Binance launches Venus, which it calls an “independent, regional version” of Facebook’s Libra

Binance, the world’s largest cryptocurrency exchange, announced today that it will launch an open blockchain project called Venus to develop regional stablecoins pegged to fiat currencies (or traditional currencies usually issued and backed by a government). Based in Malta, Binance launched its decentralized trading service, Binance Chain, earlier this year, and since then has issued […]

Facebook’s regulation dodge: Let us, or China will

Facebook is leaning on fears of China exporting its authoritarian social values to counter arguments that it should be broken up or slowed down. Its top executives have each claimed that if the U.S. limits its size, blocks its acquisitions or bans its cryptocurrency, Chinese company’s absent these restrictions will win abroad, bringing more power […]

Daily Crunch: Facebook and Libra go to Washington

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here. 1. Highlights from Facebook’s Libra Senate hearing David Marcus, the head of Facebook’s blockchain subsidiary Calibra, testified before the Senate Banking Committee […]

Highlights from Facebook’s Libra Senate hearing

Facebook will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking Committee today. While some, like Senator Brown, blustered that “Facebook is dangerous!,” others surfaced poignant questions about Libra’s risks. Calibra will be interoperable, so users […]

Facebook’s testimony to Congress: Libra will be regulated by Swiss

The head of Facebook’s blockchain subsidiary Calibra David Marcus has released his prepared testimony before Congress for tomorrow and Wednesday, explaining that the Libra Association will be regulated by the Swiss government because that’s where it’s headquartered. Meanwhile, he says the Libra Association and Facebook’s Calibra wallet intend to comply will all U.S. tax, anti-money […]

Facebook answers how Libra taxes & anti-fraud will work

Facebook provided TechCrunch with new information on how its cryptocurrency will stay legal amidst allegations from President Trump that Libra could facilitate “unlawful behavior.” Facebook and Libra Association executives tell me they expect Libra will incur sales tax and capital gains taxes. They confirmed that Facebook is also in talks with local convenience stores and […]

Visa funds $40M for no-password crypto vault Anchorage

Visa and Andreessen Horowitz are betting even bigger on cryptocurrency, funding a big round for fellow Facebook Libra Association member Anchorage’s omnimetric blockchain security system. Instead of using passwords that can be stolen, Anchorage requires cryptocurrency withdrawals to be approved by a client’s other employees. Then the company uses both human and AI review of […]

We still don’t know how much of Libra Facebook owns

The $10 million entry fee to join the Facebook-developed cryptocurrency’s Libra Association is merely a minimum. Members who’ll verify transactions can opt to invest more in exchange for more Libra Investment Tokens that will earn them dividends from the interest earned by the Libra Reserve after it pays for infrastructure and operations costs. If regulators […]

What is the Libra Association going to do, really?

When Facebook unveiled Libra a few days ago, the company also announced the Libra Association, a not-for-profit that will oversee all things Libra. Facebook wants to make sure that everyone is aware that Libra was created by Facebook but isn’t controlled by Facebook. And yet, given Facebook’s reputation, it seems useful to evaluate the project […]

Week-in-Review: YouTube’s awful comments and Google’s $1B tech-free investment

Hello, weekend readers. This is Week-in-Review where I give a heavy amount of analysis and/or rambling thoughts on one story while scouring the rest of the hundreds of stories that emerged on TechCrunch this week to surface my favorites for your reading pleasure. Last week, I talked about how the top gaming industry franchises were […]