Winklevoss Twins May Partner With Zuckerberg in Facebook’s Libra!!!
For today’s video, I have found three very cool pieces of news I’d love to discuss with you. So let me give you a glance at what they are. First up, the Winklevoss twins, known as American rowers and Internet entrepreneurs announced that they are in talk about partnering and joining Facebook’s Libra Association. Next up, it looks like Bitfinex and Tether do not agree with the ruling of the New York Attorney General and said that they will pursue the issues at hand in appeals court. In the final news segment, some interesting news here, it looks like South Korean crypto and blockchain-related projects tend to launch their products outside of South Korean than their homeland. Why is that the case? Well, you have to stick around until the very end to find out.
The Market Today
It looks like there is a pessimistic trend across the map. The largest cryptocurrency Bitcoin is slightly decreasing by 0.55%. Similarly, Ethereum and XRP are all dropping by 2.21% and 1.95% respectively. Other major tokens such as LTC, EOS, and BNB are also decreasing.
Winklevoss Twins is considering joining Libra
According to an article on Cointelegraph, Tyler and Cameron Winklevoss, Bitcoin (BTC) bulls and founders of the Gemini crypto exchange, say that they’re open to a partnership with arch-rival Mark Zuckerberg and his Facebook Libra token. In the interview with CNN, Cameron mentioned that he believes the Libra token will help bring the world closer to the mass adoption of cryptocurrencies. He emphasized:
“I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.”
The Winklevoss revealed they are currently in talks about joining the Libra Association. Although the twins’ proactive support for crypto-regulatory matters seems to be a perfect match with the social network giant, Tyler and Cameron said that they need more time to fully learn about this controversial project before making the decision whether or not to join the Association, as well as whether to list Facebook’s Libra on their Gemini exchange. Furthermore, the duo thinks that internet companies should have their own strategy to adopt blockchain technology as well as for cryptocurrencies. They added:
“They’re probably watching Libra and Facebook to see how that fares as they develop it.”
If Libra and other coins turn out to be successful, it is very likely that there will be a cryptocurrency boom in the market.
Bitfinex and Tether disagree with NYAG and will follow appeals
Furthermore, there is an article on Cointelegraph reporting that Bitfinex and Tether do not agree with the ruling of Judge Joel Cohen at the New York Attorney General (NYAG) and insisted on pursuing the issues at hand in appeals court. Now in April this year, the NYAG filed a complaint against iFinex, Bitfinex, and Tether accusing the three firms of defrauding New York investors by hiding an $850 million loss on the Bitfinex exchange. Recently, Cohen’s ruling dismissed Bitfinex’s motion to throw out the case due to lack of jurisdiction. Soon after that, both Bitfinex and Tether published the same response on the official communicating channels, defending themselves and stating that the NYAG’s claims are meritless. They wrote:
“While we are disappointed in the decision on our motion to dismiss, we will continue to vigorously defend against any action by the New York Attorney General’s office. We look forward to the opportunity to pursue these issues further in the appellate court. We remain committed, as ever, to protecting our customers, our business, and our community against the Attorney General’s meritless claims.”
South Korean crypto projects are leaving their motherland
Experts have noticed a pattern and movement in cryptocurrency and blockchain-focused projects in South Korea. It looks like most South Korean digital currency projects are leaving the country to list their product on foreign exchanges. Why is this the case? First and foremost, it looks like domestic cryptocurrency exchange market conditions are getting stricter and stricter. For example, the country prohibits investors from making or withdrawing deposits in the Korean won on Korean exchanges. But that’s not all, in just in late July, the Financial Action Task Force (FATF) published a guide for a risk-based approach to virtual assets and its providers. One of the most controversial rules is the travel rule, which requires digital currency service providers to collect and transfer customer information during transactions, which goes against blockchain’s core feature of anonymous transactions.
In addition, the Financial Intelligence Unit of South Korea’s Financial Services Commission also recently revealed plans to directly control and regulate the cryptocurrency sector in the country. These strict conditions are making it increasingly tough for crypto investors to make deposits or withdraw on Korean exchanges, leading to overall lower transaction volume. As reported on Cointelegraph, about 200 small crypto exchange are unable to open real-name virtual accounts and a whopping 97% of local exchanges are on the verge of going bankrupt due to the low transaction volume.
And there you have it guys! That news is an end for today’s video.
So what are your thoughts regarding all the news?
Do you think that the Winklevoss will join Facebook’s Libra Association?
Are you supporting Bitfinex and Tether in the fight against the rule-makers?
Do you think Korea’s crypto sphere will fall if the domestic conditions won’t improve?
Please leave a comment right below to let me know what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig, I’ll see you guys tomorrow.
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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.