Rojin Nair, Advisor
June 1st, 2021
At Incyub8 Inc, Rojin is focusing on nurturing and guiding various national and international start-[...]
FaceCoin: Here’s What Facebook Could Build In Blockchain And Cryptocurrency
CB Insights | April 30, 2019
Could blockchain be an answer to scandal-plagued Facebook?
While a “Facecoin” might not lay the company’s many controversies to rest, it could potentially address everything from centralized single sign-on to cheaper payments processing. A variety of different signals point to Facebook getting serious about blockchain and digital currency.
For one, in January 2018, Facebook CEO Mark Zuckerberg mentioned cryptocurrency when disclosing his annual project for 2018:
“There are important counter-trends to [the rise of Big Tech] — like encryption and cryptocurrency… I’m interested to go deeper and study the positive and negative aspects.”
Since then, the company has created a formalized group dedicated to exploring blockchain.
However, using the CB Insights platform, we learned Facebook has been experimenting with digital currency tech for quite some time.
See: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
From a new org structure to patent trends, we used the CB Insights platform to highlight Facebook’s blockchain ambitions and the possibility of a Facebook cryptocurrency — FaceCoin.
Timeline of major events
- November 2017 — Early publicity about Russian election interference using Facebook
- Jan 2018 — Zuckerberg’s personal goal for “Fixing Facebook” mentions experimenting with cryptocurrency and encryption
- March 2018 — NYT and the Guardian publish coverage on the Cambridge Analytica scandal, working with Christopher Wylie
- May 2018 — Facebook announces its largest reorganization ever, creating the blockchain group run by former Messenger boss (and ex-PayPal president) David Marcus, while also moving Instagram VP of Product Kevin Weil to the project
- June 2018 — Facebook reverses ban on cryptocurrency ads
- August 2018 — David Marcus steps down from the Coinbase board, citing a conflict of interest
- December 2018 — Bloomberg reports that Facebook is developing a stablecoin, or a cryptocurrency pegged to a basket of currencies, for transfers within its WhatsApp service
- March 2019 — Facebook acqui-hires Chainspace, which focused on smart contracts and payments, in its first blockchain acquisition
- April 2019 — Sources say Facebook is meeting with VCs to raise as much as $1B for its cryptocurrency initiative, which could help present the project as more decentralized
See: Eastern Caribbean Central Bank to Issue World’s First Blockchain-Based Digital Currency
What FB could build with blockchain and digital assets
As Facebook looks to redefine itself and expand its offerings, blockchain could be a significant lever to pull. Among many possibilities, tech commentators have theorized Facebook could build:
- Coin incentives for e-commerce
- Micropayments for services and content creators
- Banking apps
- Exchanges (competing with the likes of Coinbase)
- Identity tech
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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NCFA Canada | Mahi Sall | Nov 28, 2022 Thought Leadership Series of Expert interviews and insights related to a made-in-Canada open banking regime The National Crowdfunding & Fintech Association of Canada (NCFA), true to its mission of providing education, industry stewardship, networking, growth, and funding opportunities for innovative financial technologies and related sectors, is pleased to launch a brand new thought leadership series on Open Banking led by Berlin-based NCFA ambassador and independent expert in Fintech-Bank Partnerships Mahi Sall. NCFA is proudly contributing this thought leadership series to help shape a system that will bring profound changes in how financial services will be created, distributed, and consumed in Canada over decades to come. Our hope is that Canada’s Open Banking system will improve economic outcomes, improve market efficiencies and competitiveness, and enable consumers to access new and innovative financial services in a way that is secure, efficient, and consumer-centric. The series is called ‘Canada’s Open Banking Journey’ and aims to aggregate international and domestic perspectives of Open Banking/Finance expert practitioners from around the globe to advance dialogues, key considerations, and explore potential solutions for the development of a made in Canada open banking regime with the following timeline: Sep ...
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Guest Post | Nov 25, 2022 There has been a change in the corporate world regarding the necessity to protect assets during the last few years. The definition of what must be safeguarded and to what extent has become more difficult. Only 15 years ago, most businesses focused on safeguarding assets as they were the most valuable ones. Data are typically at the top of the list of assets that businesses must now include in their inventory. In addition to branding, connections, non-revenue rights, and intellectual property, your data is a form of intangible asset that you own. Let’s take a look at how to protect your data in this data room review. All digital papers are kept in electronic format in a virtual data room. It lessens the amount of physical paperwork produced by firms and aids in protecting their intellectual assets. To maintain track of commercial transactions, a lot of businesses use VDRs. They will also be beneficial for asset management and fundraising. The best virtual data room providers can stop files from being downloaded. They safeguard each file present in the data room. What Exactly Is a Business Data Asset? A particular kind of intangible asset made ...
