#CryptoCorner: Visa (NYSE: $V) and Mastercard (NYSE: $MA) Reluctant to Defend Libra?, FINMA Open to Libra (Nasdaq: $FB) Despite #Crypto Misgivings
#CryptoCorner:
Visa (NYSE: $V) and Mastercard (NYSE: $MA) Reluctant to Defend Libra?,
FINMA Open to Libra (Nasdaq: $FB) Despite #Crypto Misgivings
Point Roberts, WA, Delta BC October 2, 2019
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Stocks discussed: (NYSE:V) (NYSE:MA) (NasdaqGS:FB)
(NYSE:BR)
Libra backer Visa (NYSE:V), Mastercard (NYSE:MA), and others are
reconsidering their involvement with the project following regulatory backlash
in the U.S. and Europe, according to a report from The
Wall Street Journal.
The article argues that Libra project members are reluctant to defend the
heavily scrutinized project for fear of being similarly probed in the future.
This leaves Facebook (NasdaqGS:FB) alone in defending the digital
payments project. Head of Calibra, David Marcus, tweeted his response to
the WSJ in a thread:
1) official 1st wave of Libra Association members will
be formalized in the weeks to come;
2) change of this magnitude is hard and requires
courage + it will be a long journey. For Libra to succeed it needs committed
members, and while I have no knowledge of specific organizations plans to not
step up, commitment to the mission is more important than anything else;
3) The part of this article suggesting we weren't on
top of, or didn't share detailed information about how to secure Libra and
protect the network against illegal activity is categorically untrue; (worth
calling BS)
4) The tone of some of this reporting suggests angst,
etc... I can tell you that we're very calmly, and confidently working through
the legitimate concerns that Libra has raised by bringing conversations about
the value of digital currencies to the forefront.
In better news for
Libra, Reuters reports that Mark
Branson, the CEO of the Swiss Financial Market Supervisory Authority (FINMA),
though leery of crypto, is open to the idea of Facebook’s digital currency
project. With regard to Libra, Branson said:
“We are not here to make such projects impossible. We
will respond to them with an open mind, with an attitude that same risks
require same rules. Our rules and standards are non-negotiable.”
Corporate services
firm Broadridge Financial Solutions, Inc. (NYSE:BR) will be able to
offer post-trade services for cryptocurrency following its acquisition of fintech company
Shadow Financial Systems. Michael Alexander, co-head of North American Wealth
and Capital Markets Solutions for Broadridge, commented:
"The acquisition of Shadow Financial Systems is
the latest example of Broadridge building upon our industry leading capital
markets solutions. We look forward to bringing real benefits to a new set of
market participants as well as new capabilities to our existing client
base."
CoinDesk reports that
Ripple’s Xpring will launch a platform to facilitate fiat and cryptocurrency
payments integration into any application for developers. The platform will
allow programmers to integrate XRP apps in multiple
programming languages and includes a variety of new tools for working on both
XRP and Ripple’s Interledger Protocol (ILP). Xpring senior vice president Ethan
Beard explained the impetus of the project to CoinDesk:
“While blockchain and cryptocurrency can be
transformative for how payments work, what we’ve learned in the last year is
that working with these new technologies is quite difficult as well. That
creates a barrier for developers to adopt these technologies.”
Sam Mowers,
Investorideas
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