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September 2012

Facebook in Discussions with CFTC but Uncertainties Continue

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GlobalCoin

GlobalCoin

Some weeks back, Facebook indicated that it was launching a cryptocurrency payment service called Project Libra. The company has had a series of talks with various e-commerce companies as well as financial firms seeking support for the payment service. The latest discussions involve the US Commodity and Futures Trading Commission regarding Facebook’s stable coin initiative: GlobalCoin.

CFTC Indicates Interest

The Financial Times reported on Sunday that Christopher Giancarlo, the chairman of CFTC, had confirmed that talks regarding the support for the stablecoin were in early stages. He added that the goal of the discussions is to confirm if the cryptocurrency will fall under the regulatory remit of CFTC. The chairman said that CFTC was interested in understanding the stablecoin better and that action could only be taken when there is an application. For now, however, no application has been made for GlobalCoin.

This news comes after the company was in discussions with US and UK government officials regarding the regulatory concerns and opportunities of Facebook’s GlobalCoin. Project Libra’s objective is to permit Facebook users across the world to transfer money.

>> BitMex Ventures Invests in PDAX, Increasing Activity in the Philippines

Too Early to Tell

Since the CFTC and Facebook are still in discussions as CFTC tries to understand the coin, the chairman indicated that it was still early to ascertain the possibility of GlobalCoin falling under the CFTC remit. However, Giancarlo indicated that if the stablecoin will get backing of the US dollar, then the possibility of it being tied to derivatives will be minimal. He further indicated that the main compliance issue by regulators will be how the company will implement and adhere to anti-money laundering and KYC measures.

Some people believe that Facebook’s GlobalCoin will be a game changer in the crypto industry, while some hold that it is such an expensive feat that won’t go far.

Featured image: DepositPhotos © bernardojbp

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Will the Real Nakamoto Please Stand Up?

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Bitcoin SV

Bitcoin SV

One of the most interesting events in the crypto sphere in the New Year has been the strong gains that have been generated by cryptocurrencies like Bitcoin SV (BSV). One pattern that can be discerned from the recent gains in BSV is the fact that it followed one of the two conscientious Bitcoin hard forks.

While most of the other cryptocurrencies traded flat, BSV managed to gain as much as 45% over the course of the past 24 hours. It goes without saying that it has given rise to a lot of speculation with regards to the price action.

Key Drivers

One of the most popular theories that have been put forward by market watchers is that Craig Wright may have gotten hold of the final set of documents that could prove that he was indeed the founder of Bitcoin, Satoshi Nakamoto. The documents in question are known as the Tulip Trust documents, and it has been claimed that Wright is going to submit those documents next week at a court hearing. The court hearing is related to the case between Wright and the late David Kleiman’s estate. Kleiman used to be Wright’s business partner, and this speculation has resulted in a major rally in Bitcoin SV.

This is a crucial development in the case and is particularly important since the judge gave Wright until February 3 to produce the documents. In a court order on January 10, the judge explained, “Given the Defendant’s many inconsistencies and misstatements, the Court questions whether it is remotely plausible that the mysterious ‘bonded courier’ is going to arrive.”

>> Telegram Hit By New SEC Evidence Showing Token Trading After ICO

The possibility of Wright getting his hands on these documents has created a lot of speculation, and much of it is being played out in the Bitcoin SV price action. It remains to be seen what goes on during the court proceedings next week.

Bitcoin SV has soared over 145% since the beginning of the new year.

Featured image: DepositPhotos © info@crashmedia.fi

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Ripple (XRP) Outperforming in October

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Ripple

Ripple

While the crypto rally went on during the first half of the year, XRP, the cryptocurrency that is often referred to as Ripple, performed much worse than the rest of the market.

Key Drivers

However, it seems that those days are now over, and it has now emerged that the best performer in the crypto space in October so far has been XRP. It is a remarkable turnaround for a cryptocurrency that seemed to be at a crossroads for much of the year. In fact, Ripple, the company that owns the highest number of XRP tokens, had been criticized by analysts and XRP holders for selling too many tokens.

However, it seems that XRP has slowly but surely made a comeback while the rest of the market seems to be in the doldrums. It’s important to keep in mind that such a poor performance during the first half of the year from the world’s third-biggest cryptocurrency by market cap had been a big disappointment for many. October has been a month in which some of the other big names of the crypto world like Litecoin, Bitcoin, Bitcoin Cash, and Ethereum, among others, had been in trouble. That proved to be a big boost for XRP as it surged ahead and eased the pressure on Ripple as well.

>> Libra Gets First Major Political Backer in the US Congress

In September, many of the biggest cryptocurrencies in the world experienced a bloodbath of sorts, and this continued into October. However, XRP charted a different path altogether and managed to be the sole crypto token in the market that has managed to display sustained momentum amidst all the chaos. Some reports suggest that the rise in XRP is primarily due to the fact that Ripple is now working extensively with some of the biggest financial institutions in the world in order to expand the use of the cryptocurrency. If more deals are announced, then the price of XRP could rise further.

What do you think?

Featured image: DepositPhotos © BiancoBlue

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Japan’s Rakuten Introduces New Crypto Exchange

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Rakuten

Rakuten

The cryptocurrency industry has grown at a breakneck pace over the past two years or so, largely due to the growth of Bitcoin and other tokens. Due to such growth, many companies have been established that provide highly specialized services related to crypto wallets as well as exchanges. Wallets help people to store their crypto safely, while exchanges are the marketplaces where anyone can buy a cryptocurrency.

Japanese retail behemoth Rakuten saw the opportunity early on and has already established the Rakuten Wallet as one of its subsidiaries. Rakuten Wallet is a crypto exchange, and today the company announced that spot trading facilities are now live on three major cryptocurrencies.

Key Details

According to the press release published by Rakuten today, the cryptocurrencies that are now available for spot trading include Bitcoin, Bitcoin Cash, and Ether. The company went on to state that the developers are currently working on developing apps for both Android and iOS as well. Additionally, it has been pointed out that the usage of these apps, when they are made available, will be compulsory for customers if they want to use the platform.

>> Litecoin (LTC) is Down 50% in 2 Months: What Next?

The application process has also been made as simple as possible and particularly for those who already bank with Rakuten Bank. In the press release, the company stated, “Customers who already have a bank account with Rakuten Bank will be able to easily open a Rakuten Wallet account simply by entering the required information on the online application form.”

Over the course of the past few years, the cryptocurrency ecosystem in Japan grew at a highly impressive rate, and currently, the country remains one of the most advanced markets for crypto traders. In addition to Rakuten Wallet, there are plenty of other options for crypto traders to choose from, and hence, a service has to be offering something extra if it wants to draw customers.

Featured image: DepositPhotos © makidotvn

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