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Winkelvoss Twins To Shake Hands with Zuckerberg For Libra

The allure of Facebook’s Libra project has the Winklevoss twins willing to mend their fractured relationship with Mark Zuckerberg. Let’s be Friends Again Tyler and Cameron Winklevoss, both co-founders of the New York-based Gemini cryptocurrency exchange, appear to be offering an olive branch to Facebook CEO Mark Zuckerberg. As history tells, the Winkelvoss twins alleged that Zuckerberg stole their Facebook prototype called HarvardConnection and used it to lay the foundation for the social media company. This led to the Winklevoss twins missing out on billions of dollars in profits but their desire to be involved with Facebook’s Libra cryptocurrency project have made them willing to put their past with Zuckerberg behind them. On July 9 Cameron Winkelvoss told CoinDesk, “We’re definitely looking at it in earnest and we’re excited about the project.”  Libra could Catalyze Mainstream Crypto Adoption Both brothers made billions from their early Bitcoin investments and according to Tyler: Libra is the first of many FANG [Facebook, Amazon, Netflix and Google] companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have a coin or be working on some sort of project. The twins are hoping that membership on the Libra consortium will further their vision of mainstream cryptocurrency adoption and in the future, they plan to diversify Gemini’s token offerings if the exchange’s FINRA application for a broker-dealer license is approved. If approved, Gemini would be allowed to list digital securities and Tyler explained that “our marketplace will be virtual commodities, virtual securities, and on and on…pretty much anything that can come onto a blockchain.” Libra Garners Institutional Support from Major Players The project has stirred up plenty of excitement in the crypto community, with some even attributing part of the current Bitcoin rally to the buzz generated by the project. Currently, Visa, Mastercard, Paypal, Andreessen Horowitz, Union Square Ventures, and Coinbase are Libra Association members and Gemini’s membership would make it the second major cryptocurrency exchange to join the project. Libra has also been the topic of heated discussion in the United States Congress and many lawmakers are demanding that Facebook pump the brakes on the project as certain regulatory concerns require clarification. Furthermore, the project faces stiff opposition in Europe where a European Member of Parliament (MEP) and French Finance Minister, Bruno Le Maire said the project must be stopped. There are fears that Libra could undermine a number of financial regulations and function as a shadow bank. Some countries like India, China, and Russia have signaled that the project will not receive a warm welcome in their markets. Ultimately, regardless of the friction the Libra project currently encounters, the Winkelssvoss twins believe the project will be beneficial to the crypto-ecosystem and further mass adoption of digital assets. The twins have suggested that in order for the project to succeed, Facebook will need to “work with regulators [as] the right regulation allows for innovation to flourish.”  Do you think Facebook’s Libra project will help mainstream cryptocurrency? Share your thoughts in the comments below!  Images via Shutterstock The post Winkelvoss Twins To Shake Hands with Zuckerberg For Libra appeared first on Bitcoinist.com.
Bitcoinist

Gemini Exchange Might Join Facebook’s Libra Association

Coinspeaker Gemini Exchange Might Join Facebook’s Libra AssociationJust recently, Gemini founders – the Winklevoss twins – admitted that they are about to join the Libra Association, the consortium behind Facebook’s cryptocurrency project Libra.“We’re definitely looking at it in earnest and we’re excited about the project,” Cameron Winklevoss explained.Also, they carry a healthy bag of optimism saying that most of the FANG (Facebook, Amazon, Netflix, and Google) companies will have a token project.“Our feeling is, this is the first of many FANG companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have a coin or be working on some sort of project,” believes Tyler.As they recently commented, they want to be “frenemies” with Facebook along with Mark Zuckerberg. But in a recent interview with CNBC, they seemed very formal and didn’t even blink an eye when talking about Facebook’s new crypto project or their past relationships, in general. They look like they have swiped this past under the rug and continue to move forward.Moreover, they recently applied for a broker-dealer license in Financial Industry Regulatory Authority, which would allow them to list digital securities on Gemini.Thus far, the only crypto exchange in the Libra Association is Coinbase which sits there from the very beginning.Plans to Go GlobalThe Winklevoss twins shared plans on expanding to Europe and Asia in the near future. This goes along with Facebook’s plans to go global with the Libra Project. However, in recent news, Facebook confirmed that due to regulatory reasons, they won’t be able to expand their services to India. Also, Russia has commented that they won’t be allowing people to operate with Libra.Both twins share a very optimistic view of the future. They believe that soon there will be virtual commodities, securities, and so on available either on Gemini and, in general.“Our marketplace will be virtual commodities, virtual securities, and on and on,” Tyler said. “Pretty much anything that can come onto a blockchain,” they predict.However, when speaking about Bitcoin, the number one cryptocurrency judging by the market cap, they believe that this asset as such is very underrated.“If Bitcoin really is Gold 2.0, it has to have a market cap of $7 trillion. I think that market cap is a good measure of adoption and how many people are actually in crypto,” explains Cameron Winklevoss.We can only imagine the state of the crypto market if Bitcoin reaches the market cap of $7 trillion.Gemini Exchange Might Join Facebook’s Libra Association
Coinspeaker

