Swiss Regulator Fears Crypto’s Dark Corners, Libra Not So Much

Mark Branson, head of Swiss financial supervisor FINMA, said that he is more concerned with the dark corners of cryptocurrency than he is with Facebook’s stablecoin Libra. Switzerland will not make Libra impossible On Oct. 1, Reuters reported that Bronson is more wary of crypto projects that develop outside of official scrutiny than he is of Facebook’s Libra project, which he says “is being done transparently.” Branson added: “I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through…

State-Backed German Bank Says Bitcoin Will Leap to $90,000 in 2020

The German bank BayernLB has published a report on Bitcoin (BTC) vs gold in which it predicts a big leap for BTC in 2020. Bitcoin outshining gold? On Oct. 1 the Munich-based bank BayernLB published its latest research report that seems to suggest that the forthcoming Bitcoin halving effect hasn’t yet been priced into its current price of around $8,300. The German bank explains that gold has had to earn its high stock-to-flow ratio “the hard way  over the course of millennia.” Bitcoin, on the other hand, will most likely…

BlackRock, Goldman Sachs Veteran Joins Blockchain as General Counsel

BlackRock and Goldman Sachs veteran Howard Surloff has joined major crypto wallet provider Blockchain.com as general counsel. Over 25 years in traditional finance After serving over 25 years the two of the world’s largest and most respected financial institutions, Surloff will now be responsible for advancing Blockchain’s standard for legal, compliance and corporate governance within the crypto industry, the firm announced on Oct. 1. Prior to entering the crypto industry, Surloff worked at BlackRock for 12 years, the world’s largest exchange-traded fund provider, according to his LinkedIn page. At BlackRock,…

Blockchain Startup Tracks Property Liens in Energy-Efficient Loan Market

Blockchain company Spring Labs will be developing a national property lien registry for four financing providers in the United States. Combat fraud and enhance identity validation In an Oct. 1 press release, Spring Labs announced that it was selected by the Property Assessed Clean Energy (PACE) financing providers to create a property lien registry to track liens in $5.6 billion energy-efficient loan market. The Spring Protocol, which is being developed by Spring Labs, will reportedly make it possible for financial institutions to exchange identity, fraud and risk information amongst themselves, without…

KIK Closes Messenger and Lays off Staff to Continue SEC Lawsuit Fight

Messaging giant Kik has been embattled in a fierce exchange with the United States Securities and Exchange Commission (SEC) over the last year for a token fundraising run in late 2017. The latest news, confirmed by Kik CEO Ted Livingston, reports that the firm will shut down the Kik app and reduce its staff down to around 10% of the current headcount. According to Livingston, this move is a direct result of the SEC Lawsuit as the company is being drained of its funds. History of the Lawsuit Kik ran…

FB’s Internal Q&A Sessions Reveal Early Strategy for Libra: Leaked

Newly leaked audio from Q&A sessions between Facebook’s CEO and employees revealed Facebook’s early strategy for Libra launch. One month after releasing Libra’s white paper On Oct. 1, tech news agency The Verge published audio and text from recent internal meetings at Facebook where CEO Mark Zuckerberg answered employees’ questions about the future of the social media giant. According to the report, the leaked transcripts cover two Facebook’s internal meetings in July 2019. Along with major topics such as Facebook’s potential breakup by regulators, Zuckerberg devoted a significant part of…

Crypto Investors KR1 Thank Cosmos Network for $5.6M Profit in H1 2019

European digital asset investment firm KR1 posted a $5.6 million profit for the half year ending on June 30, 2019, mainly due to the launch of Cosmos network. High returns from bull market in H1 2019 In an interim report published on Bloomberg on Sept. 30, KR1 CEO George McDonaugh emphasized that the firm’s portfolio surged in value in the H1 2019 as Bitcoin (BTC) bounced off a low of $3,200 in late 2018 to over $13,000 in mid-2019. According to the report, the company’s profit in the H1 2019…

Former Employees of JP Morgan, Intel and TrustToken Launch Stablecoin

The Global Currency Organization (GCO) is launching a new U.S. dollar-backed stablecoin, dubbed the USD Digital (USDD). In an Oct. 1 press release shared with Cointelegraph, the GCO announced the launch of the USDD, a new stablecoin pegged to the U.S. dollar. The organization, which is a new project led by former employees of JPMorgan, Intel and TrustToken, said that it plans to make the stablecoin model available to a worldwide network of partners, to focus on the possibility for end users to move between cryptocurrencies and fiat. The San…

Ethereum-Compatible SKALE Network Raises $17.1M for Mainnet Launch

The SKALE Network, decentralized Ethereum-compatible network, has completed a $17.1 million funding round for mainnet launch. Solid global backing Backed by the Liechtenstein’s Node Foundation and United States-based SKALE Labs, the SKALE Network now has over 40 investors in the U.S., European Union, Japan, Korea, Hong Kong and Singapore, according to a press release shared with Cointelegraph on Oct. 1. The new financing round featured major industry investors including Arrington XRP, ConsenSys Labs, Winklevoss Capital, Multicoin Capital, Blockchange, Hashed, HashKey and Recruit Holdings. $9.65 million raised for the network in…

Facebook Will Create ‘Shadow Banking’ System, Major U.S. Banks Warn

Facebook’s crypto project Libra will potentially create a “shadow banking” system, according to the banks at the Federal Advisory Council (FAC). U.S. banks fear Libra will reduce payment volumes After the United States Federal Reserve asked some of the nation’s largest banks about Libra, the banks expressed their negative stance towards the project, outlining the risks of potential decline in demand-deposit accounts and bank payment volumes, Bloomberg reports Sept. 30. Libra and similar stablecoin projects, where a digital coin is pegged to an underlying value consisting of one or more…