10/09/2018: Biggest Stories in the Cryptosphere

1. Citigroup Creates Safer Way To Invest In Crypto
Financial services company Citigroup has found a safer way to invest in cryptocurrencies. The New York-based giant has created a Digital Asset Receipt (DAR). The cryptocurrency is stored by a custodian while the DAR is issued by Citigroup, which will notify the Depository Trust & Clearing Corp (the Wall Street middleman). It’s been reported that this is the most direct way to invest in crypto without actually owning any cryptocurrency. cryptocurrencies would be positioned within regulatory regimes which are already in place. This would enable Wall Street investors to invest in crypto in a safer environment. DAR has been compared to the American Depository Receipt (ADR), in terms of how it works. In that case, US investors are able to invest in foreign stocks which are not traded on local exchanges thanks to the ADR.

2. Winklevoss Twins Launch Stablecoin
The Winklevoss Twins have launched the Gemini dollar, a stablecoin pegged to the US dollar. People will be able to send and receive US dollars through the Ethereum cryptocurrency network. The price volatility of cryptocurrencies has often been a topic of discussion and this led to a growing interest in stablecoins. The New York Department of Financial Services granted approval to the currency, making it regulated. However, this is not the first time that we report on a US dollar-pegged stablecoin. In fact, in July IBM and Stronghold launched a stablecoin called Stronghold USD. A project in partnership with Prime Trust. Both stablecoins have a 1-to-1 ratio.

3. American Luxury Car Dealership First One To Accept Crypto
Luxury car dealership Post Oak Motor Cars will now accept Bitcoin and Bitcoin Cash as forms of payment. This makes the American company the first dealership to accept crypto payments for luxury cars. Its product range includes Rolls-Royce, Bentleys and Bugattis. The project, announced last week, is being carried out in collaboration with payment service provider BitPay. Owner Tilman Fertitta said that the growing popularity is what prompted an interest in him, as he wants to provide its customers with the best buying experience possible. However, this is not the first time that he is involved in crypto. In fact, he previously stated that Bitcoin is ‘here to stay’. He also drew comparisons with the dot-com boom.

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