#CryptoCorner: Facebook (NasdaqGS: $FB) Crypto Will Be Announced This Month, Marshall Islands Launch #Crypto Development Fund for SOV, Japan’s LINE Pay (NYSE: $LN) Partners with Visa (NYSE: $V) and Binance Plans Stablecoins
Point Roberts WA, Delta BC, June 6, 2019 - Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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June 6 Crypto Corner
Stocks discussed: (NasdaqGS:FB) (NYSE:LN) (NYSE:V)
Facebook (NasdaqGS:FB) will announce its planned cryptocurrency sometime late this month, according to a report from CNBC. The report also reveals that Facebook employees who are involved with the project will have the option to receive their salary in the cryptocurrency. Additionally, it is reported that the company plans to set up physical ATM-type machines where users can buy the digital currency.
The Associated Press reports that the Marshall Islands have established a not-for-profit development fund to oversee the country’s digital currency, SOV (Sovereign). According to the report, the SOV Development Fund will be endowed with 30 percent of the currency’s initial supply and will be an independent board comprising seven members. Dr. Peter Dittus, Chief Economist for SOV and former Secretary General of the Bank for International Settlements (BIS), said:
“The SOV Development Fund’s mandate is to maintain the SOV infrastructure long term; to seed the ecosystem around the SOV; to promote the SOV and its uses, both domestically and internationally; [and] to smooth the volatility of the SOV by selling and buying SOV against USD.”
Japan’s LINE Pay Corporation (NYSE:LN), which operates a digital wallet and fintech services on the LINE messaging app, has announced a strategic partnership with Visa (NYSE:V) to offer new fintech and payment solutions to customers. According to the press release, the two firms will “develop new experiences based on blockchain that enable B2B and cross-border payments and alternative currency transactions”. Youngsu Ko, CEO of LINE Pay and LINE’s Fintech Company, commented:
“LINE Pay is more than just a payment method. As we transition to a cashless society, LINE Pay is focused on delivering added value to LINE’s users around the world and business partners. With Visa’s global network and infrastructure, LINE Pay users will be able to enjoy the advantages of that innovative, worldwide network.”
Bloomberg reports that crypto exchange giant Binance is planning to launch its own stablecoins “in a matter of weeks to a month or two”. Prospective coins would be competing with Tether (USDT), which currently accounts for 98.7 percent of stablecoin trading. However Arca Chief Investment Officer Jeff Dorman said in an email to Bloomberg that Binance’s recent foray into blockchain software with the Binance Chain could give the company and advantage in possible competition with Tether:
"This would positively impact BNB simply because it would likely lead to more volumes and ultimately more revenue for Binance, and in theory this would steal market share from USDT. But Tether has proven to be quite resilient in the face of competition, and I’m not sure stealing market share is the goal – growing the pie is the goal."
Sam Mowers, Investorideas
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