Day: August 7, 2020

Facebook (FB) Stock Price Up 2.6% as TikTok Rival Is Introduced

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Facebook (FB) stock price started rising yesterday in response to the launch of the new Instagram video feature called Reels. Reels is seen as a competitor to TikTok. Facebook Inc (NASDAQ: FB) stock closed at higher yesterday than the day before and is up today as well. It happened as the social networking giant introduced a new feature to its Instagram platform. The new feature called Reels allows users to create short video clips with effects. The feature is seen to contend and compete with Chinese video startup TikTok.  At the…

6 Questions for Paul Veradittakit of Pantera Capital – Cointelegraph Magazine

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Each week we ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!   This week our 6 Questions go to Paul Veradittakit, a Partner at Pantera Capital. Pantera Capital is one of the earliest and largest institutional investors in digital currencies and blockchain technologies, managing over $1B at one point, and Paul focuses on the firm’s venture capital and hedge fund investments. Since joining in 2014 Paul has helped to…

Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage

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The Federal Reserve is rushing ahead with its payments platform, Russia’s largest bank is going in on blockchain and so is Goldman Sachs. You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here.  Top shelf Fed Now!The Federal Reserve is working to get its FedNow payments platform up and running. Board Governor Lael Brainard said the U.S. central bank will debut its instant payment service “as soon as practically possible,” in 2023…

Iran One-Ups the United States? Tehran Seeks Crypto Mining Dominance

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Crypto mining in Iran is set to become even bigger with the government giving the green light for power plants to mine cryptocurrencies like Bitcoin (BTC). The news is the latest piece of positive development on the virtual currency mining front to come out of the country in the last year. Since legalizing crypto mining back in July 2019, Iranian authorities have sought to ensure market participants operate only after obtaining the required licenses. By allowing power plants to engage in cryptocurrency mining, Iran is joining other emerging hubs as…

Binance Stablecoin Gets Approval from New York Regulator

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Binance announced on Friday that its stablecoin has been given the nod by the financial regulatory body in New York. With this development, the final barrier to the use of the currency by financial institutions has been removed. According to the statement from the firm, the New York State Department of Financial Services (NYDFS) gave its approval to the Binance USD (BUSD) this week as seen with its updated “Greenlist”. This implies that banks no longer need further approvals to start using the stablecoin. However, the guidelines stipulate that such…

Will a Massive Bitcoin Accumulation Trend be Enough to Propel It Further?

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Bitcoin is currently in the throes of a boring consolidation phase within the upper-$11,000 region. This comes as the cryptocurrency struggles to surmount the resistance that sits at $12,000. It is important to note that the growth its price has seen in recent times appears to be far more organic than those seen in previous years – suggesting that it is establishing a strong base for a fresh macro uptrend. One metric of this organic growth can be seen while looking towards exchange outflows, which have been rising rapidly in…

VeChain’s Latest Blockchain Application Makes Food Safer

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VeChain’s newly released tool offers a suite of whitelabel services that will allow the food sector to implement on-chain safety management services. These services include traceability templates which track things like origin traceability, cross-border traceability, full-process traceability, and more. They have high hopes that the tool will be useful for many sub-sectors and products, such as fresh food, dairy, alcohol and wine, and imported food. Companies will also gain access to third-party services such as PwC, Deloitte, DNV GL, among others, to help them to reduce the cost of certification,…

Bitcoin Market ‘Much Different Now’ as New BTC Wallets Approach 2017 Highs

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New on-chain data suggests that demand for Bitcoin (BTC) from new investors is growing. Specifically, the number of new BTC addresses is nearing 2017 levels when the price hit $20,000. Brock Connelly, the CEO of RoundBlock Capital, said: “Has anyone noticed, daily active addresses (Bitcoin) is back above June 2019 levels, and approaching high of 1.29mm in December 2017. BTC market feels much different now.” Various on-chain metrics hint at a continuation of the Bitcoin uptrend, despite the digital asset’s 28% increase in the past three weeks. Buyers show renewed…

Only Bitcoin Outpaces G4 Central Bank Balance Sheet Growth

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Investment strategist Raoul Pal says bitcoin is the only asset with a growth rate that outpaced that of G4 central bank balance sheets. Pal says G4 central bank balance sheets have grown much faster than traditional safe-haven assets like gold. A founder and CEO at Global Macro Investor (GMI) Pal made the remarks in a Twitter post on August 6. In the thread, Pal dispels the notion that only gold offsets the dilutive effects of inflation. “Many of us own gold to offset the dilutive effects on fiat currency of…