Binance in Discussions with Facebook Over Libra Coin

Libra CoinLibra Coin

According to CoinTelegraph, one of the world’s largest crypto exchanges, Binance, is in “official” talks with Facebook regarding the latter’s new Libra coin.

The exchange’s strategy officer, Gin Chao, told BlockTV yesterday that the company is “very excited” about the Libra project.

What we know so far, according to Chao, is that the talks “have largely focused on dealing with infrastructure.”

Binance and Libra Coin

While the pair’s discussions are in the early stages, it seems Binance is not holding back its desire to work with Libra “as much as [it] can.”

Chao continued:

“I think the potential that libra can have, not just on mass adoption but what it means to payments and forcing regulators’ hands to catch up a bit, is all good news.”

In a separate interview, the strategist gave more details on the likelihood of Facebook’s Libra listing on Binance:

“It wouldn’t just be in [Facebook’s] interest to list their coin on our exchange. It would also be in their interest to list on other exchanges as well and that’s probably going to happen. So if they decide to go on a public chain, and they get the sort of adoption that they could get, we would probably want to list them.”

And further, he said that Binance would be enthusiastic about becoming a validator node on the Libra network.

Facebook’s Libra Coin

Facebook announced its new cryptocurrency called Libra last week. Rumors about its existence were rife for over a year, however.

According to the Whitepaper, the objective of the coin is simple; users can send money via the internet all over the world faster and with lower fees than standard banking. It also aims to incorporate the 1.7 billion people around the world who don’t have a bank account or a line of credit.

Libra differs in several ways to traditional cryptocurrencies. One of the most interesting facts of Facebook’s currency is that it is more “stable” than regular cryptos. Facebook sought to create a coin that could facilitate every-day online consumer transactions and has done this by “backing all its issued digital currency by a reserve.”

>> Koinex Exchange Shuts Down Trading Services in India

According to Digitaltrends:

“Founding Members are required to pool money into the reserve, with the prospect of a return on their investment via dividends from low-yield investment of the reserve’s assets.”

With Libra coin only announced, it’s official launch is not expected until sometime in the first half of 2020.

Featured Image: DepositPhotos © Shawn.ccf

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JPM Coin: JP Morgan’s Crypto is Ready for Trials with Corporate Clients

JPM CoinJPM Coin

JP Morgan is putting final touches on its much-awaited cryptocurrency JPM Coin. Bloomberg Japan reports that the financial institution is to start trials on the coin with corporate clients, as it also eyes regulatory approval for its use in the mainstream financial sector.

JP Morgan Crypto

JPM Coin runs on Quorum, which is a private version of the Ethereum network, developed by the bank. The coin is to function as a stablecoin where fiat cash is to be deposited in exchange for the token before one is allowed to carry out transfers via a distributed ledger. Recipients of the tokens will be able to convert any amount of the tokens into cash.

While the stablecoin is pegged on the US Dollar, JP Morgan Chase intends to extend it to other fiat currencies. Extending it to other fiat currencies will seek to address the strong interest from clients in Europe and Japan. Pegging the JPM Coin to fiat currency seeks to avert big fluctuations in value given the high levels of volatility in the sector.

JPM Coin Purpose

JP Morgan Chase venturing into the cryptocurrency space does not come as a surprise. The bank is seeking to take advantage of the growing demand for digital assets at a time when mainstream adoption is gathering pace. With the launch of the JPM Coin, the bank aims to provide retail and institutional investors a way of speeding up bond transactions as well as intercompany remittances.

>> Ethereum (ETH) Eyes Further Gains as Liquidity Increases

“We believe that a lot of securities over time, in five to 20 years, will increasingly become digital or get tokenized,” said Umar Farooq, the investment bank’s head of digital treasury services and blockchain.

In addition to investing in JPM Coin, the bank has also taken a keen interest in the underlying blockchain technology. Quorum is the bank’s decentralized network that will support crypto transactions. JP Morgan has also inked a strategic partnership with software giant Microsoft Corporation to handle any technical difficulties that might arise on the blockchain network.

Featured image: DepositPhotos © maloha13

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Facebook Wasting No Time Developing Recently Announced Libra Coin

Libra coinLibra coin

Last week, the world received highly anticipated news. After the story circulated through the media ranks for months, Facebook finally confirmed it. Yes, the social media giant has moved into the crypto market, rolling out a cryptocurrency called the Libra coin. While a new venture for the company, Facebook is wasting no time jumping in.

Here’s the latest happening with Facebook and the Libra coin.

