#CryptoCorner Episode 390: Libra (NasdaqGS: $FB) Announces Change in Approach to Single-Currency Stablecoins, Grayscale Investments (OTC: $GBTC)Reports Record Q1
Point Roberts, WA, Delta BC April 17, 2020 - 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) (OTC:GBTC)
After we left off on the last Crypto Corner Bitcoin (BTC) climbed back to a trading price over $7,000 and is trading for about $7,060 at press time according to data from CoinMarketCap. This comes after Bitcoin fell to around $6,500 on Wednesday, which was its lowest trading price since the start of the month.
The Libra Association, a membership organization managing Facebook’s (NasdaqGS:FB) Libra digital currency project, announced yesterday that it had initiated the payment system licensing process with the Swiss Financial Markets Supervisory Authority (FINMA), moving the project into “a more operational phase.” Deviating from initial plans for a multi-currency stablecoin, Libra first plans to introduce single-currency stablecoins after consulting with global stakeholders and regulators. An excerpt from the project’s updated white paper cover letter explains this development:
While our vision has always been for the Libra network to complement fiat currencies, not compete with them, a key concern that was shared was the potential for the multi-currency Libra Coin (≋LBR) to interfere with monetary sovereignty and monetary policy if the network reaches significant scale and a large volume of domestic payments are made in ≋LBR.
Crypto exchange giant Binance has released a white paper for its newly announced Binance Smart Chain (BSC), which is described as a parallel blockchain to the existing Binance Chain supporting a Smart Contract function. Notably, BSC is designed to be compatible with the Ethereum (ETH) mainnet, which is explained as a means to “take advantage of the relatively mature applications and community.” A Binance spokesperson assured CoinDesk, however, that the two would complement one another in growing the blockchain ecosystem: "The industry needs more high-performance infrastructures, not just one single blockchain."
Digital currency asset manager Grayscale Investments released its Q1 2020 Grayscale Digital Asset Investment Report, revealing that it raised $503.7 million into its investment products. This, according to the press release, marks “the largest capital inflow in a single quarter in the firm’s history.” Leading investment was Grayscale Bitcoin Trust (OTC:GBTC), which brought in $388.9 million, most of which came from institutional investors.
Sam Mowers, Investorideas
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