“USC Project Raises $63 Million”
The Utility Settlement Coin (USC) project — led by some of the world’s largest banks — has announced the creation of a new firm and closure of an accompanying £50 million ($63.2 million) Series A financing round. The news was revealed in a press release shared with Cointelegraph on June 3. The USC platform aims to facilitate the issuance of blockchain-based currencies in the commercial and central banking sector worldwide. According to today’s press release, USC project partners have now become the founding shareholders in a new firm representing the project’s commercial realization — dubbed Fnality International. They include some of the world’s major banking players: Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Corporation and UBS.
“Facebook’s Discussion With CFTC”
Facebook has started a discussion with the U.S. Commodity and Futures Trading Commission (CFTC) over the social media giant’s crypto stablecoin initiative. According to a report from the Financial Times on Sunday, the CFTC chairman Christopher Giancarlo said the agency held “very early stages of conversations” with Facebook. The goal was to better understand if the firm’s crypto stablecoin could potentially fall under the CFTC’s regulatory remit.The news comes amid recent reports that Facebook also held talks with government officials in both the U.S. and the U.K. to discuss opportunities and regulatory issues for its crypto stablecoin called GlobalCoin.
“BitMEX Invests in PDAX
BitMEX Ventures, the investment arm of Seychelles-based HDR Global Trading, poured an undisclosed amount of funding into cryptocurrency exchange Philippine Digital Asset Exchange (PDAX). The investment can help PDAX expand the service capabilities of its platform by supporting a number of digital assets apart from cryptocurrency. It plans to enable the trading of commodities, real estate equities, and debt securities in token form. The exchange, which is licensed by the Bangko Sentral ng Pilipinas, is an order-book exchange focused on the Philippine market. Other crypto exchanges operating in the country include Coins.ph, Remittance Inc., and Virtual Currency Philippines Inc.
“Localbitcoins Stops Serving In-person Cash Trades”
On June 1, cryptocurrency enthusiasts were shocked to hear that the peer-to-peer exchange Localbitcoins has ceased offering in-person cash trades. According to a few users, all pending fiat trades have been canceled, leaving local traders who prefer cash high and dry and forced to seek other avenues. One of the oldest over-the-counter BTC exchanges, Localbitcoins, has removed cash trades from its list of options. This means that people cannot use the platform to meet in person and sell BTC for cash or vice versa. Localbitcoins hasn’t officially announced why it removed the option, but a few traders have stated that all in-person cash trades were suddenly canceled.