Day: October 1, 2019

Swiss Regulator Fears Crypto’s Dark Corners, Libra Not So Much

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Mark Branson, head of Swiss financial supervisor FINMA, said that he is more concerned with the dark corners of cryptocurrency than he is with Facebook’s stablecoin Libra. Switzerland will not make Libra impossible On Oct. 1, Reuters reported that Bronson is more wary of crypto projects that develop outside of official scrutiny than he is of Facebook’s Libra project, which he says “is being done transparently.” Branson added: “I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through…

Blockchain Firm Helps Congo Mine to Fight Against Blood Diamonds

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Berlin-based blockchain company, RCS Global delivers mine-to-market technology solutions to help fight against conflict minerals in the Democratic Republic of Congo. Not part of a blood-stained supply chain On Oct.1 Reuters reported that government officials in the Societe Miniere de Bisunzu’s (SMB) mine in Congo are using blockchain technology to assure its clients that the minerals they purchase are not part of a blood-stained supply chain. RCS Global started implementing its blockchain technology solutions at the beginning of 2019 that lets the SMB mine officials digitally tag its minerals. RCS…

State-Backed German Bank Says Bitcoin Will Leap to $90,000 in 2020

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The German bank BayernLB has published a report on Bitcoin (BTC) vs gold in which it predicts a big leap for BTC in 2020. Bitcoin outshining gold? On Oct. 1 the Munich-based bank BayernLB published its latest research report that seems to suggest that the forthcoming Bitcoin halving effect hasn’t yet been priced into its current price of around $8,300. The German bank explains that gold has had to earn its high stock-to-flow ratio “the hard way  over the course of millennia.” Bitcoin, on the other hand, will most likely…

BlackRock, Goldman Sachs Veteran Joins Blockchain as General Counsel

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BlackRock and Goldman Sachs veteran Howard Surloff has joined major crypto wallet provider Blockchain.com as general counsel. Over 25 years in traditional finance After serving over 25 years the two of the world’s largest and most respected financial institutions, Surloff will now be responsible for advancing Blockchain’s standard for legal, compliance and corporate governance within the crypto industry, the firm announced on Oct. 1. Prior to entering the crypto industry, Surloff worked at BlackRock for 12 years, the world’s largest exchange-traded fund provider, according to his LinkedIn page. At BlackRock,…

Why This Billionaire is Skeptical of Bitcoin & Crypto

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Crypto Assets Aren’t Viable Crypto assets have been lauded as the future by many Silicon Valley technologists and investors. They believe that this new asset class holds the keys (pun intended) to unlocking another round of technological innovation. However, not everyone in the upper echelons of Corporate America has caught onto this trend. Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks and a “shark” on reality television show “Shark Tank”, recently took to WIRED’s “Tech Support” show on Youtube to field questions from Twitter users. Surprisingly enough, Cuban…

Blockchain Startup Tracks Property Liens in Energy-Efficient Loan Market

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Blockchain company Spring Labs will be developing a national property lien registry for four financing providers in the United States. Combat fraud and enhance identity validation In an Oct. 1 press release, Spring Labs announced that it was selected by the Property Assessed Clean Energy (PACE) financing providers to create a property lien registry to track liens in $5.6 billion energy-efficient loan market. The Spring Protocol, which is being developed by Spring Labs, will reportedly make it possible for financial institutions to exchange identity, fraud and risk information amongst themselves, without…

KIK Closes Messenger and Lays off Staff to Continue SEC Lawsuit Fight

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Messaging giant Kik has been embattled in a fierce exchange with the United States Securities and Exchange Commission (SEC) over the last year for a token fundraising run in late 2017. The latest news, confirmed by Kik CEO Ted Livingston, reports that the firm will shut down the Kik app and reduce its staff down to around 10% of the current headcount. According to Livingston, this move is a direct result of the SEC Lawsuit as the company is being drained of its funds. History of the Lawsuit Kik ran…

European Commission Exec Questions Facebook’s Libra Stablecoin

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Executive Vice President-Designate of the European Commission, Margrethe Vestager, has questioned the motives behind Facebook’s forthcoming Libra stablecoin. In an interview with the Financial Services Union of Denmark, a fragment of which was published on Oct. 1, Vestager addressed the possible impact from Libra’s launch — such as competition due to Facebook’s multimillion user base and distortion of competition in the payment services market. Vestager argued: “It’s a pretty new thing that we are starting to question something that does not exist yet. But it is so far in the…

FB’s Internal Q&A Sessions Reveal Early Strategy for Libra: Leaked

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Newly leaked audio from Q&A sessions between Facebook’s CEO and employees revealed Facebook’s early strategy for Libra launch. One month after releasing Libra’s white paper On Oct. 1, tech news agency The Verge published audio and text from recent internal meetings at Facebook where CEO Mark Zuckerberg answered employees’ questions about the future of the social media giant. According to the report, the leaked transcripts cover two Facebook’s internal meetings in July 2019. Along with major topics such as Facebook’s potential breakup by regulators, Zuckerberg devoted a significant part of…

Bitcoin Depot Looking to Expand to 1,000 Crypto ATMs to Serve Underbanked

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Bitcoin Depot is going to widen its Bitcoin ATM network within the United States to offer people the easiest and the most convenient way to deal with cryptocurrencies. The prevalence of underbanked people in the United States is a cause for concern. Currently, eight percent of 115 million households in the United States alone are underbanked or don’t have access to banking services such as checking accounts, savings, loans, or lines of credit. This prevalence is driven largely by high fees, inconvenience, and a distrust of traditional banking systems. While…