Crypto news this week - 24 June

Team Luno
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3 minute read

We’ve got the latest on the biggest news stories in the crypto world this week. From a number of strategic partnerships between longstanding mainstreamers and contemporary crypto companies to Facebook’s new crypto, Libra. Let’s jump right in!

Facebook’s crypto venture: Libra

It’s official: Facebook has entered the crypto space following an announcement of their new proposed cryptocurrency named Libra. Made available using a digital wallet, called Calibra, the social media giant plans to open up a whole new way for people to pay for everyday items using their smartphones. It’ll be usable through WhatsApp and Facebook Messenger services. But what makes this story even more interesting is the companies they’ve been able to rally for this initiative, with the likes of PayPal, Spotify, eBay, Uber, Mastercard and Visa, and more.

Libra has received a lot of mixed reactions from the public. It has certainly caught the attention of the U.S. Senate Banking Committee, as they’ve called for a hearing on July 16. The focus of the hearing, “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” comes in the wake of calls from members of Congress to more closely examine Libra a7nd its potential risks. We’ll be keeping our ears close to the ground as more developments come to light on this. For now, here’s everything you need to know about Libra.

BTC reigns supreme

In equally as exciting news, Bitcoin has surpassed one million daily active addresses. That means there are over a million unique addresses transacting on the Bitcoin blockchain. Now if that doesn’t indicate healthy movements towards mass adoption, we don’t know what will.

Institutional investors – it’s your time

Bakkt is back in the spotlight with some interesting news. The Bitcoin-futures-focused platform by the Intercontinental Exchange (ICE) has finally announced the launch date of Bitcoin futures trading. This is brilliant news for institutional investors who’ve been waiting on the sidelines to enter the market.

Join the gang, Visa

We love seeing heavyweights dip their toes into the crypto-pool, and this is one that shouldn’t really come as a surprise. US payments giant, Visa has launched a cross-border payment network with the help of blockchain technology. Visa B2B Connect is designed to facilitate payments made by global financial institutions by enabling direct inter-banking transactions between businesses and beneficiaries.

The company shows its commitment to this new financial system even more through its recent partnership with the fintech operator of Japanese messaging app, LINE, to develop new blockchain and digital payment solutions. Something about ‘more flies with honey than with vinegar’ comes to mind...

Good things come to those who wait

Remember the Wild-Wild West times of ICOs? Don’t be alarmed, we haven’t time-travelled back to 2018. But, privacy-centric messaging app, Telegram’s token, aptly named “Gram”, which was sold to investors in the biggest ICO of all time (yep, you guessed it – in 2018) is finally being offered to the public in July this year.

MoneyGram and the ripple effect

To round up the week of strategic partnerships, blockchain payments startup, Ripple, announced on Monday that they’ve joined forces with money-transfer-giant, MoneyGram. The deal will see MoneyGram utilising Ripple’s token, XRP, as part of their day-to-day operations.

Word on the Tweet

Who said what on crypto Twitter this week?

In our previous crypto news roundup, we mentioned that TRON founder, Justin Sun, set a record bid of over $4 million to have lunch with Warren Buffet. A buffet with buffet, if you will. He’s announced he’s bringing along Litecoin creator, Charlie Lee for the ride.

One of our favourite crypto Twitter users, The Crypto Dog, is known for his philosophical tweets about this “magic internet money”. Sometimes he even compares Twitter activity to that of crypto: we see what you did there, Crypto Dog, or should say, Bull.

If there are two things to take away from him this week, the first is that the online crypto community is like a sort of dysfunctional (but relatively happy) family. And the second is that one day we’re all going to die, but your crypto will probably live forever.

Then, the Twitter user named after two majestic animals, WhalePanda, reminds us of the beauty of maths and relativity by comparing Bitcoin’s market cap to land.

It's been a whirlwind week in crypto, and signs point to anything but slowing down. What did you think of this week’s roundup? Let us know on Twitter, and as always, don’t forget to like and subscribe to #LunoTV.

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @lunomoney.

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