The new ShapeShift platform is everywhere in the latest cryptocurrency news – designed to be the one-stop shop for non custodial crypto management. As the official news confirmed, the private beta version of the platform is launching today.
As described, the new platform is aiming at becoming a direct rival to custodians such as Coinbase for ease of use and other features – all while giving the users full control of their private keys. The new ShapeShift platform was described by the founder and CEO of the company Erik Voorhees as one that “offers many services that a company like Coinbase would provide but on ShapeShift it’s done in a much more secure and self-sovereign way.”
Voorhees also said:
“Largely this came from my dissatisfaction with the reality that most of the large companies are custodial.”
What’s also important about the new ShapeShift platform, as the altcoin news show, is that it allows users to buy, sell, trade and track multiple cryptocurrencies in a single place. There are over 50 digital assets currently supported and using the platform requires a connected hardware wallet – such as Trezor or KeepKey (which ShapeShift acquired in 2017).
As many best cryptocurrency news sites noted, the company’s approach seeks to eliminate any counter party risk.
“There needed to be a platform that had great UX that my grandparents could use with limited instruction but that was built on a foundation of being non-custodial,” Voorhees added.
The new ShapeShift platform is also a major launch for the five-year-old company which was founded in 2014 as a simple idea of swapping one cryptocurrency with another. The new ShapeShift has also been over a year in the making and is now aimed squarely at the retail market.
“There’s a general sense within the industry is that if all that happens from the crypto revolution is that you just have a new set of custodians, then nothing really changed,” Voorhees said.
By making it easy to hold your keys, ShapeShift is seeking to change that. The CEO of the company also added that 20,000 users participated in the closed beta.
“A lot of people see it as the better way to use a hardware wallet,” he concluded, pointing out to the early user feedback that the new ShapeShift platform received.
Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law
“Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”Marcus also explained that the association wants to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network but it is still unclear why does Libra want to settle in Switzerland and not in the United States. The Laws in both countries have similarities. They both allow digital currencies and exchanges, they try to protect the citizens from extortion, money laundering or any kind of illicit activity, they both use their financial legislature to cover the digital currencies and are still trying to determine what exactly is the best regulation for this sector. One of the main differences between the countries is the attitude they have towards crypto. The United States is always looking at crypto with caution while Switzerland has always been welcoming and open. The Federal Assembly which is the legislative branch of the Swiss government voted in favor of the motion to be guided on the application of current laws towards crypto. Also, the country decided to regulate digital currencies within the framework of their existing laws so they do not have special laws for crypto and ICOs. They chose to be flexible and to govern the different types of currencies depending on each case. On the contrary, in the United States, the small business owners, corporations and legislators have been calling for clarity on crypto regulation for many years. In the meantime, President Donald Trump has shared his opinion that he does not find bitcoin as an asset that you should invest in. the US Treasury Secretary Steven Mnuchin spoke at the press conference which we reported about in the latest cryptocurrency news saying:
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking … This is indeed a national security issue. I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”
27 Libra Partners Pressured To Dump Facebook’s Crypto By Activists
- Open Markets Institute, a think tank that opposes corporate monopolies
- Public Citizen, a left-wing consumer-rights organization
- Demand Progress Education Fund, an internet activist group
- Revolving Door Project, an anti-Trump Democratic consortium
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”In reality, Open Markets, Public Citizen, Demand Progress Education Fund and the Revolving Door Project say that Facebook merely wants to promote its own market dominance.“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear," the letter featured on many best cryptocurrency news sites reads. The quartet urged all 27 Libra partners to withdraw from the project before they become accomplices in what they describe a "sinister scheme led by Zuckerberg."
“We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful,” the letter concludes.
Bank Of Thailand Is Open To Discussions With Libra
“All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don't give favoritism to any particular financial service. Security in financial services is the bank's top priority. It will take time.”The Bank of Thailand governor also said that Libra cannot simply replace the Thai baht, concluding that “Libra cannot just step in and replace all currencies and digital money.” As we reported in our latest cryptocurrency news not a long ago, Libra will likely run up against difficulties entering Thailand mainly because of the local financial legislation which currently exists - and how Libra is seen through that perspective. Aside from the Bank of Thailand, a lot of institutions are ready for Facebook's stablecoin Libra and are apparently accepting it well. The same goes with countries and people - all of which are eager for the release of the Libra stablecoin. For now, the Bank of Thailand governor is not the only one who speaks with concerns over Libra. Facebook's cryptocurrency was also a major topic in the US Senate and our coming altcoin news for its regulation, potential threat to the dollar and the economy in general. In other news, the cryptocurrency market seems to have stabilized and gained a couple of billions. The total valuation now is $291 billion and the 24 hour trading volume is at $62 billion.
Activist Groups Are Urging 27 Libra Partners To Ditch The Project
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”The anti-Facebook activist groups suggest that the CEO of Facebook is lying when he says that he only wants to launch Libra to help the 1.7 billion people without access to traditional banking services. The groups say that the social media giant only wants to promote its dominance:
“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear. We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful.”The libra project, as noted in the latest cryptocurrency news, is constantly under attack mainly because people believe it could be used to facilitate money laundering and drug trafficking.
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