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Guest Post | Nov 25, 2022 Video conferencing has become an essential part of business, and it’s easier than ever to use it. You can use video conferencing for any type of call, including sales calls, customer service calls, and even team meetings. Video conferencing can help your company grow by making every call more personal—and therefore more effective at closing deals. Use video to give your sales demo. Video conferencing is also a great way to give your product a demo. If you're selling an online course or software, it's important that a prospect understands what they're buying before the sale is made. Video conferencing allows you to show off your product in action and discuss its features and benefits with potential customers. In addition to demos, video conferencing can be used when conducting sales calls with multiple people on either side of the call. In this scenario, having all parties in one room makes it easy for everyone involved in the call to see each other—and build rapport by seeing each other’s faces as they talk about their products or services (or how much fun they had last weekend). Use video to make yourself compelling and cut through ...
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Protos | Nov 23, 2022 The Grayscale Bitcoin Trust (GBTC) is an over-the-counter (OTC) traded fund meant to track the price of bitcoin. Grayscale Investments is owned by Barry Silbert’s crypto mammoth Digital Currency Group (DCG), which also owns beleaguered crypto trading and lending firm Genesis. For a long time, GBTC traded at a significant premium to its NAV, with shares trading for as much as double the value of the corresponding bitcoin. While this premium persisted, institutional investors were incentivized to lock up bitcoins and receive GBTC shares, which they hoped to sell once the six month period elapsed. However, this trade become popular among a variety of firms, including BlockFi and Three Arrows Capital (3AC). As shares began to unlock, GBTC eventually started trading at a discount to NAV. This became particularly challenging for BlockFi, which had lent 3AC money against GBTC collateral. Eventually, 3AC was liquidated by BlockFi, which meant increased selling of GBTC into the market, further raising the discount. Currently, GBTC trades at around a 45% discount to NAV. Grayscale will not share proof of reserves See: SEC Rejects Bid to Turn the Largest Bitcoin Fund Into an ETF -> Grayscale Sues SEC Fundraising: DCG, ...
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Guest Post | Nov 25, 2022 For many companies, pricing software is seen as a way to solve all the problems associated with this process. Yes, software today boasts a range of features and capabilities. These include even the ability to perform various tasks according to given algorithms using artificial intelligence. But are ready-made software solutions able to get rid of all problems? Let's take a look at their advantages and disadvantages. Should You Use Pricing Software? Customers need personalization in every area of retail. According to Epsilon about 80% of them want to see it at different stages of the purchase, including pricing. Today there are no software solutions that could completely replace the work of specialists, but they can help with the automation of work processes. Today it is as important a tool as CRM. Why? Let's look at the benefits. Benefits Pricing software has a number of key benefits: Building optimal prices. The software is able to analyze the overall pricing. This allows the business of both the B2B and B2C segments to remain competitive. By collecting data from different sources such as CRM, GA, e-commerce platforms, etc., the software can offer the best pricing options. Evaluation ...
Read More
Fortune | Alena Botros | Nov 23, 2022 The former CEO of PIMCO sees three trends that suggest a transformation in the global economy is under way. There’s a tendency to see economic challenges as “temporary and quickly reversible,” El-Erian wrote in a commentary for Foreign Affairs. He referenced economic theory that a recession occurs when a business cycle reaches its natural endpoint and before the next cycle really takes flight, but he said this time won’t be one more turn of the “economic wheel,” as he sees the world experiencing major changes that “will outlast the current business cycle.” 3 Major Shifts: 1. The first shift was driven by the effects of the pandemic, beginning with the entire system coming to a halt and stimulus from the government, or what El-Erian called “enormous handouts,” causing “demand surges well ahead of supply.” 2. It’s tied to Russia’s invasion of Ukraine that resulted in sanctions and geopolitical tensions, along with a widespread labor shortage brought forward by the pandemic. These disruptions in supply chains gave way to “nearshoring,” a more permanent shift of companies moving their production closer to home, rather than a reconstruction of the 2019-era supply chain. This essentially ...
