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New York Times: Facebook Is Seeking $1 Billion In Venture Capital For Crypto Project

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A new report by the tech reporter Nathaniel Popper on New York Times (NYT) emerged in the daily cryptocurrency news on April 8, showing that Facebook is seeking support from various venture capital (VC) firms to develop its long awaited digital token.

Citing sources that are familiar with the matter, Popper tweeted that Facebook is seeking a $1 billion sum in order to fund and develop its cryptocurrency project. He also stated that seeking outside investment could help the project a lot and go in line with the crypto community and its decentralized ethos.

“Given that one of the big allures of blockchain projects is the decentralization, getting outside investors could help Facebook present the project as more decentralized and less controlled by Facebook.”

Popper also added that the reported project is a stablecoin that would be pegged to a basket of foreign currencies that will be held in bank accounts. The first rumors for the “Facebook Coin” or Facebook’s digital token surfaced last December in a report from Bloomberg when the publication said that the token would be used for money transfers made within the WhatsApp messenger service.

In February 2019, new reports showed that the digital token by Facebook would be usable across the Facebook Messenger App, WhatsApp and Instagram which would give it exposure to some 2.7 billion users each month. According to anonymous sources to NYT, Facebook employed over 50 engineers to develop this new digital token – and started shopping the “Facebook Coin” name around to several crypto exchanges.

When it comes to actual venture capital, the founding partner of Future Perfect Ventures Jalak Jobanputra in February said that the crypto bear market had deeply affected VC firms. When asked if there is a trend of discounted venture evaluations in the crypto space, he said:

“Given how much the volumes have decreased in the last year, I wouldn’t be surprised if we are seeing valuations come down on the secondary markets for some of these companies.”

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Activist Groups Are Urging 27 Libra Partners To Ditch The Project

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Activist groups gathered around to write an open letter to more than 27 Libra partners in order to dump the Facebook venture and to give up on the project. As the bashing continues for Libra, we are reading more about what the groups want in the coming altcoin news below. After the US President Donald Trump bashed the crypto project Libra, now the activist groups are urging the partners of the social media company to dump the project. They claim that Mark Zuckerberg cannot be trusted. The four groups wrote in the letter that they fear the social media monopoly and leadership. The group that signed the letter include the Open Markets Institute which is a think tank that opposes corporate monopolies, Public Citizen which is a left-wing consumer’s organization, Demand Progress Education Fund, and the Revolving Door Project. The activist groups warned that Libra and Facebook cannot be trusted and they are trying to monopolize the expanding digital money industry. Rather than to use Libra as a financial service that will democratize the sector, the group says that Facebook is trying to fool the public into something very shady and make only a benefit for itself:
 “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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Libra Is Trending On Both Google And Weibo In China

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Libra is trending in China currently despite the fact that most of the western altcoin news outlets and Facebook itself is banned in the country. The Chinese citizens found themselves closely monitoring the drama about the Libra crypto project which is extremely strange so let’s find out more about this.

The Chinese commentator on cryptocurrency Cn Ledger stated a few days ago that the data from Google Trends suggests that Facebook’s Libra is a popular term in China. He writes that the United States uses on the internet are about 10% interested in the previously mentioned term, unlike the Chinese internet users. What is extremely weird is that Google is technically banned in the country which makes the statistics even more potent. Libra is trending not only in China and Google searches but also on Weibo too. The crypto venture capitalist and Bitcoin philanthropist Dovey Wan pointed out that Libra is now the second-largest trending topic on the Twitter-like platform. She added that according to the data from Weibo, the topic saw about 220 million views and also thousands of comments. According to Wan, this trend is easily explained. She writes that this attention bomb in China was mainly due to David Marcus’ mention of Alipay and WeChat Pay which are the most straightforward digital payment ecosystems in the country. During Wednesday’s hearing, the head of the blockchain at Facebook explained that Libra should reach the market and if that happens, it will compete with the two Chinese payment services. However, many Weibo users were quick to react to that trending topic and the comment section mainly outlined that the people don’t expect Libra to succeed let alone steal some of WeChat’s market share. The people’s Bank of China is also less pessimistic about Libra’s chances and they even revealed plans to launch a central bank digital currency in order to respond to Libra. This could show that the financial authority sees the cryptocurrency as a threat. According to the previous reports, the head of research at the People’s Bank of China Wang Xin stated that Libra could affect international financial stability and also affect the Yuan. What he is fearing the most is that the cryptocurrency will be mostly backed by the US dollar which will give the United States more influence over politics and finance as noted in the latest cryptocurrency news reports.
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Gemini Dollar Supply Drops By 97% While Other Assets Soar

