Monday October 7 2019, Weekly News Digest

United States

Facebook’s cryptocurrency push takes a big hit as PayPal cuts ties with Libra (Business Insider), Rated: AAA

PayPal announced on Friday that it will no longer be part of Facebook’s Libra cryptocurrency project, Bloomberg’s Sarah Frier first reported.

PayPal told Bloomberg that it remains “supportive of Libra’s aspirations.”

A Libra spokesperson confirmed that PayPal will not be joining the cryptocurrency in a statement to Business Insider.

PayPal on the brink of leaving Facebook’s Libra project (The Block), Rated: B

The Financial Times reported the news Thursday, saying that PayPal did not attend a key meeting in Washington to discuss how Libra would address increasing opposition from global regulators.

Facebook’s Blockchain-Based Cryptocurrency Libra: Everything You Need To Know (Forbes), Rated: A

There will be a new cryptocurrency available in 2020—Libra. Although it is backed by several Silicon Valley and mega-companies that make up the Libra Association, Facebook is clearly the leader driving the currency’s adoption. Here’s everything you need to know.

According to the 26-page technical white paper released to describe how Libra will work, it will run on a blockchain. However, it’s important to note; Libra diverges from a traditional blockchain in a couple of ways.

1.   A traditional blockchain is decentralized. Libra is not decentralized in the way that Bitcoin is since Libra’s nodes (independent computers that process and verify a blockchain) will only be run from the servers of Libra Association’s 28 current members.

2.   Libra is also being designed as a “stablecoin.”

Why (Almost) Everybody Hates Facebook’s Digital Coin (The Washington Post), Rated: AAA

Facebook Inc.’s plan to create a digital currency, Libra, is a big idea. If a third of the social network’s 2 billion members use Libra, it might be in more (virtual) pockets than the U.S. dollar. On the other hand, it could flop if it turns out to offer little more utility than existing payment apps, or it might not ever see the light of day, if it’s strangled in its crypto-crib by regulators appalled by the idea of a potentially dominant global currency that could operate beyond their reach.

Apple CEO Tim Cook Says No Interest in Creating Cryptocurrency Similar to Facebook, No Plans on Becoming a Bank (Crowdfund Insider), Rated: A

Tim Cook, CEO of Apple, told French business newspaper Les Echos that Apple (NASDAQ:AAPL) has no interest in creating a cryptocurrency similar to Facebook. Cook blessed the front page of Les Echos October 4th print version with the headline “Apple est le premier contribuable mondial.” (Apple is the world’s largest contributor).

Bitcoin Breaks Below $ 8,000 and Nears Range Lows as Analysts Eye Further Losses (NewsBTC), Rated: AAA

At the time of writing, Bitcoin is trading down roughly 1% at its aggregated price of $8,010 across all exchanges, although it is important to note that its price is already trading below $8,000 on many individual exchanges.

Current Bitcoin Price Action Resembles $ 3,200 Bottom (NewsBTC), Rated: AAA

The past few months haven’t been kind to Bitcoin bulls. Since peaking in June, the cryptocurrency’s price has fallen from $14,000 to the $7,700 low set last week.

What he is implying is that Bitcoin may soon break to the upside, having bottomed in the recent flash crash.

BITCOIN (BTC) SUPPLY COULD ‘EXPAND OVER 21 MILLION’ (Bitcoinist), Rated: A

The Bitcoin (BTC) maximum supply is capped at 21 million coins, of which more than 18 million are already mined. But the actual supply of coins within the economy may be higher, due to various forms of fractional reserves practices.

Why Buying Coffee With Bitcoin Won’t Get Cryptocurrency Mass Adoption (Dash News), Rated: A

I buy my coffee with Dash. Quite a few have bought theirs with another form of cryptocurrency. Yet, this has not significantly moved the needle forward towards adopting it as a new payment system. It’s a great step, but new people just aren’t lining up to get cryptocurrency so they can spend it on their favorite caffeinated beverage. Something’s clearly missing in how mass adoption is being approached.

Satoshi Nakaboto: ‘New letter shows SEC doesn’t believe Bitcoin is a security’ (The Next Web), Rated: A

Bitcoin’s market cap ended the day at $146,529,229,668. It now commands 67 percent of the total crypto market.

Yesterday’s volume of $12,200,497,197 was the lowest in nineteen days, 21 percent below the year’s average, and 72 percent below the year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 252 tons of gold.

