Ripple’s Brad Garlinghouse says China is using crypto to dislodge U.S Dollar

Brad Garlinghouse, CEO of Ripple, has been making a lot of public appearances lately. Recently, he appeared on FOX Business to discuss U.S cryptocurrency regulations, accusations of Ripple pressurizing the market, and China’s upcoming yuan-backed stablecoin. Addressing the latter, he said, “It should be a call to action for the United States. So far the […]
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Source: AMB Crypto

Binance Jersey Launches Their Own GBP-Backed Stablecoin

Popular cryptocurrency exchange, Binance’s CEO, Changpeng Zhao has shown his “false disapproval” for stablecoins on Friday, while he called them “the worst nominal in crypto”.
Changpeng Zhao, who’s Binance exchange alternate between the top and second-largest cryptocurrency exchange by both daily trading volume and adjusted volumes took to his Twitter handle on Friday evening to made a jest of the set of assets, whose price were tagged to more stable currencies like the U.S. Dollars, declaring that they were the worst nominal in the cryptocurrency space.
However, as one may have noticed, no one better has access to the statistics relating to the individual and or collective performances of assets traded on an exchange better than the CEO himself, which would have been his major source of reference.
As the crypto billionaire made his comparisons, he compared on the grounds of asset performances against bitcoin over a period of six months. According to him, BTC price vacillated between a period of six months while the so-called stable coins had fallen against bitcoin by around 3 times within the same period, thereby concluding that nothing was stable about them.
In Zhao’s words…,
“Stable coin is the worst misnomers in crypto. There is nothing stable about it.
While 1 BTC still = 1 BTC “stablecoins” have dropped by 3x in value against BTC in the last 6 months.”
By definition, a stablecoin is one of a set of cryptocurrencies which has a fiat reserve. They are designed for a greatly reduced volatility. Sometimes, these reserves can be in the form of a bond or tradable physical assets like gold. In many cases, fiat-backed stablecoins are usually pegged to their backing fiat currency in the ratio one-to-one (1:1). In this kind of relationship, then, a single unit of the stablecoin coin has exactly the same value has a single unit of its corresponding fiat currency backing. For example, Tether(USDT) is backed by the U.S. dollar and currently trades at $1.00078 with a -0.71% 24-hour change in price.
In the meanwhile, stablecoins appeared not to be the only topic of discussion at the time. Changpeng Zhao had other important issues to discuss. He concluded that the exchange had just launched its Binance Great Britain Pounds (BGBP) on Binance Jersey. In this new system, Brits are enabled to deposit Great Britain Pounds directly on the exchange form their Jersey subsidiary.
The post Binance Jersey Launches Their Own GBP-Backed Stablecoin appeared first on Coingape.
Source: CoinGape

First mover better prepared for world domination, says Binance’s CZ as he hints at Facebook-Tencent rat race

Just like any other disruptive technology, cryptocurrency required a decade to be viewed as not just a speculative and risky asset, but as the future of the world’s financial services. Today, with the entry of several financial and non-financial institutions into the crypto-space, many around the world are speculating what its role will be in […]
The post First mover better prepared for world domination, says Binance’s CZ as he hints at Facebook-Tencent rat race appeared first on AMBCrypto.
Source: AMB Crypto

TiedCoin: A Game Changer in the Stablecoin Market

Coinspeaker
TiedCoin: A Game Changer in the Stablecoin Market
In this article we take a look at TiedCoin – a stablecoin fully collateralized by Euro and Yen coming from Japan with the promise of instant liquidity.
TiedCoin: A Game Changer in the Stablecoin Market

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Source: CoinSpeaker

Bitfinex Has Relinquished a $100 Million of its Loan from Tether

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Bitfinex Has Relinquished a $100 Million of its Loan from Tether
Following the 2016 cyber attack on top cryptocurrency exchange – Bitfinex, that brought about its loss of $700 million Customer funds. The number one Asian crypto trading platform claims to have relinquished part of its loan from Tether.
Bitfinex Has Relinquished a $100 Million of its Loan from Tether

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Source: CoinSpeaker

Goldman Sachs CEO Praises Libra, and Says, Assume ‘All Institutions Looking at Blockchain’