Gemini Set to Trade Crypto Securities, Applies for Broker License from FINRA

Coinspeaker Gemini Set to Trade Crypto Securities, Applies for Broker License from FINRAJust recently, Winklevoss brother owned cryptocurrency company Gemini, revealed that they are applying for a broker-dealer license granted by the Financial Industry Regulatory Authority (FINRA). Previously, Gemini partnered with Harbor, a tokenized securities platform. This partnership allows institutional investors to purchase securities with Gemini’s own stablecoin – Gemini Dollar (GUSD). Also, this allows investors to receive dollar-denominated dividends via GUSD. This application for a broker-dealer license indicates that they are also willing to offer trading of such securities on their platform.“The [Gemini] team is very easy to work with and we are aligned in terms of taking a proactive regulatory approach and addressing the needs of the institutional players in the market,” said Harbor’s marketing lead Kevin Young.The CEO of Harbor, Joshua Stein, earlier this year in February, was still convinced that brokers, family offices, and investment banks are still interested in tokens. How much of that is changed now is not clear, but they are still interested even despite the market frenzy which occurred in 2017.However, since new crypto exchange regulations came out of the recent G20 summit, this could only raise the interest of potential token investors.From Harbor to GeminiSome experts, familiar with the matter, say that the ultimate plan is to permit securities such external platforms like Harbor, and to eventually trade on Gemini. However, to get there, Gemini needs to get all the necessary approvals, and that could take time.So far, FINRA has been very slow in confirming these applications. First of all, it is interesting that it is a self-regulatory organization, and up until now, it is reported that they are “sitting” on around 40 applications. There are even companies that are waiting for as long as 14 months to get an approval. So the only thing that Gemini along with Winklevoss brothers can do is to wait. Only time will tell if Gemini will become a trading platform.However, in 2015, Gemini received an approval from the NYDFS (New York Department of Financial Services) to custody digital assets on a qualified state level. Would this be interpreted as an advantage by the FINRA?Gemini Set to Trade Crypto Securities, Applies for Broker License from FINRA
Coinspeaker

Facebook’s Libra: How Will Congress Legislate Cryptocurrency Now?

