#CryptoCorner Episode 390: Libra (NasdaqGS: $FB) Announces Change in Approach to Single-Currency Stablecoins, Grayscale Investments (OTC: $GBTC)Reports Record Q1
#CryptoCorner
Episode 390: Libra (NasdaqGS: $FB) Announces Change in Approach to
Single-Currency Stablecoins, Grayscale Investments (OTC: $GBTC)Reports Record
Q1
Point Roberts, WA, Delta BC April 17, 2020
- 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) (OTC:GBTC)
After we left off
on the last Crypto Corner Bitcoin (BTC) climbed back to a
trading price over $7,000 and is trading for about $7,060 at press time
according to data from CoinMarketCap. This comes after
Bitcoin fell to around $6,500 on Wednesday, which was its lowest trading price
since the start of the month.
The Libra
Association, a membership organization managing Facebook’s (NasdaqGS:FB) Libra digital
currency project, announced yesterday that it
had initiated the payment system licensing process with the Swiss Financial
Markets Supervisory Authority (FINMA), moving the project into “a more
operational phase.” Deviating from initial plans for a multi-currency
stablecoin, Libra first plans to introduce single-currency stablecoins after
consulting with global stakeholders and regulators. An excerpt from the
project’s updated white paper cover letter explains this
development:
While our vision has always been for the Libra network to
complement fiat currencies, not compete with them, a key concern that was
shared was the potential for the multi-currency Libra Coin (≋LBR)
to interfere with monetary sovereignty and monetary policy if the network
reaches significant scale and a large volume of domestic payments are made in ≋LBR.
Crypto exchange
giant Binance has released a white
paper
for its newly announced Binance Smart Chain (BSC), which is described as a
parallel blockchain to the existing Binance Chain supporting a Smart Contract
function. Notably, BSC is designed to be compatible with the Ethereum (ETH) mainnet, which is
explained as a means to “take advantage of the relatively mature applications
and community.” A Binance spokesperson assured CoinDesk, however,
that the
two would complement one another in growing the blockchain ecosystem: "The
industry needs more high-performance infrastructures, not just one single
blockchain."
Digital currency
asset manager Grayscale Investments released its Q1 2020
Grayscale Digital Asset Investment Report, revealing that it raised $503.7
million into its investment products. This, according to the press release,
marks “the largest capital inflow in a single quarter in the firm’s history.”
Leading investment was Grayscale Bitcoin Trust (OTC:GBTC), which brought in
$388.9 million, most of which came from institutional investors.
Sam
Mowers, Investorideas
For investors following the sector Investor Ideas has a
comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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