#CryptoCorner: Facebook (NasdaqGS: $FB) Crypto Will Be Announced This Month, Marshall Islands Launch #Crypto Development Fund for SOV, Japan’s LINE Pay (NYSE: $LN) Partners with Visa (NYSE: $V) and Binance Plans Stablecoins
#CryptoCorner: Facebook (NasdaqGS:
$FB) Crypto Will Be Announced This Month,
Marshall Islands Launch #Crypto Development Fund for SOV, Japan’s LINE Pay (NYSE: $LN) Partners
with Visa (NYSE: $V) and Binance Plans Stablecoins
Point Roberts WA, Delta BC, June 6, 2019
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June
6 Crypto Corner
Stocks discussed: (NasdaqGS:FB) (NYSE:LN) (NYSE:V)
Facebook (NasdaqGS:FB) will announce its
planned cryptocurrency sometime late this month, according to a report from CNBC. The report also
reveals that Facebook employees who are involved with the project will have the
option to receive their salary in the cryptocurrency. Additionally, it is
reported that the company plans to set up physical ATM-type machines where
users can buy the digital currency.
The Associated
Press
reports that the Marshall Islands have established a not-for-profit development
fund to oversee the country’s digital currency, SOV (Sovereign). According to
the report, the SOV Development Fund will be endowed with 30 percent of the
currency’s initial supply and will be an independent board comprising seven
members. Dr. Peter Dittus, Chief Economist for SOV and former Secretary General
of the Bank for International Settlements (BIS), said:
“The SOV Development Fund’s mandate is to maintain the
SOV infrastructure long term; to seed the ecosystem around the SOV; to promote
the SOV and its uses, both domestically and internationally; [and] to smooth
the volatility of the SOV by selling and buying SOV against USD.”
Japan’s LINE Pay
Corporation (NYSE:LN), which operates a
digital wallet and fintech services on the LINE messaging app, has announced a strategic partnership with Visa (NYSE:V) to offer new
fintech and payment solutions to customers. According to the press release, the
two firms will “develop new experiences based on blockchain that enable B2B and
cross-border payments and alternative currency transactions”. Youngsu Ko, CEO
of LINE Pay and LINE’s Fintech Company, commented:
“LINE Pay is more than just a payment method. As we
transition to a cashless society, LINE Pay is focused on delivering added value
to LINE’s users around the world and business partners. With Visa’s global
network and infrastructure, LINE Pay users will be able to enjoy the advantages
of that innovative, worldwide network.”
Bloomberg reports that
crypto exchange giant Binance is planning to launch its own stablecoins “in a
matter of weeks to a month or two”. Prospective coins would be competing with
Tether (USDT), which currently
accounts for 98.7 percent of stablecoin trading. However Arca Chief Investment
Officer Jeff Dorman said in an email to Bloomberg that Binance’s recent foray
into blockchain software with the Binance Chain could give the company and
advantage in possible competition with Tether:
"This would positively impact BNB simply because
it would likely lead to more volumes and ultimately more revenue for Binance,
and in theory this would steal market share from USDT. But Tether has proven to
be quite resilient in the face of competition, and I’m not sure stealing market
share is the goal – growing the pie is the goal."
Sam
Mowers, Investorideas
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