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Gemini Dollar supply seems to be dropping immensely over the last 7 months while some of the other pegged-value assets continue to skyrocket as we previously saw in the latest cryptocurrency news. The market cap of the Gemini dollar has been going down since December 20, 2018, and it managed to slip from the all-time high of $103.106 to a stunning $7.981 million at the time of writing. This marks a massive 92% drop in just seven months and in the same period, bitcoin increased from $3,126 to $10,336 which is an increase of more than 230 percent. Other stablecoins are doing much better than the Gemini Dollar. For example, Paxos Standard Token has a market cap of about $168 million while Circle’s USDC is reaching a high supply of more than 405.34 million. The controversial Tether has a total quantity of more than $4.25 billion as at the time of writing. In comparison to its other peers in the United States, the Gemini exchange noticed a lot less trade traffic on the platform according to the data gathered by CoinGecko which shows that the company of the Winklevoss twins is on the 21st rank in the last 24 hours with just $60,274 million in daily volume. Coinbase Pro, which is also based in the United States, has about $602 million worth of trades on its exchange. Kraken is also processing about $340 million worth of trades on its platform. The reason for this could be the lack of adequate competitive platforms which lead to the demand for the Gemini dollar to be dropping. Since it is pegged to the US dollar, the token allows the traders to switch between crypto-assets without having to convert their cryptocurrencies but as it seems, not so many traders demand the Gemini Dollar which could be a consequence because of the strictly regulated financial market. There also many other competitive players as well. Tether’s USDT is now more visible on other exchanges that are not based in the US. Binance as well has a very contentious status while the USDC has a much bigger clientele. Paxos is also among the favorites since it is able to create and redeem stablecoins instantly. The traders are not very keen on the Gemini Dollar as well since the community believes that the program which was launched by Gemini is not really good for them as noted in the altcoin news previously.
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Samsung Coin Is Being Trademarked By An Anonymous Company

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If you are following our altcoin news section, you obviously know that there is no cryptocurrency such as Samsung Coin. However, it seems like after the popularity of Facebook’s long-expected cryptocurrency Libra, someone in South Korea appears to be trying to take advantage of Samsung and their blockchain networks - nabbing the “Samsung Coin” trademark.

As recent filings with the Korean Intellectual Property Office (KIPO) which is an application to register the trademark in both English and Korean show, an individual called Kim Nam-jin submitted them and wants to make the name ‘Samsung Coin’ official.

However, the filing was made under categories which were related to computer programs including “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”

When contacted by many best cryptocurrency news sites, a Samsung representative told the press that the tech giant is not behind any application of this kind. “We don’t work this way,” they said.

Now that the anonymous and fake Samsung Coin trademark application is in the news, it is important to mention that it does not specifically state whether it is related to blockchain or cryptocurrency. The filing follows our previous report that Samsung is developing its own blockchain using Ethereum tech and may eventually issue its own cryptocurrency which is called “Samsung Coin.”

Now, it is a possible clue to their motivation for the filing. The same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.

The KIPO database also shows that Kim Nam-Jin also filed an application on July 10 in an attempt to trademark the “ThinkQ Wallet.” He is obviously interested in scamming the companies into creating fake coins.

Based on the LG application details, the wallet would provide a variety of mobile services including a “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.” The Samsung Coin filing was initially covered by a lot of news sources that incorrectly indicated that Samsung is applying for the trademark.

Even though there is no official information about any link between Samsung and a cryptocurrency, the technology giant has always been viral in the news for its links to blockchain and interest in expanding the company in that behalf.

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