Paxos’ Precious Metal-Backed Cryptocurrency to Launch This Year, CEO Says

Blockchain trust company Paxos’ digital token backed by precious metals will be launched “definitely this year,” said Paxos CEO, Chad Cascarilla in an interview with Fortune’s Balancing the Ledger on March 11. During the interview, Cascarilla was asked whether Paxos is working on a gold-backed coin, wherein he replied that “it is something we will see definitely this year.” “We are excited about the concept of being able to take a commodity, and I think precious metals are really obvious ones, and gold is probably the most obvious and being…

Overstock’s Blockchain Subsidiary Acquires Stake in Blockchain Banking Platform

Retail giant Overstock.com, Inc.’s blockchain subsidiary, Medici Ventures, has acquired a stake in blockchain banking platform Bankorus, according to a press release published on March 11. Medici Ventures has purchased a 5.1 percent stake in Bankorus, a blockchain banking platform that enables both individuals and institutions to buy, sell, lend and store digital assets. Jonathan Johnson, president of Medici Ventures, said that “the addition of Bankorus to Medici Ventures’ portfolio of companies will further our work in building the foundation of a blockchain-based technology stack for society.” The financial details…

US State of Colorado Passes Crypto Exemptions Bill Into Law

The governor of the State of Colorado, Jared S. Polis has signed the “Colorado Digital Token Act” into law, according to a document published on March 6. The act — which was initially proposed in January and sponsored at the state Senate level by Republican Jack Tate and Democrat Steve Fenberg — provides limited exemptions for securities registration and traders, as well as salesperson licensing requirements for persons dealing in digital tokens. The bill identifies a “digital token” as “a digital unit with specified characteristics, secured through a decentralized ledger…

EU Report Calls for Blockchain Interoperability Standards

A recent report to the European Union made recommendations on how to better develop blockchain technology, including the introduction of interoperability and scalability standards. The report was published by the European Union Blockchain Observatory and Forum on March 6. The report dubbed “Scalability, Interoperability And Sustainability of Blockchains” was prepared by blockchain tech firm ConsenSys on behalf of the European Union Blockchain Observatory and Forum. It provides insight into the current and potential future states of blockchain in Europe, considering the input of different stakeholders and sources. The authors recommend…

Barclays Analyst Predicts Billions in Additional Revenue From ‘Facebook Coin’ by 2021

Facebook’s own cryptocurrency, if launched, could potentially generate $19 billion in additional revenue by 2021, CNBC reports on March 11. Barclays internet analyst Ross Sandler wrote in a client note that a cryptocurrency could establish a new revenue stream for Facebook, aiding its share price that tanked amid a series of high-profile scandals last year. In his forecast, Sandler pointed out that the crypto-based revenue option is something “sorely needed at this stage of the company’s narrative,” stressing that any advertising-free revenue streams are likely to be well-perceived by Facebook’s…

CFTC Requires Trading Platform to Pay $990K for Illegal Bitcoin-Related Transactions

The United States Commodity Futures Trading Commission (CFTC) has announced Monday, March 11, that international securities dealer 1pool Ltd. and its CEO Patrick Brunner must pay a total of $990,000 for illicit Bitcoin (BTC) transactions with U.S. customers. The Marshall Islands-based startup, which was offering BTC-funded security-based swaps, and its owner have been fined for illegally offering BTC-margined retail commodity transactions to U.S. investors. Moreover, the CFTC states that 1pool Ltd. failed to register as a futures commission merchant and did not comply with the required Anti-Money Laundering (AML) procedures.…

Bitcoin Would Survive Recession, But Ethereum Might Crater: Tech VC

Bitcoin would survive a recession, while Ethereum would suffer and Ripple’s XRP would remain unaffected. That’s the prediction of Kyle Chapman, a partner with tech venture capital firm Cosimo Ventures. Chapman wrote in Barron’s that a recession would not hurt bitcoin because it’s decentralized and is mostly independent of the stock market’s cyclical undulations. Fed Chair: Relax, No Recession In 2019 Meanwhile, Federal Reserve chairman Jerome Powell does not believe a U.S. recession will happen anytime soon. Other economists, like Allianz’s Mohamed El-Erian, agree. “The outlook for our economy is…

German Blockchain Strategy Should Include Framework for Crypto Trading, Say Politicians

German parliamentary speakers have argued that the country’s blockchain strategy should include an appropriate legal framework for cryptocurrency trading and token issuance that would encourage the sector’s domestic development. The suggestion was put forward by the Union parties’ finance spokesperson Antje Tillmann and her colleague Matthias Hauer at a public hearing initiated by the Bundestag’s Finance Committee on March 11. The hearing was exclusively devoted to the opportunities that blockchain technology can offer to Germany as a financial and business hub. It centered on the current and desired state of…

Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Binance Coin, Stellar, TRON, Bitcoin SV: Price Analysis, March 11

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Binance CEO Changpeng Zhao recently tweeted that sooner or later, almost everyone will be directly or indirectly connected to cryptocurrencies. This is a strong statement. If proven correct, the market capitalization of the digital currencies will shoot up, well above the current level of…

Will Bitcoin (BTC) Prices “Switch Off” with Binance?

Bitcoin price under pressure Liquidity to take a hit as Binance undergoes maintenance Transactional volumes dropping, average at 7k—data streams from BitFinex Beginning 2 AM UTC, Binance will be under maintenance for eight hours. During that time, Bitcoin (BTC) may come under renewed liquidation that could see it drop towards $3,800. Bitcoin Price Analysis Fundamentals Binance is the world’s largest exchange by adjusted volumes, and, therefore, a leading source of liquidity for crypto assets including BTC. Tomorrow, the exchange plans for a scheduled maintenance that from 2 AM UTC for…