Crypto News | Facebook Crypto Team

OK, you’re right; the term “crypto team” does sound like a group of superheroes. Admittedly, the actual task force formed by Facebook does not have any special powers, but they do have a chance of solving some of Facebook’s long-standing problems. First, a little bit of background. On May 8, David Marcus, the head of Messenger, stated that Facebook crypto team was looking into blockchain technology and its potential applications on the social media site. Marcus said that he and a small group of people will be starting from scratch, exploring how to best use the technology. He has been in charge of Messenger for close to four years, and in December of 2018, he became a Coinbase board member. This certainly gives Facebook crypto team a lot more credibility, since Marcus can take advantage of his expertise.

Puerto Rico is also in need of superheroes, or at the very least, regular heroes from all over the world who are willing to help the territory rebuild its damaged electrical grid. After the ambitious plans announced by Tesla fell through, maybe blockchain technology can do what it takes. Power Ledger, an Australian blockchain startup, is now forming partnerships with Puerto Rican companies in an attempt to fix the island’s infrastructure. Power Ledger is in the business of trading electricity over the blockchain. It already has some successful pilot projects in different countries. The company is bringing its blockchain platform to the island and it aims to collaborate with local regulators and factories on developing the island’s micro grid infrastructure, primarily by installing solar panels and battery storage kits.

And while some use blockchain technology for good, some use it for personal gain exclusively, even at the detriment of others. This happened in India, where a crypto mining operation funded by a wide-reaching Ponzi scheme has been raided by the police. The owners of the mining operation, Vijay Kumar and Kamal Singh were arrested on April 25, after it was revealed that they amassed nearly $15 million through an illicit Ponzi scheme. The Ponzi scheme had been promoted on Shortly after the arrest, the police raided their mining operation, seizing hundreds of ETH mining rigs. The third owner of is still at large, and the police is investigating whether any more mining investigations have been founded by the trio with their ill-gained funds.

Former Trump advisor and ex Goldman Sachs President Gary Cohn decided to chime in on the whole discussion regarding Bitcoin and cryptocurrencies. Talking to CNBC, Cohn said that there will certainly be a global cryptocurrency in the future, although he believes that it will not be Bitcoin. In his view, Bitcoin is too difficult to understand to fill that role. He also believes that Bitcoin’s reliance on mining and the associated electricity costs are among Bitcoin’s main setbacks. Cohn said that he was a believer in blockchain technology, which prompted many to speculate about his March statements when, after leaving Trump’s administration, he said that he would like to run a regulated bank in a digitized world. Sounds like a good idea Gary, if you can figure out how it would work.

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Author: Max Rothstein

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