TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Apple Pay watches crypto. Binance launches BUSD stablecoin. Facebook adds more lobbyists for Libra. CoinFLEX bests BitMEX. Tether co-founder negates asset’s backing importance, and the US government is testing blockchain to secure the country’s electrical grid.
Apple Pay is “Watching Cryptocurrency”
Apple Pay, a division of the multi-billion dollar company, recently clarified its take about cryptocurrencies. While they have not adopted cryptocurrencies in any way, and their Apple Pay service doesn’t support crypto payments, Apple Pay VP Jennifer Bailey declared they were “watching cryptocurrency.” Bailey also stated, “We think it’s interesting. We think it has interesting long-term potential,” during a private CNN event in San Francisco part of a series called The Table.
Binance Launches Own US Stablecoin, BUSD
Binance, the world biggest cryptocurrency exchange, is releasing its own native stablecoin pegged to the US dollar. The currency, called BUSD (Binance USD) will be pegged to the US dollar just like Tether and other similar cryptocurrencies. The currency will be built on top of the Ethereum network as an ERC20 token, thought it might migrate to their own Binance Chain later. Paxos, another stablecoin company, will serve as the coin’s issuer and custodian offiat funds associated with the peg. BUSD will be available later this month.
Facebook Adds More Lobbyists for Libra
Facebook is trying hard to get its cryptocurrency project a little love from regulators, adding two more lobbyists. According to Bloomberg, two new lobbyists were revealed to work for the social network company’s coin project, William Hollier, president of Hollier Associates LLC, and Michael Williams of the Williams Group. With them, six companies are actively lobbying for Libra, making it very clear Facebook is not cutting expenses to get their project approved.
CoinFLEX Taker-Driving Futures Volumes Surpass BitMEX, Deribit for September
We studied. We improved. We waited. Taker Driven Mining triumphs over all previous models.@CoinFLEXdotcom has now surpassed @BitMEXdotcom and @DeribitExchange in Sept Futures volume. Next step is overtaking the Perpetual contracts in the month of December. #Flippening https://t.co/rHkIL1gr5v
— Mark Lamb 💪 (@MarkDavidLamb) September 5, 2019
CoinFLEX, a cryptocurrency exchange registered in Seychelles, offering BTC, Bitcoin Cash, Tether, and Ethereum physically settled futures, reached a volume milestone. Mark Lamb, CEO of the company, informed via his Twitter account they have surpassed BitMEX and Deribit, two established cryptocurrency exchanges, in a segment of futures contract volume during September.
Tether Co-Founder States Backing of the Currency is Irrelevant to Value
A co-founder of Tether says it doesn't really matter if the stablecoin is backed by exactly the right number of dollars if investors believe each coin to be worth $1. https://t.co/i3jMCOhpld @bloombergradio @ptsweeney
— Lisa Abramowicz (@lisaabramowicz1) September 5, 2019
William Quigley, co-founder of Tether, declared value of the tether peg is not as important as the sentiment behind the currency itself. During an interview with Bloomberg, talking about Libra and blockchain, Quigley insisted “whether or not Tether was backed by a dollar, it would not matter if everybody agreed to take Tether and value it at a dollar themselves.”
US Testing Blockchain to Secure Power Grid
The US Energy Department is funding a test of a system that would identify IoT-enabled devices to detect if they are infected with some kind of malware to exclude them from the grid. Backed by $200,000 of funding, the Factom blockchain will be used by TFA Labs to record and monitor the state of devices and detect if they were tampered with. The startup will build a working prototype by March, and if successful it could manage more than $1 million in funding from the Energy Dept.
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