Huobi Revamps HUSD Stablecoin to Help Power ‘Fiat On-Ramp’

Huobi is replacing its current stablecoin solution with a new ERC-20 token. Also called HUSD, Stable Universal Limited created the new token, which “will be regulated and audited to be 1:1 to the actual value of U.S. dollar,” according to a press release. “In today’s cryptocurrency markets, traders always need access to a safe, trustworthy stablecoin that is fully redeemable and limits risk exposure,” Frank Zhang, CEO of Stable Universal, said in a statement. “The HUSD Token is reliable and designed to be efficient and simple – we believe it’s…

JP Morgan’s Jamie Dimon: Facebook’s Crypto Isn’t a Short-Term Concern

Jamie Dimon, the CEO of J.P. Morgan Chase, has said he doesn’t expect Facebook’s planned Libra cryptocurrency to have a short-term impact on the bank. In an analysts call Tuesday, first reported by CNBC, Dimon appeared to suggest that it was too early to speculate on how the effort, advertised as a global currency for the unbanked, would impact his company or its outlook. JP Morgan is the leading bank in terms of U.S. retail deposits, according to its most recent annual report. “We’re going to be talking about Libra…

Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development

U.S. lawmakers repeatedly pressed Facebook’s top blockchain executive to halt development of the Libra cryptocurrency during a contentious hearing on the project Wednesday. They didn’t get far. David Marcus, the CEO of Facebook’s subsidiary Calibra, reiterated his promise that Libra would not launch until regulators’ concerns were fully addressed. But he stopped short of committing to freezing technical work on the project, much to the chagrin of House Financial Services Committee members. The committee’s chairwoman, Rep. Maxine Waters (D-Calif.), had previously called for a moratorium, and it was one of…

The Case $7.5K Could Become Bitcoin’s New Price Support

Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts. Bitcoin has faced selling pressure over the last few days, despite an impending golden crossover on the three-day chart – a bullish crossover of the 50- and 200-candle moving averages, as discussed last week. As of writing, the 50-candle moving average (MA) is on an upward trajectory and looks set to cross above the 200-candle MA in the next few days.…

Watch Today’s Facebook Libra Hearing at the House Financial Services Committee

Today the U.S. House Financial Services Committee will grill Facebook executive David Marcus on the social media giant’s proposed Libra cryptocurrency. The lawmakers will also interview a panel of expert witnesses, including former CFTC chairman Gary Gensler and bitcoin doyenne Meltem Demirors. The session kicks off at 14:00 UTC (10 a.m. EST). Watch it here: Also, read our coverage of yesterday’s Senate Banking Committee hearing, where mentions of bitcoin were noticeably scarce and Marcus said he’d be willing to be paid 100 percent in Libra. Join CoinDesk in Washington, D.C., tonight…

Reddit Co-Founder Ohanian Leads $3.75 Million Round in ‘Hearthstone’ Competitor

A blockchain-based game studio is getting funding to take on “Magic: The Gathering” and “Hearthstone.” Announced this morning, Horizon Games raised $3.75 million in seed funding in a round led by Reddit co-founder Alexis Ohanian’s Initialized Capital. Other investors included Coinbase Ventures, Polychain Capital, Inovia Capital and more. Originally closed in the summer of 2018, the funds have been used to scale-up production on a new ethereum-powered game called “Skyweaver” and a gaming platform called Arcadeum. “Skyweaver” is billed as a “Trading Card Game from Another Dimension.” “I wanted to introduce a…

Bitcoin Price Looks South After Second-Largest 24-Hour Drop of 2019

View Bitcoin closed below $9,614 on Tuesday, confirming a bearish reversal on the daily chart. The invalidation of bullish higher-lows pattern is backed by bearish developments on the short-term charts. Prices risk falling to $9,097 (May 30 high) in the next 24 hours. A close below that would expose the 100-day moving average line, currently located near $8,100. A key indicator is reporting oversold conditions as per the 4-hour chart, so a minor bounce before any drop below $9,097 cannot be ruled out. The long-term outlook will remain bullish as…

Overstock’s tZERO Lures New Execs from Barclays and IMAX

Overstock’s security token platform subsidiary tZERO is growing its leadership team as it prepares to onboard more tokens. Announced Wednesday, the company has hired three new senior managers that will turn tZERO’s leadership structure into one more resembling a corporation than a startup. Firstly, Brooke Navarro, now head of issuance at tZERO, spend almost a decade at Barclays and became one of the few female managing directors there in 2018, focusing on equity markets in tech, media and telecom. According to tZERO’s CEO Saum Noursalehi, the firm had been looking for…

Waves Founder Sells Blockchain Startup to Russian Financial Consultant

A startup founded by the Waves platform team, Vostok, has been sold to one of the project’s earliest investors. According to a report by Gazeta.ru, Waves CEO Alexander Ivanov “sold his stake” in the data management and smart city oriented project to Mark Garber of the financial consultancy GHP Group. The Waves platform has developed blockchain solutions through partnering with some of Russia’s largest private and state-owned enterprises, as well as global firms, for institutional, industrial, and military use. Vostok, in particular, aligned with the Russian state-owned conglomerate Rostec in…

It’s Not Up to Facebook to Decide What Libra Is, Ex-CFTC Advisor Says

“Is it a security? Is it a commodity pool? Is it a payment token? Is it a utility token? It’s a particularly important question … not just domestically, but also internationally.” So said Jeff Bandman, a former fintech advisor at the U.S. Commodity Futures Trading Commission (CFTC), speaking to CoinDesk about Facebook’s Libra cryptocurrency in a live broadcast on Tuesday. Stressing, “one of the most important question about Libra is what it is,” Bandman suggested there could be a long way to go before a decision is made by regulators…