Crypto Prediction Markets Face Competition From Facebook ‘Forecasts’

Crypto Prediction Markets Face Competition From Facebook ‘Forecasts’

Facebook’s Forecast app has been launched in beta even as the blockchain-based Augur platform readies for its v2 revamp.

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Facebook’s research and development engineers have launched a community platform built around predictions, encroaching on the territory of the emerging crypto-powered predictive market sector.

Dubbed ‘Forecast’, Facebook’s new iOS app polls users on a variety of forward-facing issues, with respondents using in-app points to access surveys on the platform. Survey results will be made publicly available via the Forecast website.

Facebook launches COVID-19 predictions

The app is currently only available to invited users based in the United States and Canada while the platform is in beta testing. Prior to its invite-only beta launch on June 23, Forecast was tested internally by Facebook employees.

The beta launch has seen representatives of the health, academic, and research communities invited to contribute predictions concerning the COVID-19 pandemic.

Crypto prediction platforms may face stiff competition

If Facebook were to integrate Forecast with its Libra stablecoin, the platform would offer a robust infrastructure for predictive markets.

While decentralized prediction markets are still in their infancy, Augur’s (REP) imminent v2 transition is expected to offer a powerful platform for decentralized betting markets ahead of the U.S. election in November.

Describing v1 as a “functional beta,” Augur states that the v2 overhaul will see the integration of MakerDAO’s DAI and 0x (ZRX) as settlement currencies, mobile-focused user-interfaces, fiat on-ramps, and the launch of an off-chain scaling solution, among other upgrades.

In recent months, Waves has also used its exchange platform to host several predictive markets concerning the coronavirus pandemic.

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Facebook’s Forecast app has been launched in beta even as the blockchain-based Augur platform readies for its v2 revamp.

Binance Futures Hosts Trading Competition With Prize Pool Worth $1M

Binance Futures Hosts Trading Competition With Prize Pool Worth $1M

Cryptocurrency exchange will host a contest that offers a total prize pool in BNB tokens to their participants

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Cryptocurrency exchange Binance announced on March 25 that it will be hosting a trading tournament where participants could compete in teams and win a prize pool of up to $1 million in BNB tokens.

According to the announcement, the tournament will take place between April 10 and April 25, and will take place in two ways: daily ROI and overall USDT team profit tournaments.

Binance explains that all teams that trade in perpetual contracts on Binance Futures during the competition period will be ranked based on the total USDT profit of the team, which corresponds to the sum of the top 10 individual results within the team.

Team trading’s conditions

The exchange adds more details on how the total $ 1M prize pool in BNB tokens will be split: First place will receive 30% of the total reward. Second and third place will each get 20% of the total reward. Fourth to tenth place will split the remaining 40%.

Among other conditions, Binance says that the distribution of the rewards within each team will be made on the basis that each team leader will receive 30% of their team’s total reward.

The top 10 individual USDT profit contributors will receive the 20% divided equally, while the other team members will receive the remaining 50% equally.

Popularity bonus to be awarded

Binance clarifies that team members must register for the competitions between March 26 to April 10, further explaining that there will be no changes after the registration period has elapsed.

Besides, a “bonus popularity” award of USD 5,000 in BNB tokens will be awarded to that leader with the largest team.

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Cryptocurrency exchange will host a contest that offers a total prize pool in BNB tokens to their participants

Domino’s Pizza Launches $100K Bitcoin Prize Competition in France

Domino’s Pizza Launches $100K Bitcoin Prize Competition in France

Domino’s Pizza France launches ordering competition with a prize of $110,000 in Bitcoin or euro

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The French unit of Domino’s Pizza launched an ordering competition with a prize of $110,000 in Bitcoin (BTC) or cash.

Game is active from Sept. 4 till Oct. 6

According to a company’s tweet on Sept. 6, Domino’s Pizza France initiated the 100,000 euro give away on the occasion of its 30th anniversary. 

Started on Sept. 4, the contest will allow buyers to participate in games while ordering pizzas from Domino’s until Oct. 2, while purchase registration will be available till Oct. 6, according to the campaign’s website.

As noted in the competition rules, the amount awarded in Bitcoin will have a value of 100,000 euro calculated according to the exchange rate on the day of purchase of Bitcoin by the organizer of the game if the winner picks BTC. 

