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Libra Association Sets Up Five Member Oversight Committee

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The Libra Association, the non-profit organization overseeing Libra, has established a five-member Technical Steering Committee (TSC) to oversee and coordinate the technical design and development of the Libra network.

The responsibilities of the TSC are to direct the technical roadmap of the Libra network, form working groups to fast track research into specific issues, guide codebase development, and build a healthy and engaged community of developers. The association has said that the establishment of the oversight committee is an important step forward in realizing its vision of a self-governing and independent network.

A statement from The Libra Association yesterday said, “As a project rooted in technological innovation, technical stewardship is a significant component of self-governance for the Libra project. In Q1 2020, the TSC will publish its technical governance framework and associated documents. This will include the process by which the open source community can propose technical changes to the network and a transparent process for evaluating those proposals.”

The five members making up the TSC include Joe Lallouz, CEO and founder of industry-leading blockchain infrastructure Bison Trails; Nick Grossman, a partner at venture capital firm Union Square Ventures; and Diogo Monica, co-founder and President of digital asset custodian Anchorage. They will be joined by the Libra core product lead at Calibra, George Cabrera, who oversaw the technical integration of both Instagram and WhatsApp into Facebook (NASDAQ:FB). Ric Shreeves is the final member, who currently serves as Director of Emerging Technology at Mercy Corps.

>> Gemini Launches Crypto Insurance Company with $200 Million Coverage

Libra was first announced last June as an effort to bank the unbanked and provide low-fee money transfers across the globe. However, the project was met with heavy resistance from regulators on both sides of the Atlantic, most of whom opposed Facebook’s leading of the project, given the social media giant’s poor record of data breaches and mishandling of user information. Many also viewed Libra as a potential threat to the economic sovereignty of nations. That resistance has led to Libra’s launch date being delayed indefinitely.

Featured Image: DepositPhotos © BiancoBlue

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Ripple-backed Tranglo Working on Something to Stir Up Fintech and Payment Industry

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Founded back in 2008, Tranglo has grown to an international payment processing company with 1,300 payout partners.

Tranglo, Asia’s leading cross-border payment hub, has announced it has a new exciting feature in the pipeline that will transform the payment and the fintech industry. Through a Twitter post, Tranglo noted that the upcoming release will feature XRP. Furthermore, Ripple acquired a 40 percent stake in the company earlier this year.

Tranglo and Its FinTech Activity

Founded back in 2008, Tranglo has grown to an international payment processing company with 1,300 payout partners. According to the company through its website, it has processed over 20 million transactions of about $4 billion.

As with Ripple, Tranglo is working towards making cross-border transactions faster, cheaper, and more secure. Notably, the firm has previously announced that it will power the cross-border payments of OmiPay across its global network.

According to the partnership details, OmiPay will gain access to Tranglo’s vast network of payment capabilities and vice versa.

“This partnership will fast-track OmiPay’s competitiveness and provide our Australian customers with access to new, innovative payment and e-wallet solutions. We also look forward to working with Tranglo on a simple and cost-effective way for international students in Southeast Asia to pay their Australian tuition fees,” OmiPay Head of Partnership William Guo said on Tranglo.

The announcement of an upcoming feature by Tranglo on Twitter has attracted notable XRP community attention. As of reporting time, the announcement tweet has over 3,300 likes and 1,130 retweets.

However, with very limited information to work with, only time can reveal what there is in store for the fintech and payment industry.

The company is already available in 130 countries as of 2019 according to the company. Currently, Ripple is on the verge of losing MoneyGram’s partnership due to the ongoing class-action lawsuit by the US SEC. Moreover, Stellar Foundation has shown interest in acquiring MoneyGram, thus making Ripple’s stake in Tranglo very critical for on-demand success.

In the bigger picture, Ripple is winning the cross-border payment outside the United States.

Tranglo prides itself in partnerships ranging from Alipay, AIS, WeChatPay, BFC Exchange, Brastel among others.

Ripple’s XRP token was trading around $0.597790 at the time of reporting and remains an important integral part of the company’s partnerships.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”





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Goldman Sachs Clearing and Settling Crypto ETPs for European Clients

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The decision by Goldman Sachs to deal with ETPs comes following a recent survey that involved over 150 family offices that the bank does business with.

