Facebook To Develop Most-Used Crypto Product

According to Morgan Creek’s Anthony Pompliano, Facebook might well has be developing a new crypto-currency or blockchain-related product that is expected to be the most-used product in the space given its 2 billion plus users worldwide.

Speculations started few months ago when sources has hinted that Facebook is eyeing to use the stellar network or at least fork of the network will be used to develop its own blockchain-related products.

It was further bolstered by the fact that Facebook is hiring blockchain experts and the resignation of David Marcus as one of the board of directors at Coinbase and focus to be the Facebook blockchain division head.

However skeptics argue that it only represent a resume-enhancing endeavor that does not involve the risk of building and launching a product that could succeed and fail in the open market.

Countering the speculations of skeptics, Anthony Pompliano believes that Facebook will not assemble a team as talented and experienced as them if it is not seriously considering offering a blockchain or crypto related product in the future.

He further claims that if this happens, it will be the most used product in the space.

This seems to corroborate reports early in May 2018 that Facebook was interested in developing a platform native cryptocurrency which until now is left unsubstantiated.

South Africa Crypto Regulatory Certainty

It is widely seen that Africa is one of the high potential growth areas in the cryptocurrency space, given its current state where many of the residents in continent are unbanked or lack the requirements to be able to get one.

The emergence of new financial instruments like cryptocurrencies and it underlying technology blockchain has opened up possibilities for these people and enable financial inclusion to a wider spectrum of participants in the continent.

However, not all countries in the continent are open to new innovations and some has been against the proliferation of the cryptocurrencies such as Zimbabwe which have taken an outright harsh anti-cryptocurrency stance.

On the other hand South Africa has been fairly progressive with regards to digital assets and have set up a team tasked with monitoring cryptocurrencies.

Moreover the South African government is recently seeking comments on proposed policy changes that could, among other things, offer cryptocurrency regulatory clarity.

According to the South African Reserve Bank (SARB) and the National Treasury there is a need to overhaul the national payment system (NPS) since new innovation in finance as already been developed and the movement of payments towards many call the digital age.

It seeks to update the National Payment System Act 78 of 1998 to allow or enable new or unregulated service providers, systems and instrument such as virtual currencies, distributed ledger technologies and fintech companies.

Bitcoin Will Increase Market Dominance In 2019

Leading consulting firm A.T. Kearney has recently revealed that it sees Bitcoin to regain ground in terms of market share and capitalization as traders will flee risky Altcoins to seek refuge in the time-proven digital asset.

It states that by the end of 2019, Bitcoin will regain 2/3 of the crypto market capitalization mainly due to growing risk aversion among cryptocurrency investors.

The company also states that global financial regulators will adopt more measured and less restrictive approach towards the nascent industry.

Efforts to reduce cryptocurrency volatility as well as the prevention of criminal activity will help to reinstate confidence and foster market stability.

To add to the already dismal market condition, the recent hash wars within the Bitcoin Cash Ecosystem will speed up users exodus from smaller coins to established assets which is less prone to destructive forks, 51% attacks and other vulnerabilities common to the new asset class.

Binance Announces Its First Ever Blockchain Event

According to news outlets one of the world’s largest crypto exchange, Binance has recently announce it first company sponsored conference.

Dubbed as Binance Blockchain Week, it will be held in Singapore sometime in January 2019.

The conference will feature two major event, the first one being the event itself and a first-ever BInance SAFU (Secured Assets for Users) Hackaton.

The latter will focus on the development of blockchain-tools for securing crypto assets.

Binance’s CEO Changpeng Zhao (CZ) reveals that it has chosen to launch its first company conference in Singapore as it is widely considered as the finance and technology Hub of Asia.

He further adds that the conference will feature the most notable players and though leaders in blockchain.

It seems that Binance wants to be a dominant player in the crypto ecosystem not only in the crypto exchange sector but in the cryptocurrency projects as well as it launches its own blockchain which is primarily aimed to help the advancement of the industry.

The announcement before revealing its second preview of its forthcoming decentralized exchange DEX which seems to be an integral part of the Binance Chain initiative.

SEC Delays Bitcoin ETF Decision

The U.S. Securities and Exchange Commission has recently been reported to delay its decision on VanEck’s bitcoin ETF (exchange traded funds) application until February 27, 2019.

The delay was expected as 2018 draws to a close amid the ongoing cryptocurrency bear market.

According to the agency it needed more time to consider the rule change.

The decision to extend its evaluation of VanEck’s application came within hours when the director of digital asst strategy at VanEck, Gobar Gurback, expressed his optimism that a Bitcoin ETF is just around the corner.

However, upon the official announcement we will still have to wait another 3 months before knowing if the initiative will be approved.

Despite the delay Gurback is cautiously optimistic that their Bitcon ETF will be approve saying that all the market structure obstacle, pricing requirements, custody, valuation and safekeeping has already been met by the company.

It seems that 2019 is shaping up to be a very interesting year for cryptocurrencies.

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