David M. Solomon, Chairman, and CEO of Goldman Sachs said in an interview recently that they are going to offer digitized securities on the blockchain. In a meeting with the Board of Directors of the multinational bank, Soloman told the media,
Mergers and acquisitions advice remains our key business, but we are a bank, not just an investment bank. But the world is changing, and to grow, we must attract customer deposits. The principle of a digital platform is probably the best way to attract these deposits.
While declined on making any comments on Facebook’s cryptocurrency plans with Libra or any other partnerships at the moment. However, he praised Libra’s design and suggested that “this is the direction in which the payment system will go.” He also said,
We do extensive research on the concept of “tokenization”, the potential of which we believe, and which designates the creation through the blockchain of a stable digital currency based on a basket of real currencies that can move money across borders and without friction.
Goldman Sachs is one of the largest banks in the US with a stock price of $ 204.17. The competition posed by the cryptocurrency markets in payments with the increasing institutional adoption has stirred banks and Governments all over the world.
JP Morgan Chase and Co, a fierce competitor of the banking giant, had announced its stablecoin – JPM coin launch in February 2019. Recently, JP Morgan also confirmed a similar design of trading securities on its platform. Solomon commented on the blockchain projects initiated by JPMorgan and would they follow the same suit, he said,
Absolutely! Many people are looking in this direction. But it is too early to say which platform will prevail. He also said, “Assume that all major financial institutions around the world are looking at the potential of “tokenization”, “stable wedge” and frictionless payments.”
Jamie Dimon, the CEO of JP Morgan & Chase has also advocated the use of permission ledger in the Financial Services (FS) industry.
Do you think that stablecoins and tokenization of the world economy is the future? Please share your view with us. 
The post Goldman Sachs CEO Praises Libra, and Says, Assume ‘All Institutions Looking at Blockchain’ appeared first on Coingape.
Source: CoinGape

Tether tops the list on institutional usage despite ongoing backing irregularities

No matter which way you look at it, Tether will always occupy center stage while Bitcoin is in the limelight following its price surge. With the collective community noticing a trend in the market capitalization of USDT and the price rise of BTC, coupled with the slew of controversies surrounding the stablecoin, one key part […]
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Source: AMB Crypto

Tether is ‘Extremely Healthy,’ despite irregularities and controversies, claims Longhash report

Since half of 2019 has passed by, we can now gain a firm perspective on the cryptocurrency market’s trends over the past six months. Bitcoin is up over 140 percent, crypto-exchanges are still vulnerable and on the face of it, Tether is still mired in controversy. Closing last year with allegations of a lack of […]
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Source: AMB Crypto

Facebook Goes ‘All-in On Crypto’, Libra Implements Features of Ethereum, XRP and Stablecoins

Facebook revealed it’s Whitepaper and the associated missions for its new cryptocurrency, Libra. Libra is being designed not only as a means of payment but as a complete Blockchain platform. Ran Neuner, a Crypto-reporter, tweeted,
Just read the Libra stuff. Facebook just went all in on Crypto.
The Blockchain team, under David Marcus, has focused on almost all applications and bottlenecks of existing blockchain projects. In the end, they have created a mixed bag of cryptocurrencies; which challenges the utility and functionality of many existing cryptocurrencies. Mark Zuckerberg, the CEO and Co-Founder of Facebook noted,
Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and create a new currency called Libra.
Libra Vs. Ethereum and Smart Contract Platforms
The non-profit organization, Libra Association, is similar to several development teams behind existing cryptocurrencies like the Ethereum Foundation, Litecoin Foundation, and Stellar Organization. The Association will be responsible for implementing and releasing updates or changes on the blockchain. David Marcus, the leader of Blockchain Team at Facebook, tweeted,
What we are presenting is only the beginning, and there’s a lot to improve. We wanted to share early and work with you, rather than wait for “perfection”.
The WhitePaper also revealed that the blockchain platform would execute programs compiled in a new programming language, Move. This is remarkably similar to Ethereum and its’ programming language solidity. The programs that run on top of these blockchains are essentially called smart contracts. Hence, the vision seems to include the utility provided by Ethereum, Tron, and EOS on a scalable blockchain.
Libra Vs. XRP
There are two types of blockchain based ledger on the basis on their validator duties. The validating nodes in Bitcoin or Ethereum are permissionless, whereas in XRP and JPM coin they are ‘permissioned.’ In the former, the blockchain is open to the public for inspection, mining or staking and developing smart contracts on it. Whereas, in the later, permission is required to join the network.
There are arguments for and against both protocols; Facebook has taken the ‘permission‘ approach. Moreover, this has also allowed other Financial Services leaders like VISA, MasterCard, and PayPal to join the movement. Andreas Antonopolous noted in a tweet,
While Facebook’s Libra doesn’t compete against any open, public, permissionless, borderless, neutral, censorship-resistant blockchains, it *will* compete against both retail banks and central banks. This is going to be fun to watch.
Libra Vs. Stablecoins
Volatility has been the most significant concern around Bitcoin and cryptocurrencies since its inception. Global leaders and economists have often dubbed them as an instrument of speculation, and nothing else. Libra took the high road on this one as well, by implementing a stablecoin backed by a mixed bag of assets.
Until now, the market has primarily witnessed US dollar pegged stablecoins with institutions working on other FIAT based stablecoins. Nevertheless, as Peter Schiff noted, all FIAT currencies are eventually doomed, the team has backed it by a basket of assets (Stable currencies and Government bonds). David Marcus aims to make the currency viable for at least a hundred years.
Libra vs. Bitcoin
This comparison should have been at the top of the list. All the above features and characteristics that Facebook has implemented on Libra aims at transforming the Financial Services Industry. Zuckerberg also noted,
This is especially important for people who don’t have access to traditional banks or financial services… We aspire to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos.

