#CryptoCorner: Senior Ripple Official Criticizes Libra, ING Chief Economist Says CBDCs Can Be Expected in 2 to 3 Years and Binance Launches Staking Platform
Point Roberts, WA, Delta BC September 27, 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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September 27 Crypto Corner
Stocks discussed: (NasdaqGS:FB) (NYSE:ING)
As we enter another weekend, the crypto market has still not recovered from this week’s downward trend, according to data from CoinMarketCap. Total market capitalization has sunk to around $213 billion USD, bobbing up only slightly from its low yesterday of $208 billion. Bitcoin (BTC) had sunk below $8,000 yesterday, but has since recovered slightly to a trading price of about $8,050 at press time. The majority of the top 100 coins by market cap are in the red.
Marcus Treacher, a senior official at Ripple, has thrown shade at Facebook’s (NasdaqGS:FB) Libra project, according to a report from CNBC. Treacher, who serves as Ripple’s senior vice president of customer success, called Libra a “walled garden” in reference to the project’s closed system. Ripple, conversely, differs in its relative ease of connectivity with outside players, according to Treacher.
“Yes it’s a network, but it has no perimeter. It connects with all of the players that want to use the technology.”
Despite his criticism, Treacher said that it was a good thing to have a big Silicon Valley player involved in the space.
Mark Cliffe, chief economist for Dutch banking giant ING (NYSE:ING), believes central bank digital currencies (CBDCs) are on the way in the coming couple of years. In a video interview Cliffe explains:
“The central banks are probably going to have to make some move on a digital currency within the next two to three years. After all, Facebook has put pressure on by suggesting that their’s might launch in the coming year, so I think we’ve already got some sense of urgency amongst the policy community.”
Cliffe went on to identify the elimination of hard currency and cash as a benefit of CBDCs, in that it allows more policy freedom for bankers. However, he identifies the possibility of negative interest rates as a potential drawback to going fully digital.
Crypto exchange giant Binance has launched a staking platform, according to an official announcement published yesterday. The new platform allows users to “grow their funds by receiving monthly rewards & distributions simply by depositing and holding funds on Binance”. The announcement reads:
“Users will earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements.”
Sam Mowers, Investorideas
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