CBX Weekly Newsletter // 19 June 2019
- 3 Reasons Bitcoin is over $9K
- Ripple wants to invest $50 Million in this company
- Facebook unveils Libra Cryptocurrency
3 Reasons Bitcoin is over $9K
Bitcoin (BTC) is breaking new highs again for this year, taking cumulative year-to-date gains to over 150%.
The leading cryptocurrency by market capitalization reached a 13-month high of $9.4K on most exchanges including CBX.
1- Facebook to Launch ‘Libra’
The Social Media site is set to launch their very own stablecoin, which is supposed to be called GlobalCoin and will be launch soon.
This project is backed by various other companies and is giving Blockchain, and Cryptocurrencies especially Bitcoin a boost in popularity and acceptance among various different users.
2- Litecoin (LTC) Halving
Litecoin (LTC) one of the largest cryptocurrencies by value is set to cut the block rewards giving to miners by half commonly known as “halving”, meaning that LTC will become a more scarce asset overall.
LTC has increased over 300% this year and maybe another reason why Bitcoin is going up in price as well, not to mention that BTC will also halve in less than a year from now.
3- Binance blocks US Customers
Binance.com which is the world’s largest cryptocurrency by trading volume excluded all users in the US in their updated terms of use.
After the announcement, Binance Coin (BNB) which is the exchange’s native currency fell off sharply in price while Bitcoin was raising.
Ripple wants to invest $50 Million in this Company
Blockchain payments startup Ripple has signed a deal to buy a stake in remittance money giant MoneyGram.
Ripple, the company behind XRP token, will spend $30 million to buy stocks of the company at a price of $4.10. And in the next two years, MoneyGram has the option to sell an additional $20 million worth of shares to Ripple at the same price.
Part of the deal will also make MoneyGram use XRP as a part of their operations using Ripple’s xRapid transaction protocol.
MoneyGram provides services to 200 countries and territories, with roughly $600 billion processed in the global remittance market. Executives from both companies agree that settlement fees will drastically drop from $30 per transaction to less than a penny.
Facebook unveils Libra Cryptocurrency
Facebook is creating a cryptocurrency that will bring banking and financial services to over 1.7 billion adults that are currently unbanked, even if they don’t have a Facebook account.
While the project is still in its early days the scope of the project is far-reaching. It includes a new Facebook subsidiary, Calibra, and an independent consortium, Libra Association, backed by some of tech’s biggest companies in the world like Visa, Mastercard, PayPal, Uber, Lyft, Coinbase, and others.
Facebook’s initial focus will be in international remittances using their other apps such as Whatsapp and Instagram.
Calibra registered as a money service business with the U.S. Department of Treasury and is now working to acquire money transmitter licenses in U.S. states “that treat cryptocurrencies as the equivalent of money.”
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