Read More
Nov 25, 2022 There are countless altcoins in existence, but only a minute percentage have the potential to outmatch Ethereum, which has come second only to Bitcoin for some time now. Even with the market crash following the NFT surge and ‘The Merge’ taking place, Ethereum still holds a strong position. If you haven’t already got Ethereum in your investment portfolio, continue reading for three reasons why you should. Ethereum Has a Functional Ecosystem Ethereum broke into the blockchain landscape back in 2015 and bought with it the incredible power of smart contracts, which can be built over the blockchain. Smart contracts are automated programs designed to execute once any terms are met, meaning the middleman becomes redundant. For example, if someone gives collateral to secure a loan it can be returned automatically once the repayment terms have been made. The smart contract infrastructure sits at a completely polar opposite to Bitcoin, which only exists as a digital currency. The smart contract infrastructure of Ethereum is the main reason why developers flocked to the platform. Currently, more than 4000 developers are working on Ethereum each month. According to findings from State Of The DApps, more than 4000 applications are running ...
Read More
Yahoo Finance via Reuters | Huw Jones | Nov 24, 2022 LONDON (Reuters) - The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such 'conglomerate' platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview. Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch. IOSCO, which coordinates rules for G20 countries and others, has already set out principles for regulating stablecoins, but now the focus is turning to platforms which trade in them. In mainstream finance there is functional separation between activities like broking, trading, banking services and issuance, with each having its own set of conduct rules and safeguards. "For investor protection reasons, there is a need to provide additional clarity to these crypto markets markets through targeted guidance in applying IOSCO’s principles to crypto assets," Servais said. "We intend to publish consultations report on these matters in the first half of 2023," he added. The European Union's new markets in cryptoassets or MiCA framework is an ...
Read More
DOJ | Release | Nov 21, 2022 Two Estonian citizens were arrested in Tallinn, Estonia, yesterday on an 18-count indictment for their alleged involvement in a $575 million cryptocurrency fraud and money laundering conspiracy. According to court documents, Sergei Potapenko and Ivan Turõgin, both 37, allegedly defrauded hundreds of thousands of victims through a multi-faceted scheme. They induced victims to enter into fraudulent equipment rental contracts with the defendants’ cryptocurrency mining service called HashFlare. They also caused victims to invest in a virtual currency bank called Polybius Bank. In reality, Polybius was never actually a bank, and never paid out the promised dividends. Victims paid more than $575 million to Potapenko and Turõgin’s companies. Potapenko and Turõgin then used shell companies to launder the fraud proceeds and to purchase real estate and luxury cars. See: Digital Asset Classification vs Wire Fraud: What’s the Most Powerful Law in Crypto Right Now U.S. Attorney Nick Brown for the Western District of Washington: The size and scope of the alleged scheme is truly astounding. These defendants capitalized on both the allure of cryptocurrency, and the mystery surrounding cryptocurrency mining, to commit an enormous Ponzi scheme. They lured investors with false representations and then ...
Read More
Guest Post | Nov 24, 2022 In the world of finance and technology or fintech, innovation can be a powerful tool in improving customer experience and driving business growth. One aspect of this innovation is the use of location-based data to maximize financial performance. This data can be used in various ways to track competitors, optimize logistics and improve customer relationships, among other things. Let’s dive into how location-based data can help you get ahead in the ever-evolving fintech world. Location Data 101: Definition Benefits Location data is information derived from a device or system, for example, a smartphone, GPS tracker, Phone Number Location Tracker, or other interconnected gadgets. This data can furnish profoundly precise details about an individual's movement and the time they were in any given area. Fintechs utilize this agglomerated location data drawn from several sources and then synthesized into one single platform to make smarter and more informed decisions. Location data can enable fintech companies to: Identify new customers and build a better understanding of their behavior Monitor competitors’ activities, customer visits, marketing campaigns, and more Make strategic decisions about pricing, product offerings, and promotions Foster loyalty and drive repeat purchases Improve customer experience by delivering ...
Read More
NCFA Canada | Mahi Sall | Nov 28, 2022 Thought Leadership Series of Expert interviews and insights related to a made-in-Canada open banking regime The National Crowdfunding & Fintech Association of Canada (NCFA), true to its mission of providing education, industry stewardship, networking, growth, and funding opportunities for innovative financial technologies and related sectors, is pleased to launch a brand new thought leadership series on Open Banking led by Berlin-based NCFA ambassador and independent expert in Fintech-Bank Partnerships Mahi Sall. NCFA is proudly contributing this thought leadership series to help shape a system that will bring profound changes in how financial services will be created, distributed, and consumed in Canada over decades to come. Our hope is that Canada’s Open Banking system will improve economic outcomes, improve market efficiencies and competitiveness, and enable consumers to access new and innovative financial services in a way that is secure, efficient, and consumer-centric. The series is called ‘Canada’s Open Banking Journey’ and aims to aggregate international and domestic perspectives of Open Banking/Finance expert practitioners from around the globe to advance dialogues, key considerations, and explore potential solutions for the development of a made in Canada open banking regime with the following timeline: Sep ...
