#CryptoCorner: Twitter (NYSE: $TWTR) CEO Skeptical of Libra, Galaxy Digital (TSXV: $GLXY.V) to Launch BTC Funds and Accenture (NYSE: $ACN), SAP (NYSE: $SAP) and R3 to Build Real-Time Gross Settlement System
#CryptoCorner: Twitter
(NYSE: $TWTR) CEO Skeptical of Libra, Galaxy Digital (TSXV: $GLXY.V) to Launch
BTC Funds and Accenture (NYSE: $ACN), SAP (NYSE: $SAP) and R3 to Build
Real-Time Gross Settlement System
Point Roberts, WA, Delta BC October 25,
2019 - Investorideas.com, a leader in crypto and blockchain investing news
brings you today’s edition of the Crypto Corner podcast and commentary on
what’s driving the cryptocurrency market.
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Stocks discussed: (NasdaqGS:FB) (NYSE:TWTR) (TSXV:GLXY)
(NYSE:ACN) (NYSE:SAP)
Forbes reports that
Facebook (NasdaqGS:FB) Co-founder and CEO Mark
Zuckerberg received considerable scrutiny from Congress on Wednesday with
regard to the company’s Libra cryptocurrency project. While Zuckerberg
emphasized the aim of Libra in helping the “unbanked”, who don’t have access to
traditional banking and financial services, Congress focussed on the firm’s
existing problems. For instance, Representative Maxine Waters (D-CA) said:
"I have come to the conclusion that it would be
beneficial for all if Facebook concentrates on addressing its many existing
deficiencies and failures before proceeding any further on the Libra
project."
Others hit on
Libra’s supposed threat to existing fiat currencies. Congresswoman Nydia
Velázquez (D-NY) said:
"Facebook's internal motto was for a long time
'move fast and break things.' Mr. Zuckerberg, we do not want to break the
international monetary system.”
According to an
article from The
Verge,
Twitter (NYSE:TWTR) CEO Jack Dorsey
is similarly skeptical of the Libra project. At a Twitter media event in New
York City, Dorsey was asked if he would join the Libra Association. He replied:
“Hell no. I don’t know if it’s a gimmick,but a
cryptocurrency wasn’t necessary to make that work. It’s not an internet open
standard that was born on the internet. It was born out of a company’s
intention, and it’s not consistent with what I personally believe and what I
want our company to stand for.”
Dorsey was
generally sympathetic to cryptocurrencies as a whole, however.
“I think the internet is somewhat of an emerging
nation-state in almost every way. It almost has a currency now in the form of
cryptocurrency and bitcoin.”
Galaxy Digital
Asset Management, a division of Galaxy Digital (TSXV:GLXY), will launch two
Bitcoin (BTC) funds in
November, according to a report from CoinDesk. The report cites
an unnamed “source with direct knowledge of the matter” and an appearance by
company CEO Michael Novogratz on CNBC wherein he hints
at the company’s plans:
“People are setting up funds, including ourselves, to
allow people easy access to Bitcoin.”
“It is just a Bitcoin fund that takes care of custody,
takes care of pricing ... it just allows people to invest in Bitcoin without
having to set up a Coinbase account, without worrying that their phone is going
to get lost.”
According to
CoinDesk:
The Galaxy Bitcoin Fund will require a $25,000 minimum
investment with optional quarterly redemptions. The Galaxy Institutional
Bitcoin Fund will allow weekly withdrawals and require minimums higher than
$25,000. Both funds will offer professional oversight of bitcoin storage, tax
documentation, and client service support.
Accenture (NYSE:ACN), German software
firm SAP SE (NYSE:SAP) and blockchain
software firm R3 are collaborating on a real-time
gross settlement system to enable faster, more efficient, reliable and secure
payments between banks and customers. John Velissarios, a managing director and
global blockchain technology lead at Accenture, explained:
“Because the current payment settlement infrastructure
is highly complex and fragmented, RTGS systems that leverage DLT and
cryptographically secure tokenized payments can help central banks improve
efficiency and security. The RTGS prototype, designed in collaboration with SAP
and R3, demonstrates the next stage of efficiency in payment systems and
ultimately, paves the way to linking to tokenized-assets, like equities, to
create an increasingly integrated and seamless financial services ecosystem.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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