Libra can be used as a means of payment and also as a store of value due to its stability. Moreover, it is independent of centralized control, in this case, distributed centralized control. Hence, it replicates the idea behind Bitcoin and has sought to release an improvised version of it.
Libra ‘airdrop’ or launch will happen sometime in 2020. Moreover, until then, we can various organization working on Move and Libra to integrate the blockchain as per their usage.
Do you think that the ‘ultimate blockchain version’ from Facebook will dethrone Bitcoin and Ethereum? Please share your views with us. 
The post Facebook Goes ‘All-in On Crypto’, Libra Implements Features of Ethereum, XRP and Stablecoins appeared first on Coingape.
Source: CoinGape

Facebook Launching Libra Blockchain Testnet Backed by Libra Reserve Next Week

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Facebook Launching Libra Blockchain Testnet Backed by Libra Reserve Next Week
Per the report, Facebook and dozens of its partners will unveil the Libra Association, which will be based out of Geneva, as the entity that will oversee the company’s Libra cryptocurrency project. During the event, the company is also expected to launch the testnet of its blockchain.
Facebook Launching Libra Blockchain Testnet Backed by Libra Reserve Next Week

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Source: CoinSpeaker

This Week in Cryptos: Binance Goes Stablecoins Way While Justin Sun Wins a Lunch Date With Buffet

Key highlights

Binance will launch stablecoins
Justin Sun wins lunch w/ Buffett
SL Benfica now accepts Bitcoin
OKCoin launches in Europe
Samourai Wallet raises money
India to go tough on cryptos

Binance will launch stablecoins
The stablecoin mania doesn’t seem to be ending as newer and newer players announce their arrival on the fiat-linked coin stage. And this time its Binance, the exchange giant, that wants to give its users an umbrella again the storms of volatility. According to the latest reports, in a phone interview with Bloomberg, Binance’s chief financial officer, Wei Zhou, said the first stablecoin will be launched on the platform “in a matter of weeks to a month or two.” According to Zhou, this could be linked to GBP and may be called Binance GBP. Although the exchange inked stablecoin have had a “dirty” past, Binance would definitely look to change that.
Justin Sun wins lunch w/ Buffett
Well, the new age crypto guy meets the old age talisman investor. The TRON Founder- Justin Sun has paid 4.5 Million U.S. Dollars after winning the opportunity to be a part of the 20th Anniversary charity lunch hosted by Warren Buffett which will take place in the New York City. Will Sun be successful in changing the mindset of Buffet who till date has called Bitcoin “Rat Poison Squared”. All eyes will be in New York
Also Read: Binance CEO Turns Down Justin Sun’s Invite to a Lunch with Warren Buffet
SL Benfica now accepts Bitcoin
Well, the sports world seems to be getting well with crypto world and defiantly football has led from the front. Yet again another football club is getting around with cryptos. According to the reports, SL Benfica partnered with cryptocurrency service Utrust to provide the new payments option. Fans and customers can now buy tickets any products on the club’s website with Utrust’s native token (UTK) or with top cryptocurrencies bitcoin (BTC) and ether (ETH).
OKCoin launches in Europe
Another Asian exchange this week has spilled over and expanded to Europe to make the nest of the growing market in the continent. Cryptocurrency exchange OKCoin has launched in the EU, opening up euro pairs to traders for the first time. Available from Tuesday for non-U.S. users, OKCoin’s new spot trading offerings cover euro pairs with bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) at launch, with more pairs planned. The firm said on its blog that until Sept. 4, euros can be deposited and withdrawn fee-free.
Samourai Wallet raises money
More private money is flowing into crypto businesses with an anticipation of a better future. According to the latest reports, the team behind the privacy-obsessed bitcoin app, Samourai Wallet, has gotten its first round of venture funding. Founded by two former developers at Blockchain.info, Keonne Rodriguez and William Hill, the wallet’s maintainer, Katana Cryptographic, has received a $100,000 investment from Cypherpunk Holdings.
India to go tough on cryptos
According to the reports coming from India, Anybody in India dealing in cryptocurrencies will be sent to jail for 10 years, says a proposal in the draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. The draft bill also states that the penalty is applicable to those who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies directly or indirectly.”While this cripples hope for a lot of crypto businesses in the country, it also advocates the introduction of an official digital currency for India. The ‘Digital Rupee’ will be introduced after consulting the central board of the Reserve Bank of India (RBI).
Also Read: India: Top Crypto Leaders Shouting Loud at `10 Year Jail Report’, Doubting on Draft Bill Approval
The post This Week in Cryptos: Binance Goes Stablecoins Way While Justin Sun Wins a Lunch Date With Buffet appeared first on Coingape.
Source: CoinGape

