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Cryptocurrency: Facebook to Unveil Libra On Tuesday

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  • Cryptocurrency: Facebook to Unveil Libra On Tuesday

Facebook, the world’s biggest social media company, has joined the list of technology companies leveraging on blockchain technology to enhance products and safety.

The social media giant announced it would unveil a cryptocurrency on June 18th (tomorrow). The project internally known as Libra is expected to revolutionize global money given Facebook reach.

Facebook already has 2.4 billion monthly users to push its new virtual currency to, a key factor why experts called the move a success as no cryptocurrency, including the most dominant Bitcoin has that size of end users.

RBC analysts Mark Mahaney and Zachary Schwartzman said: “We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams, and we plan to provide an analysis of the White Paper to help investors analyze the underlying cryptoeconomics of the token.”

Facebook shares jumped 3.3 percent on Monday to $187.33 as investors seem to be delighted at the prospect of a dominant global currency at a period when the world needs regulated internet money to facilitate transactions.

Investors King reports that Libra is a stablecoin tied to a basket of currencies to avoid the same issue presently hurting the credibility of Bitcoin and other unregulated cryptocurrencies.

The company has partnered with several financial institutions that would provide billions of dollars in capital and low-risk securities as collateral to stabilize the price of the currency and reduce or totally eliminate excessive control by a single player (including Facebook).

To avoid a future accusation of dominant edge, Facebook, according to Dow Jones Newswires, allowed other big tech companies, Google, Uber, Paypal etc as well as traditional payments companies like Visa and Mastercard to invest $10 million each in the project.

In April, following Facebook’s second-quarter earnings report, Mark Zuckerberg, Facebook CEO, said: “Over the long-term, if Payments becomes a really important part of what we do, we can – we’ll have some options and choices about how we choose to – how to have the revenue flow to us in the future.”

While this is a positive move, few experts warned of excessive power in the hands of few.

The International Monetary Fund (IMF) last week said big tech companies are well positioned to disrupt global financial system given the size of data they have access to.

Christine Lagarde, who was attending the G20 Finance Ministers’ summit in Fukuoka, Japan, said: “A significant disruption to the financial landscape is likely to come from the big tech firms. They will use their enormous customer bases and deep pockets to offer financial products based on big data and artificial intelligence”.

“This presents a unique systemic challenge to financial stability and efficiency,” she added.

Jack Dorsey, Co-founder of Twitter, also agreed that universal currency for the internet era is a good idea. He, however, stated that “what is less clear is whether this currency should be in the hands of Facebook.”

Facebook’s cryptocurrency ‘white paper’ would be released tomorrow but the official launch is next year.

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Every Fifth Corporate Network Faced a Cryptomining Malware Attack in 2020

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Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that cryptomining malware accounted for the second-largest corporate network attacks at 21% between January 1, 2020, and December 31.

Botnet took the pole position during the same period at 28%. Infostealer ranks third with a share of 16%, followed by mobile at 15%. Banking malware attacks rank fifth with a share of 14%. Ransomware accounted for the least form of attack at 5%.

In terms of regional distribution, cryptominers accounted for 19% of corporate malware attacks in the Americas. Europe, Middle East, and Africa (EMA) region saw cryptomining malware take up 21% of attacks. The Asia-Pacific region accounted for the highest cryptomining malware attacks on corporate networks at 26%.

Surging crypto sector value contributes to rising in cryptomining malware

The report overviews some of the contributing factors for cryptominers to occupy a significant share among corporate malware attacks. According to the research report:

“In 2020, digital assets remained resilient amid the economic meltdown occasioned by the coronavirus pandemic. The value of cryptocurrency began rising from the third quarter of 2020, led by bitcoin in return bolstering the amount of money hackers can rake in. In general, attackers took advantage of the price trend and increasingly spread malware to exploit other people’s computer resources for illegal mining activities.”

Cryptomining hackers are also advancing their act by focusing on anonymous digital assets, like Monero.

