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August 2010

Facebook Coin | Catalyst for Crypto Growth, Says Spencer Bogart

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Facebook Coin

Facebook Coin

With the introduction of the Facebook Coin, the cryptocurrency world is facing a revolution. Spencer Bogart of Blockchain Capital, in an interview with Bloomberg, shed some light on the media giant’s venture into the cryptocurrency ecosystem.

The Trickle-Down Effect of Facebook Coin

In the interview, Bogart stated that there are several catalysts on the horizon in the cryptocurrency market despite the speculated “bottom” being reached. One good catalyst will be the anticipated Facebook Coin that will change dynamics in the cryptocurrency industry.

The Facebook Coin project will be an incredible project in electronic payments because it operates differently from current cryptocurrencies.

Bogart used the phrase “gateway drug” to assert that the adoption of the Facebook Coin will spur on the cryptocurrency market by adding billions into it. After establishing initial public confidence using the fiat-backed Facebook Coin, users can then diversify into Bitcoin and other virtual currencies. Bogart added that it is likely a given percentage of users will follow this path, which will significantly impact the industry, adoption tricking down to other cryptocurrencies.

>> Facebook Crypto Ad Ban: Platform Loosens Restriction on Crypto Ads

A Cryptocurrency Catalyst?

Besides the adoption success in the long-term, the Facebook Coin project is likely to initiate something that is more significant. The venture has ignited a fire in numerous FinTech and financial institutions across the US. This is evident in what is witnessed in ETrade, TA Ameritrade, and Fidelity’s digital assets wings, which have introduced crypto-centric services both on the retail and institutional front. The Blockchain Capital Partner indicated that the company sprang into action to introduce the service following the launch of the Facebook Coin Project.

The Facebook Coin project will be headquartered in London with another small office in Dublin. The payments project will first target India because of the popularity of WhatsApp in the country.

Featured image: Deposit Photos © ibphoto

Ripple Intends to Expand Further in Brazil Later This Year

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Ripple

Ripple

Over the course of the past few years, XRP has firmly established itself as the world’s third-biggest cryptocurrency and Ripple, the company which holds the highest number of XRP tokens, has emerged as a big player in the payments business.

Over the years, the San Francisco-based company has emerged as one of the biggest names in the payments space and has set up operations in different parts of the world. It boasts of clients from many continents, and in a new development, it has emerged that the company has now set its sights on South America.

Aggressive Expansion Plan

As everyone knows, the company is involved in facilitating remittances, and South America is its next frontier. It should be noted that Ripple has already set up its operations in Brazil in 2019 and is now looking to expand into the South American market in a big way. In this regard, it is also important to point out that the company has established relationships with some of the best-known and influential financial institutions on the continent. The company has now set up arrangements with institutions like Rendimento and Santander, among others.

The managing director of the company’s operations in South America, Luiz Antonio Sacco, spoke about Ripple’s prospects in the continent: “With successive advances in Brazilian banking regulation to facilitate financial transactions, including international, opportunities here will grow greatly in the coming years.” While South America remains a major market, the biggest prize is the Brazilian market, and the company is making great efforts to grow its presence there.

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Over the past few years, Brazil has grown into one of the most crypto-friendly nations on the continent. Considering the sheer size of the country, it presents a major opportunity for companies like Ripple. It is also going to be interesting to see what effect any expansion into South America has on the price of XRP.

Featured image: DepositPhotos © adriantoday

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Square is Hiring | You Can Be Paid in Bitcoin if You Want

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Square

Square

Twitter and Square founder Jack Dorsey has always been bullish in his Bitcoin views. So it’s no surprise that his payments startup Square is now offering new employees the chance to be paid in Bitcoin. According to tweets from the CEO, the company is on the hunt for skilled labor to add to the team.

Square Bitcoin Payments

If Dorsey’s tweets are anything to go by, then the company is hiring engineers and a designer to “work full-time on open source contributions to the bitcoin/crypto ecosystem.” 

The Square cash app already supports Bitcoin purchases and sales so it is intriguing to think of what these new hires may be working on.

But beyond that tweet, information is scarce. However, what is notable, is that these new hires will be able to be paid in Bitcoin if they so choose. It makes sense that Square would offer this option, Dorsey being a major advocate of cryptocurrency, earning himself the nickname Bitcoin Evangelist.

His belief is that Bitcoin should become the world’s single native currency and using it is moving forward.

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Impactful

Dorsey added in a separate Tweet that “the most impactful thing” his company can do is to build upon the current cryptocurrency ecosystem. And this is one way it can give back to the community.

He commented:

“Square has taken a lot from the open source community to get us here. We haven’t given enough back. This is a small way to give back, and one that’s aligned with our broader interests: a more accessible global financial system for the internet.”

Dorsey recently spoke in a podcast about the Square app saying how payment apps like it are the future for cryptocurrency:

“We’re empowering the electrician to send invoices, setting up the food truck with a delivery option, helping the clothing boutique pay its employees, and giving the coffee chain capital for a second, third, and fourth location.”

What do you think? Would you like a job working for Square?

Featured Image: DepositPhotos © sdecoret

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Facebook’s Libra Wants to Hit the Market in Early 2020

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Libra

Libra

It has been a hugely eventful year in the crypto sphere, and perhaps one of the most important developments has been the announcement of Facebook’s Libra. However, as soon as it was announced that it was going to be launched next year, plenty of influential regulators expressed their doubts about the cryptocurrency straightaway.

Important Progress

They are still doing so, and in a new development, it has emerged that Facebook (NASDAQ:FB) is going to go ahead with the launch of Libra next year as planned notwithstanding any misgivings from regulators. Regulators have been generally hostile towards the whole thing, and some have gone on to state that Libra could undermine traditional fiat currencies.

The head of Calibra, David Marcus, spoke to the Swiss newspaper NZZ on September 22 and stated that Facebook’s Libra is going to address all the regulatory concerns before the cryptocurrency is launched. However, he reiterated that despite the misgivings from regulators, Facebook is determined to have the launch in 2020. It is an interesting comment from Marcus considering the fact that the company had earlier stated that Libra would not be launched unless all regulatory concerns have been addressed.

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Libra is a stablecoin, and it is going to be backed by currencies like the United States Dollar, the euro, and the Japanese Yen, among others. However, in this regard, regulators believe that the presence of billions of users across Facebook, WhatsApp, Instagram, and Messenger gives the company a huge advantage. That, in turn, could lead to the erosion of the importance of traditional fiat currencies. That being said, it is only one of the concerns that regulators have expressed with regards to Libra.

Marcus brushed off those fears and stated that it is highly unlikely that anyone is going to use Libra to make everyday payments. He went on to add that those who buy Libra have no privacy fears since Facebook will have no access to the data at all.

Featured image: DepositPhotos © BrianAJackson

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