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TETHER REMITS: Tether’s (USDT) best-known application is allowing crypto traders to move money between exchanges quickly to take advantage of arbitrage opportunities. But according to several Moscow over-the-counter trading desks, the stablecoin has also become the go-to remittance service for local Chinese importers, as a way around China’s strict capital controls. Reportedly, Chinese importers in Russia are buying up to $30 million a day of tether from Moscow’s OTC traders, to send money across the border. Full story
DISPERSION DOUBT: In a U.S. Senate hearing on cryptocurrency regulation held Tuesday, lawmakers and witnesses scrutinized the oft-repeated claim that blockchain technology will spur financial inclusion. For one, Sen. Brian Schatz (D-Hawaii) questioned Jeremy Allaire, CEO of crypto exchange Circle Internet Financial, on the matter. “Do you really think that in a society in which only 81 percent of the public currently has a smartphone, we’re anywhere close to democratizing the use of these products?” Schatz asked Allaire. While Allaire countered that “this technology actually does provide an avenue to improve upon,” the current situation, he agrees “there’s no silver bullet here.” Full story
BLOCKCHAIN SHIELD: The U.S. Department of Defense (DoD) is looking to forge a blockchain cybersecurity shield. In a report titled Digital Modernization Strategy, the DoD outlined several ways to advance the nation’s digital defenses. This includes the integration of cloud and quantum computing, artificial intelligence, and improved communications through distributed ledgers. Specifically, blockchain may be deployed between units and headquarters as well as intelligence officers and the Pentagon. The DoD is also experimenting with the technology to facilitate the creation of an unhackable code to secure its databases. Full story
BITCOIN FOCUS: Square Crypto is focused on crypto more widely, not the publicly traded company’s specific products. That was the message Monday during a Twitter ask-me-anything (AMA) with the head of Square’s crypto team, Steve Lee. The unit’s playful Twitter account fielded questions from its followers as well as crypto-community luminaries. Probably the single most illuminating moment of the AMA was the response to the question of when the firm expects to have a working product. Lee said: “The product we're focusing on is Bitcoin. It has been up and running for over 10 years… but there’s still a lot that needs to be done before we reach mass adoption.” Full story
DOOMED ALREADY? Facebook has acknowledged what many have been saying – that regulatory issues may be an insurmountable barrier to the launch of its Libra global cryptocurrency project. In a frank disclosure in the firm’s latest quarterly report to the U.S. Securities and Exchange Commission, Facebook said that the many barriers it will face regarding a new technology with unclear rules in the U.S. and elsewhere mean “there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all.” Full story |
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| EXCHANGE BID: Bitcoin wallet and blockchain explorer provider Blockchain just launched its first exchange platform. Blockchain’s head of retail products, TD Ameritrade alum Nicole Sherrod, told CoinDesk the custodial exchange, called The PIT, can connect to non-custodial Blockchain wallets for nearly instant transfers. Registration opens today, with the ability to trade up to 26 assets rolling out over the next two weeks. Sherrod said that with nearly 40 million wallets already created – and an exchange matching-engine set up in London’s Equinix LD4 data center – PIT could be poised to attract more liquidity than competitors. Full story |
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| | SPEEDY GROWTH: ABey, a fast blockchain designed for e-commerce, has seen tremendous growth in just one year, VentureBeat reports. Dr. Ciprian Pungila, chief scientist and co-creator of aBey said that, since its public launch in July 2018, “we have amassed more than 100,000 active users within the first twelve months of that date. aBey’s growth rate exceeds Bitcoin’s early growth by a factor of more than eight times.” The network is said to support up to 100,000 transactions per second, including refundable transactions, intrinsic lending, payment processing on chain, a crypto wallet and more. |
WHO WON #CRYPTOTWITTER
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