Coinsquare Wants to Upgrade ATMs to Sell Bitcoin

On July 3, Canadian exchange Coinsquare has acquired software allowing traditional ATMs to sell cryptocurrency such as bitcoin (BTC).

Coinsquare announced a controlling investment in Just Cash, a United States-based fintech startup that has developed a software that allows users to purchase crypto directly through traditional ATM machines without the need of additional hardware or mobile application.

Following the investment of undisclosed amount, the Just Cash team will join Coinsquare in and operate under Coinsquare brand.

Coinsquare CEO Cole Diamond says that the new initiative reflects the company’s mission of bringing mainstream adoption to the crypto industry. According to Diamond, enabling crypto purchases through ATMs will make cryptocurrency “finally reach the masses.”

It is not known how many ATMs Coinsquare is targeting for the upgrade, the startup nevertheless can now offer crypto capabilities for millions of existing ATMs around the world. (Positive)

US Congress Requests Facebook to Stop the Development of the Libra Stablecoin

The United States House of Representatives Committee on Financial Services requested Facebook and its partners to stop the development of the Libra stablecoin.

In a July 2 letter addressed to Facebook CEOs Mark Zuckerberg and David Marcus, and COO Sheryl Sandberg, the lawmakers request that Facebook and its partners immediately agree to a moratorium on the development of Libra and its dedicated Calibra wallet.

The committee claims that the project may lead ”to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar.” 

The committee notes that it believes such an endeavor could have serious implications:

”This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”

The letter claims that it foresees cybersecurity vulnerabilities, which could potentially lead to trillions of dollars of uninsured deposits being lost, and that consumers could be exposed to severe privacy and national security concerns.

The committee also notes that Facebook’s troubled past with user data further exacerbates those concerns.

Furthermore, the committee stated that “it is imperative that Facebook and its partners immediately cease implementation plans” until regulators explore the issues above. During the proposed moratorium, the regulators intend to hold public hearings on the risks and benefits of the system and explore legislative solutions. The letter concludes:

“Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.” (Negative)

CME Bitcoin Futures Set Multiple New Records Last Month

CME bitcoin futures set multiple new records last month, with over 2,960 accounts trading BTC futures, according to the source. The increased interest in BTC coincides with a surge of account sign-ups.

In 2019 have been created nearly 1,000 new user accounts, a 30 percent increase in total client sign-ups. The number of clients holding contracts worth at least 25 BTC bumped from the average of 46 to 49 during the last week of June. Open interest also reached new heights in June, with 6,069 contracts.

Facebook’s Libra announcement came towards the end of last month, which may have affected traditional traders and possibly drumming up interest in crypto. Moreover, its volatility makes futures a more palatable option, since they reduce risk and increase stability.

The price of BTC has fluctuated above and below $10,000, taking a steep pitch yesterday before rising once again above $10,000 in the following 24 hours. (Positive)