n BTC is a more popular online payment method in Italy than traditional credit cards, such as Visa, Mastercard and American Expressn
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Stablecoin Adoption DAI in a Visa Card, Tether Sees Use in E-Commerce
n Stablecoin DAI is now spendable where Visa is accepted and Tether sees adoption in commercen
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Visa CEO Visa Still Interested in Developing Libra With Facebook
n Visa CEO Alfred F. Kelly has said that the company still maintains a close relationship with Facebook on the Libra projectn
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Visa, eBay, Stripe, and Mastercard Announce They’re Exiting Libra Project
The post Visa, eBay, Stripe, and Mastercard Announce They’re Exiting Libra Project appeared first on DCEBrief.
Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegram’s Blockchain
Another week, another of Crypto Tidbits. This week, Bitcoin traded within a relatively wide range — ,200 to ,900 — but is closing at a very similar level to last week. Analysts are currently divided over what this consolidation means for the cryptocurrency market’s short-term future.
Price action (or lack thereof) aside, this week was hectic for the cryptocurrency industry at large. Facebook’s blockchain project, Libra, suffered when an array of key partners decided not to pursue collaboration; the U.S. Securities and Exchange Commission (SEC) came down hard on a Bitcoin exchange-traded fund application; and the Internal Revenue Service came out swinging, unveiling more measures that would aim to prevent tax evasion via digital assets.
Related Reading: Crypto Tidbits: SEC Declares Bitcoin a Non-Security, Ethereum DeFi Gains Traction, PayPal Leaves Libra
Bitcoin & Crypto Tidbits
- Libra Loses Key Partners: On Friday, eBay, Stripe, Visa, and Mastercard all dropped out of the Libra Association.
- Bitcoin ETF Denied: On Wednesday, the SEC finally issued a verdict on Bitwise’s Bitcoin ETF application after months of waiting and delays. And unfortunately, it wasn’t all too pretty for Bitwise. Announced through a 112-page order published on Wednesday afternoon, the SEC has “disapproved” the ETF proposal from making it through its tough regulatory gauntlet.
- SEC Cracks Down on Telegram’s Crypto Ambitions: In a SEC press release published on Friday afternoon, it was revealed that the agency has “filed an emergency action and obtained temporary restraining order” against two entities behind the .7 billion Telegram ICO for the Telegram Open Network (TON). The press release mentioned that the two entities are Telegram Group Inc. and TON Issuer. The SEC’s co-director of Enforcement claimed in the release that it is doing this to “prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold.” Stephanie Avakian added that the company, in the eyes of the SEC, has “failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.”
- Zuckerberg to Appear in the House to Talk Crypto: Congresswoman Maxine Waters of California revealed that she has called on Mark Zuckerberg to testify on Libra at an October 23rd hearing of the House Financial Services Committee. Facebook CEO Zuckerberg is slated to be the sole witness at the aforementioned hearing, which has been entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” While Waters’s announcement did not discuss what exact topics will be discussed, she has previously been critical of the project’s potential to pose a threat to traditional finance and of Facebook’s checkered history with data and the privacy of said data.
- UNICEF Unveils Bitcoin and Ethereum Donation Fund: This Wednesday, UNICEF revealed that it would be launching the UNICEF Cryptocurrency Fund, which will “be able to receive, hold and disburse donations of cryptocurrencies Ethereum and Bitcoin.” The cryptocurrencies received by the fund will be allocated towards open-source technology benefiting “children and young people around the world”. Interestingly, unlike some other crypto-focused charity initiatives, the Fund will be distributing cryptocurrencies, not the fiat obtained from the sale of Bitcoin or Ethereum donations.
- Alipay Doubles Down on Bitcoin Ban: Earlier this week, Changpeng “CZ” Zhao of Binance revealed that the company would allow clients to deposit funds into their accounts via AliPay and WeChat’s payment services to purchase cryptocurrencies like Bitcoin. AliPay, interestingly, was quick to beg to differ. In a Twitter thread published by Alipay’s English social media teams, it was said that the firm “closely monitors over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations.” Transactions found to not be in compliance with the regulations, including transactions that involve Bitcoin, will be “immediately stopped.”
- NBA’s Sacramento Kings Enter Crypto Game: The NBA’s Sacramento Kings has created a “blockchain-powered reward program” that involves a “blockchain-driven token”. The Sacramento Kings, in collaboration with Blockparty, will be implementing a free blockchain rewards system into the NBA’s first predictive gaming application, “Call the Shot”. The release says that Blockparty will track the engagements of Kings fans, while also allowing users to accumulate points, previously described as “blockchain-driven tokens”, in a digital wallet. These points can be used to redeem “prizes and unique events including signed merchandise and courtside tickets.”
- German Vice-Chancellor Wants a Eurozone Crypto: Speaking to WirtschaftsWoche, a German business newspaper, Olaf Scholz — one of the most powerful people in the European nation — said that a widely-adopted crypto asset payment system “would be good for the financial center Europe and its integration into the world financial system. We should not leave the field to China, Russia, the US or any private providers.” Scholz isn’t the only prominent European politician to have seriously considered a digital Euro. France’s equivalent of Scholz, Bruno Le Maire, was reported in September that the European Union should throw its hat into the cryptocurrency ring with a “public digital currency”.
Related Reading: Bitmain CEO Claims Bitcoin Halving May Not Spark Bull Run
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Visa, EBay, Stripe and Mastercard Abandon Facebooks Libra Project
n Visa, EBay, Stripe and Mastercard are dropping out of Facebooks cryptocurrency project Libran
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Breaking: Visa, Mastercard, eBay, Stripe All Leave Libra
Wow. Within the span of an hour or two, reports have revealed that Facebook’s crypto project, Libra, suffered some heavy blows.
