Crypto News Roundup – November 2, 2019

Weekly Crypto News

Crypto News Roundup – November 2, 2019

At-A-Glance

  • Twitter and Square CEO Jack Dorsey, who previously criticized Facebook’s Libra token, contributed to a $10 million funding round for a cryptocurrency startup.
  • XRP more than doubled its number of daily transactions in just over a week, though the reasons behind the surge aren’t entirely clear.
  • A historic 110-year-old power facility slated for demolition will find new life as a crypto mining center.
  • Korea’s Presidential Committee recommends that the South Korean government grant legal status to cryptocurrency to foster innovation and cement the country’s place as a leader in technology.

Twitter CEO Jack Dorsey backs cryptocurrency startup after turning down Facebook’s Libra

The Next Web

There’s a social media crypto war brewing. Twitter CEO Jack Dorsey has backed CoinList’s $10 million funding round; CoinList helps startups raise money through tokens. Dorsey’s investment comes after the social media mogul denounced Facebook’s beleaguered Libra cryptocurrency, answering “hell no” when asked if Twitter would ever join Libra.

Dorsey’s feelings for Libra aside, the CEO has been a supporter of cryptocurrency in general. His other company, digital payment platform Square, has openly called for engineers to work on “open-source contributions” to the Bitcoin and cryptocurrency ecosystems. On a recent podcast appearance, Dorsey said, “I believe the internet will have a native currency,” — possibly Bitcoin, “given all the tests it’s been through, the principles behind it, and how it was created.”

“[Bitcoin] is something that was born on the internet, that was developed on the internet, that was tested on the internet,” he continued, “it is of the internet.”

And just like that, Dorsey became the talk of blockchain town — something unsurprising in itself given that staunch cryptocurrency supporters are desperate for the technology to gain recognition as it continues its quest to mainstream adoption.

Dorsey has long touted Bitcoin as the future of money and it seems he’s putting his money where his mouth is — at least for now.

XRP Accounts for Over 50% Of All Crypto Transactions in Last 24 Hours

Cointelegraph

XRP, a crypto token on the Ripple open-source network, has seen a huge surge in transactions this week. As of Wednesday, XRP accounted for more than 50% of all crypto transactions in a 24-hour period. This is the currency’s highest volume of transactions since reaching its peak in December 2017.

In just over a week, XRP jumped from 730,000 daily transactions to 1.6 million, an increase of over 100%. Though Ripple is one of the most popular tokens on the market, that’s still a remarkable increase for any token, let alone an altcoin.

So what’s behind the sudden XRP craze? That’s not exactly clear, but Cointelegraph has some guesses. Ripple’s upcoming Swell event could be bolstering the cryptocurrency; a new partnership with Moneygram, which is examining ways to use XRP in financial transactions.

Regardless, most likely something significant is happening behind the scenes as the cryptocurrency is seemingly about to break its record of 1.7 million daily transactions.

XRP is currently trading at around $0.302 and has gained 1.6% in the last 24 hours. The altcoin saw its highest price point over the week on Oct. 26, with a weekly low of $0.262 on Oct. 23.

In October, the San Francisco-based blockchain startup Ripple announced that it was joining the Blockchain Association. Ripple’s membership in the Blockchain Association will put the company in contact with many of the regulators and lobbyists working in the space. The association is a non-profit organization that consists of blockchain advocates and promotes adoption of blockchain technology around the globe.

Escaping fate of demolition, a century-old powerhouse in US will become crypto mining center

The Block

It’s a feel-good story for the modern age: a 110-year-old Montana powerhouse has avoided the wrecking ball and will find new life as a cryptocurrency mining center. The Federal Energy Regulatory Commission has approved a proposal that would have owner Northwestern Corporation leasing the century-old facility to California-based crypto firm Susteen.

The Old Rainbow powerhouse, which ceased operations six years ago, has significant historical value to its surrounding community. The hydroelectric facility located along the Missouri river has made noteworthy contributions to Montana’s mining and railroad industries. In 2009, Northwestern Corporation was asked to either recommission or shut down the facility; it stopped operating in 2013.

The document stated that no structural modifications will be made to the building’s existing hoist, walls, and floor. The original generator control room, hydropower board, and murals will also be preserved. 

“The proposed data center is supported by the (Old Rainbow powerhouse Repurposing) Committee and would preserve the building’s historic character,” the document states. 

Susteen is a design solution provider that appears to have just recently ventured into the blockchain space. As such, information about the company’s blockchain offerings is sparse. It is also not clear what kind of cryptocurrencies will be mined and what mining power this new facility will have.

Korea’s Presidential Committee pushes to give cryptocurrency legal status

Decrypt

South Korea is a vital contributor to the global cryptocurrency market; the country is home to a number of token exchanges, and its reputation as a technology powerhouse is well-established. Recently, Korea’s Presidential Committee on the 4th Industrial Revolution recommended that it would be in the government’s best interest to grant legal status to cryptocurrency.

The committee believes its guidance will help Korea stay on the forefront of technological and financial innovation. Among its recommendations was that the government should establish clear-cut regulations to help legitimize crypto as a viable form of currency. “The government should secure legal status for crypto assets as soon as possible, and seek tax and accounting measures for them,” the Presidential Committee summarized at the recent 4th Industrial Revolution Global Policy Conference held in Seoul.

At the meeting, the committee expressed concerns that initial measures taken by the government to quell rampant speculation may now be coming back to bite it, adversely affecting the global competitiveness of Korea’s blockchain and cryptocurrency industries.

To counter this, the committee recommends that the government should prepare for future opportunities by institutionalizing cryptocurrencies, while also providing blockchain startups with the opportunity to operate in regulatory sandboxes.

Although there hasn’t been an official response to the plan, Mr. Lee, Gong-joo, advisor to the President for science and technology was also in attendance at the conference, where he was quoted saying, “Thank you very much for your efforts. We will actively consider ways to make this possible.”

That’s the roundup for November 2nd, 2019. Check in next week for the latest news of cryptocurrency innovation and regulation around the world!

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