TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Facebook alters the original plan for Libra. Geoff Goldberg to sue Twitter over account deletion. Microsoft partners with ConsenSys to build Ethereum-based protocol. Marshall Islands to issue digital currency on top of Algorand. Matrixport aims to get a valuation of $300 million, and BitMEX not authorized to operate in the UK.
Facebook to Alter Original Libra Plans
Facebook is considering a change of its original concept for the Libra project to ease the worries of legislators worldwide, according to people with knowledge of the matter. The new version of Facebook Libra would abandon the idea of having a global stablecoin, and would introduce instead the concept of having a different digital version of something closer to central bank-issued currencies, such as the dollar and the euro. Facebook Libra “has not altered its goal of building a regulatory compliant global payment network, and the basic design principles that support that goal have not been changed,” declared Dante Disparte, head of policy and communication for Facebook Libra.
Geoff Goldberg Sues Twitter Over Account Deletion
Geoff Goldberg, a data analyst, sued Twitter over the deletion of his account that happened when bots reported his account en masse, according to his suit. Goldberg’s account was suspended from the platform last year, and he is seeking payment of up to $50,000 dollars and the reinstatement of his account. Geoff Goldberg is the founder of Elementus, a blockchain analysis firm that has put out reports on several hacks of exchanges like Cryptopia and Coinbene. However, the lawsuit has some interesting claims, including one stating user data is the currency the user pays to use the Twitter platform.
Microsoft Teams With ConsenSys and EY to Build Ethereum-Based Protocol
— ConsenSys (@Consensys) March 4, 2020
Microsoft teamed up with Ethereum software company ConsenSys and accounting firm EY to create an Ethereum-based protocol to tackle planning and relationships between enterprises. The protocol, called Baseline, will deal with enterprise resource planning and will use Ethereum as a source for messaging between distributed systems. It will be open-sourced when ready, and there are other blockchain companies interested in advising the development of this tool, including Splunk, MakerDAO, Chainlink, and AMD.
Marshall Islands Will Build Their Digital Currency on Top of Algorand
The Marshall Islands decided to build their official national digital currency on top of Algorand. The Marshallese Sovereign (as they named the currency) will be the official currency of the nation, helping them to overcome dependence on the US dollar. SFB Technologies, the appointed company for the creation of the currency, elected Algorand, a proof of stake blockchain, to be the currency’s base. SFB technologies co-founder Jim Wagner declared Algorand provides a platform that “has the functionality required to issue, manage and distribute the SOV on a global level.”
Matrixport Aims for a Valuation of $300 Million
Matrixport, a cryptocurrency services provider founded by Jihan Wu, also co-founder of world’s biggest ASIC manufacturer Bitmain, is now aiming to raise $40 million in a new funding round that would net a new valuation of $300 million for the Singapore based startup. The firm, which also offers cryptocurrency lending and OTC sales, has been carving itself a niche in the exchange market, generating at least $7 million dollars since it started operating last year, according to information from a pitch reviewed by Bloomberg.
BitMEX Not Authorized to Operate in UK
The FCA (Financial Conduct Authority), the regulator for more than 58,000 financial institutions and service firms in the UK, issued a warning against BitMEX for not being authorized by the organization to operate in the country. According to the warning, BitMEX “is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.” The FCA explained, “If you use an unauthorised firm, you won’t have access to the Financial Ombudsman Service so you’re unlikely to get your money back if things go wrong.”
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