Image by Clker-Free-Vector-Images from Pixabayby Anne Szustek Talbot, director of content, BX3 CapitalLibra: If, over the past month, you’ve logged onto Facebook or gotten a news alert — perhaps in a meta moment while you were on your phone, looking at Facebook — you’ve heard of Facebook’s foray into cryptocurrency. But what exactly is it, beyond being a cryptocurrency based on the world’s number-one social media network in terms of users and the second major cryptocurrency project named for an astrological sign? All due respect to Gemini, of course.The question of what exactly is Libra has confounded people from all walks of life from the everyday Facebook users posting memes and invitations to their potluck barbecue; to members of Congress who find themselves walking a tightrope between deep inquiry on what is to most people an unfamiliar subject area; and the need to present oneself as an expert.Yet Libra’s function, while a worthwhile bone of contention, might not be the immediate issue at hand. The emergence of a Facebook cryptocurrency is just the latest example of why clear regulation in the US on cryptocurrencies is so pertinent:Legislation is the guardrails for US-based innovation in crypto and by extension, for economic prosperity as a whole.Image by Gerd Altmann from PixabayLibra and the Token Taxonomy ActWhile the advent of Libra has upped Congress’ ante on digital assets, the race to figure out how exactly cryptocurrency figures into the evolving US economy — and how regulation can best let it flourish — is not all that new a topic for Congress.This past September, Ohio Rep. Warren Davidson spearheaded a Congressional roundtable featuring some 50 thought leaders from all sides of the cryptocurrency sector, including regulatory bodies, institutional investors, and business advisory firms. The overarching takeaway from the event:Crypto needs a clear US rulebook yesterday.Stemming in large part from that panel’s testimony came the Token Taxonomy Act. First released just before the December holiday break, the bipartisan bill, now in its second version, lays out a rubric for treatment of digital assets on array of issues, including their taxation and treatment as a security. Says Mike Minihan, partner at BX3 Capital, a business advisory firm dedicated to helping startups get funding and situated in their chosen sectors, continues, “Libra will shine a spotlight on the industry, and create a dramatically heightened interest in crypto — and consequently, the Token Taxonomy Act itself.”In other words, the Token Taxonomy Act addresses many of the quandaries that the Senate Banking Committee and the House Committee on Financial Services have bandied about Libra. Beyond assuaging the privacy issues that have bedraggled certain tech behemoths as of late, though, the benefits of the bill stand to be manifold: It could help steer cryptocurrencies — Libra, Bitcoin, Ethereum, or whatever other crypto of choice — into a bonafide asset class and a tool of economic and banking innovation for greater adoption.Perhaps it’s no coincidence, then, that the Senate Banking Committee has called for a hearing on the Token Taxonomy Act on July 16, with rumblings of the House Financial Services Committee following suit.Image by Mira Cosic from PixabayWhat is Libra?The jury is out as to whether or not Libra is a cryptocurrency at all but rather, a digital currency. Those who are in the “Libra as cryptocurrency” camp point out that Libra uses digital wallets and public keys for its transactions. On the not-a-cryptocurrency side of the argument, Libra is a stablecoin, meaning its value is pegged to a fiat currency such as the US dollar, euro, or pound sterling; or perhaps a bond.For the macroeconomists and forex enthusiasts out there, think of stablecoins as a reserve currency or basket of securities, such as ADRs. Libra falls more into the latter category, being a pool “of low-volatility assets, including bank deposits and government securities” that would be managed from a nonprofit “Libra Association” based in Geneva. Being tethered to a basket of securities frees Libra from being pegged to a given currency, in turn freeing global users from having to convert currency when making cross-border transactions and providing a currency that has the potential to be a more attractive store of value than the local fiat currency. Let’s say someone in the US wants to buy a classic album that the band only released in the UK. The fan finds the album for sale on a UK-based music site. Either the US customer and the UK seller — if not both — would, under the status quo, be subject to foreign-exchange fees. With a cryptocurrency, Libra included, the parties in this transaction would stand to save money, as there wouldn’t be forex fees involved. This state of affairs also means users ostensibly could keep their savings in Libra instead of dollars, should the de-facto exchange rate seem favorable.Image by Jae Rue from PixabayWhat’s Next for Crypto?“The next step? how long can it be before the U.S. dollar itself is given the features of a cryptocurrency, in effect competing with Facebook?” asks Mark Roderick, head of the crowdfunding and fintech practice at Flaster Greenberg, a law firm based in Cherry Hill, New Jersey, on his blog. Also, as he points out, central banks would be loath to compete with a cryptocurrency, as would political players in the US, if not also the world over.The Federal Reserve is taking a “careful” look at Libra, for its part. Many US crypto firms have been taking their investments overseas for some time now, however, fearful of making an unwitting misstep and running afoul of the SEC in the absence of clear securities regulation. Concerns over Facebook Libra are just the latest echo of calls from US crypto industry leaders to Congress: Regulate or the US doesn’t innovate.“The sheer magnitude of Facebook means that Libra can’t be ignored. As a result, many members of Congress — thinking of you, [House Financial Services Committee chairwoman] Maxine Waters (D-Calif.), — had to get very smart, very quickly when it comes to cryptocurrency,” says Mike Minihan, partner at BX3 Capital, a business advisory firm that provides guidance and fundraising access to startups, with a niche practice on blockchain and cryptocurrency.Libra’s Behemoth Means More Chatter in DCAt its surface, Facebook’s use case for Libra are somewhat straightforward: leverage the 2.38 billion-user social network and an established use case for cryptocurrency for the 1.7 billion people around the world who are either under- or unbanked. It offers a mobile payment platform in a similar vein as M-Pesa, the mobile phone-based payment platform launched in 2007 by Vodafone that got its start by serving customers in Kenya and Tanzania who, while not having had easy access to banking services, had access to a postpaid cell phone.For its part, Libra’s take on mobile payments technology uses cryptocurrency as the store of value for mobile payments. To date, it’s also attracted the braintrust from more than two dozen global brands, including Visa, Mastercard, and Lyft, and the direction of former PayPal president David Marcus, who is at the helm of the social network’s blockchain research unit. (PayPal, already a global payments platform, had said it’s been in talks with Facebook for a few weeks.)Facebook hopes to gain backing from more than 100 companies by the time of Libra’s launch. In the meantime, the fact that this particular cryptocurrency-slash-payment platform has some star names on its marquee might mean that crypto-focused legislation such as the Token Taxonomy Act could finally get out of committee.“Any time you have a company like Facebook teaming up with Mastercard, Visa, and other big names, it will inevitably shine a light on the industry and the potential bills that are coming out,” says Gary Nealon, co-founder and president of Usawa.io, a blockchain-based crypto token platform that seeks to be an alternative investment option for pension fund management in Africa. “With the growing number of organizations lobbying for a bill, I think it is inevitable that some form of [the Token Taxonomy Act] gets passed.Image by Dariusz Sankowski from PixabayHousehold names joining on Libra means that the average American who might not understand cryptocurrency, never mind have investment holdings in it, could very well embrace crypto, however unwittingly.Just as Venmo has become a generic trademark for “sending money to friends, coworkers, and roommates by phone”, Libra could become to cryptocurrency what Kleenex is to tissues; or as is now to many, Bitcoin to cryptocurrency.Yet for an idea to come to fruition, it needs an outline on which to base its growth. The Token Taxonomy Act could be the very framework on which to develop this next phase of mobile payments.“When the underlying technology fulfills its promise to bring ‘better, faster, cheaper’ to any number of transaction types, the Token Taxonomy Act is a stepping stone and baseline guidance that will help the builders and investors in this nascent technology that will ultimately benefit the average American,” Minihan continues.It’s not often that a sector’s salvo is “regulate or die.” For leaders in the US crypto sector, though, the Token Taxonomy Act, heeds this call.As pundits try to sort through the finer points of Libra, observers need to take in the big picture. While technological change is a constant, the need for innovation and economic growth remains the same. Let’s ensure that we have the tools not to let development run out of our hands.Facebook’s Libra: How Will Congress Legislate Cryptocurrency Now? was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