It first started on Friday morning, with the Financial Times revealing that both eBay, the e-commerce/online marketplace giant, and Stripe, a fintech giant, have dropped out of the Libra Association.
Speaking to the outlet, an eBay spokesperson asserted that while the company “respects the vision of Libra”, the American firm will not be moving ahead with its participation in the Association, citing a focus on ” rolling out eBay’s managed payments experience for our customers.”
Related Reading: Bitcoin Price: Reclaiming Important Moving Average Could Lead to Retest of Highs
Stripe made a similar comment, telling the FT that it is “supportive of projects that aim to make online commerce more accessible for people”, but will not be moving forward with the Facebook-backed crypto project at this time.
Within the hour or two after the FT’s revelatory report, both Mastercard and Visa — seen by many in the crypto community to be the Association’s two most important partners — also revealed that they will be rescending their membership. In their own comment, Visa cited Libra’s inability to “fully satisfy all requisite regulatory expectations.”
FIVE household names have pulled out of $LIBRA (Visa, Paypal, Stripe, Ebay, and Mastercard). I doubt they'll be the last.
Regulators are stonewalling it.
Zuck is testifying before Congress Oct. 23rd.
Now you can long/short its chance of even launching. https://t.co/LkIc1Kiswy
— The Crypto Dog
(@TheCryptoDog) October 11, 2019
For now, the deluge of Libra leavers has stopped. It remains to be seen if this is the end of the Libra Association’s internal turmoil, as reports indicate that the ratification of the consortium’s charter is rapidly approaching.
This is a developing story. NewsBTC will update it once we get more information.
Featured Image from Shutterstock
The post Breaking: Visa, Mastercard, eBay, Stripe All Leave Libra appeared first on NewsBTC.
Facebook Libra Backers Are Not Official Partners Yet, Says Visa CEO
While Facebook’s Libra project was said to have 28 founding partners when unveiled, that isn’t quite the case, says Visa CEO Alfred F. Kelly.
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Visa Invest $40 Million in Crypto Startup, is Mainstream Acceptance Here?
Electronic payments giant, Visa, along with VC firm, Blockchain Capital, have raised million for a Series B funding round at digital asset custodians, Anchorage. The little-known startup seeks to advance institutional participation in cryptocurrencies. And this latest round of funding brings a total of million invested since 2017.
While Anchorage is a relative newcomer to the space, both Visa and Anchorage are participating companies in Facebook’s Libra project. And despite the criticisms that beset Libra, that hasn’t stopped them, as well as a host of others, from wanting to get in on the crypto game.
Anchorage Provides Custodial Services With A Difference
The goal of Anchorage is straightforward. They intend to bring institutional investors to the space by providing secure custodial solutions. Co-founders, Diogo Mónica and Nathan McCauley wrote:
“We’ve started with solving the biggest problem facing our industry: making it safe for institutions to hold and use crypto. Since starting down this path in 2017, we’ve built the most secure digital asset custody solution on the market, and on-boarded some of the leading institutional investors in the space as clients, including Blockchain Capital, Polychain, Paradigm, and a16z crypto.”
Custodial services are nothing new. But Anchorage differentiates itself on a number of fronts, including participation features such as offering returns for staking and inflation, as well as support for on-chain governance.
But perhaps the most pertinent difference lies in their next generation cold storage solution. It relies on biometric software, as well as multiple approval systems, including human review, to secure the digital assets of clients. According to Mónica, this is particularly advantageous because:
“…investors gain greater access to and control over their holdings, enabling them to freely and actively participate in cryptocurrency networks.”
In this respect, the co-founders draw parallels with Visa, in that, Visa also provides “financial plumbing.” To which SVP and Head of Fintech at Visa, Terry Angelos, said:
“This investment is consistent with Visa’s global strategy to partner with and invest in emerging fintech companies…We’re pleased to add Anchorage to our growing investment portfolio.”
Visa’s Investment Indicates Growing Mainstream Acceptance
Not so long ago, legacy US financial organizations, including Citibank, JPMorgan, and Bank of America, moved to ban crypto related transactions. This had a trickle-down effect of smearing cryptocurrency in the minds of no-coiners.
Yesterday in Congress Rep. Sherman called for a bill to ban all #cryptocurrencies, due to concerns about illegal activities. This doesn’t surprise us, as his top campaign donations are coming from banks and credit card companies. #crypto
— Weiss Ratings (@WeissRatings) May 10, 2019
And while Visa had concerns over KYC and AML, they remained somewhat openminded when it came to cryptocurrency. Speaking to CNBC in October 2018, Visa CEO, Al Kelly talked about the threat of cryptocurrency to Visa’s business:
“Certainly not in the short to medium term in any way. And I think if we actually think that crypto starts moving from being more of a commodity to actually really being a payment instrument. If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”
Indeed, with Visa’s continual investment in crypto companies, it would seem as though that moment has happened. But more than that, Visa’s interest in cryptocurrency is an indication of growing mainstream acceptance. Which is a term that has often been banded about in the past.
But now, in the present, there is no denying the evidence that exists throughout the space. And while a number of significant hurdles still exist, most notably in a balanced global regulatory framework. It feels as though the worst is behind us.
The post Visa Invest Million in Crypto Startup, is Mainstream Acceptance Here? appeared first on NewsBTC.
XRP, Libra and Visa to Fight It Out for Cross-Border Remittance Crown
n Given Facebooks 2 billion strong user base, will banks become more amenable to cryptocurrency adoption as a way of maintaining their relevance in international money transfern
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