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December 2011

Facebook’s Libra | Coinbase’s Ex-Policy Head Will Lead Lobbying



In July, tech giant Facebook (NASDAQ:FB) announced that it was going to launch its own cryptocurrency named Libra, and since then, it has lurched from one problem to the next. Policymakers from all across the world, including the head of the US Federal Reserve and US President Donald Trump, expressed their skepticism about Libra soon after.

Hence, it is quite clear that Facebook is currently at a loss as to how to tackle the myriad of policy issues that are going to arise with the launch of Libra. However, it seems that the company has decided to tackle the issue by hiring the services of a lobbying outfit that has deep ties with the world of cryptocurrencies.

The firm in question is FS Vector, which is based out of Washington DC, and the person who is going to work as Facebook’s lobbyist is none other than John Collins, who used to be the head the policy division at crypto exchange Coinbase. Collins is also one of the partners at the lobbying firm. It goes without saying that, policy-wise, Libra has been a bit of a train wreck so far, and last month, Facebook announced that it might not even go ahead with the launch.

>> tZERO, Overstock’s Crypto Platform, Loses a Major Investor

Libra in Focus

Cryptocurrencies are not always in such a regulatory spotlight, but considering the fact that Libra is being launched by a tech giant like Facebook, there was bound to be regulatory scrutiny. In addition to that, some other regulators have asked Facebook about the extent of personal information it is going to require from those who actually buy the token. For instance, it emerged earlier this month that Facebook had not actually replied to a questionnaire sent by a regulatory body in Switzerland. It is going to be a delicate task for Facebook to navigate the regulatory maze, but with Collins, the company has managed to hire someone who is well aware of the environment at least.

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Coinbase Announces Support for EOS



Coinbase has announced that from today, EOS will be supported by its custodial wallet. Coinbase users can now buy, sell, receive, convert, and store crypto on the platform as well as exchange it against fiat currencies that are supported. EOS is currently among the top cryptocurrencies, and it is ranked fifth largest in terms of circulation.

EOS Now Available on Coinbase Wallet

Coinbase tweeted that it is launching EOS on its website as well as in the Android and iOS Coinbase apps, so users will need to update their apps for them to be able to buy, send, sell, receive, convert, and store EOS. The American exchange consumer platform has indicated that more updates will be available once EOS is fully live.

According to Coinbase, EOS will be available in most jurisdictions where the exchange operates, except for the state of New York and the United Kingdom with the former having reportedly been strict towards crypto assets of all kinds. The firm has indicated that additional jurisdictions are likely to be added soon.

>> Is Nobody Spending Bitcoin? Chainalysis New Data Reflects Rally

Coinbase Follows Customer Requests

According to the exchange, its customers have been requesting the company increase its offering and give customers more options for buying and selling various cryptocurrencies. It appears that the exchange that was initially against cryptos not linked to Bitcoin is finally agreeing to its customers’ needs, especially now that its profits are expected to decline in FY2019.

Until the start of the fourth quarter of 2018, the exchange had a strict listing policy, having added only five cryptocurrencies since its inception. However, Coinbase reviewed its Digital Assets Framework to enable it to expand on the number of crypto assets offered.

The support of Coinbase for EOS comes just before the June 1 announcement by, which is the company behind the EOS protocol.

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Binance to Support Upgraded Ethereum Network Muir Glacier



When it comes to the crypto space, it should be noted that much of the progress that has been seen is primarily due to the existence of crypto exchanges, and perhaps the most influential among those is Binance. In a new development, the exchange has announced that Ethereum withdrawals and deposits are going to be suspended in order to complete an upgrade on the ETH network.

Key Details

The Ethereum network recently announced that there is going to be a Muir Glacier upgrade, and owing to that, Binance will update accordingly. The announcement was made in a blog post today.

That being said, it should be noted that those who are going to trade the ETH token have nothing to worry about as the upgrade is not going to affect normal trading activities in any way. However, Binance has not revealed when deposits and withdrawals are going to be reopened.

The exchange has stated that it will be back to normal if the exchange believes that the network is in a stable state. In the blog post in question, the exchange has asked its users to leave sufficient time so that any deposits can be processed.

>> Libra Lacks Strategic Plan for 2020 Launch, Says Board Member

In the blog post, the exchange further added, “We will handle all technical requirements involved for all users holding ETH in their Binance accounts.” These are interesting times for the Ethereum network since the upgrade comes close on the heels of another seminal event less than a month ago.

Less than a month ago, the network had its Istanbul hard fork, and the effects of the new network upgrade are also going to be closely watched by market participants. It has been revealed that the Muir Glacier upgrade has become necessary due to the Istanbul hard fork. That being said, crypto traders on Binance will be able to continue trading despite the slight disruption.

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Chainlink (LINK) Continues to Get Attention, What Next?



During the course of the incredible crypto bull run that has been experienced this year so far, many coins have managed to make a mark for themselves, but one of those that has remained under the radar is the token Chainlink (LINK). Over the past 30 days, it has been among the best performing tokens among altcoins and has managed to outperform peers like Ethereum Classic (ETC) handsomely.

Notable Gains

At the time of writing, the coin is trading higher by as much as 2% and hit $3.46 on most exchanges. However, it is interesting to note that the coin also enjoyed significant volumes last week, and hit a trading volume of more than $190 million on July 5. Chainlink has a market capitalization of $1.17 billion.

Experts believe that the competition between Chainlink and DASH is going to be a brutal one in the months to come, as both coins try to corner the same market. At the end of the day, they have the same sort of functions, and that will be one of the most intriguing battles to watch in the altcoin sphere this year. If a trader bought LINK tokens around a month ago, then they would have made significant profits provided they cashed in at the end of the period.

>> Ethereum Futures Already Gaining Significant Support in the Industry

LINK is going to be one of the most intriguing coins to track in the coming days and weeks. In June alone, LINK surged by as much as 270% and left many other altcoins in the dust as it surged along ruthlessly.

Now, the important thing to watch would be an upsurge in the coming days triggered by a case of ‘fear of missing out’ among traders and investors in the crypto world. On the other hand, there are other experts who believe that a pullback could be on the way for Chainlink after a price of $4.70 was hit in the past few days.

Keep your eyes peeled!

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