In the latest news and headlines on our DC Forecasts crypto news site, we are focusing on the digital assets platform Bakkt which was created by the operator of the New York Stock Exchange (NYSE) and which yesterday announced the completion of its first funding round in an official blog post.
As the blog post unveiled, the crypto platform that is geared towards institutional investors has raised $182.5 million from 12 partners and investors. We already reported that Bakkt delayed its Bitcoin futures launch for 2019 and perhaps now is the right time to make a new leap forward.
The partners and investors include major names such as ICE, Boston Consulting Group, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Microsoft’s venture capital arm and Pantera Capital.
In the announcement, Bakkt also noted that the company is working with US regulators – such as the Commodity Futures Trading Commission (CFTC) – in order to obtain “regulatory approval for physically delivered and warehoused bitcoin,” adding:
“We have filed our applications and the timing for approval is now based on the regulatory review process.”
Aside from this, ICE separately announced in a notice that the firm “expects to provide an updated launch timeline in early 2019, for the trading, clearing and warehousing of the Bakkt Bitcoin (USD) Daily Futures Contract.”
ICE first announced plans to create a Microsoft cloud-powered “open and regulated, global ecosystem for digital assets” in August last year, as we reported at the time.
Altcoins Suffer And Remain Sideways, Bitcoin Goes Higher
Libra Testnet Peeks At The Crypto Future That Facebook Is Building
“Libra is built on a secure, scalable, and reliable blockchain. It is backed by a reserve of assets designed to give it intrinsic value and is governed by the independent Libra Association tasked with evolving the ecosystem.”With this, developers will be able to write programs in the Move language which can run on the Libra blockchain. As the Libra testnet also notes, anything that you can imagine would be possible - from opening a savings account to opening a merchant account to maybe even some kind of lottery system, the latest cryptocurrency news show. It is evident that Facebook plans to build an economy outside of the regular government view - and a digital currency which could open many doors around the world. From another perspective, it is definitely not absurd for governments to consider the Libra testnet and accept the coin for certain services. As the Libra whitepaper shows:
“For too many, parts of the financial system look like telecommunication networks pre-internet. Twenty years ago, the average price to send a text message in Europe was 16 cents per message.3 Now everyone with a smartphone can communicate across the world for free with a basic data plan. Back then, telecommunications prices were high but uniform; whereas today, access to financial services is limited or restricted for those who need it most — those impacted by cost, reliability, and the ability to seamlessly send money.”The big question that everyone has is the following... Are we on the verge of a new era of peer-to-peer commerce?
US Banking Committee Senate Sets Hearing For Facebook’s Crypto Project
“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”On July 16, the US Banking Committee will hold a hearing titled "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations." Jerome Powell, who is the head of the US Federal Reserve, was featured on many best cryptocurrency news sites for his recent announcement in which he said:
“[Facebook] has made quite broad rounds around the world with regulators, supervisors and lots of people to discuss their plans and that certainly includes us.”As government officials in other countries noted, there is a lot of doubts and concerns about the new Facebook project. One of them was the French Minister of Economy and Finance Bruno Le MAire, who noted that the government intends to "ask for guarantees" from Facebook in regards to its Libra cryptocurrency project. Earlier today, other altcoin news spread showing that the Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, said that the country won't legalize the use of Facebook's Libra cryptocurrency.
Australian Bank Fears Facebook’s Libra, Seeing It As ‘A Threat’
“They’re not the first company to launch a crypto payment solution, but they do have immense reach obviously through their Facebook platform. With a billion plus users on its platform, it is clearly a threat.”Right now, Facebook's intentions are clear from the fact that it has not included a single bank in the Libra Association. The inclusion of different payment processors and other tech upstarts - including crypto exchanges - clearly indicates that the company is looking to bypass the banking network in an attempt to knock down the barriers and get direct with the consumers. Many best cryptocurrency news sites have reported on this Facebook coin. They said that it will be very beneficial for users who wouldn't need a bank account to fund their Uber ride, as they can simply use Libra to do the same thing using a simple payment processor (such as Visa or PayU). Just like that, payments will be made easier and more accessible to users. This is exactly the reason why the Australian bank NAB is fearing the project. Since Facebook Libra is on track to replace Bitcoin as the global banking industry's current biggest threat, the reach is massive. According to reports by Statista, Facebook had nearly 2.38 billion users at the end of the first quarter of 2019. Libra is covered in many altcoin news sections as the hottest upcoming cryptocurrency that is about to launch.
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- Altcoins Suffer And Remain Sideways, Bitcoin Goes Higher
- US Congresswoman Wants Facebook To Pause Its Crypto Plans
- Bitcoin YTD Gains At 151% So Far, New Increases Are Likely
- Libra Testnet Peeks At The Crypto Future That Facebook Is Building
- US Banking Committee Senate Sets Hearing For Facebook’s Crypto Project
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