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Facebook Coin

Facebook Coin | Catalyst for Crypto Growth, Says Spencer Bogart

With the introduction of the Facebook Coin, the cryptocurrency world is facing a revolution. Spencer Bogart of Blockchain Capital, in an interview with Bloomberg, shed some light on the media giant’s venture into the cryptocurrency ecosystem.

The Trickle-Down Effect of Facebook Coin

In the interview, Bogart stated that there are several catalysts on the horizon in the cryptocurrency market despite the speculated “bottom” being reached. One good catalyst will be the anticipated Facebook Coin that will change dynamics in the cryptocurrency industry.

The Facebook Coin project will be an incredible project in electronic payments because it operates differently from current cryptocurrencies.

Bogart used the phrase “gateway drug” to assert that the adoption of the Facebook Coin will spur on the cryptocurrency market by adding billions into it. After establishing initial public confidence using the fiat-backed Facebook Coin, users can then diversify into Bitcoin and other virtual currencies. Bogart added that it is likely a given percentage of users will follow this path, which will significantly impact the industry, adoption tricking down to other cryptocurrencies.

>> Facebook Crypto Ad Ban: Platform Loosens Restriction on Crypto Ads

A Cryptocurrency Catalyst?

Besides the adoption success in the long-term, the Facebook Coin project is likely to initiate something that is more significant. The venture has ignited a fire in numerous FinTech and financial institutions across the US. This is evident in what is witnessed in ETrade, TA Ameritrade, and Fidelity’s digital assets wings, which have introduced crypto-centric services both on the retail and institutional front. The Blockchain Capital Partner indicated that the company sprang into action to introduce the service following the launch of the Facebook Coin Project.

The Facebook Coin project will be headquartered in London with another small office in Dublin. The payments project will first target India because of the popularity of WhatsApp in the country.

Featured image: Deposit Photos © ibphoto

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Facebook Crypto Ad Ban

Facebook Crypto Ad Ban | Platform Loosens Restriction on Crypto Ads

According to CNBC, Facebook said on Wednesday that it will loosen its ban on cryptocurrency advertising on its platform. The result will allow businesses related to crypto and blockchain to promote their projects on the social network. The Facebook crypto ad ban first came into effect in January 2018.

Facebook Crypto Ad Ban

The social media giant first started blocking ads on initial coin offerings, saying it had concerns for its users’ welfare. It was afraid that many would fall for scams and fraudulent crypto products.

But earlier this year its stance began to change. In January 2019, it began allowing ads from projects that had received prior written approval.

Was it coincidental that around the same time there were murmurs that Facebook itself was going to venture into the cryptocurrency space with its own coin?

Now, the social media giant has gone another step further, making it so that crypto-related ads will no longer require prior written approval.

In a blog post released yesterday the media giant said:

“We’ve listened to feedback and assessed the policy’s effectiveness […] While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”

The company’s initial ban was met with ire from many businesses that felt the new policy was unfair. The restriction on advertising meant several projects lost hundreds of thousands of dollars because their ad campaigns were suddenly banned.

>> Bitcoin Price to Hit $7,200 After Demonstrating Bullish Signs?

It also is a convenient time for Facebook to change its opinion of cryptocurrency advertising as it is reportedly working on its own blockchain project.

According to several sources, the company is building its own stablecoin that will allow WhatsApp users to send cryptocurrency payments to one another. Further, last week it was reported that Facebook has been in talks with financial firms and e-commerce companies to support its project.

Are you happy to see the Facebook crypto ad ban reversed?

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Crypto Payment

Facebook Partners with E-Commerce Companies to Support Crypto Payment

The Wall Street Journal has reported that Facebook is in talks with various e-commerce companies and financial firms to support its crypto payment that is under development. So far Facebook has engaged MasterCard and Visa about the project that is known as Project Libra.

Crypto Payment

Facebook is expected to commit $1 billion to the development of crypto payment. The company has approached various e-commerce companies to invest in its crypto payment feature and be a partner of the network. Paying via crypto will not be limited only to Facebook apps but will also be used by the e-commerce partners that support the feature thus enabling the cross transaction between apps. The company plans to motivate merchants by removing transaction fees for cryptocurrency-based purchases.

Facebook’s crypto payment will be pegged on the dollar and users of Facebook app WhatsApp can use it to send money across the platform. With its more than one billion users, Facebook could open the path towards the adoption of cryptocurrency. Social media has the capacity to change the cryptocurrency ecosystem that currently boasts 100 million users.  Facebook will incentivize users to pay with crypto with a percentage of the cryptocurrency for engaging with content and viewing ads.

