Binance Announces Open Blockchain Project 'Venus'
Binance, the worlds largest crypto exchange, just announced plans to launch an "independent regional" stablecoin called Venus... or the "One Belt One Road" version of Facebook's Libra.
The innovation engine certainly keeps chugging along at Binance. The Venus initiative is to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. And it could be used in countries like China or India where Libra won't be permitted to operate.
| | 🛫 Bakkt Gets Clearance
Bakkt has been "cleared to launch."
The project announced Friday that it had acquired a New York state trust charter through the New York State Department of Financial Services (NYDFS). This approval clears the way for the company to begin offering its highly-anticipated physically-settled bitcoin futures contracts. The reported launch date is September 23.
No more testing, no more awaiting approvals – this is the real deal. Again, let's not forget the significance of this...
| | Coinbase Buys Xapo Custody for $55M, Eyes Lending Business
Coinbase has acquired the custody business of Xapo, a service best known for storing Bitcoins in a vault under a Swiss mountain. The acquisition comes as part of an aggressive push by Coinbase to expand its custody services, and could result in the company storing over 5% of all Bitcoin in circulation.
Coinbase paid $55 million for Xapo and, as a result of the deal, now has over $7 billion in crypto AUM.
Interestingly, Xapo's CEO, Wences Casares, stated that other firms placed higher bids for Xapo's custody business than Coinbase, but those bidders lacked the security or regulatory credentials to be acceptable to Xapo's clients.
The company doesn't expect to offer it's services to retail investor until next year. Currently, only institutions, businesses or high net worth individuals will have access to the mining hosting services.
| | Invest Directly in 100% Legal Cannabis
CVS, Walgreens, Walmart and Rite Aid are starting to sell it. So it's time to take a closer look. Here are details behind 5 strategic stocks in the new 100% legal cannabis boom.
| | Terrorists Turn to Bitcoin for Funding, and They're Learning Fast
Terrorists have been slow to use Bitcoin to fundraise and move money. But a number of recent, increasingly sophisticated campaigns suggest that may be changing. Terrorism financing experts are taking notice.
| | 🤔 When Alt Season?
As some folks clamor for the next "alt season," thought-leader Nathaniel Whittmore asked some valid questions: - Why would people assume there's another "alt season" coming?
- Is there even such a thing?
- Would the same old alts pump again?
Eric Elliot responded with a pretty interesting and historical perspective... while giving away some of his favorite "alts" that have much lower risk than the majority.
| | Ether May Have a Weak Hands Problem
Ethereum (ETH) enthusiasts have been wrestling with the following question all year: With all the development and activity around Ethereum, why does the price keep sliding, especially when compared with Bitcoin?
Part of the answer may lie in the make up of ether holders. Almost 70% of Ethereum addresses have lost money since they bought ether. That compares with just 8% of Bitcoin addresses losing money since they bought Bitcoin.
Overall, Ethereum will have to shake off those weak hands before it can have a sustained rally.
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| | 💌 IRS Sends New Letters to Crypto Holders, Stating Amounts They Owe
The IRS is sending out a new round of letters to cryptocurrency holders, this time listing the specific amounts of money that they owe the tax collector.
For those that remember, in July, the IRS started sending out 10,000 educational letters to cryptocurrency holders, urging them to report and pay their crypto-related taxes properly.
The new IRS notice though, CP2000, contains a proposed amount that the IRS believes the taxpayers owe, although taxpayers can dispute the amounts within 30 days of receiving the notice. The agency warns that failing to respond to the letter may incur further interest owed and penalties.
| | Will Crypto Rogues Threaten The Geopolitical Order?
What might China's or Russia's efforts in digital currency mean for the US dollar?
And more importantly, what impact could it have on the current geopolitical order?
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