PayPal, Mastercard, and Stripe investing in Facebook’s new cryptocurrency

PayPal, Mastercard, Stripe, and Uber will be among over a dozen companies investing approximately $10 million each to back Facebook’s new cryptocurrency. Announced in the Wall Street Journal, the companies will join a consortium to govern the token. Facebook Global Holdings registered “Libra Networks” in Switzerland as a financial technology company focusing on blockchain and payments as well as data analytics and investing. Laura McCracken, Facebook’s head of financial services & payment partnerships for Northern Europe recently confirmed that a white paper will be released on June 18. A global cryptocurrency The cryptocurrency will be transferable with zero fees among Facebook products, and the company is working with merchants for acceptance of the token, reported TechCrunch. Developed over the last year, few details about how the mechanics of the digital asset have been revealed. The effort is code-named “Project Libra,” likely as a dig at the Winklevoss twins’ Gemini exchange. The twins’ lawsuit with Facebook founder Mark Zuckerburg over the invention of Facebook is documented in the 2010 movie “The Social Network.” Facebook’s token will be a stablecoin backed with a basket of currencies instead of the U.S. dollar but how it will be used remains a mystery. Speculation centers around the idea that Facebook users will be able to exchange the token with friends and use it to make purchases on the network. It is also unclear how Facebook will deal with the complexity of international regulations, however, a project of this magnitude could also force governments to pay closer attention to their regulation of cryptocurrencies. Blockchain’s “killer app?” Building a network of users can be a major difficulty for companies innovating in the payments sector. With one of the largest networks in the world, Facebook has a significant advantage over competitors. For partners, participating in the launch of Facebook’s cryptocurrency enables them to keep an eye on what could become a highly influential competitor. Setting up the Libre Association will allow Facebook to maintain a degree of separation between their social media platform and cryptocurrency. Whether or not that separation will allow Facebook to avoid getting entangled with regulatory problems could be an indicator of the success of the project. Facebook’s success in building an international audience could translate into greater awareness of cryptocurrency and other applications of distributed ledger technology. Many onlookers believe that Facebook launching a token will stimulate the cryptocurrency market. Facebook’s pivot to cryptocurrency follows increased scrutiny regarding the misuse of customer data. The company infamously exposed hundreds of millions of user records in April 2019. The post PayPal, Mastercard, and Stripe investing in Facebook’s new cryptocurrency appeared first on CryptoSlate.
Cryptoslate

