Facebook Dives Deeper Into Payments + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Payments news

• Social media giant Facebook created Facebook Financial (called F2 internally), a new group to pursue payments and commerce opportunities, Bloomberg reported. David Marcus, co-creator of its Libra project, is in charge of the initiative but will continue running Novi, the division that is building a digital wallet for Libra. Facebook wants to keep its users inside the company’s apps longer, while purchases on Instagram, Messenger and WhatsApp can make Facebook’s advertising more valuable, the report said, adding that one priority will be getting payments running inside WhatsApp in India and Brazil.

Exchanges news

• In a response to a filing made by counsel representing Bittrex and Poloniex, Bitfinex said that “plaintiffs’ second attempt at framing a legitimate complaint is a failure, just like their first.” According to Bitfinex, “this time the lynchpin of their nonsense claim is that market manipulation was executed through bitcoin addresses owned and controlled by Bitfinex, which plaintiffs then allege were used in concert with Bittrex and Poloniex to execute a fantastical conspiracy.” In an email to Cryptonews.com, the exchange added that “this claim cannot be true because the tokens in the addresses used neither belong to nor are controlled by Bitfinex, Bittrex, or Poloniex.”
• Binance said that its Binance Futures arm has launched a bitcoin (BTC) perpetual futures, “inverse swap”-type offering that is “margined and priced with bitcoin.”
• South Korean crypto exchange operator Dunamu said that its subsidiary and blockchain mainnet operator Lambda256 has partnered with VerifyVASP to create a Financial Action Task Force Travel Rule-compliant solution for virtual asset service providers (VASPs). The company runs the Upbit exchange and its Upbit APAC subsidiary is now set to join a VerifyVASP alliance “along with 11 other blockchain and virtual asset service providers.”
• Bithumb is set to donate financial support to flood victims and flood aid charities – after the nation was hit with flood damage due to torrential downpours. Per Hanguk Kyungjae, the exchange said it had raised the funds from its own capital, as well as employee donations – and would hand over an undisclosed amount to the Hope Bridge National Disaster Relief Association, which is now working with flood victims.
• LVC Corporation, a subsidiary of LINE Corporation and operator of messaging firm LINE‘s crypto asset and blockchain-related businesses, started offering LINK on the Japan-based crypto asset exchange BITMAX, said the press release. The token was launched as a rewards incentive in 2018 for over 84 million monthly active users, as LINE said.

Investment news

• Adamant Capital, the Bitcoin fund operated by crypto advocate Tuur Demeester has “quietly shut down,” per The Block. The media outlet said that Adamant’ co-founder Michiel Lescrauwaet confirmed the move, adding that Demeester’s decision was motivated by “personal and family reasons.” The fund’s assets were worth some USD 10 million at the time of closure, stated the Adamant co-founder.

Blockchain news

• The South Korean government-run tech agency, the Korea Internet & Security Agency (KISA), has signed a deal with seven IT providers for expansion of contact-free tech development in the wake of the coronavirus pandemic, including blockchain, per Metro Seoul. KISA’s agreement involves co-developing remote learning platforms, as well as a blockchain-based electronic document issuance authenticity and ID verification service.
• The federal executive Government of Australia led by the Prime Minister of Australia, Scott Morrison, has teamed up with Australia’s National Rugby League (NRL) to pilot a blockchain-based app developed by the country’s patent and intellectual property office, dubbed Smart Trademark. Per the announcement, the Minister for Industry, Science and Technology, Karen Andrews, said the technology
• could be a great tool in the fight against counterfeiting and piracy.

Regulation news

• The New York State Department of Financial Services has recently approved ten coins for custody by licensed entities, as well as greenlisted eight coins for sale and trade. The eight are bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), binance USD (BUSD), gemini dollar (GUSD), pax gold (PAXG), and paxos standard token (PAX). Besides these, the former group also includes ethereum classic (ETC) and XRP.

This article was corrected on August 12 in order to clarify the Bitfinex vs. Bittrex & Poloniex dispute.