The Committee on Banking, Housing, and Urban Affairs of the United States Senate is seeking information on Facebook’s reported cryptocurrency project. The committee addressed its concerns to Facebook founder and CEO Mark Zuckerberg in a letter on May 9. In a series of questions, the Senate highlights certain aspects of consumer protection, asking Zuckerberg how the company plans to protect consumer financial information. The committee also asks Zuckerberg whether Facebook shares or sells consumer information with unaffiliated third parties. The social media giant become embroiled in controversy last year, when it became the subject of several scandals surrounding user data …

Social networking giant Facebook is hiring PayPal staff ahead of its alleged cryptocurrency launch, Bloomberg reported on May 8. Facebook, which has courted rumors over its planned entry into blockchain and payments for around a year, could launch its own token as soon as Q3 2019, anonymous sources told the publication. The company began hiring for a dedicated blockchain team last year, under the auspices of David Marcus, himself a former president of PayPal. Now, around 20% of the team’s 50 members come from the payments platform, a situation reminiscent of the so-called “PayPal Mafia” executive group of the early …

Facebook’s potential expansion into crypto has been widely discussed in the past few months. Although the social media giant has not confirmed anything beyond having a blockchain department, new details about its digital token project continue to surface. Most recently, the Wall Street Journal (WSJ) reported that Facebook is talking to major payment networks Visa and MasterCard to raise a $1 billion for its crypto project, which reportedly entails a stablecoin along with a crypto-powered online payments system. Brief history of Facebook’s secretive crypto project Facebook has been rumored to be involved with cryptocurrencies for at least a year now. …

Ads pertaining to blockchain tech, industry news, as well as events and educational materials for cryptocurrencies can now be displayed on Facebook without prior approval. The social media giant announced the development on Facebook Business on May 8. This marks a change from last year, when Facebook implemented a policy that required crypto and blockchain promoters to get prior consent before they could run advertisements. The press release goes on to specify that this change will not apply to advertisements that seek to promote a particular cryptocurrency, and ads for initial coin offerings (ICOs) remain forbidden. The stated purpose of …

Blockchain Capital partner Spencer Bogart claimed that the crypto endeavors of social media giant Facebook could result in the cryptocurrency user base doubling or tripling. Bogart made his remarks during an interview with Bloomberg published on May 8. In the interview, Bogart confirmed that he thinks Facebook Coin — whether it will be a stablecoin or a different kind of crypto asset — will act as a stepping stone, introducing the masses to the idea of cryptocurrencies. He explained that once people own Facebook Coin: “It’s like being on the internet; so people can spin out and they can start …

Social media giant Facebook acquired the rights to the “Libra” trademark for its secretive cryptocurrency project, crypto news website The Block reported on May 3. The Block claims that a source familiar with the matter confirmed that Facebook is recruiting financial firms to develop its own crypto and that the project’s codename and product name is Libra. Moreover, documents released by the United States Patent and Trademark Office and filed in June 2018 reveal that the company has evidently acquired the rights to the “Libra” trademark. More precisely, while the owner of the filing is a limited liability company that …

Massachusetts Institute of Technology professor Christian Catalini is on leave and working on the development of Facebook coin, cryptocurrency news Coindesk reported on May 3. Per the report, two anonymous sources with knowledge of the situation told Coindesk about Catalini’s collaboration with Facebook. Catalini — the Theodore T. Miller Career Development Professor at MIT — is reportedly one of the more prominent researchers in the field of token economics. He recently co-authored a report with University of Toronto professor Joshua Gans on initial coin offerings and the value of tokens. Earlier this week, news broke that social media giant Facebook …

The Central Bank of Myanmar has urged consumers to stop trading cryptocurrencies amid fears that inexperienced users could lose money, Southeast Asian news outlet The Irrawaddy reported on May 3. In a statement obtained by the website, the central bank said it had received reports of several scams targeting those who lack understanding about virtual currencies. Authorities in Myanmar, also known as Burma, say the likes of bitcoin (BTC,) ether (ETH) and litecoin (LTC) are being traded in the country through Facebook profiles as well as websites. According to the report, the central bank has stressed that the use of …

Social media giant Facebook is seeking investments worth $1 billion for its rumored cryptocurrency stablecoin, the Wall Street Journal (WSJ) reported on May 3. Citing people familiar with the plans, the publication revealed Facebook was currently talking to major payment networks Visa and MasterCard about potential support, along with payment processor First Data Corp. The cryptocurrency project, dubbed “FB Coin,” has fuelled rumors for around a year that Facebook wants to provide in-house payments to users. As more information trickles down to the outside, it appears various options are under consideration by executives, including payments via a user’s Facebook profile. …

A New Zealand church accused of colluding with a cryptocurrency Ponzi scheme in targeting the congregation, has denied knowingly participating in illegal activity in a Facebook statement on May 2. The Samoan Independent Seventh Day Adventist Church (SISDAC) is one of two places of worship accused of having links to OneCoin, which raised hundreds of millions of dollars worldwide by luring investors with the promise of huge returns. According to RadioNZ, the scam specifically targeted New Zealand’s Samoan community — with OneCoin workers using SISDAC and the Samoa Worship Center “to reach a vast network of would-be investors.” One woman …

Can stablecoins achieve true decentralization? Certain providers believe they have struck a compromise. Some stablecoin advocates are concerned that pegging a cryptocurrency directly to the U.S. dollar means that it must inevitably have ties to the U.S. banking system. This means that they have to rely on a centralized infrastructure — something Satoshi Nakamoto wanted to avoid when he set out his vision more than a decade ago. Equilibrium says it has managed to address this pitfall by ensuring that its stablecoin, EOSDT, is overcollateralized above 170 percent. This is achieved by ensuring that one unit of EOSDT is equal …

A New York startup founded by a group of Facebook veterans has launched an ether (ETH)-powered mobile social app that supports the creation and trading of unique digital collectibles. The news was revealed in a press release shared with Cointelegraph on April 30. The startup, dubbed “Editional,” has reportedly sealed a $1.5 million seed round with backing from high-profile crypto investors that include ConsenSys Ventures, Digital Currency Group and CoinFund, the press release states. The consumer-grade Editional blockchain app — set to go live on the iTunes store for iOS devices on April 30 — allows users to upload their …