In general, they are going for assets that can hide transaction parties and amounts that cannot be linked to previous transactions and are designed for mining on ordinary computers.

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Electronics Retailer Newegg now Accepts Dogecoin As Payment

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After debuting Bitcoin payments back in 2014, online electronics retailer Newegg added a Dogecoin payment option.

American online electronics retailer Newegg has added Dogecoin (DOGE) as an official payment method amid the ongoing parabolic surge of meme-based cryptocurrency.

Newegg announced Tuesday that the company added the option through the crypto payment platform BitPay.

The firm said that the new feature was introduced in conjunction with Doge Day — a community crypto holiday pushed by DOGE proponents to be celebrated on April 20. According to online reports, Dogecoin advocates apparently hope to see DOGE hit $1 today.

Newegg’s senior brand manager Andrew Choi said that the growing momentum around cryptocurrency is “undeniable.” “The recent surge in Dogecoin value underscores the need to make it easier for customers to make purchases with this popular cryptocurrency,” he noted.

Newegg became one of the first major online shopping stores to accept Bitcoin (BTC) when the company partnered with BitPay back in 2014. Initially debuting the feature in the United States, the firm subsequently expanded the payment option to more than 70 countries.

“We’re committed to making it easy for our customers to shop however works best for them, and that means letting them complete transactions with the payment method that suits them best. To that end, we’re happy to give Dogecoin fans an easy way to shop online for tech,” Choi stated.

Newegg’s move into Dogecoin payments comes amid a catapulting DOGE price rally, with the altcoin gaining more than 480% over the past seven days at the time of writing. On April 19, DOGE market capitalization hit $50 billion for the first time in history, with the token hitting an all-time high of $0.45.

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Soaring Demand Drives Gold-backed Cryptocurrency Listing

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gold coin

A gold-backed digital asset has been added to one of the world’s largest financial advisory and fintech organisation’s cryptocurrency app.

deVere Group added Pax Gold (PAXG) to deVere Crypto to join other major digital currencies including Bitcoin, Ethereum, Dash, Cardano, Bitcoin Cash, XRP and Dogecoin.

Each PAXG token is backed by a piece of London Good Delivery gold bar, kept in Brink’s gold vaults, which is the approved storage company of the London Bullion Market Association.

The addition of Pax Gold on the deVere Crypto exchange comes a day after Bitcoin, the world’s largest cryptocurrency by market capitalisation, fell as much as 15% just days after hitting a new record high of $64,000.

Nigel Green, CEO and founder of deVere Group, says: “We have added Pax Gold, an established cryptocurrency that is entirely backed by gold, due to ongoing and increasing client demand for digital assets.

“Pax Gold offers investors the liquidity, flexibility and security of a blockchain-based cryptocurrency, together with the reputation and credibility of a valuable physical commodity.”

He continues: “The booming crypto market is known for being volatile.  Many investors like the volatility as it can provide highly rewarding buying and selling opportunities.

“However, the market ups and downs aren’t for everyone. Pax Gold will appeal to investors who want to have exposure to digital assets – which are increasingly regarded as the future of money – without the higher levels of volatility.”

Launched in 2018, deVere Crypto is a pioneering app on which users can buy, sell, hold and exchange major cryptocurrencies. Digital assets, which are established and qualified by experts, are often added as the market develops.  This year, Cardano, Dogecoin and now Pax Gold have been included.

Mr Green recently noted: “Crypto is a burgeoning asset class and it’s one that is set to play a larger and larger role within the global financial system.

“In today’s digitalised, globalised world, the demand for digital, global currencies in some form – is only set to grow.

“From now on, there will always be widely-used non-fiat money.”

The deVere CEO concludes: “We’re delighted to be able to now offer Pax Gold, which gives investors an easy and safe way to have exposure to real, regulated gold.

“This highlights our commitment to providing clients the opportunities and rewards of digital currencies.”

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