Eventually, Domino’s Pizza plans to transfer the Bitcoin prize to the winner’s wallet on Dec. 16, 2019, according to the rules.

Earlier blockchain-related initiatives

Domino’s Pizza is not new to blockchain and cryptocurrency space though. In May 2019, the Singapore and Malaysia division of Domino’s Pizza teamed up with Dutch blockchain firm SingularityNET to deploy its blockchain-enabled artificial intelligence technology. 

Specifically, the implementation of SingularityNET’s technology intends to improve Domino’s supply chain processes and logistics in Malaysia and Singapore.

Domino’s Pizza is also one of the pizza companies allowing customers to buy pizza with Bitcoin as part of Bitcoin Pizza Day that is celebrated each year on May 22 since 2010.

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Domino’s Pizza France launches ordering competition with a prize of $110,000 in Bitcoin or euro

How Facebook Libra Is Seeking Compliance, but May Not Launch by 2020

How Facebook Libra Is Seeking Compliance, but May Not Launch by 2020

Libra is facing stiff competition on all fronts with the U.S. government setting up regulatory roadblocks and competitors launching their own versions. How is the project coping?

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For the cryptosphere, August was marked by the hotly debated announcements of world giants regarding the releases of international cryptocurrencies. The People’s Bank of China (PBoC) announced the imminent release of a national digital currency, Walmart began developing its own blockchain, Binance launching the Venus project, and Pavel Durov’s TON finally shared its release date.

The race was also joined by Facebook, which kept the development of its cryptocurrency a secret until the very last second. At the moment, the company is actively hiring specialists who can convince financial regulators to give the Libra coin the right to exist — and even launched a testnet of the future network. 

Will the entities behind Libra (i.e., the Libra Association, which includes Facebook) be able to defeat the skepticism of regulators and the fear of world governments? 

The dogs bark, but the caravan goes on 

On June 18, Facebook co-founder and CEO Mark Zuckerberg announced the launch of the new cryptocurrency, Libra. The global media has had various reactions to the news. Governments and central banks of many countries perceive Libra as a real threat to the global financial system, while users expressed concerns about the recurrence of data leaks.

Related: Facebook’s Libra Coin: Initial Reactions Mixed

Despite attempts by world leaders to obstruct Zuckerberg, the latter is preparing to launch the system and even hired a group of lobbyists to find a compromise with the regulators. The specialists are thought to be needed to convince the United States and European financial regulators that the cryptocurrency will work within the framework of the current legislation and that any risk will be mitigated.

On Aug. 27, Cointelegraph reported that the group was joined by a former member of the U.S. Senate Committee on Homeland Security and Governmental Affairs. It was also reported that Facebook hired Susan Stoner Zuk, a former assistant to Republican Sen. Mike Crapo. Her role includes engaging with lawmakers regarding the project — and according to her, first of all, these will be the Republican senators.

Facebook has also thought through the technical implementation of the project. On Aug. 27, the Libra Association released its bug bounty program, promising a $10,000 reward for finding a security vulnerability.

The launch of the digital ecosystem is scheduled for 2020, but may be delayed due to global complicating factors. So, what is preventing Libra from launching?

Lack of permission from the U.S. government

Facebook’s Libra cannot be issued in the U.S. without the official permission of the authorities. The U.S. Treasury Department said the corporation is required to confirm high-quality security standards. Otherwise, it won’t be able to publicly offer its product.

The main threat is the risk of the new cryptocurrency being exploited for illegal use, as claimed by the U.S. Federal Reserve Board. Jerome Powell, its chairman, believes that Facebook should discuss the cryptocurrency project with regulators before publicly launching Libra, saying:

“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability. These are concerns that should be thoroughly and publicly addressed before proceeding.”

Some members of the government appeared to be less soft on Libra. California Rep. Maxine Waters, a Democrat, who also chairs the U.S. House Financial Services Committee, advised IT corporations to stop cryptocurrency development until Congress and regulators examine all potential risks. According to the congresswoman, the new currency could seriously compete with the U.S. dollar.

Related: US Congress on Libra Overview: Trust, Privacy and Genocide Accusations

Before the official announcement of the project, the U.S. Senate requested corporation for an explanation on the tools that will be used to collect and process data from future users of the payment network. 

