#CryptoCorner: Bank of America (NYSE: $BAC) Testing Ripple DLT, France’s Finance Minister Pens Op-Ed Criticizing Libra (NASDAQ: $FB), BIGG (CSE: $BIGG.C) Reports on Netcoins Milestones
Point Roberts, WA, Delta BC October 17, 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: (NYSE:BAC) (NasdaqGS:FB) (CSE:BIGG)
Bank of America (NYSE:BAC) is testing out Ripple’s distributed ledger technology, according to a report from CoinDesk today. A Ripple spokesperson told CoinDesk:
“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016 and we did a pilot with them.”
Bank of America’s membership in this group positions it to advise on rules and standards for Ripplenet, the network of financial institutions using Ripple products. Additionally, the recent report of a job listing for Treasury Product Manager – which includes the responsibility of leading “the product management team for the Ripple Project” – may indicate that the bank is developing a considerable interest in blockchain technology.
French finance minister Bruno Le Maire wrote on op-ed for the Financial Times, in which he cautioned against Facebook’s (NasdaqGS:FB) Libra. Le Maire warned that currencies from a private firm like Facebook risked undermining state-controlled fiat currencies. He wrote:
“France’s position is clear: we want financial innovation to respect the sovereignty of states. Neither political nor monetary sovereignty can be shared with private interests.”
“#Libra does not only raise issues of security and financial stability. Libra is actually asking states to share monetary sovereignty with a private company. This is unacceptable!”
Messaging service Telegram will delay the launch of its Telegram Open Network (TON) blockchain project, according to Cointelegraph. This was instigated by a recent U.S. Securities and Exchanges Commission (SEC) conclusion that Telegram’s $1.7 billion dollar token offering was illegal. The firm has a hearing scheduled with regulators in New York on Oct. 24, where it will challenge the SEC’s decision. In the meantime, Telegram sent a letter to investors regarding the moving of the launch deadline.
BIGG Digital Assets, Inc. (CSE:BIGG) has provided an update on its wholly-owned subsidiary, crypto brokerage platform Netcoins. According to the press release, Netcoins achieved a lifetime milestone of processing $125 million in transactions since inception via online brokerage, virtual ATM and OTC services. The platform also processed some $59 million in transactions in 2018 and is tracking to $69 million for the first three quarters of 2019. Netcoins president Mitchell Demeter commented:
“We are thrilled to now be part of the BIGG Digital Assets family. Crypto winter seems to have thawed out, and Netcoins has continued to evolve in order to take full advantage of the next bull run in crypto. With a compliance first approach, we want to ensure that every customer’s money is safe and that the platform meets their needs in every way. Through new banking relationships, and the financial backing of BIGG, Netcoins is well positioned for growth into 2020 and beyond.”
Sam Mowers, Investorideas
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