Facebook has reportedly hired Standard Chartered Bank’s head of public affairs Ed Bowles for its cryptocurrency project, the Financial Times reports on June 14. Per the report, Facebook hired the senior bank lobbyist in anticipation of the greater regulatory scrutiny in Europe over its plans to launch its own crypto asset and other financial services to its 2.4 billion users. Bowles will join the company in September, and will reportedly be its London-based director of public policy. Earlier today, news broke that Facebook has allegedly sealed backing from over a dozen firms that include Visa, Mastercard, PayPal and Uber for …

Facebook has allegedly sealed backing from over a dozen firms that include Visa, Mastercard, PayPal and Uber for its soon-to-be-unveiled cryptocurrency project. The news was reported by the Wall Street Journal (WSJ) on June 13. Source ostensibly familiar with the matter told the WSJ that the firms — extending across the finance, e-commerce, venture capital and telecoms industries — have each invested around $10 million in a consortium that will govern Facebook’s forthcoming digital token, dubbed Libra. The WSJ’s sources reiterated details that had previously surfaced in regard to the highly secretive project, notably that the social media giant’s forthcoming …

Over the past few months, it appeared that Telegram has been comfortably leading the clandestine race between major social platforms that have been quietly working on their native crypto tokens, with its Telegram Open Network (TON) making strides toward its October 2019 launch deadline. The latest avalanche of news from Facebook, however, makes this lead look less convincing, as it becomes apparent that the social media giant’s blockchain project is also well underway. After a series of indirect cues suggesting that Facebook’s long-rumored fintech initiative is in motion, a massive breakthrough came with a detailed report from The Information, which …

The former chief technology officer at 20th Century Fox Film Corporation, Hanno Basse, has joined Live Planet as the president of its Decentralized Media Solutions division, according to a press release on June 11. According to the report, Basse is expected to work on the division’s blockchain-based video infrastructure platform, the VideoCoin Network, as well as its virtual reality (VR) streaming and publishing services. Basse has contributed to a number of tech innovations that are now standard in modern media, such as HD, 3D, 4K-UHD Blu-ray Disc format, High Dynamic Range (HDR) technology for consumers and on-demand services, per the …

Coming every Sunday, the Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week Mt. Gox’s Karpeles: “Press Rumors About My Blockchain Plans Are False” Mark Karpeles, the former CEO of long-defunct Japanese cryptocurrency exchange Mt. Gox, denied press claims this week that he is returning to blockchain. Karpeles said that his activities with Tristan Technologies will not involve the cryptocurrency sector, as previously reported, and that the …

Earlier this week, Dutch billionaire John De Mol launched a lawsuit against Facebook over crypto ads using his image without permission. De Mol claims that consumers have lost as much as 1.7 million euros (over $1.9 million) due to the ads, and his reputation was damaged as a result. It is not the first time the California-based media giant is being sued over fake bitcoin ads — and, despite Facebook’s efforts to eliminate the problem, it seems that the issue persists. Brief introduction to Facebook’s relationship with crypto ads In January 2018, Facebook became the first major social media platform …

Multiple sources are expecting Facebook to launch its stablecoin on June 18, IT and fintech magazine TechCrunch reported on June 6. Citing people familiar with the plans, the publication added strength to existing suggestions from both within and outside the company that its secretive cryptocurrency project would appear this month. Previously, rumors had suggested it would be 2020 before Facebook made a commitment to bring its product, which should focus on remittances, to market. “It’s currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics,” TechCrunch states. That date had also come from Laura McCracken, …

More details are now emerging regarding high-level executives for social media giant Facebook’s crypto project, according to a report by CNBC on June 6. According to the report, there are now 100 people known to be working on the crypto project via profiles on professional networking platform LinkedIn. Facebook is also reportedly not done hiring, with over 40 openings still available in the team’s business unit, as per its website listing. The aim of Facebook’s new crypto project, according to advertising on its career descriptions, is to provide a public service centered on accessibility: “Our ultimate goal is to help …

The head of Russian oil company Rosneft has not ruled out the possibility of paying for oil using cryptocurrencies in the future, according to a report by Snob.ru on June 6. Igor Sechin said the industry’s acceptance and awareness of digital assets is beginning to rise as Silicon Valley tech giants including Google, Amazon and Apple begin to explore the oil and gas sector. While he suggested that the stablecoin Facebook is currently developing could one day be used to purchase oil by the barrel, Sechin warned there are some hurdles that cryptocurrencies need to overcome if they are to …

Social media giant Facebook will reportedly announce its cryptocurrency project this month, allowing employees to take part of their salary in the coin, CNBC reports on June 5. Citing a report by The Information, CNBC states that Facebook furthermore plans to cede control of the cryptocurrency to outside parties in order to ensure that the digital asset will not be completely centralized. Third-party organizations will purportedly pay as much as $10 million dollars for the opportunity to act as a node — to validate transactions — on the network for Facebook’s native token. The rumored stablecoin — which will purportedly …

John De Mol, a Dutch billionaire responsible for the local Big Brother and The Voice shows, filed a lawsuit against Facebook over crypto ads using his image without permission, Reuters reports on June 5. Per the report, the ads promoted cryptocurrency scams using Mol’s image, which allegedly damaged his reputation. The ads in question reportedly advertised fake cryptocurrency-related businesses or encouraged users to send money to buy bitcoin (BTC), all while claiming that the projects have Mol’s baking or involvement. According to Reuters, Mol’s lawyers claim that consumers have lost €1.7 million (over $1.9 million) as a consequence of such …

United States regulator the Commodity Futures Trading Commission (CFTC) is in talks with Facebook about its upcoming stablecoin launch, the Financial Times (FT) reported on June 2. Citing chairman J. Christopher Giancarlo, the publication revealed that Facebook is attempting to smooth out the regulatory landscape ahead of the asset, currently dubbed GlobalCoin, allegedly going live next year. “We’re very interested in understanding it better,” the FT quoted Giancarlo as saying, himself adding that at present, no formal request for regulatory clearance had appeared. “We can only act on an application, we don’t have anything in front of us,” he said. …