However, key questions remained unanswered. The authorities are trying to understand whether the system will be truly decentralized and how it will fight against the shadow market. The general attitude of the U.S. authorities toward Zuckerberg’s new brainchild can be seen in an eloquent tweet by President Donald Trump, in which he wrote:

“Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks.” 

David Marcus, the CEO of Libra’s native wallet, Calibra, and Mark Zuckerberg assured the authorities of the transparency of their intentions, arguing that all transactions would be pseudonymous, and that they would spend as much time as needed to meet all requirements and standards.

The intransigence of regulators

On Aug. 25, Cointelegraph reported that the U.S. regulators visited Switzerland, where Libra had registered its activities, to conduct a series of inspections. However, after the meetings, the regulators still had questions related to the legal status of the Facebook’s cryptocurrency. Waters said:

“My concerns remain with allowing a large tech company to create a privately controlled, alternative global currency.” 

Moreover, the “Zuck Buck,” as Democratic Rep. Brad Sherman jokingly nicknamed Libra in his tweet on July 17, could be a red rag for terrorists and other criminals, writing that “Mark Zuckerberg is sending a friend request to oligarchs, drug dealers, human traffickers and terrorists” by launching Facebook’s Libra cryptocurrency. 

U.S. Secretary of State Michael Pompeo shared Sherman’s concerns, adding that the development of anonymous transactions could reduce the level of security in the world, saying:

“We should use the same framework that we use to regulate all other electronic financial transactions today.”

It seems that to counteract this, Zuckerberg is actively trying to connect with regulators. He reportedly consulted with the Treasury, the Securities and Exchange Commission (aka the SEC), the Commodity Futures Trading Commission (commonly known as the CFTC) as well as Western Union executives. 

In April, he discussed with Bank of England Governor Mark Carney and the U.S. Department of the Treasury over how the future payment system could be regulated. However, the result of the meetings is still unknown.

Pressure from other countries

Concerns about Libra’s growing influence have also been heard outside of the U.S. Several countries expressed their fears immediately following Libra’s announcement:


“We will limit or prohibit the creation of such sites.”

The United Kingdom:

“The Bank of England approaches Libra with an open mind but not an open door.”


“It is out of question that it [Libra] become a sovereign currency.”


“Whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.”

More specific concerns were formulated by the South Korean authorities. The country’s Financial Services Commission said that the transition of 2.4 billion Facebook users to a new asset could cause capital outflows from developing economies. 

Despite this, regulators did not propose specific measures to counter the threat of the monetary monopoly. However, the Chinese government has — and not only has it expressed its negative position, but is also apparently ready to take emergency countermeasures. On Aug. 10, the country’s central bank said it was ready to issue a national cryptocurrency.

Related: Chinese National Cryptocurrency Turns Out Not Being an Actual Crypto

In developing countries, which are precisely what Libra is oriented toward, the new cryptocurrency may spread quickly. But the consequences for these national economies may become difficult to predict. That is why governments may want tight control over the Libra Association.

Exit of key members and partners of the project

Project partners are also concerned over Facebook’s struggle with regulators. It seems no company has agreed so far to pay the $10 million to join the network. Meanwhile, some of them said they would make the final decision on joining the organization only after the principles of Libra’s work would become clearer. 

Seven out of 27 companies have reportedly joined on the condition that they would not have to promote or use the Libra token, leaving the right to refuse if something goes wrong. In an interview with the Financial Times, one of the partners noted that:

“I think it’s going to be difficult for partners who want to be seen as in compliance [with their own regulators] to be out there supporting [Libra].”

Another supporter criticized the social media giant for its ill-conceived strategy, saying that:

“Some of those conversations [about regulation] should have taken place before the launch, to understand how regulators would think about it, so there wasn’t so much pushback.”

Facebook’s spoiled reputation

At a hearing before the House of Representatives Financial Services Committee earlier in July, lawmakers expressed doubts about the future security of Facebook’s cryptocurrency, as the company had previously been fined $5 billion for collecting, storing and misusing user data. 

Facebook itself replied that user data won’t be shared between the new project and the existing social media network. At least, this is what was promised in the announcement released by Facebook, as Libra would function under the Libra Association and Facebook would be just one of the participants. Nevertheless, some members of the crypto community suggest that Libra will give Facebook a new tool for collecting user information.

