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#CryptoCorner: BTC Breaks $13K Again, Facebook Has No Plans to Launch Libra in India, Binance Launches Fiat-Enabled Singapore Branch and Visa Invests Millions in Crypto Startup Anchorage

 

Point Roberts, WA and Delta, BC - July 10, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: BTC Breaks $13K Again, Facebook Has No Plans to Launch Libra in India, Binance Launches Fiat-Enabled Singapore Branch and Visa Invests Millions in Crypto Startup Anchorage

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Crypto Corner

Stocks discussed: (NasdaqGS:FB) (NYSE:V)

This morning we find most of the top 100 coins listed by market cap in the red, but Bitcoin (BTC) has defiantly posted 24-hour growth of nearly six percent, according to data from CoinMarketCap. Consequently the flagship cryptocurrency, which currently accounts for over 65 percent of the total market value, is trading for about $13,100. This brings Bitcoin close to the recent peak it reached on June 26, when it briefly traded for as high as about $13,770. A report from CCN by crypto analyst Joseph Young outlines the role of the increased hash rate on the BTC blockchain as contributing to the recent gains:

Along with the consistent inflow of institutional capital through custodian solutions, investment vehicles, and futures markets, the hash rate of the Bitcoin blockchain network has recorded its fastest rate of growth in history.

An increase in the hash rate of the Bitcoin blockchain suggests growth in the amount of computing power securing the network, which historically has indicated an overall increase in confidence from the mining ecosystem.

Facebook (NasdaqGS:FB) has no plans to launch its Libra cryptocurrency or Calibra digital wallet platform in India due to that country's government's unfavourable stance on crypto. Facebook representative Alexandra Voica told Indian publication the Economic Times via telephone:

"There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time."

CoinDesk reports that crypto exchange giant Binance has launched a fiat-enabled trading branch in Singapore, following a soft launch in the country back in April. This branch, which saw 20 percent average user growth per week since debuting in April, will now offer trading in local currency Singapore Dollars. New deposits and withdrawals will be implemented through the transfer system Singapore FAST (Fast and Secure Transfers).

Fortune reports that Visa (NYSE:V) has invested millions of dollars in crypto startup Anchorage by co-leading the latter's $40 million funding round. Both companies are founding members of Facebook's Libra. Anchorage offers "biometric-based software alongside a system of multiple approvals and human reviews" as an alternative to the more common cold storage solution to secure investors' cryptocurrency.

Sam Mowers, Investorideas

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