Ripple (XRP) Skates Market Slump with 27% Surge in 3-Day Rally (CCN), Rated: AAA

The price of XRP, the native cryptocurrency of Ripple’s blockchain network, has increased by 27% in 3 days.

Around the same time frame, the price of bitcoin has declined from $8,200 to $7,800 and the price of Ethereum has slipped from $177 to $169.

Ripple Price (XRP) Rallies 5% While BTC And ETH Decline (NewsBTC), Rated: A

This past week, ripple price made many attempts to surpass the $0.2620 and $0.2650 resistance levels against the US Dollar. However, the XRP/USD pair failed to climb above $0.2650 and traded in a range. Finally, the bulls had an upper hand and the price rallied recently after forming a base near $0.2550. There was a sharp rise above the $0.2600 resistance and the 100 hourly simple moving average.

Coinbase Discusses Acqui-Hire With Ripple-Backed Rental Startup (Coin Telegraph), Rated: AAA

United States-based cryptocurrency exchange Coinbase is currently discussing the possibility of hiring the engineering team of Ripple-backed storage and rental startup Omni Rentals, tech news outlet TechCrunch reported on Oct. 5.

Coinbase CEO: US Should Support Libra Or ‘Get Left Behind’ (PYMNTS), Rated: A

Coinbase CEO and co-founder Brian Armstrong tweeted that he thinks the U.S. should get on board with Facebook’s Libra, Cointelegraph reported on Saturday (Oct. 5).

“There are many cryptocurrencies, and Libra is just one of them. But the way the U.S. government reacted, it’s like they almost want to be left behind,” Armstrong tweeted on Friday (Oct. 4).

Coinbase Pro Raises Fees for Everyday Traders (SludgeFeed), Rated: B

According to the announcement, low-volume traders will see a hike in fees while high-volume traders, anyone who transacts more than $50,000 a month, will see a reduction starting on October 7.

Self-Sovereign Banking Putting You Back in Control of your Money (Forbes), Rated: AAA

Banking began because people needed somewhere safe to store their money. They couldn’t do it themselves, so institutions emerged to provide them with security and a store for this valuable asset.

There are literally countless examples of how ludicrous the modern banking system is for the average consumer.

One example is what people must do to spend their money online. In the West, they have to add a bank account or credit card to an app or service in order to spend their money. In China, Alipay and WeChat Pay people can either fund the app by adding a UnionPay card or more directly by adding a state bank account directly to top up the app.

Meet the former prosecutor asked to investigate bitcoin who became the face of crypto VC investing (CNBC), Rated: AAA

Seven years ago, bitcoin was a foreign language to federal prosecutor Katie Haun. That changed when her boss at the U.S. attorney’s office asked her to look into shutting it down.

What’s now the most widely used cryptocurrency was a niche payment method being used in the depths of the internet, in many cases being used to buy illegal goods on black markets. But Haun quickly decided the currency itself wasn’t what needed probing.

Instead, her department prosecuted multiple cases where bitcoin was being used for extortion and white collar crime. In some cases, the technology behind bitcoin, known as blockchain, actually helped the department solve cases.

Binance.US reducing adoption hurdles with zero trading fees, claims CEO Catherine Coley (AMBCrypto), Rated: A

The zero trading fee that Binance.US is offering until November is another highlight of the platform.

The platform went live two weeks ago with seven cryptocurrencies namely, BTC, ETH, XRP, BCH, LTC, BNB, and USDT. However, USD and USDT pairs were the only available trading pairs on the platform.

Telegram Bitcoin Rival Scores Big Win Over Facebook’s Libra (Forbes), Rated: A

Now, WhatsApp rival Telegram has revealed libra member and crypto custodian for institutions, Anchorage, will add Telegram’s own answer to bitcoin, gram, to its lineup of supported assets.

Algorand’s Venture Arm, Algo Capital, Loses Millions in Crypto Wallet Security Breach (Crowdfund Insider), Rated: A

Algo Capital, the investment division of the US-based blockchain startup Algorand, reportedly lost around $1-2 million in Algorand (ALGO) tokens and Tether (USDT) stablecoins after the company CTO Pablo Yabo’s mobile phone was hacked.

