management Systems. NAFCUB is an apex National Level Federation of Urban Co-operative Banks and Credit Societies. Currently, the United is providing savings accounts, cash deposits and withdrawals, multiple bonds, and investment products, and loans (home, gold, and consumer).

“‘We are entering into the future of financial services in India. Merging our decade of experience with Indian traditional finance with Cashaa’s international banking experience will bring enormous transformation to both Indian fintech and the crypto industry. We are the first regulated financial institution in the world with physical branches where users can access crypto products. By increasing our exposure to emerging technologies, we are aiming to rapidly expand to over 100 physical branches by 2021, employing thousands of skilled professionals in India. Our savings bank account holders will also be able to use their cryptocurrencies as collaterals to take loans, like any other traditional loan given by banks, added Kukreja.

UNICAS is well known Indian financial institution that extends credit facilities to its members adopting “Microfinance” and “Group Financing “clubbed with “co-operative credit”.

Cashaa is the trading name of Cashaa Technologies Limited, a UK registered company (No. 11644308) whose registered office is at Suite 207 Equitable House Business Centre, 10 Woolwich New Rd, London, England, SE18 6AB.

source: the blockchain web site

Everything You Need to Know in Order to Buy Crypto

Cryptocurrencies are now a part of life; they show no sign of disappearing. If you have yet to invest in cryptocurrency, you may be wondering what you need, in order to buy and trade in digital currencies. Thankfully it isn’t too hard to get started!

Do some research

Before you take the plunge and invest in any type of currency (digital or otherwise) you need to make sure that you do some research. Instead of wondering if Civic Coin is a good investment, for example – do some research and make your own decision. Although no investment is ever guaranteed, you want to give yourself the best possible chance of your investment being the right choice by reading up and making sure you know as much as possible about the world of Cryptocurrency and digital currency investments.

You will need a wallet to store your currency

Cryptocurrencies are not yet recognised as a mainstream currency and the way they are bought and stored differs from that of conventional currency. In traditional banking with conventional currency, you would store your day to day money in a current account. Though subtly different, this current account is represented in the world of cryptos with an electronic wallet. These vary in type; they could either be a so called hot wallet which is held online, or a cold wallet held on a removable storage device. A cold wallet can be compared to a savings account at a bank. It provides higher security at the expense of ease of use and convenience. There are other types of wallets that can produce a physical token of the cryptos held inside. This can often be a printed piece of paper which can then be securely stored at a mainstream financial institution. This last method is not very suitable for fast access to your cryptocurrencies and may be most of use as a longer-term storage method when combined with secure physical storage.

When choosing a wallet, the big differences for the user between the types of wallets boil down to ease of use over security. This choice will likely be influenced by how you wish to use your cryptocurrency and the frequency of transactions.

Do research reviews and read the experiences of others with different wallet providers, avoid those that have had problems with security or customer service in the past. You should have a method of backing your wallet up. This should ideally be done on more than one medium, for example both a USB memory stick and a laptop hard drive.

Use an exchange

To actually purchase cryptocurrency, you will need to use a cryptocurrency exchange. These are simple to use but have a sign-up and verification process that must be carried out before your account is opened. Which exchange you choose will largely depend on the currencies you intend to own or trade. Again, researching online reviews of the various exchanges before committing is a great idea. As always, never invest more than you can afford to lose, and make sure you understand the risks of cryptocurrency investments before making any purchases.

Thankfully there are plenty of apps that make buying, selling and trading cryptocurrency really easy. Your digital currency is usually stored on their platform so you don’t have to worry about which wallet to store it in – instead you can concentrate on your new investment portfolio and making sure your investment choices are working. Different exchange apps and websites have their own terms and fees so make sure you read up on what they offer so you’re choosing the best one to sut your needs.

source: the blockchain web site