Goldman Sachs is now settling and clearing crypto-linked Exchange Traded Products (ETPs) for its European hedge fund clients. It has been revealed by sources familiar with the matter.

The bank’s prime brokerage unit is initially only offering the service to an exclusive group of clients, reveal the sources. The bank’s possibility of rolling out the service to a broader client pool is still under review.

ETPs track the performance of investments like stocks, bonds and currencies. Crypto ETPs enable clients to invest in crypto without trading in the cryptocurrency associated with them. As the name suggests, they are traded on an exchange like the better known Exchange Traded Funds (ETFs). They have recently been gaining popularity.

ETC Group, the self-proclaimed “bridge between crypto and regulated markets” introduced the first Bitcoin ETP in the United Kingdom on the Aquis Exchange of London. Other exchanges, such as Switzerland’s SIX Exchange and Germany’s Deutsche Boerse have seen a rising number of crypto ETPs being listed.

The adoption of cryptocurrencies by major financial institutions does not stop there. The Bank of America earlier this week revealed that it would be clearing and settling crypto ETPs for hedge funds. This, after last week’s announcement that they would be trading Bitcoin features for select client’s and had started clearing cash-settled contracts. Also, BNY Mellon announced this week that it was joining State Street and four other banks in backing crypto trading platform Pure Digital.

Global Head of Foreign Exchange at the bank Jason Vitale had this to say:

“Digital assets are only going to become more embedded in global markets in the years ahead, and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle.”

The decision by Goldman Sachs to deal with ETPs comes following a recent survey that involved over 150 family offices that the bank does business with. According to the survey, 15 percent revealed that they had already invested in crypto. 45 percent of respondents said they would consider investing in crypto as a hedge against “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”

Meana Flynn, Global Co-Head of Goldman Sachs Private Wealth Management said that a large number of family offices wanted to consult with the bank on ‘blockchain and digital ledger technology’. She revealed that some believed,  from a purely efficiency and productivity point of view, that blockchain technology would be as impactful as the internet has been.

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Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.



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BlockFi Formulates Plans to Go Public Despite Growing Regulatory Intervention

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BlockFi has been focusing its efforts to go public long before the regulations grew deep.

The documents circulated in the media have given an edge to the growing speculation highlighting the intention of BlockFi to go public in the next 12-18 months. The documents are also suggesting that the company will be closing a Series E funding round which will further make the company valuation reach a striking figure of $4.75 billion.

BlockFi was recently embroiled in an alleged security violation that had made the company suspend the acceptance of new user payment accounts. Despite growing speculation and BIS regulations, the company is still vying to seek a stable spot and go public in the next 12-18 months.

BlockFi Intends All Set to Go Public

Amidst such regulatory issues, the company is still striving for a public spot and is accelerating its operations to accomplish the task at hand. According to the documents circulated in the media, the company is closing a series E funding round valued at $500 billion. The funding round is headed by leading names such as Hedesophia and Daniel Loeb’s Third Point LLC. According to CoinDesk, other participants also include Tiger Global and Bain Capitals.

BlockFi has been focusing its efforts to go public long before the regulations grew deep. The company was once hoping to get a public spot in the second half of 2021, which was delayed and now appears to be progressive again in the middle of regulations imposed by Texas, Alabama, and New Jersey.

BlockFi was entangled in a state security regulatory case where the company was charged with allegations stating its participation in the unauthorized sale of securities. Texas finance officials were quick to notify the company of such alleged actions. Following the identical course, BlockFi received similar complaints against unauthorized BIA from New Jersey and Alabama which compelled the firm to postpone their decision of going public amidst such rising claims and statements.

BlockFi’s CEO Zac Prince however had confirmed through his tweets that the company will be cooperating with the legal proceedings imposed by the Bureau of Securities of the associated states and will have dialogues with regulators to establish a peaceful settlement. A set of documents that were disclosed to the media outlets have added a surge in speculation stating that the company might go public in the next 12-18 months. BlockFi was approached to comment on the matter concerning its intent to go public but the company has refused to issue any statement.

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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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