Stellar’s Destroyed Half the Supply of XLM!!!
Today, 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 looks like America’s heavyweight multinational retail corporation has caught the blockchain fever and its set to tap Ripple’s technology for payments. Second up, the legal chief of highly reputed U.S.-based bitcoin trading venue, Coinbase has urged U.S. authorities to allow the private sector to develop a blockchain-based digital dollar. Next we have a top executive at Facebook’s Calibra, who has hinted that Libra has been designed to function more than just a payment method, and finally, last but not least, the world’s 10th-largest crypto by market cap is set to hit the moon shortly, as the Stellar Development Foundation (SDF) has burned more than half of the coin’s entire supply.
The Market Today
The crypto sphere is mainly in the greens today. Bitcoin is currently priced $9,347, increasing 0.37% from Tuesday. Similarly, ETH and XRP are still gaining pretty well with 3.07% and 0.09% increase respectively.
Walmart announced partnerships with Ripple partners, MoneyGram and Ria
According to a report by crypto-focused news platform, AMBCRYPTO, Walmart, a U.S.-based multinational retail corporation, has announced plans to forge alliances with MoneyGram and Ria, two financial services platforms that have since integrated Ripple’s blockchain technology into their processes. Specifically, Walmart has made it clear that the deal is aimed at enabling the users of its Walmart2World payments service to have more choices when making cross-border payments, while also allowing them to save more on transaction fees. At a time when the blockchain solutions from Ripple, the firm in charge of the XRP altcoin, is increasingly being adopted by numerous financial institutions around the world, due to the network’s ability to process 1,500 transactions per second, Walmart’s move is a forward-thinking maneuver indeed as it would attract more users to its payments solutions. Commenting on the development, Alex Holmes, CEO of MoneyGram noted that:
“MoneyGram and Walmart have worked closely together for over two decades. We believe that our leading brand and competitive foreign exchange rates will help drive the future success of the marketplace.”
Coinbase Chief believes the private sector should have US Digital Dollar
Second up, at a time when United States authorities are waging war against private tech firms looking to develop digital payment coins, Brian Brooks, Coinbase’s legal chief has made it clear that it is high time the U.S. gave the private sector a chance to create the digital dollar, as this is the only way forward for the nation’s financial system. According to a Cointelegraph report, Brooks said:
“The best path forward is one that harnesses our country’s remarkable capacity for innovation and also reflects government’s historical practice of setting broad guide rails for private innovation within the financial system. That means letting innovators invent, and letting the government regulate. In short: the private sector should build the technology, and the public sector should set monetary policy.”
Just last week, China’s apex bank, the People’s Bank of China (PBoC) announced that it has intensified efforts on the development of its national crypto dubbed Digital Currency Electronic Payment System (DCEP) and could launch it shortly. While experts have opined that China’s renewed interest in cryptos and the underlying blockchain technology would keep the nation at the frontline of innovation, the U.S. government is yet to start taking active steps towards DLT and cryptos. Instead, lawmakers are busy making life difficult for tech firms creating digital payment solutions, including Facebook and Telegram. Mike Wasyl, a managing partner at DeerCreek, a fintech-focused corporate strategy firm, also echoed similar sentiments in a recent statement. In his words:
“China is making these very large macro plays. They want to maintain control and be seen as leaders and so adopting blockchain and being public about it, as we saw recently, is going to stir a lot of interest.”
Calibra’s Vice President: Libra is more like email than payment services
As reported by Cointelegraph, more details have emerged concerning Facebook’s global cryptocurrency named Libra. Speaking at the Web Summit in Lisbon, Portugal, Kevin Weil, vice president of product at Calibra reiterated that the primary objective of Libra is to foster interoperability in the financial ecosystem. He further hinted that Libra shares the same principle with email or mobile networks, where anyone can send messages or make calls to anyone regardless of their service providers. Weil said:
“You and I don’t have to collaborate on which email provider we are going to use before we send each other an email. We don’t have to choose which browser we are going to use tailored to which individual website you’re going to go to. These things are protocols, and as long as you build to the protocol everything’s interoperable. Libra is the same way.”
At a time when financial regulators in the U.S. and other jurisdictions have expressed fears that Libra could crush the sovereignty of fiat currencies, with five of Europe’s leading economies including France and Italy recently forming an anti-Libra coalition, Weil stated clearly that Libra will not go as viral as a social media network and users’ financial data will stay separate from their personal data on Facebook. It will be recalled that some members of the Libra Association, the consortium overseeing the development Libra crypto, including Visa, recently dumped the project due to regulatory uncertainties and it remains unclear whether Libra will be launched in 2020 as earlier scheduled.
Stellar Foundation burned 55 billion of its XLM tokens
Last but not least, these are exciting times indeed for ‘hodlers’ of the world’s 10th-largest cryptocurrency by market capitalization, as the price of Stellar’s Lumens (XLM) altcoin could surge significantly soon. In a report by Coindesk, the Stellar Development Foundation has revealed that it has burned 55 billion XLM tokens out of a total of 105 billion XLM in existence. For those who are unaware, burning is simply a process whereby some amount of a given digital currency is kicked out of existence, in a bid to increase the scarcity and value of that cryptocurrency. Explaining the reason behind the SDF’s decision to burn a huge chunk of Lumens (XLM), Denelle Dixon, CEO of Stellar, who was present at the Stellar Meridian conference revealed that the move makes it easier for the foundation to use the coins previously set aside for the development of the Sellar blockchain project. She said:“We didn’t start by wanting to burn. We started by asking, ‘What do we need? As much as we wanted to use the lumens that we held, it was very hard to get them into the market.” It’s worth noting that the burn is already having a positive impact on Lumens, as the price of XLM has surged to $0.081217 at press time.
That’s everything you need to catch up today guys!
What do you think about Walmart’s partnership with MoneyGram and Ria?
Do you think the U.S. government will give the private sector a chance to develop the digital dollar?
Will Facebook’s Project Libra ever see the light of day?
And do you think the SDF’s burning of 55 billion XLM will keep fueling the price of lumens?
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.