Top stories in the Crypto Roundup:

• Ripple technology to help Santander customers in Latin America.
• Silvergate Bank aiming to offer cryptocurrency-collateralized loans by year-end.
• Deep dive into burn rate of cryptocurrency and blockchain startups.

The BTC/USD pair held north of the psychologically significant $10,000-mark over the weekend. Many of the large-cap cryptocurrencies have risen by a greater proportion over the past 24 hours—a rarity in 2019. Bitcoin (BTC) is currently trading at $10,713.90 (5.52%) with a Top Tier Volume of $1.15 bn. As for ether (ETH) it is trading at $199.61 (7.92%) with a Top Tier Volume of $338.63 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,509.51 (1.26%).

Ripple Technology to Help Santander Customers in Latin America

Spanish banking giant Santander Group is building a payment corridor that will let customers in Latin America send money to the U.S.—in a manner that is both fee-less and instant—via One Pay FX, a mobile application that utilises xCurrent, CoinDesk reported.

xCurrent is a product of Ripple’s that it describes on its website as an “enterprise solution that enables banks to instantly settle cross-border payments with end-to-end tracking.” Currently, only customers of Santander’s living in the UK and Spain that are able to send money to the U.S. using One Pay FX.

Silvergate Bank Aims to Offer Cryptocurrency-Collateralized Loans By Year-End

Silvergate Capital Corporation—the holding company of startup-friendly Silvergate Bank—announced it plans to offer cryptocurrency-collateralized loans. In an S1/A form filed with the U.S. Securities and Exchange Commission (SEC) on August 15, Silvergate stated:

“We believe there may be attractive opportunities to provide digital currency borrowing facilities to deepen our high-quality customer relationships and further enhance our interest income.”

The California-headquartered bank—which counts pioneering cryptocurrency companies such as Kraken, Paxos, and Gemini among its clients—noted that it expects to begin offering this crypto-friendly credit product “to select institutional clients in the latter part of 2019.”

Deep Dive Into Burn Rate of Cryptocurrency, Blockchain Startups

Data from InWara’s Market Intelligence Platform was relied upon in an attempt to estimate how fast startups in the blockchain and cryptocurrency space are burning through cash. As part of the analysis, it was determined that as much as 65 percent of all funds raised by these startups have been via token sale mechanisms such as an initial coin offering (ICO), an initial exchange offering (IEO), and a security token offering (STO).

Also noteworthy was the sheer amount of IEOs held by projects that previously conducted ICOs. Quite often, the time between each token raise spanned less than three months.

In the context of companies in the cryptocurrency and blockchain industry that raised venture capital, it was discovered that the average time period between seed and Series A financing rounds was fifteen months. The average duration between series A and B raises was twenty-five months.

CoinSwitch - Crypto Trading Simplified

CoinSwitch.co is a two-year-old cryptocurrency exchange aggregator backed by Sequoia Capital. It enables users to anonymously buy over 300+ coins by comparing prices across leading global exchanges like Binance, Huobi, HitBTC and many more. 

CoinSwitch.co also has a product for website owners to monetize their crypto audience by setting up an instant exchange on their website in less than 5 minutes and with ZERO CODE. Over 100+ bloggers, YouTubers and influencers are already using the instant exchange on their website. 

Additionally, it offers a FREE crypto payment gateway that supports payments in multiple coins for merchants. The merchants do not have to worry about the volatility risks or the risk arising out of accepting and holding multiple cryptocurrencies. Major gaming companies like Primedice, OneHash, and Stake are already using this product.

The company has partnered with major crypto wallet companies such as Metamask, Exodus, Trezor hardware wallet by integrating its APIs within the wallet for users to swap their cryptocurrencies. 

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