Facebook’s Libra Coin Needs Data Engineers

This week, Facebook posted a job description indicating that it’s looking for a data engineer to work at Calibra wallet, which is an app in development for the Libra coin. Of course, this is not the first time Facebook has ventured out looking for new Calibra employes. Two days after unveiling the Libra coin, Facebook posted that it’s looking for a finance program manager for Calibra wallet.

Now, this news is significant for two reasons. In these job descriptions, Facebook hints at future plans for the Libra coin, the Calibra wallet, as well as its involvement in the banking and financial services industry.

“The wallet will be the delivery vehicle for many financial services starting with personal payments, but expanding to online and offline commerce and eventually lending and personal financial management.”

>> Bitcoin Price Crosses the $11K Mark for the First Time Since March 2018

The initial news of the Libra coin is significant as well, considering it has reignited the public’s interest in the industry, sending the Bitcoin price past $11,000 for the first time since March of last year. It has also sent FB stock into the green. At the time of writing, FB stock is trading at $192.96, which puts it up 0.96%.

Takeaway

What do you think about Facebook’s Libra coin? Were you surprised by last week’s revealing? Did you think the company would be moving as fast with the cryptocurrency as it appears to be from these job postings?

Let us know your thoughts in the comments below!

Featured image: PixaBay

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Regulators Discuss Cryptocurrency Legislation Ahead of G20 Summit

G20 summitG20 summit

The cryptocurrency regulation debate is expected to be at the center of the upcoming G20 summit where representatives from various countries will evaluate the new legal action course that has been proposed by the International Financial Action Task Force. The FATF is expected to release the proposals for new international standards governing cryptocurrency business on June 21.

Blockchain Representatives at G20 Event

The summit has the support of legislators and it is expected to have on board Virtual Asset Service Providers (VASP) as well as national blockchain associations. This summit will run concurrently with the G20 summit that is scheduled between June 28 and June 29 in Osaka, Japan. It seems almost like a step forward that the summit is held in Japan, which is currently the only country with a legal framework for regulating cryptocurrencies.

The FATF standards for cryptocurrency have high hopes amongst legislators, and the main focus is the impact of crypto on lasting financial security challenges. Japanese Congressman Naokazu Takemoto addressed the subject, stating that the VASP industry sees the significance of having clear regulation to prevent financial crimes as well as mitigate issues to do with corruption. Some of the latest regulations include measures to tighten the restrictions regarding predictive trade as well as new regulations for exchanges like having a cryptocurrency protection fund.

>> Facebook Enters the Crypto Space with Libra Coin

Too Much Regulation Might Backfire

Although there is a consensus from regulators regarding having regulations to control the industry, too much of it might backfire. Roger Wilkins, former FTAF president, warns that the new regulations could potentially push out the public from controlled platforms. Wilkins said that there is a possibility of the rules having a different effect than the original intention, which could potentially force cryptocurrency transactions from the controlled platforms.

Countries like South Korea, China, Singapore, Australia, and the United Kingdom are expected to have blockchain association representatives at the G20 summit to review the standard. The blockchain industry is waiting to see whether the international body will oppress them.

Featured image: DepositPhotos © kasto

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Facebook Enters the Crypto Space with Libra Coin

Libra CoinLibra Coin

On Tuesday, Facebook and its partners unveiled its new cryptocurrency dubbed Libra coin that will transform how its over 2.38 billion users perceive the use of crypto to make purchases.

Libra to Bring “Unbanked” Individuals to the System

The project is offering a stable digital currency that expects to bring more unbanked individuals into the system. The Libra coin will be backed by stable financial assets and managed through a governing body. The coin is expected to make an entrance into the market in the first half of next year.

The Facebook coin could potentially change the global banking system, and although it is seen as a game changer, it will nonetheless face scrutiny because the social media giant is reeling in a series of privacy scandals. The coin comes at a time when Facebook’s growth is slowing, and thus, the Libra coin holds a huge potential of being a money-maker for the company.

The move by Facebook is seen as a way the social media giant wants to make a mark in the daily lives of users. If the company succeeds to convince more users to start using Libra, it could potentially draw new users who will spend more time online, thus generating more revenue outside of advertising (advertising currently makes up close to 99% of Facebook’s sales, which were $15 billion in Q1 2019).

>> Litecoin (LTC) is the Top Altcoin Performer in 2019: Gains Keep Coming

Facebook is doubling down on its private spaces, and it plans to make it easier for users to send messages without switching between WhatsApp, Messenger, and Instagram. Its digital wallet Calibra will be incorporated into WhatsApp and Messenger for storage of Libra.

Facebook has to Contend with Privacy Issues

However, Facebook faces a challenge as it is dealing with many issues following a number of privacy scandals. The company has alarmed lawmakers with its use of the data that it collects from its users for advertisement targeting.

