Facebook is set to reveal its crypto project and launch it’s testnet, and Binance restricts users from the USA, let’s start the show.
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One of the largest crypto exchanges Binance, which processes more than $1 billion on a daily basis, announced that it will launch a U.S.-based service — but, for the time being, it is implementing restrictions for U.S. passport holders worldwide and those based in the country. The company has grown to become one of the biggest names in crypto by allowing anyone to use its service to trade many different tokens, many of which are unavailable or limited on other exchanges. But will the US restrictions affect their growth?
In the past few weeks, South Korean financial institutions have rolled out a series of services incorporating blockchain technology, especially in the areas of KYC procedures and security. Fintech has turned into a buzzword for local banks trying to keep up with the evolution in the finance space. Some analysts have said that the banks are not looking into an important part of blockchain, which is digital assets. In order to assess the Korean blockchain space, it is important to understand how the trend affects existing players and the cryptocurrency market. Let’s see if south korea can continue to grow in the crypto space.
Coinbase Custody has said that it holds $1.3 billion in assets under custody and the firm expects to hit $2 billion soon. the company’s CEO, Sam McIngvale, and its chief information security officer, Philip Martin, visited the United Kingdom in recent days. The purpose of the visit was reportedly “to discuss the institutional cryptoeconomy with a range of prospects and clients.” During the meeting, the firm’s representatives said that, while many believe that there are no institutional-grade offerings in the cryptocurrency space, Coinbase Custody is in fact such an offering. The firm’s representatives stated that the company is insured, regulated and secure custodian. Let’s see if coinbase can continue to grow their platform.
Jack Dorsey, the founder of Twitter and mobile payments provider Square, recently discussed plans for his new team dedicated to improving the crypto sector at Square. According to Dorsey, this initiative, Square Crypto, will add to the fiat payment company’s operations by providing an infrastructure for frictionless internet payments. Right now, he says that regulations and partnerships slow Square down — obstacles that he hopes to avoid in the future with an improved crypto infrastructure. Will square continue to grow, and will it be a staple of payments in the crypto space?
The biggest social media company in the world – Facebook is set to unveil the Libra Association, which will operate its bespoke cryptocurrency Libra, on June 18 of this year. Facebook and dozens of its partners are set to unveil the Libra Association — which will be based out of Geneva — as the entity that will oversee the company’s Libra cryptocurrency project. During the event, the company is also expected to launch the testnet of its blockchain. The Libra Reserve is reportedly a store of real assets that should supposedly grant the token “stability, low inflation, global acceptance, and fungibility.” Let’s see how the facebook coin does in the crypto space.
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