#CryptoCorner: Circle Looking to Deploy $100 Million Venture Fund, Libra Backers Questioning Support Amid Regulatory Pressure, Pundi X Expanding Payments throughout Venezuela
Point Roberts, WA, Delta BC, August 23, 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)
Crypto firm Circle is looking for a general partner to raise and deploy a $100 million USD venture fund for its equity crowdfunding platform SeedInvest, according to a recent LinkedIn posting. Acquired by Circle in March this year, SeedInvest has funded over 150 startups and has a network of over 250,000 investors.
A Financial Times piece reports that three backers of Facebook’s (NasdaqGS:FB) Libra project have questioning their support in the wake of considerable regulatory pressure, according to coverage from Cointelegraph. One of the partners, who remained anonymous, told the Financial Times:
“I think it's going to be difficult for partners who want to be seen as in compliance [with their own regulators] to be out there supporting [Libra].”
Another partner, who also went unnamed, said:
“Some of those conversations [about regulation] should have taken place before the launch, to understand how regulators would think about this, so there wasn’t so much pushback.”
Crypto payments provider Pundi X is expanding to allow payments in Venezuela, according to a company blog post. The company’s blockchain-powered payment device, XPOS, is being implemented by Traki, which operates Venezuela’s largest chain of department stores with 49 locations. Zac Cheah, Co-founder and CEO of Pundi X, commented:
“Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system. We hope the XPOS further expands the crypto use cases that customers have come to expect from Traki.”
Gabriel Falcone, representative of Pundi X Venezuela, said:
“With this recent partnerships with Traki we are beginning the execution of an ambitious plan that includes the introduction of the revolutionary Pundi X Platform, XPOS and XPASS in businesses connected to people’s everyday life, such as food and beverages, supermarkets, pharmacies, tourism, health, among others. Soon we will see more announcements from Pundi X in Venezuela, as well as, key partnerships that will benefit all users and merchants.”
BNN Bloomberg reports that Rwanda’s central bank is eyeing the possibility of creating its own digital currency. The country’s Financial Stability Director-General Peace Masozera Uwase said:
“There are still concerns about how exactly you convert the entire currency into digital form, how to distribute that and how fast can you process those transactions. Challenges come in, if technology is down how do you deal with such issues? We will join in once we are ready.”
Sam Mowers, Investorideas
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