#CryptoCorner: Visa (NYSE: $V) and Mastercard (NYSE: $MA) Reluctant to Defend Libra?, FINMA Open to Libra (Nasdaq: $FB) Despite #Crypto Misgivings
Point Roberts, WA, Delta BC October 2, 2019 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.
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October 2 Crypto Corner
Libra backer Visa (NYSE:V), Mastercard (NYSE:MA), and others are reconsidering their involvement with the project following regulatory backlash in the U.S. and Europe, according to a report from The Wall Street Journal. The article argues that Libra project members are reluctant to defend the heavily scrutinized project for fear of being similarly probed in the future. This leaves Facebook (NasdaqGS:FB) alone in defending the digital payments project. Head of Calibra, David Marcus, tweeted his response to the WSJ in a thread:
1) official 1st wave of Libra Association members will be formalized in the weeks to come;
2) change of this magnitude is hard and requires courage + it will be a long journey. For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else;
3) The part of this article suggesting we weren't on top of, or didn't share detailed information about how to secure Libra and protect the network against illegal activity is categorically untrue; (worth calling BS)
4) The tone of some of this reporting suggests angst, etc... I can tell you that we're very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront.
In better news for Libra, Reuters reports that Mark Branson, the CEO of the Swiss Financial Market Supervisory Authority (FINMA), though leery of crypto, is open to the idea of Facebook’s digital currency project. With regard to Libra, Branson said:
“We are not here to make such projects impossible. We will respond to them with an open mind, with an attitude that same risks require same rules. Our rules and standards are non-negotiable.”
Corporate services firm Broadridge Financial Solutions, Inc. (NYSE:BR) will be able to offer post-trade services for cryptocurrency following its acquisition of fintech company Shadow Financial Systems. Michael Alexander, co-head of North American Wealth and Capital Markets Solutions for Broadridge, commented:
"The acquisition of Shadow Financial Systems is the latest example of Broadridge building upon our industry leading capital markets solutions. We look forward to bringing real benefits to a new set of market participants as well as new capabilities to our existing client base."
CoinDesk reports that Ripple’s Xpring will launch a platform to facilitate fiat and cryptocurrency payments integration into any application for developers. The platform will allow programmers to integrate XRP apps in multiple programming languages and includes a variety of new tools for working on both XRP and Ripple’s Interledger Protocol (ILP). Xpring senior vice president Ethan Beard explained the impetus of the project to CoinDesk:
“While blockchain and cryptocurrency can be transformative for how payments work, what we’ve learned in the last year is that working with these new technologies is quite difficult as well. That creates a barrier for developers to adopt these technologies.”
Sam Mowers, Investorideas
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