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Facebook Launches Swiss-Based Startup to Develop Its Crypto

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The social media heavyweight has recently set up a company in Switzerland to focus on its stablecoin and blockchain-based payment system

Citing a Swiss news website, Handelszeitung, Reuters reports that Mark Zuckerberg’s social media has chosen the local jurisdiction for making its plans regarding its USD-pegged coin come true.

Choosing the most crypto-friendly country

Facebook is dead serious about its plans to give users a new digital coin and has chosen the best place for creating it. The company is registered in Geneva and the Crypto Valley located in Zug is also close by. As of last year, Switzerland has adopted a friendly approach towards crypto, ICOs and cryptocurrency startups.

As per the news report, Facebook has launched Libra Networks to produce the payments system on DLT which was announced earlier. The secretive project of the company is already known under the title Libra Project.

Libra Networks runs under the ownership of Facebook Global Holdings II, Ireland-based. Apart from cryptocurrencies, the startup will be dealing with other areas closely related to crypto – DLT, analytics, data processing and identity management.

Facebook has not commented on the situation yet.

Investors are looking forward to ‘Facebook Coin’

Previously, Ethereum World News reported that many of US citizens are willing to invest in ‘Facebook Coin’, rather than Bitcoin, and use it on the social media platform and other platforms owned by Facebook, such as, WhatsApp and Instagram.

LendEDU conducted a survey on a thousand adult US citizens, eager to study their trust to the crypto area and the previously announced ‘FB Coin’ in particular.

The report shows that just 7 percent of respondents have ever invested in crypto, e.g., Bitcoin, XRP, Ethereum. However, 18 percent are looking forward to buying ‘Facebook Coin’ as soon as it is launched and open for usage.

Facebook works hard on its crypto product

Recently, Mark Zuckerberg’s giant took two former Coinbase top management employees on its payroll. One of them, Mikheil Moucharrafie, left Coinbase for Facebook in April this year.

The other, Jeff Cartwright, has been with Facebook since March, after working for almost five years for the major crypto exchange.

As reported by Ethereum World News previously, Facebook is in negotiations with a great number of large VC firms in order to raise $1 bln to back its cryptocurrency.

‘Facebook Coin’ has also provoked certain concerns of US authorities, who have recently published an open letter to Mark Zuckerberg, demanding that the company discloses more details about the Libra Project.

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Southeast Asia’s Largest Bank DBS to Launch Crypto Trading for Retail Investors

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DBS, the largest bank in Southeast Asia, is planning to launch crypto trading for retail investors this year, the bank’s CEO has revealed. He added that in the first half of this year, DBS will focus on making “access to digital assets a lot more convenient.”

DBS Bank to Offer Crypto Trading to Retail Customers

DBS, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year.

During the bank’s fourth-quarter earnings call Monday, CEO Piyush Gupta was asked whether DBS has any plans to expand its digital asset exchange and if there is a roadmap for rolling out digital asset trading for retail investors given the growth in that market.

Gupta replied:

What we will focus on in the first half, the first two quarters, of this year is to make the access to digital assets a lot more convenient.

He detailed: “Today, what happens is that you’ve got 24/7, but the customers still need to call and speak to bankers. So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that.”

The DBS boss revealed: “At the same time, we’ve started doing the work on seeing how we can, in a sensible way, take it out and expand it beyond the accredited investor base. And that includes making sure we have the appropriate thinking about suitability, potential for fraud, etc.”

The DBS CEO continued:

Nevertheless, by the time we nail all of these things down, I think you are looking more like the end of the year before we can actually bring something to market.

DBS Bank launched a cryptocurrency exchange in December 2020. The bank then launched a trust service of cryptocurrencies in May last year, followed by the launch of its first security token offering.

The bank’s brokerage arm has also obtained approval from the Monetary Authority of Singapore (MAS), the country’s central bank, to provide crypto services.

What do you think about DBS launching crypto trading for retail investors? Let us know in the comments section below.

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St. Louis Fed President Says Central Bank’s ‘Credibility Is On the Line’ as US Inflation Surges

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Inflation continues to grip American wallets, according to a recent economic analysis from Moody’s Analytics, which shows inflation is likely costing the average U.S. household between $250 to $276 per month. Meanwhile, the U.S. Federal Reserve is expected to raise the benchmark interest rate in March and St. Louis Fed president James Bullard believes the Fed needs to “front-load” rate hikes.

St. Louis Fed President on Inflation: ‘People Are Unhappy, Consumer Confidence Is Declining’

Last week, the U.S. Labor Department published its Consumer Price Index (CPI) report which noted inflation jumped 7.5% higher than it was a year ago. Following the report, Moody’s Analytics notes that the average U.S. household is likely paying $250 to $276 a month due to the added inflation. As the days continue in 2022, the U.S. dollar’s purchasing power has decreased and the price of goods and services has increased.

Moody’s senior economist Ryan Sweet explained that a lot of Americans are feeling the burden of inflationary pressures. “A lot of people are hurting because of high inflation,” Sweet said. “$250 a month—that’s a big burden. It really hammers home the point of ‘what is the cost of inflation?’”

The chief executive officer and 12th president of the Federal Reserve Bank of St. Louis, James Bullard, made similar remarks on Monday. “The inflation that we’re seeing is very bad for low- and moderate-income households,” Bullard told CNBC. “People are unhappy, consumer confidence is declining. This is not a good situation. We have to reassure people that we’re going to defend our inflation target and we’re going to get back to 2%.”

Bullard also spoke about the Labor Department’s January CPI report published last week. “My interpretation was not so much that report alone, but the last four reports taken in tandem have indicated that inflation is broadening and possibly accelerating in the U.S. economy,” Bullard stressed. During the CNBC “Squawk Box” interview, the president of the Federal Reserve Bank of St. Louis added:

I do think we need to front-load more of our planned removal of accommodation than we would have previously. We’ve been surprised by the upside on inflation. This is a lot of inflation. Our credibility is on the line here and we do have to react to the data. However, I do think we can do it in a way that’s organized and not disruptive to markets.

San Francisco Fed President: ‘Fed’s Abrupt and Aggressive Action Can Actually Have a Destabilizing Effect’

Equities markets have felt the sting of a souring U.S. economy as Nasdaq, NYSE, and the Dow Jones Industrial Average all closed in red territories on Monday. Data shows bond markets have also signaled that investors are concerned about the Fed’s decision.

The president of the Federal Reserve Bank of San Francisco, Mary C. Daly, spoke about the Fed acting on inflation as well, but stressed to CBS’s “Face the Nation” that it needed to be a “measured [approach].”

“I see that it is obvious that we need to pull some of the accommodation out of the economy,” Daly explained. “But history tells us with Fed policy that abrupt and aggressive action can actually have a destabilizing effect on the very growth and price stability we’re trying to achieve.”

What do you think about Moody’s data on inflation? What do you think about the comments stemming from the two Fed presidents Bullard and Daly? Let us know what you think about this subject in the comments section below.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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