Facebook’s GlobalCoin Cryptocurrency Likely to Arrive This June

Coinspeaker Facebook’s GlobalCoin Cryptocurrency Likely to Arrive This JuneAs Facebook accelerates its plans to launch its own cryptocurrency, the latest report from The Information states that the social media giant could likely launch its GlobalCoin digital currency by the end of June 2019.Over the last few months, Facebook has been constructing its plans to introduce its crypto tokens. In this attempt, the company is talking with several online retailers, merchants, and even exchanges. The latest report shows that Facebook boss Mark Zuckerberg recently had a word with Gemini crypto exchange owners – The Winklevoss twins – to list the GlobalCoin.Besides, the CFTC chairman also acknowledged that the social media behemoth is discussing the regulatory viabilities of its crypto token.It looks like Zuckerberg is potentially seeing a huge opportunity lying ahead in the global payments market and doesn’t want to miss out on it. Facebook CEO Mark Zuckerberg also spoke about the opportunities in the payments market during the Facebook developer conference earlier this year.Facebook Pushing Ahead Its Crypto ProjectThe latest report suggests that Facebook is planning to have crypto ATMs in place. Moreover, it is most likely to ask its employees to draw their paychecks in GlobalCoin thereby initiating its adoption. The major focus is to tap Facebook’s 2 billion user-base and give them a quick idea of how convenient it is to send payments using a cryptocurrency.The report also notes that Facebook is planning to have third-party organizations to act as “nodes” to help the company manage its crypto network. Facebook is likely to charge $10M upfront for licenses to anyone willing to partner with them. Facebook will likely be running its entire cryptocurrency project under its newly established FinTech startup ‘Libra Networks’, in Geneva, Switzerland.Over the last year, Facebook has taken a massive hit in its ability to provide “privacy” to its users. The idea to bring third-party organization to handle the payment nodes hints that Facebook is looking to convince the regulators that it won’t have absolute centralized control over the GlobalCoin. But no doubt the GlobalCoin will be most likely running on permissioned blockchain network with only the partners having access to it.Banks are Wary of Facebook’s Crypto PlansAlthough Facebook is coming up with its crypto plans some banks and regulators are wary of it. Rebecca Harding, the former chief economist at the British Bankers’ Association, notes that Facebook isn’t regulated the way banks are and neither the cryptocurrencies are regulated the way fiat currencies are.Rebecca calls such crypto tokens to be “big regulatory headaches” when it comes to handling the KYC and Anti-money laundering rules. Of course, banks and their associates are likely to have a certain amount of bias to anything they see as a potential competitor. On the contrary, 14 global banks from Asia, Europe, and the U.S. announced the launch of their own Utility Settlement Coin (USC) earlier this week.Speaking to the Financial Times, ING economist Teunis Brosens said:“The sheer scale that a Facebook coin could achieve should give businesses, competition authorities and central banks some food for thought. Banks may find themselves disintermediated, with business suppliers increasingly bound to Facebook’s platform”.Brosens further added:“Launching virtual currencies on a modest scale has a negligible impact on monetary policy and financial stability.But if a lot of transactions end up being handled by what is, in effect, a foreign currency, central banks might want to think again.”According to a BBC report, Mark Zuckerberg has reportedly met Bank of England governor Mark Carney in April 2019 to outline his plans. Zuckerberg reportedly spoke about how his cryptocurrency can help reduce financial barriers while reducing the costs to customers.Facebook’s GlobalCoin Cryptocurrency Likely to Arrive This June
Coinspeaker