The company’s CEO David Garcia reported the total amount of damages in an email. He said that Algo’s management had shared the details regarding the breach with its limited partners.

The Truth About the MakerDAO Bug (DeFi Rate), Rated: A

Headlines have spread across the cryptosphere over the last 24 hours or so, regarding the recently-discovered exploit in the MakerDAO smart contract.

Here are a few reasons why the MakerDAO bug headlines were little more than clickbait:

1. The bug only would have affected the new Multi-Collateral Dai (MCD) smart contract, which will not be released for some time
2. The bug was found during a testing phase, and reported via the bug bounty program
3. It’s been patched, and quickly at that

Fed Official Says Digital Central Bank Currency Is ‘Inevitable’ (CoinDesk), Rated: A

Philadelphia Federal Reserve bank president Patrick Harker said it is “inevitable” for the central banks, including the U.S. Federal Reserve, to start issuing digital currency.

Top US Fed Reserve Executive: We Shouldn’t Lead a Launch of National Digital Currency (All Stocks), Rated: B

The president of the Federal Reserve Bank of Philadelphia, Patrick Harker, said on Wednesday that the U.S. shouldn’t be the first nation to launch its digital currency payment system and lead the pack of other central banks issuing state-sponsored cryptocurrency.

Dragonchain, Vision Tree & Coiin Team up to Produce Blockchain Documentary Series (Aithority), Rated: A

Vision Tree announced a documentary series featuring the story of blockchain company Dragonchain, originally developed inside Disney, and the evolution of the cryptocurrency industry in the United States. The series will be released in early 2020 and will utilize the Coiin platform to tokenize engagement for the Dragonchain community.

Spring Labs to develop property lien registry for leading PACE lenders to proactively comply with recent regulation (PR Newswire), Rated: A

Spring Labs, which is developing the Spring Protocol, a network designed to transform how information and data are shared globally, announces today that four of the nation’s leading Property Assessed Clean Energy (PACE) financing providers have selected Spring Labs to develop a national property lien registry for PACE financing. Ygrene Energy Fund California, LLC, Renovate America, Inc., Energy Efficient Equity, Inc. and PACE Funding Group, LLC will use the blockchain based platform to query the registry in real-time to obtain PACE assessment information, which will enable the PACE consortium to proactively comply with recent laws and regulations regarding PACE assessment tracking. Spring Labs was selected by the PACE consortium over established players due to its innovative technology that addresses competitive sensitivity and information security.

HashCash Partners with a Global Bank on Blockchain based Core Banking Solutions (Yahoo! Finance), Rated: B

After partnering with some of the biggest names in the banking sector, HashCash Consultants has announced a new collaboration. At present they are working with a US-based global bank on blockchain-backed core banking solutions. The company had earlier established tie-ups with over sixty global banks, that are part of the HashCash Network, HC Net. So far, they have formed a robust network of partners in 34 countries and have worked on blockchain-based core banking solutions with banks in Kenya and Bangladesh as well.

Kingdom Trust Strikes Partnership With DBL Digital to Serve as Lead Custodian (Crypto Core Media), Rated: B

Blockchain Technology Company Agrees to Pay US $ 24 Million to Resolve SEC Allegations of an Unlawful Initial Coin Offering (Lexology), Rated: B

Block.one, a technology corporation and developer of the EOSIO software, settled allegations brought by the Securities and Exchange Commission that…

International

Bitcoin, Altcoin Prices Slip Downward While XRP Stays Stable (Coin Telegraph), Rated: AAA

Cryptocurrency markets are slipping downward today, with Bitcoin (BTC) trading under $8,000 and altcoins seeing notable losses on the day.

After slipping below the $8,000 price point, Bitcoin has continued to slide down and is now trading at $7,824.37, down 3.22% on the day.

The largest altcoin by market capitalization, Ether (ETH), is seeing similar losses, down 3.13% on the day to trade at $169.83.

Walmart and IBM team up to track shrimp using blockchain (Decrypt), Rated: A

The retail giant plans to track shrimp imports between Andhra Pradesh, a gorgeous coastal region in India’s southeast, and U.S.-based retail warehouses, using blockchain technology developed by IBM. It will feature “end-to-end traceability,” according to a press release issued Friday.