Shortly after the launch of Libra, US lawmakers quickly raised privacy concerns about the coin, but Facebook has indicated that Calibra data will be kept differently than current Facebook data.

Featured image: DepositPhotos © Shawn.ccf

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Visa B2B Connect: Cross Border Enterprise Payments on the Blockchain

Visa B2B ConnectVisa B2B Connect

Visa announced today that it is entering the $125 trillion money-transferring market and using blockchain technology to do so. Its new product, Visa B2B Connect, is newly launched and allows businesses to transfer money across the globe faster and safer.

Let’s check this out.

Visa B2B Connect

The company has its sights set on cross-border, business-to-business (B2B) transactions, where banks transfer money on behalf of corporate customers. The global money behemoth is using blockchain in order to make these payments faster, cheaper, and more transparent.

Its newly launched distributed-ledger called B2B Connect looks after direct bank connections. The benefits of the ledger mean that financial institutions can see payment fees upfront and transactions are settled quicker, in as little as one to two days.

According to Forbes:

“The B2B Connect rails are new, so Visa isn’t leveraging the ubiquitous credit card rails it has spent decades building and maintaining. But it is leveraging its vast experience in areas like complex payments, cybersecurity, and compliance.”

Hyperledger Fabric

Visa’s B2B Connect is built using the Hyperledger Fabric—the blockchain software developed by IBM and hosted by Linux. The blockchain system has taken two years to launch.

However, unlike cryptocurrency-based blockchains, Visa’s B2B Connect isn’t decentralized. The payment processor has complete control over it.

According to Kevin Phalen, Visa’s global head of business solutions, the product is focused on B2B transactions of $15,000 and up. This represents approximately 10% of the $125 trillion cross-border market.

The blockchain payment service is partnered with FIS, a payment processor and financial technology provider to more than 20,000 financial institutions. As such, Visa will have access to FIS’s client list who can choose to use the Visa B2B Connect for payments.

>> Litecoin Continues Its Robust Performance, Hits New 52-Week High

At present, most cross-border payments are mainly facilitated by the Society for Worldwide Interbank Financial Telecommunication, or Belgian organization Swift. However, the system is problematic as few banks are connected directly to each other. This means payments have to hit several banks on the journey with each one taking an extracting fee. The process is also much lengthier.

Forbes describes further: “It’s also difficult to track the transfer’s progress and predict how much it will cost, including what foreign exchange rate you’ll get.”

Featured Image: DepositPhotos © kongvector

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Morpheus Labs integrates NEO into its blockchain service platform

Morpheus Labs, the Blockchain Platform as a Service (BPaaS), has announced an alliance with the NEO blockchain, including full integration. NEO integration is an important milestone for Morpheus Labs, as it continues to expand the broad suite of dApp use cases that enterprises can select and develop upon a diverse set of blockchain platforms.

NEO is taking a step forward in 2020 by releasing NEO 3.0, which will be a robust blockchain implementation with high throughput, enhanced stability and security, an optimized smart contract system and a feature-packed infrastructure set for diverse business application scenarios.

NEO Integration

NEO is an open source project driven by the community. It utilizes blockchain technology and digital identities to digitize assets and automate the management of digital assets using smart contracts. Using a distributed network, it aims to create a “Smart Economy.”

Morpheus Labs and NEO have found an abundance of possible synergies on which they will now explore in the short and long term. There will also be frequent contact between both teams and to promote NEO across the curriculum of the universities that Morpheus Labs will work with.

Morpheus Labs has integrated NEO in the staging and live environments of the platform. Developers are able to spin up a private NEO network and use a pre-defined NEO-python and node.js based stack for NEO DApp development. Furthermore, Morpheus Labs has published a NEO Python smart contract sample and a NEO DApp demo in its Dapp library.

Solve.Care partners with CPChain to bring IoT infrastructure to healthcare on blockchain

Solve.Care, a global healthcare blockchain platform, has announced a partnership with Cyber Physical Chain (CPChain), a company that builds new infrastructure for next-generation IoT, to bring IoT capabilities to healthcare in an innovative way.

Through the partnership, Solve.Care and CPChain aim to combine data from wearable and non-wearable medical devices with administrative, medical, and other system data to improve healthcare outcomes.

By bringing these data streams together, Solve.Care hopes this will lead to better results for patients, lower costs for the healthcare system, and a more effective way to deliver care for providers. Solve.Care will use CPChain’s core distributed fabric with real use-cases, clients, and users, both in the US and around the world.