Read More
Read More
Guest Post | Nov 25, 2022 There has been a change in the corporate world regarding the necessity to protect assets during the last few years. The definition of what must be safeguarded and to what extent has become more difficult. Only 15 years ago, most businesses focused on safeguarding assets as they were the most valuable ones. Data are typically at the top of the list of assets that businesses must now include in their inventory. In addition to branding, connections, non-revenue rights, and intellectual property, your data is a form of intangible asset that you own. Let’s take a look at how to protect your data in this data room review. All digital papers are kept in electronic format in a virtual data room. It lessens the amount of physical paperwork produced by firms and aids in protecting their intellectual assets. To maintain track of commercial transactions, a lot of businesses use VDRs. They will also be beneficial for asset management and fundraising. The best virtual data room providers can stop files from being downloaded. They safeguard each file present in the data room. What Exactly Is a Business Data Asset? A particular kind of intangible asset made ...
Read More
Read More
Guest Post | Nov 25, 2022 Video conferencing has become an essential part of business, and it’s easier than ever to use it. You can use video conferencing for any type of call, including sales calls, customer service calls, and even team meetings. Video conferencing can help your company grow by making every call more personal—and therefore more effective at closing deals. Use video to give your sales demo. Video conferencing is also a great way to give your product a demo. If you're selling an online course or software, it's important that a prospect understands what they're buying before the sale is made. Video conferencing allows you to show off your product in action and discuss its features and benefits with potential customers. In addition to demos, video conferencing can be used when conducting sales calls with multiple people on either side of the call. In this scenario, having all parties in one room makes it easy for everyone involved in the call to see each other—and build rapport by seeing each other’s faces as they talk about their products or services (or how much fun they had last weekend). Use video to make yourself compelling and cut through ...
Read More
Read More
Protos | Nov 23, 2022 The Grayscale Bitcoin Trust (GBTC) is an over-the-counter (OTC) traded fund meant to track the price of bitcoin. Grayscale Investments is owned by Barry Silbert’s crypto mammoth Digital Currency Group (DCG), which also owns beleaguered crypto trading and lending firm Genesis. For a long time, GBTC traded at a significant premium to its NAV, with shares trading for as much as double the value of the corresponding bitcoin. While this premium persisted, institutional investors were incentivized to lock up bitcoins and receive GBTC shares, which they hoped to sell once the six month period elapsed. However, this trade become popular among a variety of firms, including BlockFi and Three Arrows Capital (3AC). As shares began to unlock, GBTC eventually started trading at a discount to NAV. This became particularly challenging for BlockFi, which had lent 3AC money against GBTC collateral. Eventually, 3AC was liquidated by BlockFi, which meant increased selling of GBTC into the market, further raising the discount. Currently, GBTC trades at around a 45% discount to NAV. Grayscale will not share proof of reserves See: SEC Rejects Bid to Turn the Largest Bitcoin Fund Into an ETF -> Grayscale Sues SEC Fundraising: DCG, ...
Read More
Read More
Guest Post | Nov 25, 2022 For many companies, pricing software is seen as a way to solve all the problems associated with this process. Yes, software today boasts a range of features and capabilities. These include even the ability to perform various tasks according to given algorithms using artificial intelligence. But are ready-made software solutions able to get rid of all problems? Let's take a look at their advantages and disadvantages. Should You Use Pricing Software? Customers need personalization in every area of retail. According to Epsilon about 80% of them want to see it at different stages of the purchase, including pricing. Today there are no software solutions that could completely replace the work of specialists, but they can help with the automation of work processes. Today it is as important a tool as CRM. Why? Let's look at the benefits. Benefits Pricing software has a number of key benefits: Building optimal prices. The software is able to analyze the overall pricing. This allows the business of both the B2B and B2C segments to remain competitive. By collecting data from different sources such as CRM, GA, e-commerce platforms, etc., the software can offer the best pricing options. Evaluation ...
Read More
Read More
Fortune | Alena Botros | Nov 23, 2022 The former CEO of PIMCO sees three trends that suggest a transformation in the global economy is under way. There’s a tendency to see economic challenges as “temporary and quickly reversible,” El-Erian wrote in a commentary for Foreign Affairs. He referenced economic theory that a recession occurs when a business cycle reaches its natural endpoint and before the next cycle really takes flight, but he said this time won’t be one more turn of the “economic wheel,” as he sees the world experiencing major changes that “will outlast the current business cycle.” 3 Major Shifts: 1. The first shift was driven by the effects of the pandemic, beginning with the entire system coming to a halt and stimulus from the government, or what El-Erian called “enormous handouts,” causing “demand surges well ahead of supply.” 2. It’s tied to Russia’s invasion of Ukraine that resulted in sanctions and geopolitical tensions, along with a widespread labor shortage brought forward by the pandemic. These disruptions in supply chains gave way to “nearshoring,” a more permanent shift of companies moving their production closer to home, rather than a reconstruction of the 2019-era supply chain. This essentially ...
