#CryptoCorner: Twitter (NYSE: $TWTR) CEO Skeptical of Libra, Galaxy Digital (TSXV: $GLXY.V) to Launch BTC Funds and Accenture (NYSE: ACN), SAP (NYSE: SAP) and R3 to Build Real-Time Gross Settlement System
Point Roberts, WA and Delta, BC - October 25, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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#CryptoCorner:Twitter (NYSE: $TWTR) CEO Skeptical of Libra, Galaxy Digital (TSXV: $GLXY.V) to Launch BTC Funds and Accenture(NYSE:ACN), SAP (NYSE:SAP) and R3 to Build Real-Time Gross Settlement System
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Twitter (NYSE: $TWTR) CEO Skeptical of Libra, Galaxy Digital (TSXV: $GLXY.V) to Launch BTC Funds and Accenture (NYSE:ACN), SAP (NYSE:SAP) and R3 to Build Real-Time Gross Settlement System
Stocks discussed: (NasdaqGS:FB) (NYSE:TWTR) (TSXV:GLXY) (NYSE:ACN) (NYSE:SAP)
Forbes reports that Facebook (NasdaqGS:FB) Co-founder and CEO Mark Zuckerberg received considerable scrutiny from Congress on Wednesday with regard to the company's Libra cryptocurrency project. While Zuckerberg emphasized the aim of Libra in helping the "unbanked", who don't have access to traditional banking and financial services, Congress focussed on the firm's existing problems. For instance, Representative Maxine Waters (D-CA) said:
"I have come to the conclusion that it would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project."
Others hit on Libra's supposed threat to existing fiat currencies. Congresswoman Nydia Velázquez (D-NY) said:
"Facebook's internal motto was for a long time 'move fast and break things.' Mr. Zuckerberg, we do not want to break the international monetary system."
According to an article from The Verge, Twitter (NYSE:TWTR) CEO Jack Dorsey is similarly skeptical of the Libra project. At a Twitter media event in New York City, Dorsey was asked if he would join the Libra Association. He replied:
"Hell no. I don't know if it's a gimmick,but a cryptocurrency wasn't necessary to make that work. It's not an internet open standard that was born on the internet. It was born out of a company's intention, and it's not consistent with what I personally believe and what I want our company to stand for."
Dorsey was generally sympathetic to cryptocurrencies as a whole, however.
"I think the internet is somewhat of an emerging nation-state in almost every way. It almost has a currency now in the form of cryptocurrency and bitcoin."
Galaxy Digital Asset Management, a division of Galaxy Digital (TSXV:GLXY), will launch two Bitcoin (BTC) funds in November, according to a report from CoinDesk. The report cites an unnamed "source with direct knowledge of the matter" and an appearance by company CEO Michael Novogratz on CNBC wherein he hints at the company's plans:
"People are setting up funds, including ourselves, to allow people easy access to Bitcoin."
"It is just a Bitcoin fund that takes care of custody, takes care of pricing ... it just allows people to invest in Bitcoin without having to set up a Coinbase account, without worrying that their phone is going to get lost."
According to CoinDesk:
The Galaxy Bitcoin Fund will require a $25,000 minimum investment with optional quarterly redemptions. The Galaxy Institutional Bitcoin Fund will allow weekly withdrawals and require minimums higher than $25,000. Both funds will offer professional oversight of bitcoin storage, tax documentation, and client service support.
Accenture (NYSE:ACN), German software firm SAP SE (NYSE:SAP) and blockchain software firm R3 are collaborating on a real-time gross settlement system to enable faster, more efficient, reliable and secure payments between banks and customers. John Velissarios, a managing director and global blockchain technology lead at Accenture, explained:
"Because the current payment settlement infrastructure is highly complex and fragmented, RTGS systems that leverage DLT and cryptographically secure tokenized payments can help central banks improve efficiency and security. The RTGS prototype, designed in collaboration with SAP and R3, demonstrates the next stage of efficiency in payment systems and ultimately, paves the way to linking to tokenized-assets, like equities, to create an increasingly integrated and seamless financial services ecosystem."
Sam Mowers, Investorideas
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