Facebook Pay Starts Working This Week!!!
In this series, we have picked four hottest pieces of news happening in the crypto market. Let me give you a glance at what they are. First up, It appears China’s renewed interest in blockchain technology is having a huge positive impact on some altcoins linked to the nation. Second up, this highly controversial social media giant is not giving up on its dream to launch a payments system, despite regulatory challenges. Next, a former Chinese central bank chief has opined that Facebook’s Project Libra would have easily gained people’s trust if it were run by a governmental organization, and finally, last but not least, China’s retail giant is set to push bitcoin (BTC) adoption through a new partnership that will enable shoppers to earn free BTC on the platform.
The Market Today
The top five cryptocurrencies are all in red at the moment, with king Bitcoin sitting at $8,771, increasing 0.31% from Tuesday. Similarly, ETH is up by 0.23% while XRP is down by 0.46%.
Alibaba partnered with Lolli to give its buyers Bitcoin
Last but not least, it appears China’s e-commerce giant Alibaba is beginning to have a change of heart towards the world’s flagship cryptocurrency, Bitcoin, as it has now inked a partnership deal with Lolli, a Bitcoin rewards shopping app. According to a Cointelegraph report, the Alibaba-Lolli partnership will allow U.S. shoppers to earn 0.00000001 BTC when they shop on Alibaba. Commenting on the partnership, Alex Adelman, CEO, and co-founder of Lolli reiterated that the partnership represents a significant milestone for the firm. In his words:
“Our partnership allows our users to earn free bitcoin on millions of products online every day. Arguably the most important piece of this partnership is that it supports our mission of connecting the entire world through commerce.”
Similarly, Fold, a top Bitcoin shopping rewards app has added support for the home-sharing platform, Airbnb, making it possible for Fold users to get a 3% discount in bitcoin on every stay booked on Airbnb. Despite its super volatile nature, bitcoin adoption has seen a significant increase of late, as awareness for the virtual currency continues to rise. On November 11, a major Chinese news agency, Xinhua News Agency published a detailed article about Bitcoin on the front page of its newspaper, a positive development for the entire crypto space.
People’s Bank of China: Libra would be safer under the IMF
Per a report by Cointelegraph, Zhou Xiaochuan, the former head of People’s Bank of China (PBoC), who served the central bank from 2002 to 2018, has opined that it would have been easier for Facebook’s Libra stablecoin to hit the ground running, if it were controlled by a governmental organization like the International Monetary Fund (IMF). The former PBoC governor has also opined that despite the fact that Libra is a forward-thinking initiative, the Libra Association will definitely make a huge profit from the project and potentially channel the funds into other endeavors and this has made it very hard for the masses to trust the project, he said. In related news, the PBoC is putting preparations in top gear to launch its digital currency called the Digital Currency Electronic Payment (DCEP) and Jack Lee, manager partner of HCM Capital has told CNBC that the digital currency could go live in Q1 2020. In his words:
“So, they already have all the system and the network ready. I think you will see it very soon, in the next two to three months.”
Though DCEP will be powered by blockchain technology, it will not be as decentralized as other virtual currencies such as bitcoin (BTC) and ether (ETH), making it easier for the government to have absolute control over it.
Facebook new fiat payment system: Facebook Pay
Facebook is not giving up just yet on its digital payments ambition. According to a report by Cointelegraph, Facebook has launched Facebook Pay, a new payment system aimed at making it possible for users of Facebook, Messenger, Instagram, and Whatsapp to send money to each other and do some shopping. Commenting on the exciting development, Deborah Liu, VP, marketplace & commerce at Facebook noted that:
“People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”
At a time when financial regulators across the globe have made it almost impossible for Facebook’s Libra cryptocurrency to see the light of day, with several highly reputed members of the Libra Association dumping the project, Facebook has made it clear that Facebook Pay will function independently. Facebook says the new payment solution will be kept separate from its Calibra wallet and the Libra blockchain network. If all goes as planned, Facebook Pay will go live this week in the United States, supporting fundraisers, in-game purchases, event tickets purchases, peer-to-peer payments on Messenger and purchases from some Pages and businesses on Facebook Marketplace. Though it’s still unclear whether Facebook Pay will succeed, the firm has hinted that Facebook Pay is aimed at helping businesses grow, while also making it easier for people to buy and sell things online.
NEO and VeChain surge after China Blockchain push
At a time when the bears are controlling a significant section of the crypto markets, NEO (NEO) and VeChain (VET), two altcoins with strong links with China have experienced significant upward price movements of late. At press time, NEO and VeChain are up by a massive 7.47% and 4.98% respectively, with the price of NEO sitting at an impressive $12.08, while that of VeChain has moved to $0.006432. What’s fueling the impressive price spikes? While the crypto markets remain largely unpredictable, the recent price surge of these digital assets has been attributed to China’s renewed interest in blockchain technology. Just recently, Chinese President Xi Jinping made it clear that the nation must dig deep into blockchain technology in order to occupy the frontline of this innovative technology. Though the Jinping’s statement brought a breath of fresh air to the entire crypto markets at the time, NEO and VeChain have come out as the best performers so far. What’s more, the VeChain team is also hard at work trying to create real use cases for its technology. On November 7, 2019, reports emerged that VeChain had partnered with DNV GL and ASL Group to launch a cross-continental supply chain management solution named Foodgates, in a bid to simplify trade and foster transparency in the food supply chain.
Please leave a comment right below to let me know what you guys are thinking.
It’s your girl Cindy with CryptoPig, I’ll see you guys soon.
Join us at our Telegram group and follow us on Youtube and Twitter.
Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.