In this crypto digest you will find our all about the good news that served as a catalyst for the new annual Bitcoin maximum. Crypto market capitalization has increased: at the time of writing, it amounted to $272 billion. Yesterday, major exchanges with confirmed trading volumes have processed trades to a total of $2 billion. At the same time, global daily trading volumes in the international gold market were at $1.2 billion.
In this article, we will take a look at some potential reasons for this dramatic growth. Some of them include: addition of cryptocurrencies to the preinstalled Samsung Pay wallet, Facebook’s cryptocurrency project announcement, Yahoo crypto exchange, news about testing of the TON blockchain platform. Anyway, let’s start from the beginning.
Facebook shares more details on crypto project
The long-awaited details on Zuckerberg’s crypto project have been revealed to BBC — journalists from the publication have announced that Facebook will launch their own cryptocurrency called GlobalCoin in the first quarter of 2020. Users will be able to make payments and transfers without a bank account using this currency. Testing will start in Q4 of 2019. It will launch in only a few countries.
Another reputable publication, The Financial Times, mentioned that the currency will be a stablecoin, with its price linked to the dollar. It will have high liquidity, and traders will be able to purchase it at major exchanges. Sources say that Facebook has already started negotiating with major high-volume trading platforms in Chicago – Jump and DRW. Both companies refused to comment: Facebook has asked all participants to sign non-disclosure agreements. The same sources at the Financial Times announced that Facebook has already connected with two major exchanges: Gemini and Coinbase.
Samsung prepares cryptocurrency integration in their wallet
According to major South Korean publication Business Korea, Samsung Electronics is preparing cryptocurrency integration in Samsung Pay. This is a big step towards cryptocurrency adoption: today, 80% of the regular payment market is covered by Samsung Pay. According to industry tracker WiseApp, Samsung Pay was the most popular financial app of 2018, with 10.4 million users.
The payment solution is popular outside South Korea as well: the platform has a lot of users around the world. Samsung Pay offers a convenient app that can be used to pay in POS terminals in regular points of sale, just by passing your smartphone above them.
Yahoo to launch crypto exchange by end of May
On May 30, Yahoo will launch their own cryptocurrency exchange. The platform shared this news on Twitter:
— TAOTAO (@taotao_ex) 27 мая 2019 г.
At the first stage, Bitcoin and Ethereum trading will be available. Afterwards, clients will get access to marginal pair trading with Litecoin, XRP and Bitcoin Cash. To launch their crypto platform, Yahoo Japan acquired 40% of the shares of Tokyo exchange BitARG, which will serve as a basis for the Yahoo crypto exchange. The transaction amount was near 2 billion yen (over $18 million).
Yahoo is not the first major corporation to launch their own cryptocurrency trading platform. For example, retail giant Rakuten – owner of Viber messenger – launched registration for potential users of their future crypto exchange in April. The platform launch is set for July.
Telegram Open Network platform prepares for open testing
Representatives from the messenger have confirmed that the TON (Telegram Open Network) blockchain platform is successfully testing and preparing for launch in Q3. Project investors have received an e-mail on the topic. Here are the main points:
- ‘We intend to launch the platform in ‘fighting’ mode in the third quarter of 2019. The exact date depends on the results of the tests’;
- Independent teams started testing TON in the end of March. The platform passed 2 important tests: fault tolerance under incorrect and fraudulent activity (Byzantine consensus algorithm)and transaction and smart contract processing at individual nodes in the network;
- TON has also shared specifications on the transaction management programming language with developers. It’s called Fift.
By the way, this is the first official news about the progress made on TON. In early April, several publications announced that Telegram had started privately testing TON, with only a limited number of companies gaining access to the process.
It should be reminded that during the sales of GRAM tokens, Telegram has made $1.7 billion. People who believe in the TON business model include Russian millionaires Yuri Milner and Roman Abramovich, as well as major Silicon Valley funds Kleiner Perkins Caufield & Byers, Benchmark and Sequoia Capital. A crucial distinction of the Telegram ICO lies in the fact that investors will get their money back if the platform is not launched by October 31, 2019.