Love is in the air for Ethereum Classic

Crypto news: Western Union tests Ripple and US Lugers join the Bitcoin boom
By Eddie Taylor
Wed 14 Feb 2018 09:06 AM

Amid plenty of sideways trading in the cryptocurrency space since the partial recovery from the late-January sell-off, Ethereum Classic (ETC) – the original currency on the Ethereum blockchain – has rebounded to its pre-crash prices.

This morning, it reached $35.41 according to CoinGecko’s website, a value last seen on January 16, the day Bitcoin tumbled 20 percent.

This is the first cryptocurrency to rebound to mid-January levels and represents a 152 percent increase in value from its February 6 lows of $14.

There are two reasons for this, according to insiders. One, according to Coindesk is forecaster Cryptonaire's decision to include ETC in the list of verified digital assets (VDA), and the other is the development of something called the Callisto Network Project, a new smart-contract governance system for the ETC Blockchain with its own coin, CLO. These new coins will be distributed to ETC holders.

Western Union now “testing” Ripple

There has been plenty of speculation about Western Union tying up with Ripple and joining the likes of MoneyGram and Dubai-based UAE Exchange, who already use the blockchain for cross-border payments. The company’s CFO Raj Agrawal confirmed that it’s evaluating blockchain technology and is testing transactions with Ripple – although he doesn’t believe it will be a key part of its business yet.

More Olympians take the Bitcoin plunge

After we reported on Monday that Canadian speed skater Ted-Jan Bloemen was part-funded through a cryptocurrency sponsorship, it seems he’s not alone. The US luge team has been accepting funding in Bitcoin since December 2017, with its own wallet to accept contributions. One of the first donors to the USA Luge fund was former luge Olympian and Wall Street investor Ty Danco.

“Luge is something that gets into your blood and transforms your life and the Bitcoiners we’ve met know exactly what it’s like to be all in on something that the world doesn’t appreciate yet,” said USA Luge marketing director Gordy Sheer about the tie-up.

Forbes also reported that vendors, including ski rental shops, near the Olympic Village were accepting Ethereum as a payment method.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.