Crypto newsletter: Facebook’s Libra seeks Swiss payment system license

1:01 PM September 11, 2019

Summary:

  • The Facebook’s project called Libra attempts to get a Swiss payment system license
  • Gemini starts its custody service supporting as many as 18 cryptocurrencies
  • Bitcoin keeps moving under the 75DMA

Facebook approaches Swiss regulators

Since our latest newsletter released in the past week, we have seen a mixed picture in the cryptocurrency market. While major digital coins like Litcoin, Ethereum or Dash have witnessed some price rises, Bitcoin has gone in the opposite direction and has lost some of its mojo. In terms of interesting reports concerning the crypto industry it is worth looking at what Facebook has recently announced. Namely, the US company is going to seek a Swiss payment system license for its lately born project called Libra. The world’s biggest social media company added that it seeks to expand beyond social networking and move toward e-commerce as well as global payments. That is why the Libra project needs approvals from various regulators, including the Swiss watchdog FINMA. The Geneva-Based Libra Association said “We are engaging in constructive dialogue with FINMA and we see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system,” In turn, US Undersecretary of Terrorism and Financial Inteliigence Sigal Mandelker said on Tuesday that each cryptocurrency project must meet the highest standards for combating money laundering and teorrorism financing if it wants to start doing business.

Moderate price rises have been seen in recent days across major cryptocurrencies except Bitcoin which has slipped. Source: xStation5

Gemini launches its custody service

Gemini, the New York-based cryptocurrency exchange founded in 2014, has recently launched its own custody service called Gemini Custody. As the firm reported, the new service is to allow its customers to check balances, download account statements, initiate withdrawals as well as grant auditoros view-only access to confirm balances, transactions and activity, as we may read on Cointelegraph. Moreover, Gemini clients are also to be allowed to trade their assets in custody without a need to transfer their means from cold storage. As many as 18 digital currencies have got support of Gemini so far, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC), as well as the following ERC-20 tokens: 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR) and OmiseGo (OMG). The company’s CEO, Tyler Winklevoss, said “From day one, Gemini recognized the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world.”

Bitcoin still under resistance

The price of Bitcoin keeps moving under its crucial short-term resistance in the form of the 75DMA. Note that once the price tried to push above this line several days ago, a shooting star candlestick was drawn and the price declined thereafter. The solid support could be found nearby $9500 and should the price break below this line, it could encourage more sellers to enter the market. Source: xStation5

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