The 3 Traps That Hinder Blockchain Development Along with Potent Counters to Tackle Them (CryptoNewsZ), Rated: A

1) Blockchain can be used only for cryptocurrencies

2) Blockchain is a fad! It is actually a collection of technologies

Both private and public blockchain versions are bound to becoming successful only when they are used for:

• Giving an all-new advanced experience to the end-users
• Catering to the requirements which go under-served or unnoticed
• Reducing the interference of intermediaries
• Building trust through digitization of processes and securing the real material or activity

3) An industry-wide consortium is required to use blockchain

Some prominent issues which private chains can solve include:

• Lead to a reduction of purchase order failures even when operated on Electronic Data Interchange
• Channelizing forward and reverse logistics of non-serialized inventory involving many stakeholders
• Improving the arrival time for customer orders which have to pass through various enterprise teams
• Keeping a check on the movement of high-precision tools and sharing of these tools between the primary equipment manufacturer and the suppliers
• Protecting personally identifiable information from getting sabotaged during its exchange in a network that involves many people

Blockchain Buyouts: Five Crucial Crypto Acquisitions In 2019 (Crypto Briefing), Rated: A

ConsenSys Scoops Up Infura

Last week, ConsenSys acquired Infura, a service that hosts Ethereum and IPFS nodes and offers access to developers.

CoinMarketCap Hooks Hashtag Capital

In June, CoinMarketCap made its first ever crypto acquisition. It purchased Hashtag Capital for its “true price” algorithm, which makes use of liquidity information to find accurate cryptocurrency prices.

Coinbase Nabs Neutrino

In February, Coinbase acquired Neutrino, a blockchain analytics startup.

Facebook Catches Chainspace

In February, Facebook bought out Chainspace, a blockchain startup that originally specialized in smart contract sharding, scalability, and transaction throughput.

Binance Joins Up With JEX

Last month, Binance acquired JEX, a crypto derivatives trading platform.

BitMovio Announces Partnership With Leading Blockchain Consulting Agency Block72 for International Expansion (Yahoo! Finance), Rated: B

BitMovio, a blockchain-enabled video entertainment platform, recently announced a partnership with Block72 to accelerate plans for global expansion. Through this partnership, BitMovio will focus on entering Asian markets and growing their global user base. “We’ve gained significant momentum over the past several months with hundreds of studios/creators and thousands of hours of premium content onboarded, especially among the independent film, TV, and professional YouTube streamer community,” said Simon Zhu, co-founder and CEO of BitMovio. “We expect that this partnership with Block72 will help double down on BitMovio’s leadership position in the blockchain entertainment space with expansion into South Korea, China, and other Southeast Asian countries.”

European Union

ICO’s Ethereum Sales May Have Intensified Sell Pressure on ETH (NewsBTC), Rated: AAA

At the time of writing, Ethereum is trading down just under 1% at its current price of $173.70, which marks a notable drop from its recent highs of over $220 that were set in mid-September.

In a recent research report published on Diar, data elucidates that Ethereum’s 77% drop from its early-2018 highs has coincided closely with major ICO projects selling a notable amount of the ETH that they raised from token sales during the ICO mania in 2017 and early-2018.

Rough Month for BNB, Lowering it’s Market Cap By 30% (CoinCodex), Rated: AAA

With a $2.4 billion market cap, the BNB token is currently down by -0.83% over the past few hours, remaining as the 8th strongest cryptocurrency on the market cap. While waiting at $15.5, Binance Coin may extend its bearish scenario to the four-month channel’s support at $14.3 and $11.9. A further price pull might send the price to $10.8 and $9.3 supports.

Binance DEX Adds XRP-Pegged Token For Circulation and Trading Pairs (CryptoGlobe), Rated: A

The decentralized platform for leading crypto exchange Binance has announced the launch of an XRP-pegged token on Binance Chain, called XRP-BF2.

B21 Granted License as First Regulated App for Cryptocurrency and Digital Asset Investment Purchases and Trading (Omaha), Rated: A

B21 ( www.b21.io ), developers of the personal wealth management platform exclusively for crypto assets, has been granted an in- principle Distributed Ledger Technology (DLT) License from the Gibraltar Financial Services Commissioner (GFSC). With this decision, B21 is set to become the first regulated cryptocurrency investment app. The app will be available in Europe and Asia at launch in Q4 2019, with plans to enter the US market in 2020. As a regulated service provider and custodian, B21 will protect crypto investors while simplifying the process of managing crypto assets through an easy-to-use mobile application. B21 underwent rigorous due diligence to earn its DLT and joins a select few cryptocurrency firms to achieve the distinction.

