This Week in Cryptos: Apple Looks Towards Cryptos While Binance issues Stablecoin Backed by USD

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This Week in Cryptos: Apple Looks Towards Cryptos While Binance issues Stablecoin Backed by USD

Key highlights

  • Apple says they have an eye crypto
  • Binance issues stablecoin backed by USD
  • VanEck’ to offer limited Bitcoin ETF
  • Franklin Templeton tokenize fund
  • Twitter has no interest in Libra like project

Apple says they have an eye crypto

This week, another Wall Street Tech Gaint shows signs of getting attracted to crypto. In the recent updates coming from the company, Jennifer Bailey who is the vice president of Apple’s payment service Apple Pay said that Apple was keeping an eye on digital currencies. In an interview with CNN, Bailey said that the company thought cryptocurrencies “were interesting” and that they had “long-term potential.” This move from the tech giant is interesting and seems it too would be in line to join cryptos after Facebook which announced Project libra some months ago.

Binance issues stablecoin backed by USD

Stablecoin Mania continues this week as now Binance has got into the race with its own USD backed Stablecoin. This new fiat-backed coin by Binance, called Binance USD (BUSD), is approved by the New York Department of Financial Services (NYDFS) and is being launched in partnership with the Paxos Trust Company. As per details available, Binance stablecoin will be backed by U.S. dollars on a 1:1 ratio and will join the Paxos Standard and the Gemini Dollar as an NYDFS-approved stablecoin.

VanEck’ to offer limited Bitcoin ETF

Bitcoin ETF is back into limelight thanks to VanEck ETF application. After facing multiple delays from the SEC, asset managers VanEck and SolidX now plan to offer limited Bitcoin ETF to institutional investors. According to the news that is available, the two asset managers plan to start selling shares in a limited version of a Bitcoin ETF, using a rule which exempts the shares from securities registration, under which shares can be sold only to certain institutional investors.

Franklin Templeton tokenize fund

Moving from one financial instrument to another and here we have Franklin Templeton which has announced that it will be tokenizing its new fund. According to the regulatory filings by the Asset Management company on September 3rd, 2019, it looks like the firm is trying to receive regulatory approval to tokenize a new fund on the Stellar blockchain which will track its own shares but will not involve any cryptocurrencies. The other details available show that the fund will be primarily comprised of government securities, cash, and repurchase agreements which are fully collateralized by either government securities or cash.

Twitter has no interest in Libra like project

Well a bit of U-Turn news as Jack Dorsey, the bitcoin and crypto personality, has come out open and said that the microblogging social media company has no interest in following Facebook and will not be creating a Project Libra like crypto. Twitter and Square CEO Jack Dorsey stated that there are no plans for a platform-specific “Twitcoin” cryptocurrency, noting that he will instead focus on promoting Bitcoin (BTC).

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This Week in Cryptos: Apple Looks Towards Cryptos While Binance issues Stablecoin Backed by USD
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This Week in Cryptos: Apple Looks Towards Cryptos While Binance issues Stablecoin Backed by USD
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Apple says they have an eye crypto Binance issues stablecoin backed by USD VanEck’ to offer limited Bitcoin ETF Franklin Templeton tokenize fund Twitter has no interest in Libra like project
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Author: Abhinav Agarwal

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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Abhinav Agarwal 108 Articles

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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