Analyst rips Libra, Facebook’s crypto project saying that it is the world’s worst product ever invented. In the coming altcoin news below, Karen Petrou the managing partner by the Federal Financial Analytics company noted that the project is a poorly managed product.
When she appeared on the CNBC show, Petrou said that that the cryptocurrency was incompetent at best since it had unified political rivals such as the Republican President Donald Trump and Democrat Maxine waters who is the chair of the US House Financial Services Committee saying:
You’ve got to admit that this is about the world’s worst product launch ever. To bring out President Trump, chairwoman Maxine Waters and now the Treasury Secretary along with the Bank of England, the head of the Federal Reserve Board and many other top policymakers to tell Facebook that they don’t feel good about this is sending a real message.
The views that Petrou has are based that Facebook had skipped on the groundwork that the traditional providers of financial services normally have to go with. Petrou also expressed doubts that Facebook will be able to proceed with rolling out the crypto project in the developing world in the event that the countries such as U.S. and U.K. close their doors on it. According to her, this is because the entire financial system is highly intertwined.
The backlash against Facebook’s cryptocurrency comes after the social media giant’s executives prepare to hold Congressional hearings over the week. With Libra’s already facing privacy violation accusation on its social media platforms, the lawmakers will be interested in finding out how customer data will be handled.
The analyst rips Facebook’s libra project mainly because of its controversies. Back on Monday, Treasury Secretary Steven Mnuchin stated that he is concerned over Libra while nothing that Facebook will only be allowed to access the financial systems in the US but only after it convinces the regulators that it has abided by high standards. The lawmakers are also frustrated over Facebook’s lack of clarity over cryptocurrency plans.
In the latest cryptocurrency news, the Bank of England governor Mark Carney stated that Libra will have to meet the highest standards before getting into the United Kingdom.
Kraken OTC Desk Confirms 2,000% Increase In Trading Volume (Since 2018)
“I don’t see demand for this asset going down. But I do know that supply is gonna get cut in half, some time May 2019. And I think another thing I know about Bitcoin is that higher price is the best marketing tool we have,” the head of the Kraken OTC desk said.What's interesting is that in April this year, the altcoin news featured a lawsuit by a former Kraken employee named Jonathan Silverman, who sued the platform for more than $900,000. According to the ex-Kraken employee's claims, he was not compensated in accordance with an oral agreement with the founder (Jesse Powell) for managing Kraken's trading desk. Silverman also said that Kraken was lying about not operating in New York. As his lawsuit stated:
“Misrepresenting to the public and government regulators that it was not operating in New York; when in reality, Kraken’s OTC practice, and OTC trading (including logging into the Kraken exchange and negotiating wire transfers) occurred almost exclusively in New York.”A spokesperson for Kraken named Christina Vee later retorted and said that Silverman was "both lying and in breach of his confidentiality agreement." Besides this lawsuit and the new announcement by the Kraken OTC desk, the latest cryptocurrency news showed that Kraken has recently seen some troubles with its website as well as its application programming interface (API). On August 13, Kraken announced that it was receiving reports of connection issues for its API as well as its website performance.
Facebook Owned WhatsApp Wants To Digitize Payments In Indonesia
“WhatsApp is in conversations with financial partners in Indonesia about payments, however the discussions are in early stages and we do not have anything further to share at this stage.”The sources, however, say that Facebook has a deal with three payment firms which is going to be finalized imminently. The launch of these services, as many best cryptocurrency news sites reported, is not expected until 2020. This is why WhatsApp is looking to launch in India at the same time or sooner. According to the report, Facebook is still waiting on regulatory approval from India before the Facebook owned WhatsApp payments can be finalized and announced via the messaging app. On the other hand, we have Libra in WeChat - which is also part of Facebook's plan. As reports show, the giant wants to integrate its crypto wallet service, Calibra, into WhatsApp and all of its platforms.
“The libra blockchain will be global, but it will be up to custodial wallet providers to determine where they will and will not operate. Calibra won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies,” a Calibra spokesperson confirmed in April.
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
P2P Dash And Bitcoin Transactions Skyrocket In Venezuela
‘’In countries where residents are under pressure from economic mismanagement, Bitcoin trading becomes critical. Two factors drive Bitcoin trading: one, there is pressure to purchase Bitcoin using local currency before it loses even more value; and two, there is a need to redeem for the local currency either past purchases or purchases made outside the country by friends/family, enabling residents to cope with rising prices. This results in an increase in Bitcoin trading in the local currency.’’
Join us on Facebook
- US Secretary Of State: Crypto Should Be Regulated Like SWIFT Transactions
- Bitcoin Lost $700 In Minutes, Failing To Break Through $11,000
- ICO Rating Charged For $268,998 Following Violation Of Anti-Touting Provisions
- Kraken OTC Desk Confirms 2,000% Increase In Trading Volume (Since 2018)
- Facebook Owned WhatsApp Wants To Digitize Payments In Indonesia
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News4 days ago
Mysterious BTC User Claims He Is Hodling $10 Billion In Bitcoin
Regulation5 days ago
Bakkt Acquired Regulatory Approval From The US Regulators
Bitcoin News3 days ago
The Bitcoin Family: A Story Of 5 People Spending BTC For 2.5 Years
Analysis3 days ago
Ethereum Could Climb Above $200 According To Analysts
Regulation4 days ago
Crypto Laws In Europe Are About To Tighten Up This Year
Bitcoin News4 days ago
Bitcoin Price Hesitates But Further Recovery Is Likely
Analysis3 days ago
Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021
Ethereum News3 days ago
Six Changes Approved For The Next Ethereum Hard Fork