Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?submitted by mickhagen to genesisblockhq [link] [comments]
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
BinanceThe most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Can they create a cohesive & united product experience?
Binance WeaknessesBinance is strong, but they do have a few major weaknesses that could slow them down.
Binance Wrap UpI don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
CoinbaseThe crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.
Coinbase StrengthsLet’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
Coinbase WeaknessesLet’s now look at some things that could hold them back.
Coinbase Wrap UpAt Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.
Honorable MentionsOther US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.
Wrap UpCoinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
Other Ways to Consume Today's Episode:
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
Bitcoin finally regained the $1,000-level on 1/2/17, and first traded higher than one ounce of spot gold 2 on 3/2/17 (intra-day high of $1,292.61). From there, bitcoin surged to its all-time high of $19,511.00 on 12/18/17, before declining 84% to a 12/14/18 low of $3,136.04. In the current trading chapter, bitcoin has surged to a 5/16/19 high ... bitcoin machine in france - In case of issues or questions about bitcoin ATM – please contact operator instead. Address: 5 Boulevard Ornano 75018 Paris France. Open hours: Mon-Sun: 10:00 am – 10:00 pm. Bitcoin machine details. ATM Type: General Bytes. Supported coins and fees: - Digital money that’s instant, private, and free from bank fees. More Bitcoin Services. Bitcoin Exchange. Start your trading journey today. Securely buy, sell, and build your cryptocurrency portfolio. Casino. Now you can win big with the official Bitcoin.com casino, play our exclusive games using Bitcoin (BTC). Local. Join our Local Bitcoin Cash (BCH) marketplace to get the best margins on every trade. Spend Bitcoin. Discover businesses that let you pay for ... Binance Brings Jobs, Education and Investment . The Premier of Bermuda, Edward David Burt, announced on Friday his government’s new partnership with cryptocurrency exchange Binance. Under the signed agreement, the company is to establish a Global Compliance Centre in the country creating forty jobs. Binance will also invest $10 million in education for local residents, and $5 million in ... The new exchange, offering Turkish lira trading pairs, will be owned by Binance but operated by a locally registered buy bitcoin on xapo - Xapo’s interface can be considered as user-friendly. It presents the core products in the open, the mobile app to check your wallet on the go, the Vault, and to proceed to buy bitcoin. Are There Transfer Limitations? As many exchanges retain Transfer limits on trading bitcoin, Xapo also follows the trend. However, what can be considered a ... xapo buy bitcoin - Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. - Xapo wallet is a web-based Bitcoin wallet that users can access either on a mobile app or online. It offers a provision to store most funds in deep cold storage vaults while keeping the rest in a ... Binance leads the top tier list with volumes traded on its platforms having jumped by 83% overall to $129.9 billion. Huobi Global and Okex, which ranks second and third, recorded traded volumes valued at $65 billion and 64.7 billion respectively. Also making the list of top tier exchanges is Coinbase, Kraken, Bitfinex, Liquid and Bitstamp. All the remaining top tier exchanges recorded spot ... Bitcoin Mining . The virtual currency bitcoin can be gotten through various means. One of the most common ways to obtain bitcoin is by mining. There are two major ways of mining bitcoin: either by using the necessary hardware and software and mining it in a bitcoin mining pool or by obtaining a required amount of hash power by a certified mining company who has the hardware, power and ...
[index]          
Ben Eren Caner , bu videoda en iyi altcoin leri etkileyen bitcoin nedir , future , vadeli işlemler , kontratlar nedir , borsa , sanal , al sat önerileri , fi... Xapo's Wences Casares on How Bitcoin Makes a Fairer World - Ep.099 & Ep.040 by Unchained Podcast. 53:37. Mike Novogratz on Why Bitcoin, "a Big FU to the System," Needs Institutions - Ep.98 by ... Bitcoin mining contract results February 2018 week 3. Bitcoin transaction fees finally dropping! Mine cryptocurrencies from as little as $25 http://start.g... John Mcafee: “Bitcoin investors will be the richest people on earth. Anyone who understands bitcoin cannot deny this. But what does that say about bitcoin miners? We occupy the top rung of ... Malta, the southern european island country known as ‘Blockchain Island,’ thanks in part to it's status as crypto safe-haven, is now calling out the misconce... binance coin miner apk https: ... bitcoin miner machine, bitcoin miner setup, bitcoin miner capitulation, bitcoin miner pro, bitcoin miner android app payment proof, bitcoin miner app 2019 ... Founders Of 'Black Men Heal' Talk Therapy Services For Black Men And Eradicating The Stigma - Duration: 27:37. Breakfast Club Power 105.1 FM Recommended for you 27:37 I think they are the best for charting services. They have great tools and a lot of coins. You can use this link to get 30 days free trial They have great tools and a lot of coins. The biggest GPU & bitcoin mining farm in America. Lifestyle galaxy bitcoin mining operation. Mine cryptocurrencies from as little as $25 http://start.galax...