It is difficult to avoid the numerous scandals related to Facebook’s inability to protect the privacy of users, which led to the fact that the social media giant assigned the project management to the Libra Association. As Marcus noted, if the company controlled the network, very few would want to „jump on it and make it theirs.“

Thus, Facebook is attempting to solve the problem of distrust by removing the burden of sole responsibility and instead distributing it among the members of the Association. This will make the network more credible, as Zuckerberg noted:

“It [the blockchain] is decentralized — this means that it is managed by many different organizations, and not one, which makes the system as a whole fairer.”

Will the Zuck Buck be given a chance?

Thus, it seems there are just two potential outcomes. Libra may lose out to the regulators, and as a result of which, Facebook will be forced to close the project. In this case, decentralized systems that do not require permission will receive a big impetus for development, since they will be the only real alternative that will be able to help avoid regulatory pressure. 

In the second scenario, Libra will succeed in the free market, in which private tokens will compete with fiat currencies. In this case, each user will have to choose between functions such as fiat binding, decentralization, privacy, etc.

Regarding the likelihood of Libra being released in 2020, legal and financial experts unanimously stated that the project is most likely technically ready, while unresolved legal issues may interfere with its implementation in time. Christian Ellul, Director of E&S Group, said:

“From a technical point of view I would believe that the Libra team will be ready to launch by the date to which they committed — the stakes from a marketing and reputation point of view are too high for the deadline not to be met. From the legal point of view the story may be different. Different countries will undoubtedly treat Libra differently due to the very different legal regimes that exist — this could potentially pose a stumbling block to its success and its widespread adoption.”

Tom Debus, a managing partner at data service provider Integration Alpha, agreed that regulators may make life hard for Libra:

“I have a hard time believing that all of the regulatory aspects will be sorted during 2020 – this will take longer. However, with the necessary compromise and pivoting on scope and legal frameworks involved some initial features and services might be able to go live even though the full vision might not (yet) be implemented.”

However, a cryptocurrency from Facebook has every chance of finding widespread use, according to financial expert Benjamin Tsai, who is the president and managing partner at Wave Financial. He believes that:

”Libra was set up to be pan-sovereign. This was unfortunate, and hard for all the countries to get behind. If they started with issuing USD-Libra, JPY-Libra, EUR-Libra, and GBP-Libra first, then that would have cushioned the blow a bit. They can always decide to play with the exchange rate thereafter or just de-peg completely. […] The governments do understand that this will happen at some point, and the Libra Association needs to sell the idea that they can do a good job of executing on this digital currency plan.”

Eric Benz, CEO of the cryptocurrency exchange platform Changelly, thinks that:

“Libra poses a threat to the legacy financial institutions rather than to Bitcoin itself. Since Bitcoin is a cryptocurrency with a volatile nature, its price grows in value along with the increased global interest. Libra, on the other hand, plans to have a fixed price, thus it cannot be considered as a source of investment.”

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Libra is facing stiff competition on all fronts with the U.S. government setting up regulatory roadblocks and competitors launching their own versions. How is the project coping?

Crypto Payment Platforms Offer Working Examples — Competition Heats Up

Crypto Payment Platforms Offer Working Examples — Competition Heats Up

As competition among crypto payment platforms intensifies, Square’s Cash App has introduced BTC deposits from external wallets

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Once seen by the mainstream zeitgeist as a fringe technology destined to languish on the outskirts of society, cryptocurrency today is alluring many leaders of the fintech sector by offering companies the prospect of being at the forefront of the largest financial revolution of the past century.

With mainstream society increasingly accepting Bitcoin (BTC) as a means of payment, financial firms are increasingly seeking to offer a frictionless and convenient means for consumers to make payments using crypto.  

Square introduces BTC deposits

On June 26, San Francisco-based mobile payments provider Square announced that users of the company’s Cash App can now receive bitcoin from external wallets. However, Cash App users are restricted from receiving more than $10,000 worth of BTC deposits within a seven day period.

While most Cash App users have been able to purchase or sell Bitcoin since February 2018, a functionality facilitating payments between friends and family has been notably absent, given that such has long-comprised a major value proposition underpinning the app’s fiat utility.

