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Coinbase tested facial recognition software developed by controversial startup Clearview AI

More than two thousand companies have tested or used facial recognition software developed by Clearview AI – a list that includes crypto exchange firm Coinbase – according to a new report. BuzzFeed reviewed the startup’s internal documents and published its findings on Friday, revealing that more than 2,200 companies, public sector entities, and individuals have made […]
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Feb 28, 2020, 6:48PM UTC

Vodafone becomes latest company to quit the Libra Association

British telecommunications company Vodafone has dropped out of the Libra Association, according to a report from CoinDesk. The firm’s move follows similar decisions by PayPal, Mastercard, Visa, among others, to withdraw from Facebook’s stablecoin project. A Vodafone spokesperson said that the company has decided to focus on developing its own products to bring affordable financial […]
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Jan 21, 2020, 9:33PM UTC

Australia could regulate Facebook-led Libra project

The Australian Prudential Regulation Authority (APRA), one of the country’s top financial regulators, has said that it could “potentially” regulate the Facebook-led Libra stablecoin project. In an official submission to a Senate inquiry on fintech, published Monday, APRA said it has proposed a new regulatory framework that would allow it to oversee wallets that are […]
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Jan 21, 2020, 11:52AM UTC

Libra Association forms 5-member committee to oversee technical development of the project

The Libra Association has set up a 5-member “Technical Steering Committee” to oversee the development of the stablecoin project. The five members are – Anchorage co-founder Diogo Monica, Calibra core product lead George Cabrera III, Bison Trails founder and CEO Joe Lallouz, Union Square Ventures partner Nick Grossman and Mercy Corps emerging technology director Ric […]
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Jan 17, 2020, 11:20AM UTC

Facebook’s Calibra seeking two marketing veterans to reach 'billions of people'

Facebook’s blockchain subsidiary, Calibra, is hiring two marketing veterans to help reach “billions of people” for its upcoming stablecoin Libra. According to job postings on its website, Facebook is hiring a head of brand and a head of media, digital marketing and community for Calibra. Both positions require ideal candidates to have at least 15 […]
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Jan 7, 2020, 1:40PM UTC

Swiss president: The current form of Facebook's Libra has 'failed'

Facebook’s Libra stablecoin has failed in its current form, according to Swiss president Ueli Maurer. In an interview with Swiss broadcaster SRF, Maurer stated that Libra does not have a chance of being successful “because the basket of currencies that is deposited in this currency is not accepted by the national [central] banks.” “The project […]
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Dec 27, 2019, 6:55PM UTC

Fed's Brainard: Stablecoins like Libra could 'put consumers at risk' without safeguards

U.S. Federal Reserve Governor Lael Brainard said on Wednesday that Facebook’s proposed cryptocurrency Libra must overcome “a core set of legal and regulatory challenges” before it can be launched as a global stablecoin.  According to Brainard’s draft remarks for a Frankfurt conference, stablecoins issued on a smaller scale –including Gemini and Paxos, among others – […]
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Dec 18, 2019, 5:18PM UTC

New bipartisan bill would classify 'managed stablecoins' as securities

Facebook’s Libra, along with many other stablecoins, could be classified as securities and subject to increased regulatory scrutiny if a group of lawmakers get their way. Two members of the House Financial Services Committee, U.S. Reps. Sylvia Garcia (D-Texas) and Lance Gooden (R-Texas), on Thursday introduced new legislation called the “Managed Stablecoins are Securities Act […]
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Nov 21, 2019, 8:21PM UTC

PayPal CEO claims he wasn't "spooked" by regulatory scrutiny when he withdrew from Facebook's Libra

When PayPal walked away from Facebook’s Libra Project on October 4, four other founding members—Visa, Mastercard, eBay, Stripe, and Mercado Pago—followed its lead and pulled out from the association the following week, leaving PayU as the only payment processor still committed to the project. In a Wednesday interview with Fortune, PayPal CEO Dan Schulman explained […]
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Nov 21, 2019, 12:54AM UTC

Bison Trails, a Libra Association member, raises $25.5M Series A to expand its blockchain infrastructure offerings

Blockchain infrastructure-as-a-service provider Bison Trails, which is also a member of the Libra Association, has just raised $25.5 million in Series A funding to expand its offerings. The round was led by Blockchain Capital, with participation from Silicon Valley venture firm Kleiner Perkins, Coinbase, Consensys and Galaxy Digital, among several others. Joe Lallouz, CEO of […]
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Nov 19, 2019, 2:00PM UTC

US Fed admits Libra has potential to ‘rapidly’ achieve mass adoption

The U.S. Federal Reserve, the country’s central bank, has said that stablecoin projects such as Facebook-led Libra could become a “new medium of exchange” if properly designed and regulated. Libra like global stablecoin initiatives “have the potential to rapidly achieve widespread adoption,” said the central bank in its latest Financial Stability Report published Friday. However, […]
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Nov 18, 2019, 12:00PM UTC

Facebook's Libra testnet has logged over 51,000 transactions, deployed 34 projects

The Libra Association released on Friday a developer update, saying that Facebook’s cryptocurrency project has been running for “five months and growing strong.”   In a blog post, Libra Association developer Michael Engle said that the Libra testnet has registered more than 51,000 transactions since it was reset in September. Developers have also developed 34 projects […]
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Nov 16, 2019, 5:24PM UTC

Stripe CEO Patrick Collison ‘very skeptical’ about cryptocurrencies

Patrick Collison, co-founder and CEO of payment processing firm Stripe, is not sure if cryptocurrencies have a future. “I’m very skeptical of anyone who’s adamant that crypto’s gonna work,” Collison said at the WIRED25 conference in San Francisco on Friday. Cryptocurrency is currently not part of Stripe’s business model, but Collison said companies should try […]
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Nov 11, 2019, 11:51AM UTC

Stablecoins, including Facebook-led Libra, could come under securities rules, says global watchdog

The International Organization of Securities Commissions (IOSCO), a global securities watchdog, has said that stablecoin proposals and initiatives, such as the Facebook-led Libra project, could come under some existing securities market regulations. In a statement published Monday, Spain-headquartered IOSCO said that given the potential benefits and risks of stablecoins, a case-by-case approach is needed to […]
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Nov 5, 2019, 9:26AM UTC