Gemini Dollar stablecoin circulating supply mysteriously plummets as Huobi balances disappear

The circulating supply of the Winklevoss twins’ stablecoin Gemini Dollar (GUSD) is plummeting. From a peak market capitalization of more than $100 million in December 2018 to a new low of $22 million. From a rank as the 49th most capitalized cryptocurrency in December, GUSD has now dropped to 200th place in the rankings. Following the cover-up controversy from Tether (USDT), the most dominant stablecoin currently in the market, most other stablecoins—including GUSD—experienced an influx of new deposits as users converted USDT to safer alternatives. All of the major stablecoins, such as USD Coin (USDC) and Paxos Standard (PAX), have also seen a significant increase in their total market capitalizations stemming from the 2019 spring bull market. Yet, GUSD has been an outlier to the overall industry trend, with little indication as to why. Beginning December, the circulating supply of Gemini Dollar started to drop consistently from its peak of over 100 million tokens. Gemini Dollar launched with much fanfare in September 2018. The stablecoin was hailed as an alternative to the controversial Tether token, with Gemini advertising its regulatory compliance and direct oversight from U.S. regulators, most notably the New York State Department of Financial Services. Gemini even called GUSD the “world’s first regulated stablecoin.” It seemed like Gemini Dollar had all the sticking points necessary to be listed on Binance, the world’s largest crypto exchange by trading volume. Such a listing would have made GUSD the fifth stablecoin that’s available for trading on the platform, after Tether’s USDT, Coinbase-backed USD Coin (USDC), Paxos Standard (PAX), and TrueUSD (TUSD). Yet, instead of listing GUSD, Binance decided to list StableUSD (USDS) from Stably, a little-known Seattle-based startup whose stablecoin’s market capitalization was one-tenth the size of GUSD. It has now been three months since Binance listed Stably’s USDS. No new stablecoins have been added since and some are now speculating that Binance intentionally kept GUSD off of their exchange. Meanwhile, most places GUSD is listed are exchanges which Bitwise reported does not have reputable trading volumes. Another anomaly around Gemini Dollar is the large percentage of its circulating supply that was once controlled by wallets belonging to Huobi, a leading Asian crypto exchange. In January, Huobi controlled 78 percent (roughly 71 million tokens) of all circulating GUSD based on blockchain data analyzed by CryptoSlate. Yet, Huobi is not even ranked within the top 50 exchanges in terms of trading volume for GUSD, raising questions as to the motives for issuing these tokens. An anonymous source who works in the stablecoin industry has hypothesized that Gemini received a $70 million loan from Huobi to jumpstart its initial reserves and market capitalization. CryptoSlate reached out to Gemini and a representative from the company denied receiving a loan from Huobi. The representative declined to comment on the underlying causes for the declining circulation of GUSD. Something else to keep in mind is how stablecoins can methodically increase the outstanding balance of their reserves. By following the below process, a stablecoin project can “jumpstart” and expand both its circulating token supply as well as cash reserve: Borrow fiat/cash as initial jumpstart capital Deposit the cash in reserve to print stablecoins (1-to-1) Exchange the stablecoins in the open market for BTC Convert the BTC to fiat/cash Redeposit the cash in reserve to print more stablecoins Repeat until the desired market capitalization is achieved or until the loan needs to be repaid Why GUSD is facing such a sudden drop in its outstanding supply is still unclear and may indicate a deeper underlying issue with the stablecoin. The post Gemini Dollar stablecoin circulating supply mysteriously plummets as Huobi balances disappear appeared first on CryptoSlate.
Cryptoslate

