Improving technology is underpinning rising confidence in cryptocurrency investors, according to rating company Weiss Crypto Ratings.
The company has rated cryptocurrencies for technology improvement for long-term investors and risk and reward for short term investors.
- Top of the table is XRP Ripple – which the company says is fast approaching a position to compete with international money transfer business SWIFT for switching money between banks.
- EOS is judged the most likely cryptocurrency to challenge Ethereum as the ‘backbone of the internet’. Mainly due to the latter’s issues with scaling blockchain technology.
- Bitcoin is praised for having better capabilities after the Lightning Network upgrade
- Ethereum is praised as the most widely used smart contract platform.
All are rated A for technology and adoption by Weiss.
Cardano leads the rest, with a B+ rating for technology and adoption by providing the most advanced smart contracts, monetary policy and governance. Also making the top 10 for technology and adoption are Steem, NEO, Stellar, Zcash, and BitShares.
The ratings for risk and reward are not so bright for the cryptocurrencies.
“Investors must not ignore the risk of loss, which remains far higher in crypto markets than virtually any other asset class. Thus, the overall Weiss Crypto Ratings, which include risk and reward factors, are not nearly as high. Only four – EOS, Ripple, Bitcoin and Binance – merit an overall rating of B-, and no coins get an A,” said a spokesman.
Weiss is the only financial rating agency grading cryptocurrencies.
New crypto wallet for WhatsApp
Social media network WhatsApp has a new linked cryptocurrency wallet.
Wuabit connects directly with the WhatsApp chat interface.
“We are near completing the wallet core service starting with Bitcoin. By using WhatsApp, SMS or Telegram, you can access that wallet easily. Crypto payments via WhatsApp can introduce greater numbers of new users who only know how to chat to this complicated space,” said a Wuabit spokesman.
Security is paramount for the developers, who have initiated encryption from the user’s smart phone to Wuabit’s servers, where no private keys are stored.
The company is taking on market leaders eToro, Binance and Coinbase in the Bitcoin sector, while Bitcoin Core, Exodus and Jaxx offer tight security and cold storage out of the hundreds available.