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Coinbase introducing more people to an open financial system; Whitelisted on Facebook

Priya

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Coinbase introducing more people to an open financial system; Whitelisted on Facebook
Source: Unsplash

On 20th July, Brian Amstrong, the CEO of Coinbase, one of the biggest exchange platforms around the world, announced that they have been whitelisted to post ads on Facebook.

Brian Armstrong, on Twitter announced:

“Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system.”

Coinbase ad on Facebook || Source: Twitter

Coinbase ad on Facebook || Source: Twitter

On 31st January 2018, Facebook, the biggest social media platform around the world, released their New Ads Policy. The new policy stated that ads related to financial products which are frequently associated with misleading products like ICOs and cryptocurrencies would be banned from the social media platform.

Facebook policy released on 31st January 2018 || Source: Facebook

Facebook policy released on 31st January 2018 || Source: Facebook

On 26th June 2018, the platform revised the policy, and the ban on cryptocurrencies was lifted in the new policy. Nonetheless, according to the new policy, the social media giant’s ban on ICO ads still holds.

Policy revised by Facebook on 26th June 2018 || Source: Facebook

Policy revised by Facebook on 26th June 2018 || Source: Facebook

Moreover, for cryptocurrency related ads to be publicised on the platform, a pre-approval is required. The Product Management Director, Rob Leathern said that advertisers who want to run ads for cryptocurrency products and services should submit an application. The application is required to be submitted along with a document of any license or records on whether they have traded on a public stock exchange and the company’s public background record.

The approval of Coinbase ads on Facebook would result in more outreach of the platform and cryptocurrency, around the world. The ads would also be advertised on Instagram, Facebook Messenger, and Audience Network, a third-party company which places Facebook ads on various platforms.

Earlier this month, there was a speculation in the crypto-space that Facebook was considering the acquisition of Coinbase. The speculation took turns in the market after David Marcus, Head of Messenger announced that they have set up a small group who will be looking for the best way to leverage blockchain across Facebook.

Crypto Immortal, a Twitterati says:

“Wow that’s some lame special treatment. Your success is a self fulfilling prophecy of billionaires moving checker pieces on a board inaccessible to us plebs.”

Allmonitors.Net, another Twitterati says:

“Boss Facebook miss crypro train”

V H [not giving away broccoli], a Twitter user says:

“Why did facebook betray its decision? Greed cause crypto is rising again?”




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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ripple

David Schwartz of Ripple projects views on tribal behavior of crypto-industry

Priyamvada Singh

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David Schwartz of Ripple projects views on tribal behavior of crypto-industry
Source: Pixabay

In a recent podcast by Internet History Podcast, the Chief Technology Officer at Ripple, David Schwartz discussed the tribal nature that surrounds the cryptocurrency and blockchain space. Here, he addressed the issue as unfortunate and stated that the members of the space must understand that working together and in sync is significant to moving forward. In his words:

“They’re very much like religious battles. You have influential people who are committed to a position that like one digital asset is the best and they can’t acknowledge any of the strengths of others or the weaknesses of their own, which makes it difficult for people to make good decisions about you know which assets to use or what to use them for.”

He switched the subject to the workings of Ripple, wherein he explained that the company is focused on the use case of global payments but is also excited to see innovation in the space. Furthermore, he stated that he expects to see the XRP ledger be used in different sectors of innovation, moving beyond payments.

About tribalism, he said that there are certain social media platforms that fuel the trait, such as Twitter, mentioning the trend as hostile. He also said:

“Tribalism, it’s chasing a lot of people out of the space because of some platforms, particularly Twitter, is just extremely hostile and I think we need to fix that. Again, if the crypto markets are sending us any signals is that we’re all in this together and we need to work together to grow.”

The tribalism that he is referring to is evident in the space as the maximalists continue to promote their respective choice of coin while dissing every other token. This has also been observed in the Bitcoin ecosystem, wherein maximalists like Roger Ver and Tone Vays are involved.


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Altcoins

Tron [TRX] energy cost to be reduced from 20 sun to 10 sun

Priya

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Tron [TRX] energy cost to be reduced from 20 sun to 10 sun
Source: Unsplash

The whole cryptocurrency market has been witnessing a steep downward trend for the past couple of weeks. Even the major cryptocurrency like Bitcoin [BTC], Ethereum [ETH] and XRP, have lost the battle against the ice king. This negative trend has broken down most of the new projects in the market, especially the investors’ sentiments. There are also a few projects and team that are finding it hard to continue their operations because of the bear’s ever-growing presence.

Despite this, Tron [TRX], the tenth-largest cryptocurrency by market cap, continues to make advancements in terms of network development. Justin Sun, the founder and CEO of Tron Foundation presented the second proposal, Proposal 9, has been approved by 2/3rd of the governing body. The proposal is aimed at making the network a developer friendly environment by reducing the energy cost from 20 sun to 10 sun, which, in turn, reduces the cost of smart contact.

Justin Sun's tweet on the proposal | Source: Twitter

Justin Sun’s tweet on the proposal | Source: Twitter

At the time of writing, the proposal had received 22 approvals and no disapprovals. The representatives who voted for the proposal includes Justin Sun Tron, Tron Society, BitGuild, Tron One, Lianjinshu, uTorrent, Crypto Guy in ZA, Infinity Stones, Alle Exchange, Tron Alliance, TronWalletMe, Raybo Tron, BitTorrent, Blockchain Org, CryptoChain, Sesameseed, callmeSR, DApp House, Tron Spark, TRX Market, Sky people, and Tron Europe.

The first proposal of the month was related to maximizing the energy limit of the network, which was also aimed at supporting the developers of the ecosystem. The proposal was approved by all 28 Super Representatives of the network. Super Representative are the representatives of the community and validators of the node who are elected by the token holders. These representatives are given the power to vote for the activation of the features of the Tron Virtual Machine, with the focus on the betterment of the entire community.

Earlier today, the CEO of the Foundation spoke about how Tron surpassed Stellar Lumens, the fourth largest cryptocurrency by market cap. He said on Twitter:

“According to @CoinMarketCap, there are 159 trading pairs of #TRON which already surpassed 157 trading pairs of Stellar. #TRX was already listed on more than 100 exchanges, including Crypto/Crypto & Crypto/ Fiat trading pairs”


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