Bitcoin Demand Surges in a Downturn as Buying Pressure Increases

On Friday morning, the markets were active again. Bitcoin tried to climb above the $8,000 handle. Thursday’s decline to $7,500 attracted new buyers. Now, BTC is up 4.75% and hovering around $8,000. Once more, the token turned for some help from investors aiming to enter the market on drawdowns. Just a week ago, buyers came in at around $7,000 but this time they emerged closer to $7,500. The altcoin market is not lagging behind with Litecoin surging by 12% while XRP is gaining 4% currently. It now seems like the market participants are confident of moving large amounts of BTC. On May 22, around 10,000BTC valued at almost $80 million currently were withdrawn from a Huobi Wallet. Today, another whale withdrew $1,000 BTC from their cold wallet of Bittrex exchange. The crypto community seems to have realized that these assets just return to circulation and not liquidated after transactions. Crypto bulls think that Bitcoin is now at the beginning of a long uptrend. A bitcoin pioneer who is also the co-founder of Gemini, Tyler Winklevoss, thinks that Bitcoin is a digital peer of gold. Currently, gold has a market capitalization of almost $7 trillion. That means bitcoin has a huge upside potential since its current capitalization stands at around $141 billion. Market Analysis In the medium term, bitcoin and its investors could face serious challenges. Josh Rager, a crypto analyst, revealed that bitcoin tumbled almost 9 times in the past rally. Hence, the bulls will be seriously tested with multiple waves of correction. The faint-hearted and most impatient investors will be eliminated along the way. Others will get a chance to get the asset at local minimums. At the moment, it is evident that the cryptocurrency market is moving in close harmony with an existing technical analysis. That analysis was based on the experience shown by the stock market of the early 20th century. Later on, the stock market was changed by relentless influence from very large banking capital and index funds. However, cryptocurrencies are most attractive to the long-term investors who see an uptrend. Also, the speculators are interested in the market to gain from it when the prices periodically rock the boat. Like what you're reading? Subscribe to our top stories The post Bitcoin Demand Surges in a Downturn as Buying Pressure Increases appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
Cryptovibes

Facebook planning to launch ‘GlobalCoin’ in 2020 across a dozen countries – BBC

Months of anticipation around Facebook's crypto token is set to continue as it eyes a Q1 2020 launch, according to a BBC report Friday. The social media giant is now said to be finalising plans for its 'GlobalCoin' and will begin testing later this year, before launching in around a "dozen" countries as a challenger to banks, with the token rumoured to be used for payments via messaging apps. The BBC also reported that Facebook had been in talks with the U.S. Treasury and the Bank of England governor Mark Carney about its crypto plan. The next step, it said, is to confirm liquidity providers and exchange to store and trade the asset, with the firm reportedly in talks with Gemini and Coinbase. The coin has been in the making for months, with Facebook having ramped up its hiring efforts to build a blockchain team of over 30 people by the end of 2018, working at breakneck speed according to a New York Times report. Earlier this month, the firm also registered a fintech network in Geneva and lifted a ban on crpyto ads on its site. More news is expected soon, with the BBC adding that Facebook is expected to launch its rumoured stablecoin network "in the coming weeks."
The Block Crypto

Building Your “Crypto Portfolio” Should Take Only One Minute, Because the Only Worthwhile Portfolio Is 100% Allocation to BTC

