TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Coronavirus outbreak will delay a China-backed crypto launch. Bank of Canada studies digital currencies as a part of a fallback plan. UFC to put collectibles on the blockchain. Revolut raises $500 million in a recent funding round. London Football Exchange (LFE) admits they are manipulating its token price, and Coinbase presents a coronavirus contingency plan.
Coronavirus Will Delay DCEP’s Launch
The coronavirus epidemic affecting a good part of China will delay the launch of its planned Central Bank Digital Currency, DCEP, according to an article published by Global China Times. “The coronavirus outbreak has led to postponed work resumption in government institutions, including the People’s Bank of China (PBC). Policymakers and research staff involved in the DCEP project are no exception, which weighs on the development process,” said an anonymous source close to the matter. The DCEP currency is still scheduled to be launched later this year, even with the delay.
Bank of Canada Studying Digital Currencies as a Fallback Plan
The Bank of Canada announced it is studying the possibility of issuing a digital currency as a fallback plan for future events, Deputy Governor Tim Lane declared in Montreal. “We need to move forward to work out what a potential CBDC might look like and how it could be managed, if the decision were ever taken to issue one,” he stated. The bank could issue a digital currency in two scenarios: the elimination or restriction of cash usage, and cryptocurrencies like BTC going mainstream. “The Bank would do this as a trusted public institution, creating an official digital currency,” Lane concluded.
UFC to Put Collectibles in the Blockchain
UFC, one of the most popular MMA leagues in the world, partnered with Dapper Labs, the creators of Ethereum-based hit CryptoKitties, to offer digital versions of their fighters on the blockchain to fans who will be able to collect them and trade them. The platform, akin to other ones like that of the NBA, will be using Dapper Labs’ Flow, a technology providing a framework for building blockchain games and digital assets. “We are showing what’s possible when you give an engaged fanbase a real ownership stake in the game they love,” declared Roham Gharegozlou, Dapper Labs CEO.
Revolut Raises $500 Millions In Series D Funding Round
Revolut, a British digital bank with an embedded cryptocurrency wallet and exchange, raised $500 million in a Series D funding round, becoming the most valuable fintech startup in Europe with a value of $5.5 billion. The funding round was led by US investment firm TCV which has backed other successful giants such as Netflix before. The financial app is already partnered with credit card giants Visa and MasterCard, and it’s planning to open their doors in America next year along with expanding in Europe, offering new products to build a “global financial platform,” according to CEO Nik Storonsky.
LFE Manipulates Its Token Price
The London Football Exchange, potential buyers of Perth Glory, an Australian professional soccer team, admitted they were playing with the price of their token, called LFE. In a recording supposedly sent to people associated with the project obtained by journalist Gareth Parker, Jim Aylward, the founder of LFE, states they are “totally manipulating the price, we control about 95 per cent of the token holders.” The London Football Exchange already bid to buy the Nantes FC in France before, but the sale fell through due to the lack of financial credibility of the organization.
Coinbase Presents Coronavirus Contingency Plan
Sharing our internal planning and communications around #coronavirus / COVID-2019 in case helpful to other companies.
— Brian Armstrong (@brian_armstrong) February 25, 2020
Coinbase, the most important US-based cryptocurrency exchange, presented its contingency plan to deal with the outcome of the coronavirus outbreak. The company has a four-phase plan that involves working from home in affected areas, among other measures that intensify as the contagion rate and the number of impact people increase in areas near Coinbase offices. While Coinbase states they “don’t expect to see anything like this in reality,” they “feel that it is reasonable for individuals in locations not yet impacted by the virus to begin some personal contingency planning and preparation.”
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