“We have always believed in empowering the patient and provider to interact with each other and coordinate care much more effectively. We are working hard to improve this relationship. The Solve.Care platform can deliver optimal outcomes, lower costs, and improve process efficiency. We are enriching our platform with more capabilities, such as non-emergency medical transportation and pharmaceutical care. Our partnership with CPChain will see us adding the ability to incorporate consumer, wearable, and other medical device data into our platform. The opportunities are enormous.”
– Pradeep Goel, CEO and Founder of Solve.Care

“CPChain’s distributed infrastructure will provide a full process solution for data acquisition, storage, sharing, and transacting for large scale distributed IoT systems in a variety of industries, including in healthcare. We are excited to be working alongside Solve.Care, who is making healthcare affordable and accessible for everyone, while empowering the consumer to effectively manage their healthcare decisions. We look forward to co-developing solutions with them that will invariably deliver more efficient and effective healthcare services for patients and their loved ones, and for the Solve.Care platform to become the go-to place for intelligent, relevant, and interactive healthcare management.”
– Dr. Long Chengnian, CEO of CPChain

Jelurida partners with EU-funded Blockchers to power blockchain Startups

Jelurida, a set of public blockchain platforms, including NXT and Ardor, has announced a new partnership with Blockchers, an EU-funded project accelerating the adoption of distributed ledger technology (DLT) in real use cases.

Blockchers, which is offering 12 projects up to 50,000 euros of equity free funding in its first call for proposals, is focused on covering the costs of implementing DLT use cases specifically in end-user focused small and medium enterprises. 70 proposals from 18 countries across the European Union were received in the first call for proposals and winners are to be announced soon.

As the winners begin to build out their solutions in the coming months, Jelurida will attend events and workshops to offer technology insights and consulting services that bring ideas to market as efficiently as possible. Organizations looking for green solutions in a familiar coding language like Java will benefit from learning about the Ardor platform’s energy efficient proof-of-stake consensus mechanism and stateless lightweight contracts on the Ignis child chain for easily automating 250+ built-in APIs.

“We’re thrilled to have the opportunity to work with the beneficiaries of the Blockchers program. Jelurida has invested a substantial amount of time and human resources into understanding the needs of small and medium businesses across Spain and the European Union. With advanced technology, a large staff presence in Spain, headquarters in Switzerland, and staff across Europe, Jelurida is uniquely positioned to address the needs of Blockchers projects.”
– Lior Yaffe, co-founder and managing director of Jelurida

Celer’s layer-2 dApp wallet enables instant crypto purchases with Wyre

Wyre, a blockchain payments provider, and Celer Network, a leading blockchain layer-2 scaling platform, today announced an official strategic partnership, which enables users to purchase and use crypto directly on Celer’s layer-2 mobile application CelerX.

The integration between Celer and Wyre will allow CelerX’s users to directly purchase cryptocurrencies to their layer-2 wallet addresses on Celer Network instead of to layer-1 blockchain addresses. Therefore, users will be able to immediately use purchased ERC-20 tokens, such as DAI stable tokens, to play fun games and send payments.

Celer Network’s advanced layer-2 scaling technology enables interactive, secure, and low-cost blockchain applications that match the frictionless user experience of centralized apps. CelerX, a mobile application built with Celer layer-2 scaling API and SDK, provides zero-gas-fee instant payments and fun real-time interactive skill-based games to users from 89 different countries.

“Lining all the pieces up, it’s hard to argue that gaming will not be one of the next channels to attract large audiences into cryptocurrencies,. Celer has tunnel vision when it comes to adding value through technology, to an audience that is technology savvy, global, and heavily community driven. Supporting DAI directly into CelerX gives dApps all the opportunity to execute on their core competencies & avoid busy work reaching their TAM (total addressable market). eSports as a market is an exciting space, and as a gamer, I’m incredibly excited that we get to support moving the needle for it!”
– Michael Dunworth, Wyre CEO

With Wyre’s API, customers are able to instantly convert fiat to crypto globally. However, they still need to purchase extra ETH and pay additional fees (such as gas fee) for on-chain transactions. Moreover, users or developers who send small but frequent transactions must face high transaction fees along with long latency, which significantly holds back the user growth.

“CelerX provides users with highly engaging skill-based eSport blockchain games. However, the ‘last-mile’ of crypto adoption is always fiat on/off ramps. To allow vast amounts of users to onboard blockchain applications, an easy and secure fiat bridge is essential for the entire ecosystem. We believe Wyre is exactly what we need. We applaud the Wyre team to go the extra mile to facilitate direct onboarding to layer-2 to enable new users to immediately enjoy fun games with crypto.”
– Mo Dong, Celer Network co-founder