Read More
Read More
Nov 25, 2022 There are countless altcoins in existence, but only a minute percentage have the potential to outmatch Ethereum, which has come second only to Bitcoin for some time now. Even with the market crash following the NFT surge and ‘The Merge’ taking place, Ethereum still holds a strong position. If you haven’t already got Ethereum in your investment portfolio, continue reading for three reasons why you should. Ethereum Has a Functional Ecosystem Ethereum broke into the blockchain landscape back in 2015 and bought with it the incredible power of smart contracts, which can be built over the blockchain. Smart contracts are automated programs designed to execute once any terms are met, meaning the middleman becomes redundant. For example, if someone gives collateral to secure a loan it can be returned automatically once the repayment terms have been made. The smart contract infrastructure sits at a completely polar opposite to Bitcoin, which only exists as a digital currency. The smart contract infrastructure of Ethereum is the main reason why developers flocked to the platform. Currently, more than 4000 developers are working on Ethereum each month. According to findings from State Of The DApps, more than 4000 applications are running ...
Read More
Read More
Yahoo Finance via Reuters | Huw Jones | Nov 24, 2022 LONDON (Reuters) - The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such 'conglomerate' platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview. Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch. IOSCO, which coordinates rules for G20 countries and others, has already set out principles for regulating stablecoins, but now the focus is turning to platforms which trade in them. In mainstream finance there is functional separation between activities like broking, trading, banking services and issuance, with each having its own set of conduct rules and safeguards. "For investor protection reasons, there is a need to provide additional clarity to these crypto markets markets through targeted guidance in applying IOSCO’s principles to crypto assets," Servais said. "We intend to publish consultations report on these matters in the first half of 2023," he added. The European Union's new markets in cryptoassets or MiCA framework is an ...
Read More
Read More
DOJ | Release | Nov 21, 2022 Two Estonian citizens were arrested in Tallinn, Estonia, yesterday on an 18-count indictment for their alleged involvement in a $575 million cryptocurrency fraud and money laundering conspiracy. According to court documents, Sergei Potapenko and Ivan Turõgin, both 37, allegedly defrauded hundreds of thousands of victims through a multi-faceted scheme. They induced victims to enter into fraudulent equipment rental contracts with the defendants’ cryptocurrency mining service called HashFlare. They also caused victims to invest in a virtual currency bank called Polybius Bank. In reality, Polybius was never actually a bank, and never paid out the promised dividends. Victims paid more than $575 million to Potapenko and Turõgin’s companies. Potapenko and Turõgin then used shell companies to launder the fraud proceeds and to purchase real estate and luxury cars. See: Digital Asset Classification vs Wire Fraud: What’s the Most Powerful Law in Crypto Right Now U.S. Attorney Nick Brown for the Western District of Washington: The size and scope of the alleged scheme is truly astounding. These defendants capitalized on both the allure of cryptocurrency, and the mystery surrounding cryptocurrency mining, to commit an enormous Ponzi scheme. They lured investors with false representations and then ...
Read More
Read More
Guest Post | Nov 24, 2022 In the world of finance and technology or fintech, innovation can be a powerful tool in improving customer experience and driving business growth. One aspect of this innovation is the use of location-based data to maximize financial performance. This data can be used in various ways to track competitors, optimize logistics and improve customer relationships, among other things. Let’s dive into how location-based data can help you get ahead in the ever-evolving fintech world. Location Data 101: Definition Benefits Location data is information derived from a device or system, for example, a smartphone, GPS tracker, Phone Number Location Tracker, or other interconnected gadgets. This data can furnish profoundly precise details about an individual's movement and the time they were in any given area. Fintechs utilize this agglomerated location data drawn from several sources and then synthesized into one single platform to make smarter and more informed decisions. Location data can enable fintech companies to: Identify new customers and build a better understanding of their behavior Monitor competitors’ activities, customer visits, marketing campaigns, and more Make strategic decisions about pricing, product offerings, and promotions Foster loyalty and drive repeat purchases Improve customer experience by delivering ...
Read More
Read More
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