>> LSE Interested in Blockchain and Distributed Ledgers? CEO Hints Yes

Facebook Still Dealing with Privacy Issues

Facebook has faced privacy scandals in recent times, and it is currently making a series of changes regarding privacy, and CEO Mark Zuckerberg recently asserted the importance of private commerce and payments to their future. With the privacy scandals that Facebook has faced it is yet to be clear how the cryptocurrency payment community will take the new development because the company is yet to gain the trust of its users.

While speaking about the payment plan, Zuckerberg indicated that in the event e-commerce gains traction on any Facebook app, then that will motivate brands to spend more on advertising.

Featured image: DepositPhotos © MichalLudwiczak

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Crypto theft

Crypto Theft Could Hit $1.2 Billion in 2019, Says Cipher Trace

Crypto theft has greatly reduced this year compared to last year as regulators continue to enhance their scrutiny and the enforcement of anti-money laundering controls.

Crypto Theft Could Hit $1 billion Mark

Despite being $500 million less than last year, crypto theft could still go well beyond a billion dollars by the end of this year.

A quarterly report released on May 1 by Cipher Trace indicates that investigatory specialists had found that over $356 million worth of crypto had been stolen in Q1 2019. The amount stolen includes the CoineBene and Cytopia exchange hacks and also the $195 million that was lost in December last year when Quadriga CX exchange founder Gerald Cotton died.

Projections of Cipher Trace indicate that crypto theft could hit $1.2 billion by the end of the year after a New York attorney general indicated that Bitfinex had misplaced around $850 million in crypto. The crypto market currently has a market capitalization of around $176 billion and the bulk of this is held by Bitcoin with a market cap of $94 billion, while Ethereum has a market cap of $17 billion. If the market loses $1.2 billion this year, this will be a 0.7% loss in the total value of the market.

>> Bitfinex Tether Issue Continues: CoinFlip and TRON Postpone Plans

Intensifying Anti-Money Laundering Rules

Although crypto theft could hit $1.2 billion this year, this is significantly lower than the $1.7 billion that was reported in 2018 and a 400% increase relative to 2017. Stolen crypto assets and funds are mostly taken offshore where regulators cannot reach them.

Cipher Trace has indicated that in the last two years there has been a 46% increase in cross border crypto payments going from US exchanges to offshore platforms. The firm has also indicated that the number of regulators is currently growing across the globe and they have intensified KYC and AML rules. Cipher Trace indicates that such crypto regulations could lead to bans of privacy coins.

Featured image: DepositPhotos © BrianAJackson

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Aston Plaza

Aston Plaza | First Major Crypto-bought Real Estate on Hold

A cryptocurrency venture under construction in Dubai has reportedly been put on hold. British Baroness and multi-million dollar crypto entrepreneur, Michelle Mone, had begun a real estate project called Aston Plaza, which broke ground in 2017.

However, citing government inspectors to the site, the project has stopped at only 25% completion.

Aston Plaza

The $325 million project consisted of two complexes making up 1,300 luxury apartments. At least 150 of those were planned to be sold in Bitcoin. This was the first major development of this size to be available for cryptocurrency purchase. Studio apartments were on sale for 15 BTC and two-bedroom apartments for 45 Bitcoins. That equates to roughly $130,000 and $380,000 respectively, as of February 2018 when the venture had already sold 50 apartments in this manner.

The Aston Plaza Website

There have been no details as to why the venture has stopped in its tracks.

According to the website:

“The Aston Plaza & Residences development at Dubai Science Park offers affordable studio, 1 and 2 bedroom apartments that can be purchased in bitcoin or a combination of bitcoin and fiat currencies on this website.”

However, at the time of writing, the website states:

“There are no more units available to purchase at this time. Further information to follow soon.”

It also continues to state how apartments of all sizes now start at 9 BTC, with the exchange rate now pegged to the US dollar rate for Bitcoin as of January 2018. This equates to roughly $147,000.

As stated, construction on Aston Plaza has stopped at only 25% completion. This equals, approximately, 400 apartments that have already been sold.

>> Crypto Adoption: Russia Testing and Finland Regulating

Equi Capital

This is not Mone’s first crypto venture. The founder of lingerie brand Ultimo also started a crypto-related initiative called Equi Capital that reportedly involved Apple’s Steve Wozniak. Equi Capital launched an ICO looking for $80 million to start what was dubbed the “Bitcoin of Britain.” After only raising $7 million, and failing to reach targets, the project lost interest, and those who invested were reimbursed.

Would you pay for an apartment at Aston Plaza in crypto?

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