The Facebook stablecoin is a popular topic on our altcoin news site lately, mostly because of the attention that is going on around the most dominant social network. According to sources close to Bloomberg, Facebook is hiring PayPal staff ahead of the cryptocurrency launch.
Meanwhile, Facebook is a subject to a lot of rumors over its planned entry in blockchain and payments for around a year. According to news, the Facebook stablecoin may come as a token launched as soon as Q3 2019, as anonymous sources told the publication.
“According to Facebook insiders, the blockchain group is developing a stablecoin, a type of digital currency pegged to the U.S. dollar or a basket of currencies, making it less prone to swings in price. The first country that will test the new currency is said to be India, a region that is particularly appealing for Facebook because it still has room to expand. The product could eventually allow users to transfer money for remittances via WhatsApp through stablecoin,” the report featured on Bloomberg said.
After hiring a dedicated blockchain team last year, the company apparently works under the auspices of David Marcus who is a former president of PayPal. Right now, around 20% of the 50 members in the team at Facebook come from the PayPal payments platform – commonly known as the “PayPal Mafia” executive group of the 2000s, as many best cryptocurrency news sites describe them.
The group includes a lot of famous entrepreneurs with a penchant for cryptocurrency including Elon Musk, Reid Hoffman and Peter Thiel, all of whom are linked to the Facebook stablecoin that is dubbed FB Coin. As anonymous sources say, the coming altcoin news could also see Facebook partnering with Visa and MasterCard to surround this venture while seeking an investment that would total $1 billion.
In the latest cryptocurrency news, we saw another source tell the media that the company recently acquired the “Libra” trademark for its token which will be pegged to the US dollar. The Facebook stablecoin will also have a range of applications. However, there is no official confirmation by Facebook or a comment on the developments.
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Gemini Launches An Insurance Company To Cover Up For $200M Of Its Branch
“Obtaining meaningful insurance in the crypto industry remains a challenge, and our captive will help to increase our insurance capacity and move the industry forward," the president of Gemini Cameron Winklevoss added.In the end, Gemini is not the first to launch an insurance option. Before this, Ledger Vault which is the custody arm of the hardware manufacturer Ledger did the same and acquired a crime insurance policy which supports them with a coverage of up to $150 million in crime losses.
Venezuela’s Maduro Forces Airlines To Use Petro For Fuel
‘’I decree the sale of all fuel sold by the PDVSA for planes operating international routes be made in petros from now on.’’He ordered that the coin has to be more widely used throughout the country since the US banned the use of the coin and marked it as a scam which only crashed the popularity of the coin. Another one of his decrees states that the coin has to be used for paying the state document services such as passports but the people of Venezuela avoid Petro as much as possible since many do not know how to use it. For the tourists and foreigners, they also don’t use it because it was marked as a scam and labeled as a risk. Venezuela showed that it is open to the idea of crypto by using decentralized coins to battle the hyperinflation.Venezuela even attempted to discuss trades in Petro with Russia and both countries had issues with the US and discussed they were discussing methods of getting rid of the use of USD in their trade deals. Maduro approved bonuses for the public employees and pensioners but insisted they should be paid in Petro. The coins were later exchanged for bolivars and used to purchase other currencies. The country banned the possibility of exchanging petro for bolivars.
OXT Research Shows New Developments Of PlusToken Scam
“The Chainalysis blog post is extremely opaque and we are unable to verify this analysis due to a lack of references including pre-mix addresses and clusters, postmix addresses, and most importantly distribution transaction IDs.”Really the consequences from the first multi-billion dollar cryptocurrency Ponzi scheme is still being analyzed and calculated. Probably the most important is the correlational link between the price of Bitcoin and the off-loading procedure of PlusToken. While the concrete figures are uncertain, OXT estimates that the fraud’s “total hoard likely exceeded 1% of BTC’s total supply.”According to the report, the most remarkable characteristic of this scam was its size. “Billion-dollar scams are very rare,” they said. “We did not expect the previously reported 200K BTC volumes to be accurate, but they were.” From this supply, few of addresses identified due to the awful privacy practices on the side of PlusToken started distributing Bitcoin (BTC) at a rate of 1,050 Bitcoin (BTC) per day. The distribution started in 2019 in the first week of August and lasted until the end of November.The report confirms that “this distribution likely had a significant downward effect on price action in the latter half of the year.” From the projected 187,646 BTC, PlusToken has yet to distribute between 55,843 to 75,843 tokens. The epilogue is that the PlusToken fraud is still unraveling. Due to the research from several members of the cryptocurrency community, but it will be easier by far to follow where these coins are going in 2020.
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