SIX Stock Exchange Set to Introduce a Swiss Franc-Pegged Stablecoin

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SIX Stock Exchange Set to Introduce a Swiss Franc-Pegged Stablecoin
SIX is going to create its own Swiss franc-pegged stablecoin that will help to facilitate transactions on the SIX Digital Exchange (SDX).
SIX Stock Exchange Set to Introduce a Swiss Franc-Pegged Stablecoin

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Source: CoinSpeaker

Cryptocurrency Moving Wealth to Dark Havens, Must be Shut Down: Joseph Stiglitz

Nobel Prize Winning Economist, Joseph Stiglitz, recently expressed his views on cryptocurrency and the need for a transparent electronic payment system.
Stiglitz is an American Economist who won the Nobel prize in 2001 for his analysis of markets with asymmetric information, and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize.
According to him,
“We should shut down the cryptocurrencies… I’ve been a great advocate of moving to an electronic payment system.”
Dark Havens of Money
What might seem like a contradictory statement for cryptocurrency enthusiasts; actually hints at one of the ugliest truths about the global financial system. He acknowledged the ‘dark side of the economy’ which was revealed numerous times in “Panama papers, paradise papers and work of Gabriel Zookman.”
Stiglitz is not against the idea of a transparent electronic payment system. He told the media,
“I think we can actually have a better-regulated economy if we had all the data in real time knowing what people are spending… of moving to an electronic payments mechanism there are a lot of efficiencie. It also would curb some of the illicit economic activities.”
While cryptocurrencies fit the exact definition of an electronic system, according to him, its decentralization is promoting money laundering. Moreover, while cryptocurrencies are transparent, they are actually facilitating the transfer of wealth to these “dark havens.” He said,
“…Disturbed me a great deal, the attention that was given to cryptocurrencies. Because of those who are moving things off of a ‘transparent platform’ into a dark platform.”
These dark platforms or money laundering havens are storing a “large percentage of global wealth” which is being laundered through these transparent blockchain projects.
Also Read: $1.2 Billion Lost in Cryptocurrency Related Scams and Fraud in Q1 2019: Report
Stablecoins are fine?
Stiglitz also voted for the primary inclusion of the US dollar in the global electronic payment system. He said,
“We have a very good currency. The US dollar has all those attributes (of being a good currency). The cryptocurrencies do not have those attributes.”
These point towards the potential of ‘stablecoins’ on the Blockchain. They will help induce transparency to the global financial system ensuring regulatory compliance and economic stability.
Do you think that the cryptocurrencies should be shut down as well? Please share your views with us. 
The post Cryptocurrency Moving Wealth to Dark Havens, Must be Shut Down: Joseph Stiglitz appeared first on Coingape.
Source: CoinGape

Binance may be developing a stablecoin behind closed doors

Binance’s CEO, Changpeng Zhao, might have hinted at a stablecoin being under development, on Twitter.
A Twitter user, @CryptosBatman, tweeted,
“If #Binance decides to issue their own stable coin, it will become one of the biggest tokens on the Binance Chain and increase the network usage and the utility for $BNB a lot. Major projects have already launched their own stable coin, and I can see Binance doing it as well.”
CZ responded,

“Careful what you wish for.”
— CZ Binance (@cz_binance) May 1, 2019
Although still very speculative, CZ has a track record of making “wishes” come true. The first time this happened was in December 2018, after CZ granted the wishes of many users and added XRP as a base pair on Binance. C3|Nik’s tweet requesting XRP to be added as a base pair on Binance gained a lot of support on Twitter, before Binance finally added it.
CZ’s response to the user’s tweet was the same as in the present case,

Careful what you wish for.
— CZ Binance (@cz_binance) December 21, 2018

A few days later, Binance added XRP as a base pair.

