It’s been a hectic week for Coinbase. Fidelity Investments Chief Executive Abigail took the stage on Tuesday, at New York blockchain conference, Consensus, to announce Fidelity will soon allow clients to see their digital asset holdings through a partnership with Coinbase. Meanwhile, Coinbase co-founder and CEO Brian Armstrong was on a conference tour talking up the company’s upcoming product, a messaging app with built-in cryptocurrency payment options called Token. Messaging features will only be a small part of what Token can do. Forbes reported the app will be “more like a web browser” for blockchain tools than a traditional messaging app like Kik or WhatsApp because this Ethereum-based platform will also host other “apps ranging from currency exchanges to marketplaces, remittance services to lenders, advice services to cell phone top up providers.” While Coinbase is busy diversifying, other blockchain innovators are taking a cautious approach to the cryptocurrency boom.

CNBC reported fellow cryptocurrency giant Ripple, maker of XRP tokens that are currently estimated to be worth $26 billion, may freeze around half of its tokens to protect their scarcity and value. Ripple is planning ahead to avoid flooding the market. "We want to make sure that the Ripple Consensus Ledger is the most robust, and that XRP is the most liquid, and I think this is a very positive step towards that," Ripple CEO Brad Garlinghouse told CoinDesk. Bloomberg reported other rising cryptocurrencies like Zcash, Monero and Golem have also seen a dramatic rise in value throughout May. The first widespread cryptocurrency, bitcoin, is now more expensive than gold. It remains to be seen which of the many alternative blockchain coins will also rise to match that value.

Chuck Reynolds
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