United Kingdom

Cryptocurrency probes rise (City A.M.), Rated: AAA

Investigations by the City watchdog into cryptocurrencies have climbed sharply in the last year amid a growing effort to tackle fraud in the sector.

The Financial Conduct Authority (FCA)’s number of live probes into cryptocurrency businesses jumped 74 per cent to 87 in the last 12 months.

Australia

Brave New Coin Announces BNC Pro, an All-Inclusive Platform Aimed at Advancing Investment Strategies (Investor Ideas), Rated: A

Brave New Coin (BNC), a provider of high-value cryptocurrency market data, today announced the soft launch of its cryptocurrency management platform, BNC Pro. The platform intends to provide users with a competitive edge by empowering them to make more informed decisions when purchasing digital assets. With a full launch by the end of the year, BNC Pro’s initial launch features include comprehensive personalised portfolio management, a timely and accurate newsfeed, price discovery for over 1500 digital assets, and curated watchlists and alerts.

Asia

97% of South Korean Cryptocurrency Exchanges in Danger of Shutting Down (Ethereum World News), Rated: AAA

Around 97% of local cryptocurrency exchanges are in danger of being shut down, according to local reports.

South Korea’s regulatory authorities have strongly favored backing blockchain-related projects over decentralized cryptocurrencies. Some recent events confirm that the nation’s government is more supportive of distributed ledger technology (DLT) itself rather than speculative tokens. 

This blockchain startup promises to bring down the steep cost of managing invoices (Yourstory), Rated: A

Studies have shown that it costs around $11-$15 to enable the complete processing of a single invoice, putting tremendous pressure on the finance department of any organisation.

A Bengaluru and Singapore-based blockchain startup, Param Network aims to address this issue by bringing down this cost by over 60 percent through its technology platform.

Beowulf Goes Live with a Global, Decentralized Communications Network (Global Banking and Finance), Rated: A

Beowulf, a fully decentralized cloud communications network for enterprise and consumers, has officially launched, facilitating seamless on-chain payments for enterprises. Beowulf through its products is partnered with some of the largest companies across Asia.

Turn your old smartphone into an offline hardware wallet (Nederob), Rated: A

Consumers with old smartphones laying in the closet can turn their old phone into offline hardware wallet for cryptocurrencies. First consumers need to dust off their phone. Then they download the Parity Signer v3.0 app for Android or iOS. Lastly they never put their phone online again. Parity Technologies announced their latest software in a press release.

MENA

BTC Developer Offers A Hand To Binance, For A Price.. (CryptoDaily), Rated: AAA

Udi Wertheimer, one of the most outspoken bitcoin developers of recent years has just pledged himself to advertise for the binance platform for the rest of the year, but only if the firm integrates some very specific features.

Wertheimer was referring to the fact that Binance is postponing support for Bitcoin addresses which meet the Segregated Witness (SegWit) standard.

UAE’s Social Ministry to Grant $ 16K in Blockchain Contest (Coin Telegraph), Rated: A

The MOCD announced its “Social Blockathon” competition with a total prize fund of $16,300 to encourage the development of blockchain-based applications for educational, social and recreational purposes, the country’s official news agency, Emirates News Agency, reported on Oct. 6.

Digitizing payments key to economic transformation (Arab News), Rated: A

A Visa-commissioned survey, Cashless Cities, previously found that in Riyadh alone, the government could save nearly SR10.1 billion ($2.7 billion) from cost savings in administrative efficiencies and increased economic growth due to a reduced reliance on cash. The same survey estimated that businesses in Riyadh could achieve up to SR13.9 billion in savings through digital payments.

Latin America

State-Authorized Crypto Exchange Criptolago Rolls Out Crypto Cards in Venezuela (All Stocks), Rated: AAA

Good news for crypto enthusiasts in Venezuela – both for investors and exchanges. The state-authorized crypto exchange, Criptolago, rolled out an equivalent of debit cards of crypto recently.

Blockchain Voting With AEternity Finds Fertile Ground In Uruguay (CryptoBriefing), Rated: A

With this background, it’s no surprise that one of Uruguay’s parties decided to introduce blockchain voting for its internal decision-making, based on the æternity platform.

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