Visa Still Interested in Developing Libra With Facebook
Alfred F. Kelly, CEO of major payment processor Visa, has said that the company is still in discussions with Facebook on the Libra project.
On October 24 ,in an interview Kelly said that Visa still maintains a close relationship with Facebook on the subject, as it believes that digital currencies provide safer payments to more people and places. Kelly said:
“As a curious and open company — and given the leadership we have in the payments ecosystem — we want to engage in everything in the payment space until we reach a point where we believe our engagement is no longer positive.”
Kelly continued by saying that the Libra project needs more time for full implementation since it is a disruptive initiative and the proposal involves addressing regulatory requirements. He further noted that Libra is not centralized and that although the proposal “was developed by Facebook, all members of the Libra Association have the same decision-making power and control of the project.” (Neutral)
Crypto Lending Platform Nexo Lowers Rates on Instant Credit Lines
Nexo, a crypto lending institution, announced that it has lowered the interest rates on its instant crypto credit lines.
In a press release published Oct. 22, Nexo announced that it was lowering interest rates on its credit line service after securing long-term cost-efficient financing. The instant lending platform claims that they now offer the lowest rates in the ecosystem.
Nexo’s crypto credit lines reportedly start at 5.9% with no minimum repayment requirements and no credit checks and are available across more than 200 jurisdictions.
Nexo allows digital asset holders to borrow against a basket of an array of digital currencies such as Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC) and others, without losing ownership of their assets.
The lending platform reported in August that it had paid its token holders a total of $2,409,574.87 in dividends, reaching an annualized dividend yield of 12.73%. With a user base of over 250,000, Nexo’s dividend yield is purportedly higher than every dividend-paying stock listed on the S&P 500 market index.
During the same month, Nexo launched a Mastercard-branded cryptocurrency credit card, which they claimed to be the first card in the world that enables users to spend the value of their cryptocurrency without in fact spending it. (Positive)
Bakkt Announces First Regulated Options Contract for Bitcoin
On October 24, Bakkt announced that it will be launching the first regulated options contract for Bitcoin (BTC) futures.
According to the Bitcoin futures exchange, the key features of the Bakkt Bitcoin Options contract include capital efficiency, cash or physical settlement, European-style options, low fees, as well as instant messaging, block trades and options analytics.
A European-style option is an option contract that limits the opportunity for early execution and reduces operational burdens, the firm noted.
The new options product is based on customer feedback, explains CEO Kelly Loeffler and is designed to hedge or gain bitcoin exposure.
As Bakkt CEO Kelly Loeffler noted in the announcement, the Bakkt Bitcoin Options contract will be based on Bakkt Monthly Bitcoin Futures contract, a major type of Bitcoin futures contract launched alongside Bakkt Daily Bitcoin Futures on Sept. 22.
Specifically, Bakkt will be charging $1.25 per options contract starting in January 2020 after debuting the options with the fee waiver in December, Loeffler said. (Neutral)