Report: Uber, PayPal, Visa to Back Facebook’s GlobalCoin Cryptocurrency

Visa, Mastercard, PayPal and Uber are all backing Facebook’s new cryptocurrency, according to a new report.

The Wall Street Journal reported Thursday that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency, a stablecoin that has been developed in secrecy for more than six months. Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency.

Stripe, Booking.com and MercadoLibre are part of the project, according to the Journal, though the report does not specify what their roles are. Source: Coindesk

Binance to Open US-Based Division With FinCEN Approved Partner

Major cryptocurrency exchange Binance is establishing a United States-based division with a  Financial Crimes Enforcement Network (FinCEN) approved partner, according to a press release shared with Cointelegrpah on June 13.

Binance is reportedly forming a new trading platform targeting U.S.-based clients dubbed Binance US, with a company called BAM Trading Services. BAM will be the operator of Binance US, using Binance’s wallet and matching engine products. Source: Cointelegraph

Italy’s Terrifying Currency Scheme is Insanely Bullish for Bitcoin

By CCN Markets: The Italian government is mulling the decision to issue a “parallel currency” in a move that could plunge the eurozone into crisis – and provide the best case yet for mass bitcoin adoption.

In the same week, the Italian deputy prime minister proposed a tax grab on cash and valuables stored in safety deposit boxes.

These crisis policies expose deep cracks in the fiat monetary system. The move prompted money historian Rebecca L. Spang to call for a new foundation of money. “The time has come for a new, more equitable, version of money.” While she doesn’t refer to cryptocurrency directly, the Italian crisis does build a compelling argument for bitcoin. Source: CCN

Daps Coin Reveals Development Partnership With The Arcadia Group

DAPS Coin recently completed two successful testnets and was on display at Consensus 2019 in New York City. The project announced that they were the first privacy coin to implement RingCT, Ring Signatures and Bulletproofs with Masternodes and Staking on a hybrid PoW-PoS-PoA chain.

This is a big accomplishment and the project is aiming to launch mainnet in Q3 after a code audit has been completed. Source: Bitcoinist.com