$10 million buy-in

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June 14, 2019 FACEBOOK BACKERS:  Visa, Mastercard, PayPal and Uber are all backing Facebook’s new cryptocurrency. The WSJ writes that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency, a stablecoin that has been developed in secrecy for more than six months. Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency. Stripe, Booking.com and MercadoLibre are reportedly part of the project too, though the report does not specify what their roles are. Full story GIVING AND TAKING: Just hours after crypto exchange Binance revealed that it’s launching a branch in the U.S. with a FinCEN-registered partner, the firm announced that it’s revamping its internal policies to include a bar on U.S. traders. In a revision to its T&Cs on June 14, Binance.com stated that it “is unable to provide services to any U.S. person.” For now, states-side users will have to wait for the arrival of Binance US, although the firm did not provide a timeline for the launch. Full stories here and here LIGHTNING TOKENS: The first unique protocol for issuing tokens via bitcoin’s lightning network has arrived. Aimed to bring programmability similar to that provided by the ethereum ERC-20 standard, the open-source token project, called Spectrum, includes contributions from investors at Fulgur Ventures and Poseidon Group, startups such as Bitrefill and Chainside, as well as support from crypto exchange giant Bitfinex. A Spectrum-compatible RGB token would like an international socket converter connecting the token to the bitcoin blockchain via the lightning network, as well as externally to software that automates functions similar to smart contracts. Full story AMAZON SHOPPING: Crypto payments firm CLIC Technology said it is collaborating with blockchain infrastructure provider Opporty to develop a browser extension allowing Amazon customers to pay for items with ethereum (ETH), even though Amazon itself does not accept cryptocurrencies. The product will be built with Opporty’s implementation of Plasma Cash – a payments scaling technology outlined last March by ethereum founder Vitalik Buterin – which CLIC said would “dramatically accelerate” transaction speeds when compared with those on the ethereum blockchain. Full story WATCH THEM BURN: Cryptocurrency exchange Bitfinex has said it will put on full view the repurchasing and “burning” of its LEO exchange token. In an announcement Friday, the firm said as part of its token redemption process, the UNUS SED LEO Transparency Initiative will provide a dashboard showing when parent firm iFinex uses its gross revenues to purchase circulating LEO tokens at market rates. These will then be destroyed, or burned, as the firm effectively pays back those who bought the exchange token in a $1 billion sale early last month. Full story​ BULL TRAP? Bitcoin's recent rise from $7,500 to $8,300 could be short-lived with charts showing a clear divergence between prices and trading volumes. Prices, therefore, could dive out of a rising wedge, a bearish reversal pattern, on the 4-hour chart and fall back to $8,000 in the next 24 hours. The bearish pattern, however, would fail if trading volumes pick up, validating the bearish channel breakout witnessed earlier this week. Full story 'SUPPLY SHOCK':  StilllMark Capital managing partner Alyse Killeen believes that the coming bitcoin halvening, combined with a greater demand for bitcoin and new on-ramps to the cryptocurrency will result in a larger group of bitcoin investors  by sometime next year. She told Bloomberg that sidechains, the Lightning Network and other technological advancements are likewise making the world’s oldest cryptocurrency increasingly attractive, particularly as a means of exchange. WHO WON #CRYPTOTWITTER Copyright © 2019 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list