#1 Source for BlockChain News

Category archive

cryptocurrency market

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

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

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?

Featured Image: DepositPhotos © Kesu01

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Binance Hack

Binance Hack | Hackers Make Off With $40 Million in BTC

According to Bloomberg, major cryptocurrency exchange Binance has suffered another hack. This time the hackers withdrew 7,000 Bitcoin, which values approximately $40 million USD. This is the second major breach the exchange has faced, the first being an incident in March 2018.

A notorious issue in the crypto-space, hacks have claimed $1.7 billion USD in 2018 alone.

Binance Hack

Via a post on its website, the exchange said that the hack occurred through a single transaction in a “large scale security breach.”

It furthered that the hackers used a “variety of techniques” including phishing and viruses to gather large quantities of user data. The exchange also warned that there may be additional accounts that are yet unaccounted for but have been affected.

Detailing the hack, Binance said:

“The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.”

The hack was isolated to one wallet—Binance’s BTC hot wallet—which holds 2% of the company’s entire Bitcoin holding. It furthered that all other wallets are secure and unharmed.

The post went on to say the following:

“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time […] We must conduct a thorough security review. The security review will include all parts of our systems and data.”

Binance Hack Security Review

This security review will take about a week, during which all deposits and withdrawals are suspended. Trading remains active, however, to allow investors to change their positions.

>> Ethereum Price Jumps 8%: CTFC Approving Futures Trading Soon?

As the news is fresh, the company is still unsure whether or not the hackers still control some accounts and could “use those to influence prices in the meantime.” Traders will be fully covered and no user funds affected, as Binance will use its emergency insurance fund called the Secure Asset Fund for Users.

Bitcoin dropped 3% in early morning trade upon the news. It has since pared those losses, however, and is currently up 0.17%, selling for $5,937 USD.

Does the Binance hack affect you? Are you concerned?

Featured Image: DepositPhotos © Kesu01

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Bitfinex

Bitfinex Plans to Sell $1 Billion Worth of LEO Tokens

Bitfinex has revealed plans of selling its asset LEO, which is estimated to be worth $1 billion. Although this might be seen as a bland move, leading analysts have nonetheless warned that it might hurt Bitcoin.

$1 Billion Worth of LEO Tokens

In a report last week by NewsBTC, Dovey Wan, the founder of Primitive Ventures, indicated that Bitfinex had plans of raising over $1 billion through the offering of its branded crypto assets through an on-platform initial coin offering. A section of the crypto community took the news as a joke, stating that it was not possible for the Hong Kong-based crypto exchange to come up with such a strategy after last week’s news indicating that the exchange was in a risky financial and legal standing.

Chinese cryptocurrency investor Zhao Dong published a document that showed that the LEO plan will, however, actually be moving forward. The Block’s Larry Cermak has stated that already, $600 million of the funding has been allocated to private investors who are considered to be industry insiders including Asian venture capital firms and Bitcoin Whales.

>> NYPD Warns of New Bitcoin Scam: “Don’t Take a Chance, Just Hang Up”

Bitfinex to Use 27% of Profits

The published document shows similarities between LEO and Binance Coin (BNB). Bitfinex plans to use 27% of its profits each month to acquire LEO tokens taken as dividends for holders. Additionally, if the exchange manages to receive $850 million, Bitfinex will be able to buy back LEO using most of the capital. The $850 million would account for the money it is owed from payment processor Crypto Capital and from a hack that lost the exchange thousands of Bitcoin.

Fundstrat’s Tom Lee has suggested that the exchange’s move will be a catalyst for negative price action for BTC. He indicated that $1 billion worth of tokens will affect BTC and other crypto assets because the market will need to absorb an increase in LEO tokens.

Featured image: DepositPhotos © Piter2121

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

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

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

1 2 3 67
Go to Top
%d bloggers like this: