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Facebook’s Diem Enters Crypto Space With Diem USD Stablecoin

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  • To execute this stablecoin project, Facebook floats a new subsidiary Diem Networks U.S. moving its operations from Switzerland to its home country.
  • Facebook has partnered with California-based Silvergate bank for the issuance and storage of Diem USD stablecoin.

There’s always a light at the end of the tunnel and so it has been for the Facebook Diem project, formerly Libra! On Wednesday, May 12, Facebook’s digital currency group Diem Association announced the launch of its USD-pegged stablecoin dubbed Diem USD.

After going back and forth, facing major regulatory walls, making multiple tweaks. Facebook has finally made its way to the crypto space. With this launch, Facebook has also announced major changes at organizational levels. The Diem Association said that it’s relocating its operations from Switzerland back to the home country, the United States.

Thus, it will also be withdrawing its system payment license from the Swiss financial regulator, reports Reuters. The Diem Networks U.S., a subsidiary of the Diem Association, has registered itself as a money services business with the US Department of the Treasury’s Financial Crimes Enforcement Network.

Diem Networks U.S. Partners With Silvergate

Of course, this is a blockchain-based payments system that will facilitate real-time transfers of the Diem USD stablecoin. To issue the Diem USD, Facebook has joined hands with California-based state-chartered bank Silvergate.

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Along with the stablecoin issuance, Silvergate will also be responsible for taking care of the Diem USD reserves. Stuart Levey, chief executive officer of Diem said:

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system. We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.”

Facebook’s Diem, formerly Libra, was first launched in April 2019 with some of the top financial giants like VISA, PayPal and Mastercard being a part of Libra Association. However, with massive regulatory pushback, several of its partners parted ways and Facebook has to tone down its ambitions with launching a global cryptocurrency.

Finally, after much effort, Facebook has found its way to work along with the U.S. regulators. Facebook will start pilot testing the Diem USD ahead of this year. Interestingly, today’s announcement comes just a day after Facebook CEO Mark Zuckerberg teased his ‘Bitcoin’ goat.

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Nascent Crypto Sector Is the Biggest Outperformer After Skyrocketing 37,000% This Year, According to Market Research Firm

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A prominent market intelligence firm has identified one crypto sector that is exponentially outpacing all others in terms of growth.

UK-based market research firm MacroHive created four indices which the company believes capture the popular use cases of cryptocurrencies.

Each index, except for Bitcoin, consists of five tokens that represent the market value of a particular theme or sector.

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One index that’s a cut above the rest is the metaverse sector, according to MacroHive.

“The clear outperformer this year has been the metaverse. It is up a whopping 37,000% this year and has gained 20% over the past seven days alone”

MacroHive says that the metaverse index is made up of play-to-earn game Axie Infinity (AXS), Ethereum-based virtual world The Sandbox (SAND), virtual reality platform Decentraland (MANA), blockchain gaming platform Enjin Coin and player-controlled blockchain gaming platform Gala.

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The next top-performing index is the smart contract sphere consisting of Ethereum, Solana (SOL), Cardano (ADA), Avalanche (AVAX) and Polkadot (DOT). The smart contract index is up 2,355% this year, according to MacroHive.

Third on the list is the decentralized finance (DeFi) index. For the DeFi index, which is up 584% this year, MacroHive selected lending and borrowing protocol Aave, stablecoin governance token Maker (MKR), smart contract DeFi platform Compound (COMP), decentralized exchange Uniswap (UNI) and automated market maker PancakeSwap (CAKE).

Source: MacroHive

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Indian Crypto Bill in Anvil, Govt. to Weigh Pros & Cons of Crypto

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The latest update in the controversial Indian Crypto Bill saw the Finance Minister, Nirmala Sitharaman consider the underlying technological boon that comes with the industry’s banes. While speaking at the ‘Agenda Aaj Tak‘ event in Delhi yesterday, Sitharaman noted that the crypto bill is in anvil and will soon be sent for approval to the cabinet.

Furthermore, she highlighted the juxtaposition given the government’s concerns about the decentralised industry accompanied by their plan to fully avail the financial benefits of the blockchain technology. Following this mindset, she ascertained that the “Cryptocurrency bill will take into account the underlying technology”.

Ambani’s Two-Cents on Crypto

The Indian government appears to be on the right track, financially, given that even the richest man in all of Asia, Mukesh Ambani swears by the same technological advancement with the blockchain.

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He spoke yesterday, at a forum organised by India’s International Financial Services Centres Authority together with Bloomberg, where he argued the potential of blockchain technology. Ambani said, “Blockchain is the technology I believe in and it is different from crypto”. Ambani claimed that India will see an evolution in its “fintech, education technology, health technology, and industry” through digital services.

Furthermore, he compared the power of data to that of former days’ oil, asserting the only difference being, data’s easy accessibility.

“Digital technology, I believe, is a great leveler, a great democratizer…The new oil, i.e. data, can be generated and consumed everywhere and by everybody. It has the potential to create value equitably across sectors, geographies, and economic classes.”, said Ambani.

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Borderless Crypto

Despite understanding the pros, like innovation and technological advancements, the Indian government is determined to regulate the decentralised industry in lieu of its dangerously fast-evolving nature. According to CoinGape’s exclusive coverage on Nirmala Sitharaman’s stance towards upcoming crypto regulations, she noted that mere national level monitoring will never be enough when it comes to the decentralised industry. Sitharaman called upon global regulators to come together to centralise a borderless body like crypto.

“All of us also recognise technology respects no physical border. Technology has the power to sweep through borders. It means global action is the only way in which you can regulate it effectively”, said Sitharaman.

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Whales Are Actively Accumulating Three Altcoins – And Selling Two Others, According to Crypto Analytics Firm Santiment

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Crypto whales are actively accumulating three altcoins and selling two others, according to the crypto analytics firm Santiment.

Santiment says whale tracking can be an effective method of determining which crypto assets look bullish or bearish.

The analytics firm notes that the number of whale addresses holding between 1-10 million Skale (SKL) has surged in the past week.

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Source: Santiment

SKL is the native asset for Skale, a blockchain network that aims to enable developers to create and provide decentralized chains that are compatible with Ethereum. SKL is trading at $0.28 at time of writing and is down more than 10% in the past 24 hours.

The number of whale addresses holding between 100-10,000 Maker (MKR) has also shot up in the second half of November, according to Santiment.

Source: Santiment

Maker is a governance token that supports DAI, a stablecoin that is pegged one-to-one to the US dollar without any banks, governments or third parties. MKR is trading at $2,683.35 at time of writing and is down more than 9% on the day.

Santiment notes that the number of whale addresses holding between 1-10 million Ocean Protocol (OCEAN) has also increased in the second half of last month.

Source: Santiment

OCEAN is the native asset of the Ocean Protocol, a blockchain ecosystem that connects data providers and consumers. The 193rd-ranked crypto asset by market cap is trading at $1.15 at time of writing and is down nearly 9% in the past 24 hours.

On the flip side, Santiment notes the number of whale addresses holding between 1-10 million Ren (REN) has decreased in the past week.

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Source: Santiment

Ren is a platform that powers transactions between different blockchain platforms. It aims to make it easy for users to adopt and invest in decentralized finance (DeFi). REN is trading at $0.80 at time of writing and is down more than 8% on the day.

The number of whale addresses holding between 1-10 million GRT is also down in the past two weeks, according to the analytics firm.

Source: Santiment

GRT is the native token for The Graph, a platform that indexes and organizes blockchain data. The 46th-ranked crypto asset by market cap is trading at $0.79 at time of writing and is down more than 9% on the day.

Santiment also notes the number of addresses holding between 100-10,000 Basic Attention Token (BAT) has also gone down slightly. While the analytics firm refers to these addresses as “whales,” that appears to be a mistake, since BAT is only trading at $1.21 at time of writing.

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Source: Santiment

BAT is a utility token based on Ethereum. It powers the anti-ad web browser Brave, which focuses on protecting a user’s data by removing ads and ad trackers. The 84th-ranked crypto asset by market cap is trading is down 12.5% in the past 24 hours.

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