David Marcus, the current CEO and co-founder at Lightspark, which claims to be building the open Money Grid on Bitcoin (and previously who ran Payments/Crypto and Messenger at Meta) recently shared via social media just how the Facebook-led Libra(at one point called Diem) initiative was… Read More
Novi, the Facebook – Meta (NASDAQ:META) project to launch a digital wallet, is shutting down. According to the Novi website, the Novi App and Novi on WhatsApp (another Meta firm) will cease operations on September 1, 2022, blocking all access to any existing accounts. Novi, along… Read More
David Marcus was previously the head of Facebook / Meta’s (NASDAQ:FB) initiative to create a non-sovereign global digital currency. First branded as Libra, and then as Diem, the digital currency launched with much fanfare but eventually sputtered – largely due to global regulatory pushback that made… Read More
Facebook/Meta’s (NASDAQ:FB) digital currency venture Diem will be sold to Silvergate Capital for $200 million, according to WSJ.com. It was previously rumored that the failed cryptocurrency project was on the auction block as Meta threw in the towel on a project that once sought to… Read More
Diem, the digital currency project previously known as Libra created by Meta (NASDAQ:FB) (formerly doing business as Facebook) may be for sale. According to a report by Bloomberg, Diem is on the auction block due to “regulatory pressure.” Initially launched with great fanfare as a… Read More
David Marcus, the lead executive at Facebook / Meta (NASDAQ:FB) heading the charge for Facebook’s botched attempt to create a digital currency is exiting the firm to “pursue other projects,” according to a report in Bloomberg. Marcus joined Facebook from PayPal in 2014. According to… Read More
Formerly known as Libra and then Diem, Facebook’s (NASD:FB) scaled-back entrance into the digital currency sector has announced the firm’s Novi digital wallet pilot program is rolling out – starting with Guatemala and the United States. The pilot is designed to confirm operational readiness as… Read More
The dramatic growth of stablecoin issuance may eventually have implications for the overall functioning of short-term credit markets, according to Fitch Ratings. The statement by Fitch follows comments late last month by Boston Federal Reserve President Eric Rosengren stating that Tether is a looming risk for… Read More
Silvergate Capital Corporation (NYSE: SI) will partner with Diem, formerly Libra, to issue a US dollar stablecoin in the US. Silvergate is a Federal Reserve member bank and a provider of financial infrastructure solutions and services for the growing digital currency industry. Shares in Silvergate… Read More
In a significant twist of events, Diem, formerly Libra, has withdrawn its payment systems application in Switzerland. Diem had submitted an application to Switzerland, a crypto-friendly jurisdiction, in anticipation of launching a global cryptocurrency. The Swiss Financial Market Supervisory Authority (FINMA) said that Diem Networks… Read More
Christian Catalini, an MIT Professor and co-founder of Diem (formerly Libra), visited with CNBC yesterday providing a minor update on the much-anticipated cryptocurrency. Libra/Diem lurched into the crypto-sphere in 2019 with great expectations of becoming a non-sovereign digital currency utilized by the hundreds of millions… Read More
Fintech has become ubiquitous in big tech as users benefit from the convenience of not having to dig for a wallet or hit an ATM for cash as well as other services. It is commonplace for people to whip out their iPhones and pay at… Read More
Researchers at Deutsche Bank (XETRA: DBKGn.DB /NYSE: DB) have published an update, titled The Future of Payments in which they look into whether Bitcoin (BTC) may offer any value to the financial system. The bank’s research team points out that Bitcoin or BTC’s market capitalization… Read More
The United Kingdom has maintained its status as a major global Fintech hub. But will the country be able to capture a significant share of the world’s financial technology business after Brexit and can it retain its dominant status despite the challenges created by the… Read More
The Libra Association, the initiative launched by Facebook to create a global digital currency, has changed its name to Diem, according to a note from the group. Recently, there have been multiple reports that the Diem Association is gearing up to launch its digital currency…. Read More
Libra, Facebook’s project to launch a global cryptocurrency, may launch as soon a January but as a stablecoin and not as a basket of assets that it originally sought to create. According to a report in the FT, Libra may launch in early 2021 as… Read More
The Libra Association, the creation of Facebook (NASDAQ:FB) that is seeking to develop a payment crypto, has hired Ian Jenkins as Chief Financial Officer and Chief Risk Officer of Libra Networks. Libra Networks is a wholly-owned subsidiary of the Libra Association that manages the operations… Read More
Joel Edgerton, COO at bitFlyer, a crypto-asset exchange that’s licensed to operate in Japan, the United States, and Europe, recently shared his views about the court case and charges brought against the Bitcoin Mercantile Exchange (BitMEX), a leading digital asset derivatives exchange. Edgerton also shared… Read More
Germany, France, Italy, Spain, and the Netherlands recently asked the European Commission (EC) to draft strict regulatory policies for stablecoins, which are digital assets that are supposed to be backed or pegged 1-to-1 with major fiat currencies like the US dollar or the British pound… Read More
Bitcoin (BTC) and the controversial Facebook-led Libra stablecoin or payments project might play a key role in a world where reserve banks are beginning to issue their own digital currencies or CBDCs, according to Raghuram Rajan, former governor at the Reserve Bank of India (RBI)…. Read More
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