PayPal's reasons for leaving Libra / Libra Association logs 51,000 transactions / Is Libra a security?

Inside Libra presented by The Motley Fool.

Presented by Subscribe | View in browser 1. PayPal's CEO Dan Schulman has explained in an interview why he withdrew from Facebook's Libra. According to Schulman, when David Marcus, Facebook's head of Libra, first approached PayPal, he spoke about the project and how it would help boost financial inclusion, which interested the payment company. However, as they began to find out more, PayPal realized that there was still a lot that Libra had to do, and there were other things PayPal needed to focus on first. Schulman said they believed they would be able to advance financial inclusion faster if they focused on their own roadmap rather than put their resources into Libra. He added that PayPal would take another look at Libra "once [Libra] start figuring things out." –FORTUNE       2. Over the past two months, the Libra Association has logged more than 30 projects and 51,000 transactions on the Libra network. This is despite global regulators' concerns over the stablecoin since it was first announced in June. According to a press release, the projects that have taken part in the network's development include 10 wallets, 11 blockchain explorers, two integrated development environments, one application programming interface (API), and 11 clients. –COINTELEGRAPH       A MESSAGE FROM THE MOTLEY FOOL 5 Stocks That Could Set You Up For Life Whether you're an experienced investor or not, having time to research stocks can be a challenge. That's where The Motley Fool comes in. We've put together an exclusive report with five stocks for building wealth, and we're offering it for free to Inside.com readers. That's right: completely free. Click here to claim your free copy of 5 Stocks For Building Wealth! 3. Heath Tarbert, chair of the U.S. Commodity Futures Trading Commission (CFTC), has indicated that it's not clear what sort of product Libra will be or whether it'll be classified as a security given its development is in a state of flux. Contrasting it to Bitcoin, Tarbert noted that Libra is a "very different product" that is still developing with several unanswered questions. Turning his attention to blockchain regulation, the CFTC chair noted that the U.S. was not seen as a global leader. This, he says, is highlighted by the fact that the Libra Association chose Switzerland as its base with Singapore as a possible second choice. –CNBC       4. In its latest Financial Stability Report, the U.S. Federal Reserve (Fed) said that Libra has the potential to "rapidly achieve widespread adoption." However, it added that if it was improperly designed and unregulated, stablecoins such as Libra could present risks to financial stability. The central bank noted that in extreme cases, holders may be unable to convert stablecoins into fiat currency on demand. Notably, though, compared to previous feelings on Libra, the Fed's report has come across as largely optimistic. That, of course, didn't stop the Fed's chair Jerome Powell stating in July that Libra can't "go forward" without first addressing concerns regarding money laundering, privacy, and customer protection, among other issues. –THE BLOCK       5. Libra Association member and blockchain protocol provider Bison Trails has raised $25.5 million in a Series A funding round. Led by Blockchain Capital, the money will go toward developing the firm's infrastructure service. Other companies involved in the funding round include early backers Galaxy Digital and Initialized. New investors were Coinbase Ventures, ConsenSys, Kleiner Perkins, A Capital, Collaborative Fund, and Sound Ventures. –COIN DESK       6. In this opinion piece, the writer argues that Facebook's Libra is a better option for consumers than Facebook Pay. Joshua Gans, a professor of strategic management at the University of Toronto's Rotman School of Management, also compared the differences between the two. For instance, he notes Facebook Pay is available in a person's local currency, whereas Libra is a currency pegged to a number of local currencies. Another difference is that Facebook Pay is closed and only available on Facebook apps. Libra, on the other hand, is governed by a group of members and is intended to be used anywhere. As a result of this, Gans thinks that Libra is better for consumers even if Facebook Pay is "potentially better for Facebook." –THE GLOBE AND MAIL       7. A survey has found that Facebook plays a "key role" in the Libra Association and that it won't be forced to leave if it moves forward before regulators approval. So far, 3,666 people have voted on Twitter with 54 percent indicating Facebook won't leave compared to 46 percent of people stating that the social media platform will. Back in October, Facebook's CEO Mark Zuckerberg said before the U.S. House Financial Services Committee that it could be forced to abandon the Libra project if the association decided to push ahead before it got approval. –@UPLIBRA/TWITTER       This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Edited by Inside Dev and Inside Deals editor Sheena Vasani.       Ad If you want to invest better, you want The Motley Fool.

We're Hiring! Learn more. | Sponsorship opportunities Copyright © 2019 Inside.com, All rights reserved. Our mailing address is: Inside.com 767 Bryant St. #203 San Francisco, CA 94107 Did someone forward this email to you? Head over to inside.com to get your very own free subscription! You received this email because you subscribed to Inside Libra. Click here to unsubscribe from Inside Libra list or manage your subscriptions.