AscendEX
Published in

AscendEX

BitMax.ioBTMX.io)News Digest 20191002

Major Headlines

1. Visa, Mastercard, and others reconsider involvement in Facebook’s Libra network

2. Central banks don’t need their own digital currencies

3. Vestager says Libra’s potential to spawn an economy raises risks

4. The world’s most-used cryptocurrency isn’t Bitcoin

5. Ripple’s Xpring Launches Crypto, Fiat Payments That Integrate Into Any App

6. Congressional Challenger to House Speaker Pelosi Is Fundraising in Crypto

7. Mark Zuckerberg Addresses Libra Regulation, KYC in Leaked Transcript

8. Binance and Polychain Are Funding a Crypto-Friendly Bank in Malta

Takeaway

1. Visa, Mastercard, and others reconsider involvement in Facebook’s Libra network

(All citations are taken from The Wall Street Journal)

· Facebook Libra’s potential financial partners reconsider their involvement following a backlash from U.S. and European government officials.

· The new project has broad ambitions for itself as part of a shift from the company’s nearly complete reliance on targeted advertising.

· Members of the Libra association have signed nonbinding letters of intent and they haven’t yet handed over the $10 million that Facebook requested from each member to fund the creation of the digital coin.

2. Central banks don’t need their own digital currencies

(All citations are taken from Bloomberg)

· Opposing opinions say that central banks’ action to issue their own digital currencies can have a profound and negative impact on a nation’s economic and financial landscape.

· One basic feature of the project would be to issue electronic deposits available to eligible citizens or businesses, allowing more people to have direct access to the accounting and payments mechanisms.

· The primary objection to an official government e-currency is the potential regulations that will be imposed on more economic institutions.

3. Vestager says Libra’s potential to spawn an economy raises risks

(All citations are taken from Bloomberg)

· The European Union’s antitrust chief said to take steps of scrutinizing Facebook Inc’s planned cryptocurrency because of the risk that the project would lead to a separate economy.

· The EU competition commissioner has already opened an investigation into Facebook’s digital currency project.

· Financial stability concerns may be as central to the probe as competition issues.

4. The world’s most-used cryptocurrency isn’t Bitcoin

(All citations are taken from Bloomberg)

· Tether, whose market capitalization is more than 30 times smaller than that of Bitcoin, accounts for about 70% of all the digital-asset world’s market value.

· Tether was used in 40% and 80% of all transactions on two of the world’s top exchanges, Binance and Huobi.

· It is also a pathway for most of the world’s active traders into the crypto market.

5. Ripple’s Xpring Launches Crypto, Fiat Payments That Integrate Into Any App

(All citations are taken from Coindesk)

· The suite of services includes an Xpring software development kit (SDK) that allows programmers to integrate XRP apps in multiple programming languages.

· It also includes a variety of new tools for working on both XRP and Ripple’s Interledger Protocol (ILP).

· Developers could download the code and run it themselves, or now they can go to Xpring and plug into the service.

6. Congressional Challenger to House Speaker Pelosi Is Fundraising in Crypto

(All citations are taken from Coindesk)

· 2020 congressional candidate hopeful Agatha Bacelar (D) is looking to unseat Pelosi in California’s 12th district, according to her campaign website.

· Touting her background in the STEM fields, Bacelar’s claims the “once-bright future for crypto in America has been dimming” and “has suffered as federal intervention pushed innovators out of our district and the country.”

· The candidate is also fundraising $1 million in cryptocurrency through the Coinbase exchange.

7. Mark Zuckerberg Addresses Libra Regulation, KYC in Leaked Transcript

(All citations are taken from Coindesk)

· In the closed-door staff meeting, Zuckerberg acknowledged that Libra has elicited large amounts of public criticism. However, he added, “The public things, I think, tend to be a little more dramatic.”

· With illicit uses of Libra at the top of watchdogs’ concerns, he moved on to talk about know-your-customer (KYC) verification for the new payment network, saying Calibra and the Libra Association will have to do more to prove users’ identities.

8. Binance and Polychain Are Funding a Crypto-Friendly Bank in Malta

(All citations are taken from Coindesk)

· After personally investing in bitcoin in 2016, Malta-native Paula Pandolfino is now co-founder of the upcoming Founders Bank in Malta, scheduled to open in 2020.

· Pandolfino said the bank raised $10 million so far and is looking to raise $30 million more in the near future.

· The bank’s leading investors include the crypto exchange Binance (also based in Malta), the hedge fund Polychain Capital and the Czech firm Carduus Asset Management.

(The contents above are all cited from corresponding websites, and don’t represent the opinion of BitMax.io platform)

--

--

--

AscendEX is a leading global digital asset financial platform founded by a group of Wall Street quantitative trading veterans in 2018, servicing retail and institutional clients in over 200 countries and regions of the world.

Recommended from Medium

Why Africa is the last frontier for decentralised gaming

UniFarmCohort22 is finally live on Ethereum network

What Are Utility Tokens, And How Will They Be Regulated?

The Prospect of Cryptocurrencies with S-Wallet Cryptocurrency is a digital asset that manifests…

UK Regulator Issues Fresh Warning to Crypto Firms amid Key Deadline Approaches

Webp.net-resizeimage - 2022-03-25T181610.224.jpg

Top 3 Largest Bitcoin Mining Countries

Fusang Digital Securities Exchange, Asia’s Only Fully Regulated Digital Securities Exchange, To…

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
AscendEX Support

AscendEX Support

More from Medium

LEWK receives backing from GBV Capital

Vera partners with House of Fine Art (HOFA), a Contemporary Fine Art Gallery and Dedicated NFT…

2A Ventures x Mintlayer

Astra Protocol Secures a $9 Million Investment Round To Set Forth Decentralized Compliance in The…