We will be adding a couple trading pairs with XRP as the quote currency shortly.
And rename ETH markets to ALTS market. Running out of space on the UI.
Merry Xmas!
— CZ Binance (@cz_binance) December 24, 2018

The second time this happened was in January 2019, when a user, @i_game187, requested GBP to BTC pair.
“Big thanks to @cz_binance and @binance for getting my second account running. Much appreciated. Only if you could add fiat GBP to BTC pair. That would make my day and a lot of other people I know would be really happy.”
CZ responded to the user with his customary reply,

“careful what you wish for. :)”
— CZ Binance (@cz_binance) January 3, 2019
Soon, GBP to BTC base pairs were added on Binance. Hence, in light of CZ’s history of granting user’s wishes with his customary response,”careful what you wish for,” it can be speculated that Binance has some plans for a stablecoin.
The post Binance may be developing a stablecoin behind closed doors appeared first on AMBCrypto.
Source: AMB Crypto

Tether only 74% Backed By Cash And Equivalents: Tether Lawyers

Tether has been the largest stablecoin in the crypto ecosystem. But its large stature is plagued by even larger controversy- the stablecoin is not backed by real dollars. While Tether has tried to clear the air around this controversy several times, the truth is finally out that the stablecoin is only 74% backed by Cash and Equivalents.
Tether Holds about USD 2.1 billion in Cash and Securities
Well, it seems the controversy around Tether is about to end and it’s going to have an ugly ending for Bitfinex and Tether. The company behind USDT, Tether seems to be holding only about $2.1 billion in cash and short-term securities which accounts to only 74% of the total Tether in supply. This fact was put forward  by Tether’s general counsel Stuart Hoegner in an affidavit which was presented in response on Tuesday with the Supreme Court of State of New York which was seeking to vacate or modify an injunction filed against them by the New York Attorney General last week in an effort to prevent disruptions to its business.
“The order effectively freezes a line-of-credit transaction among the respondents indefinitely and orders them to produce huge volumes of documents by this Friday,” according to the filing, made on behalf of Hong Kong-based IFinex Inc. and other affiliated companies.
This affidavit filing comes after the April 25 statement given New York Attorney General Letitia James who was quoted saying that the companies behind Tether and Bitfinex engaged in a cover-up to hide the “apparent loss” of $850 million of the co-mingled client and corporate funds.
The same report stated that it seemed that executives allegedly cooked up a series of “conflicted corporate transactions” in which Bitfinex gave itself access to up to $900 million of Tether’s cash reserves, which Tether repeatedly told investors fully backed its coin one-to-one, the attorney general said.
Also Read: Bitfinex Vs. New York AG Case: $850 Million Lost? Here are the Facts and Updates
While the official confirmation from Bitfinex or Tether is yet to arrive, the news has jolted the crypto community. Many believe a loss of faith in the stablecoin would be a major blow to traders who rely on it for liquidity on many of the world’s lightly regulated crypto exchanges. This would also impact the investor sentiment in cryptos and drive away investment from crypto markets.
Although this news was significant, the markets dint show much to it and continued its green. The same was quoted by Ran Neuner in his tweet

This morning news broke that Tether is 74% backed by Fiat & market cap increased by $4bn.This is not good news!
Was this pump people trading out of Tether to tokens or acceptance that 74% is a sufficient reserve?
Why is the market so accepting of the Bitfinex/Tether situation?
— Ran NeuNer (@cryptomanran) April 30, 2019

While news like this can erode overall market sentiments, it is surely not great news for Tether. If Tether doesn’t give a reasonable reply to this it could be the endgame for the largest stablecoin.
Is the end for Tether approaching? Do let us know your views on the same.
The post Tether only 74% Backed By Cash And Equivalents: Tether Lawyers appeared first on Coingape.
Source: CoinGape