News of the deposit functionality was a poorly kept secret, with crypto Twitter pundit Dennis Parker announcing that Cash App had enabled BTC deposits on June 25, a week following a similar tweet from Marty Bent that also claimed the function was live. Thus, the competition for the crypto payments sector is beginning to heat up.

Platforms compete to corner crypto payments

The integration of deposit functionality reasserts Square as a major contender among the companies seeking to lead the burgeoning crypto payments sector. Revolut, a United Kingdom-based fintech startup, is offering a platform featuring payment processing services, commission-free stock brokerage and foreign currency exchange — and it announced that it had introduced cryptocurrency exchange services to its platform in December 2017. However, users are only able to transfer cryptocurrencies within the Revolut network and cannot receive deposits from external wallets.

On June 20, The Block reported that Bakkt had hired a former Google payments product strategist, Christ Petersen, to assist the company in rolling out an upcoming mobile digital asset wallet application. The app, dubbed Bakkt Pay by anonymous sources, is expected to launch by the end of 2019.

On June 11, a Singapore-based cryptocurrency payments firm, TenX, celebrated its fourth birthday by announcing it had become the first company funded through an initial coin offering (ICO) to receive an e-money license. The license was issued by the Liechtenstein Financial Market Authority, allowing the company to provide “electronic money institution” services across the European Economic Area (EEA). TenX plans to launch its prepaid Visa cards across the EEA during the fourth quarter of 2019.

Square seeks to expand presence in crypto sector

Square first announced that it was “exploring” allowing Cash App users to purchase or sell BTC  during November 2017 in response to customer demand. The announcement followed a trial of the functionality among select users, with a spokesperson stating:

“We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers.”

During March of this year, Jack Dorsey, the founder of Square and Twitter, revealed that Square was seeking to hire several full-time cryptocurrency engineers and a single designer to work on open-source contributions to the Bitcoin and cryptocurrency as part of an initiative called Square Crypto. Recruits would report directly under Dorsey, with the option to receive remuneration in the form of BTC also available.

In an interview with The Next Web published on June 14, Dorsey discussed the progress of the Square Crypto venture, indicating that regulatory challenges were forcing the company to move slowly in its endeavors pertaining to cryptocurrency.

“An Internet company can launch something and it’s available around the world. Whereas with payments, you have to go to each market and pay attention to regulators. You need a partnership with a local bank. This is a very slow process in any new market.” 

Coinbase expands payment operations

On June 11, Coinbase announced that its Visa debit card had been made available to citizens from in Spain, Germany, France, Italy, Ireland and the Netherlands. The announcement also indicated that the company expects to make the Coinbase Card available to more jurisdictions in the coming months.

The Coinbase Card was launched in the U.K. during April 2019. The card’s app makes payments from the balance of a user’s Coinbase account, with Coinbase instantly converting the chosen cryptocurrency into fiat currency upon execution of the payment. Transactions incur a fee of 2.49% within European countries, however, using the card outside of Europe currently draws a 5.49% fee. U.K.-based payment processor PaySafe is the issuer of Coinbase’s cards.

According to unverifiable reports from May, Coinbase had entered into “advanced talks” to purchase pioneering cryptocurrency custody provider Xapo for approximately $50 million plus an earn-out. Xapo is estimated to hold more than $5.5 billion in assets under custody, with the company also offering an app that allows users to send BTC and fiat currencies to other Xapo users without incurring fees as well as facilitates payments to banks accounts in more than 30 countries. The report noted that Fidelity Digital Assets had also shown strong interest in purchasing Xapo.

Circle to sunset payment platform

On June 13, Circle announced that it will start winding down support for the company’s payment app during July, after five years of operations. At the time of the announcement, Circle Pay supported fee-free payments denominated in U.S. dollars, British pounds and euros, and was available to customers from the U.S., the U.K. and 27 other European countries.

The company attributed the decision to sunset the app to the emergence of stablecoins such as Circle’s USD Coin (USDC), describing fiat tokens as superior means of frictionlessly transferring fiat value between entities. By contrast, the company stated that Circle Pay “largely relied on interfacing with the traditional financial system and untokenized fiat currencies.” 

The announcement was published one month after Circle laid off 30 staff members, who then comprised 10% of its entire workforce. Circle’s CEO, Jeremy Allaire, attributed the downsizing to a response to market conditions and regulatory hurdles in the U.S.

