Weekly Update #7: Telegram, Binance, Apple And Satoshi’s Run

Dawid Paluch
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The summer is coming to an end, but there is a lot of sun shining in the crypto industry. This time, we will talk about Telegram’s currency, Paxos stablecoin, and many more. This is Weekly Update.

Last time, we wrote about Craig Wright’s madness, transfers from Coinbase to Libra, a crypto-jacking virus, and several troubling news more. Today, we have more encouraging information.

Binance and its stablecoin

Binance, the largest cryptocurrency exchange in the world, has been busy lately. First, there was the ‘Venus’ project, a potential rival to Facebook’s Libra. Then, Binance X was revealed. Now, another project has come up.

That’s right. Binance, in cooperation with Paxos, will launch its own stablecoin. It will be called Binance USD (BUSD). The stablecoin has received approval from the New York State Department of Financial Services (NYDFS).

It is only the latest of many new stablecoins. Cryptocurrencies backed by fiats or commodities are getting a lot of attention lately. Soon, we will publish our story about the most recognizable one – Tether (USDT).

Telegram’s GRAM and TON

The social media giant has entered the world of blockchain and is ready to conquer it. The company behind the platform revealed that TON, a Telegram’s blockchain, is in the final stages of testing.

This is huge news. Telegram raised $1,7 billion for that project at the beginning of 2018. Also, the company will launch its own cryptocurrency. Developers promised that it would be released by 31st October 2019. You will be able to read more about it on Wednesday Monika’s piece.

A special run

Do you remember Hal Finney? Of course, you do. He was a Bitcoin pioneer and well-known advocate for the first cryptocurrency. People even speculated if he is the real Satoshi Nakamoto. Sadly, he died in August 2014 after a tough battle with ALS.
Team Satoshi, a group created to bring more attention to Bitcoin through sport, decided to run in memory of Finney. The event took place on Friday last week. People from all over the world run and posted it under the hashtag called #runforhalfin.

Apple believes in crypto

Apple has been reluctant towards cryptocurrencies so far. However, there may be a small break. Jennifer Bailey, Apple Pay vice president, said CNN that cryptocurrencies are “interesting” and her company is watching the development of digital coins.

At the beginning of this year, Apple submitted a filing with the Securities and Exchange Commission (SEC). Blockchain technology was involved in this project. Not much more is known about that filing.

Paxos with another stablecoin

Not only working with Binance but also developing on their own. Paxos has just launched a gold-backed crypto asset. The company wants to reach those people in the cryptocurrency industry, who came here from investing in gold and believe in ‘hard money’. 

It is called Pax Gold (PAXG). The stablecoin has been already approved by the New York Department of Financial Services. Each token will cost the same as one ounce of gold.

Mastercard joined Marco Polo

Marco Polo is a global company, which works with blockchain technology to simplify global trade. Now, they will work with payment mogul Mastercard. It isn’t the first big organization, which has joined Marco Polo. From the launching in 2017, the network has attracted 25 members, including BNP, ING, and Commerzbank.

Daniel Cotti, a managing director at TradeIX, revealed in a press release:

“The scale and reach of Mastercard will complement and enable a large number of financial service providers who have pioneered the formation of the Marco Polo network over the past couple of years.”

And that’s it for today. What do you think? What did bring your attention last week? Let us know in the comment section or on one of our social media accounts.

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