Goldman Scandal, BTC Bull Trap Fears, How Libra Will Make Money: Hodler’s Digest, May 25–31

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Goldman Sachs butts heads with Bloomberg over Bitcoin One of the world’s biggest investment banks caused a stink this week when it declared cryptocurrencies are not an asset class. In a leaked PowerPoint presentation, Goldman Sachs warned Bitcoin doesn’t provide diversification benefits, dampen volatility in…

Libra Will Allow Facebook to Spike Ad Prices, Zuckerberg Says

The proposed Libra cryptocurrency will allow Facebook to increase ad prices, the social network’s CEO Mark Zuckerberg said at the annual shareholder meeting on Wednesday, according to a transcript provided to Cointelegraph by the Novi press team. At the event, Zuckerberg was asked how Facebook plans to profit from integrating Libra into its services.  The social network CEO replied by saying that Libra will make commerce more beneficial for businesses, and thereby increase ad revenue. Last year, Facebook earned around $69.6 billion from selling ads, which constituted more than 98%…

Calibra Rebrands as Novi to Avoid Confusion With Libra

Facebook-owned digital wallet Calibra rebranded itself as Novi earlier today, sharing new details about the project. The primary reason for the name change was to avoid the confusion with the Libra cryptocurrency, a representative for Novi told Cointelegraph. “When we announced Libra and Calibra last June, we wanted to demonstrate that Calibra, the digital wallet, was closely linked to Libra, the global payment system. Both brands were born out of the same vision, to give people more access to the global economy. However, we’ve found that Calibra and Libra sounded…

Libra Exec Hirings Suggest Commitment to Anti-Crypto Regulations

Following a big-time update to its white paper in mid-April, the Libra Association has over the past couple of weeks made a string of striking new additions to its core governance team, including appointing Robert Werner as its general counsel and Stuart Levey as its CEO. Before joining the Libra Association, Werner served as the director of the Financial Crimes Enforcement Network, known as FinCEN, as well as holding a number of top leadership positions at financial firms such as HSBC, Goldman Sachs and Merrill Lynch. Similarly, Levey most recently…

Pantera Capital Founder Says Regulators ‘Triggered’ by Grams and Libra

Dr. Steven Waterhouse, a founding partner of Pantera Capital and the CEO of Orchid (OXT), believes that the U.S. government will not let a private enterprise challenge the dollar. In an interview recorded prior to Telegram announcing it had given up on its blockchain project, Dr. Waterhouse said the U.S. government perceives cryptocurrencies issued by companies with hundreds of millions of users as a real threat to the dollar: “The idea that some random startups are going to build their own stablecoins, perhaps with hundreds of millions of installs of…

Obama’s Under Secretary for Terrorism Appointed CEO of Libra

May 6, the Libra Association announced the appointment of Obama’s former under secretary for terrorism as its first CEO. Stuart Levey served as an under secretary for terrorism under the administrations of George W. Bush and Barack Obama, focusing on the enforcement of all U.S. anti-money laundering and counter terrorist financing laws by the Financial Crimes Enforcement Network (FinCEN). In his most recent position, he served as the chief legal officer at HSBC. Levey’s appointment continues a trend of Libra trying to make peace with regulators. Bipartisan support The press…

British Payment Firm Checkout.​com Joins the Libra Association

In a fresh move to revive Facebook-backed digital currency project Libra, the Libra Association has onboarded another member. British payment startup Checkout.com has joined the Libra Association, becoming the 24th member engaged with the mission of building a better global payment network, Libra tweeted on April 28. Tech advancements would fail without necessary regulatory frameworks Guillaume Pousaz, Checkout.com founder and CEO, officially announced the news in a company statement on Tuesday. The executive outlined that Checkout.com joins Libra’s efforts to not only promote technological advancement but contribute to the formation…

Network Bringing Bitcoin to DeFi Taps Libra Member Bison Trails for Staking Services

Decentralized finance (DeFi) protocol Keep Network has tapped Bison Trails to provide non-custodial staking services for tBTC, an ERC-20 representation of bitcoin (BTC) deposits.  Keep, a project from blockchain venture studio Thesis, operates tBTC in a trustless manner by breaking bitcoin deposits across smart contracts held by various Keep users. “Infrastructure is important because if your node is being asked to sign a message or it’s holding onto tBTC as one of the shards, you ideally don’t ever want to be offline,” Bison Trails protocol specialist Viktor Bunin told CoinDesk…

Blockchain, Not Crypto, Is at Core of Facebook’s Libra, Vice Chair Says

Despite existing concerns that blockchain is not mature enough to bring the new era of payments, the technology is being increasingly explored by global central banks. Blockchain technology meanwhile remains at the core of Facebook’s digital currency Libra, according to a top project executive. Since Libra’s white paper release in June 2019, the not-yet-launched stablecoin has continued to rely on blockchain architecture, Libra Association’s vice chair Dante Disparte explained. Blockchain unlocks payment network interoperability In an April 28 interview with financial publication Central Banking, Disparte outlined a number of structural…

Binance Research Finds Libra Could Rattle Payment Sector Foundations

Binance Research dove into Libra’s most recent whitepaper, surfacing with a lenghty report, in part claiming Facebook’s proposed asset could significantly alter the payments world. “Libra’s envisioned global payment system could do to the payment industry what SpaceX did to the space industry: shake the foundations of a well-established sector with high entry barriers,” the April 22 report said, adding: “The mere advantage of issuing widely-available programmable money would already initiate manifold efficiency gains.” Libra’s outlook after a year of regulatory pushback After releasing its initial whitepaper in June 2019,…