Paxful partners with BitMart

In February 2019, peer-to-peer (P2P) Bitcoin marketplace Paxful announced a joint venture that saw Paxful integrated as a means of facilitating BTC payments on the global digital asset trading platform BitMart. 

The partnership will see BitMart users able to make payments using Paxful without being charged listing fees, while Paxful users will be provided the option to convert BTC into alternative cryptocurrencies using BitMart’s exchange. Both companies expect that the agreement will bolster liquidity on their respective exchange platforms.

At the time, Ray Youssef, the CEO and co-founder of Paxful, stated: “We’re excited to integrate with BitMart in efforts to bring more trading options to emerging markets. It has always been our mission to provide financial freedom worldwide and we see this as the next big step in the financial revolution.”

The founder and CEO of BitMart, Sheldon Xia, emphasized that the partnership will significantly expand the number of ways by which the exchange’s users can purchase BTC, stating: 

“With this partnership, investors will now have direct access to multiple payment approaches including bank transfers, gift cards, debit/credit cards, and cash deposits, lowering the barriers to entry for new adopters of digital currency investment.”

BitMart currently has a user base of more than 600,000 and a reported 24-hour volume of approximately $1.18 billion, while Paxful has hosted approximately $20 million worth of bitcoin trades on a weekly basis for the last 12 months.

Centralization vs. adoption

While the proliferation of cryptocurrency payment platforms is undoubtedly pushing the ecosystem toward mainstream adoption, popular payment apps could prove to be a centralizing force upon the crypto community as a handful of major companies compete for consumer loyalty.

However, the increasing presence of large financial corporations within the cryptocurrency economy may create pressure on lawmakers to provide clear guidelines pertaining to crypto, with the prevalence of an unclear or exclusionary regulatory apparatus comprising the primary barrier to a rapid and global expansion of the cryptocurrency payments industry.

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As competition among crypto payment platforms intensifies, Square’s Cash App has introduced BTC deposits from external wallets

Ripple CEO: Bitcoin and XRP Aren’t Competitors — I’m Long BTC

Ripple CEO: Bitcoin and XRP Aren’t Competitors — I’m Long BTC

There is no competition between bitcoin and XRP, Ripple CEO said, adding that there will not be one single crypto to ‘’rule them all”

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Bitcoin (BTC), and XRP, the third biggest coin by market cap, are not competitors, Ripple CEO Brad Garlinghouse claimed in a Fortune interview on June 20.

In the interview, Garlinghouse outlined the key difference of two major cryptocurrencies, arguing that bitcoin is a store of value or “digital gold,” while XRP is a “bridge currency” that enables an efficient solution for fiat-to-fiat transfers.

As such, Garlinghouse cited the difference between bitcoin and XRP in terms of transactions costs, claiming that Ripple can do a transaction for a tiny fraction of a cent while a bitcoin transactions costs roughly $2.30 on average.

However, such a difference “does not mean that bitcoin is gonna fail or something,” Ripple CEO noted, stating that he “[does] not view them as competitive.

Garlinghouse expressed confidence that there will not be one single cryptocurrency to “rule them all,” implying that each cryptocurrency should prove a certain use case.

Garlinghouse stated:

„I own bitcoin, I’m long bitcoin. I think Bitcoin is a store of value and people hold it.“

In the interview, CEO of Ripple also expressed his stance towards the current environment on crypto markets, pointing out that there is “a lot of bullshit in blockchain and crypto market,” and it is often hard for the industry to separate the signal from the “noise.”

In this regard, Garlinghouse spoke of the media overhype around Facebook’s recently officially unveiled cryptocurrency libra, which is expected for launch in the first half of 2020. Specifically, the Ripple exec cited a title of a recent article on CNBC “Facebook Launches Cryptocurrency,” arguing that Facebook has actually not launched any cryptocurrency so far, but just announced their intent to do so in a year from now. Previously, Garlinghouse considered that a cryptocurrency project by American banking giant JPMorgan Chase “misses the point.”

Recently, Ripple partnered with major money transaction service MoneyGram to develop cross-border payments, as well as foreign exchange settlements with digital currencies. As a part of the collaboration, MoneyGram is enabled to draw up to $50 million from Ripple in exchange for equity.

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There is no competition between bitcoin and XRP, Ripple CEO said, adding that there will not be one single crypto to ‘’rule them all”