The Bitcoin rally is currently taking a breather at the $8,000 mark, but BTC fans are as fired up as ever. Bitcoin maximalists are calling on crypto investors to ditch the altcoins and stand with the king.  Much of this BTC maximalist talk is, of course, falling on deaf ears because most other token values are also on the rise. Gemini Trust Company, the firm behind the Winklevoss twins’ Gemini platform, has a mobile app that is making it much easier for crypto investors to build their crypto portfolio. The app is the perfect investment accelerator the market needs now that it in a BTC frenzy. One Bitcoin fan in appreciation of the app tweeted : “building your “crypto portfolio” should take only one minute because the only worthwhile portfolio is 100 percent allocation to BTC. BTC is not an equity or debt instrument. It’s money, and money is winner-take-all.” Building your "crypto portfolio" should take only one minute, because the only worthwhile portfolio is 100% allocation to BTC.BTC is not an equity or debt instrument. It's a money, and money is winner-take-all. https://t.co/CW7FcBu8tJ— Jeff Vandrew Jr (@vandrewattycpa) May 15, 2019 Gemini Mobile App; The Crypto Portfolio Building King The Gemini Mobile App available on Google Play and the Apple App store not only eases crypto trading but also has a lot of other goodies in store for its users. The app is free, and on it, investors can purchase or sell all the tokens available on the Gemini exchange, including ETH, BTC, ZEC, BCH, and Litecoin. Users can also send and also receive crypto and view their portfolio and market value as well. A trader can set their recurring purchase orders on it too.  The most exciting innovation from Gemini, however, could very well be ‘Buy the Cryptoverse,’ the virtual currency basket on the app. This innovative feature will enable investors to buy the full range of tokens available on the Gemini platform in one fell swoop. Announcing the innovative feature on Twitter, Gemini said asked investors to “start building your crypto portfolio in minutes. Buy the Cryptoverse™, set price alerts, recurring schedule orders, and more!” Gemini has promised the mobile app users who might be wary of the security challenge their crypto assets might face, that it has all the bases covered. They have revealed that the app has multi-security layers, including a “two-factor authentication” from Authy, a security platform plus an additional customer PIN. Gemini Crypto Portfolio Security In a Medium blog post about the mobile app, Tyler Winklevoss reiterated that Gemini has “spent the last three years building the world’s most trusted cryptocurrency platform, and today we are excited to extend it into the hands of our customers. Cryptocurrency never sleeps, so it’s important for us to make it easy for our customers to engage with it wherever they are and whenever they want.” The Gemini Mobile App, however, is not the first of its kind in the cryptosphere. There are variations of it in existence, albeit without the crypto purchase ease that ‘Buy the Cryptoverse’ feature gives the Gemini Mobile App. CoinBase, for instance, has had a mobile app that makes it easier to use cryptocurrencies. Other well-known and respected mobile apps include Delta a crypto portfolio tracking app and Blockfolio. Blockfolio and Delta both support lots of global crypto exchanges. The post Building Your “Crypto Portfolio” Should Take Only One Minute, Because the Only Worthwhile Portfolio Is 100% Allocation to BTC appeared first on Ethereum World News.
Ethereum World News

Harbor partners with Rhodium for another go at bringing tokens to real estate

Token sales platform Harbor is taking another swing at introducing tokens to the real estate market, after its first deal collapsed last month.   The firm is now partnering with Rhodium Capital Advisor to create a security token that represents ownership of a number of properties, hoping to provide affordable housing, according to a press release. They will focus on urban and suburban housing projects in the U.S., with the first step involving raising capital for a development fund in both fiat and crypto; specifically bitcoin, Ether, and Gemini dollar.   A tokenized model of housing ownership is about widening access for investors, according to John Leo, Chairman of Primary Capital LLC, the broker dealer for the transaction. He explained to The Block via email that using Harbor’s technology with the fund enables crypto investors to get liquidity sooner than in a traditional investment fund, where investors are locked in for the length of the fund. Harbor can ensure compliance with securities laws and also enable the investor to transfer ownership of tokens, according to the company.   “We don’t think it adds challenges,” Leo added.   But rapid liquidity seekers is not the only target audience. Aside from providing efficiency and liquidity, Leo also believes by tokenizing real estate, Rhodium will help private capital market players pivot to digital securities.   “Rhodium has a proven track record...[It] has acquired and manages over $1 billion in real estate and is currently holding nearly 100 portfolio properties and approximately 10,000 residential units in the U.S," Leo said.     Meanwhile, Kevin Young, head of Marketing and Communications for Harbor, said he believes the tokenized fund is the beginning of a movement to modernize private capital markets.   “We hope private real estate investments become more accessible to a broader range of investors and more liquid than they are today,” Young said. “We want to remove a lot of the inefficiencies from the fundraising and investor management process and help issuers lower their cost of capital by attracting new investors through broader global reach and lower minimums.”   Second time lucky   Harbor made a previous attempt at a tokenized model with a $20 million mega-dorm for students at the University of South Carolina. The Block reported the fallout of the deal last month, when a Harbor spokesperson cited an impasse between the issuer and mortgage lender as reason for the project's failure.   Young said the company revamped its approach in light of the deal's collapse. “Earlier this year, we shifted our model a bit and introduced Harbor Platform 2.0; designed as a white-label digital securities platform for enabling issuers and broker dealers,” he said.   He said he sees these shifts as part of the natural progression towards the next incarnation of private capital.   "As private securities become digital, it can unlock liquidity opportunities as well as options to unbundle and bundle assets in ways not possible before. This is the very beginning of a broader movement to modernize private capital markets, including real estate."  
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