More details are now emerging regarding high-level executives for social media giant Facebook’s crypto project, according to a report by CNBC on June 6. According to the report, there are now 100 people known to be working on the crypto project via profiles on professional networking platform LinkedIn. Facebook is also reportedly not done hiring, with over 40 openings still available in the team’s business unit, as per its website listing. The aim of Facebook’s new crypto project, according to advertising on its career descriptions, is to provide a public service centered on accessibility: “Our ultimate goal is to help …
As blockchain technology and the public's awareness of cryptocurrency continues to grow, a range of new use cases a coming to market and enhancing the efficacy of legacy financial systems. Despite its many applications, the original use case for Bitcoin (BTC) as a medium of exchange remains one of the most fundamental applications of blockchain technology and while BTC might not be the best asset to use for payments, there are service providers who have eased the process of settling transactions in other cryptocurrencies. For now, the most widely accepted way to use cryptocurrencies for direct payments in everyday life …
Major cryptocurrency exchange Binance plans to use a bridge between the Syscoin and Ethereum blockchains to move its Binance USD (BUSD) stablecoin between them. The bridge developed by Blockchain Foundry — the firm powering the Syscoin blockchain — will allow BUSD holders to move their tokens between the Ethereum and Syscoin blockchains. This will also make the stablecoin available on the Syscoin blockchain for the first time. Binance said, “Users can take advantage of Syscoin’s fast, scalable and low-cost transactions while also preserving the ability to leverage Ethereum’s smart contract functionality. Also help provide more use cases for BUSD holding …
A stablecoin provider says it shields consumers against daily market volatility in cryptocurrencies — preserving their purchasing power, protecting them against inflation and delivering long-term price certainty. Anchor says its two-token, algorithmic stablecoin is pegged to global economic growth. It is designed to offer an alternative to rival coins tied to the United States dollar and other fiat currencies, which can still suffer a weakened performance, and take a hit during recessions and market turbulence. The peg used by Anchor is known as the Monetary Measurement Unit, which it describes as a “non-flationary financial index representing the real growth of …
Chicago-based crypto exchange Seed CX has announced support for stablecoins Paxos (PAX), USD Coin (USDC), and TrueUSD (TUSD) in a press release on May 14. The new stablecoin additions can be traded for U.S. dollars starting May 17, and the exchange is aiming to roll out trading pairs between the stablecoins and other fiat currencies such as the euro in the near future. Seed CX CEO Edward Woodford commented on the impetus to add stablecoin options: “Stablecoins are important in the ecosystem as they increase the velocity of movement of fiat equivalent assets 24/7 and had been requested by a …