Cryptocurrency Weekly News Roundup – 26th May

Last week was one of those weeks when good news about cryptocurrency advancement lies aplenty and strengthens our resolve. Last week covers a startup that is using crypto to bridge economic gaps. And also how cryptocurrency is sort of ending a much talked about rivalry.  Most interestingly, especially on the side of adoption is that US telecom giant, AT&T, announced that it will accept cryptocurrency.

Crypto to the rescue

A non-profit startup GiveCrypto has been able to use cryptocurrency to send relief directly to families in Venezuela, circumventing banks and companies that handle remittances.

GiveCrypto was able to provide temporary help to vulnerable families by providing them with a weekly deposit worth about $7, about the same as Venezuela’s monthly minimum wage. The program was able to help families like that of Adrienne Cordello, a mother of three who had been forced to limit the diet of her children due to the staggering 67,000% annual inflation rate in Venezuela.

Globalcoin 2020

According to the BBC Facebook is reportedly looking to launch its digital currency in 2020. Within Facebook, the cryptocurrency is called Globalcoin. Testing for the coin is expected to start by the end of this year.

It appears that Facebook has spoken to Bank of England governor, Mark Carney; has sought advice from officials at the US Treasury and is in talks with money transfer firms including Western Union.

Also in what seems to be the end of a supposed rivalry, Mark Zuckerberg, reportedly held talks with the Winklevoss twins regarding Facebook developing Gobalcoin. The Winklevoss are remembered for suing Mark for stealing the idea for Facebook from them.

3, 2, 1 and Telegram’s blockchain to launch in Q3

Messaging service Telegram is going to launch its own blockchain, the Telegram Open Network (TON) sometime in Q3 2019 based on an internal note to its investors.

TON network will supposedly host decentralized applications, similar to Ethereum.

Telegram reported a successful testing process that confirmed its blockchain and consensus algorithm met the goal of its original TON white paper. According to anonymous test developers, the blockchain demonstrated “extremely high transaction speed.”

A Token for Media Ownership

Hollywood movie producer, Ryan Kavanaugh through his firm Proxima Media has raised 100 million USD for a token that allows investment in media content.

The token called, Proxicoin is built on the ethereum blockchain and allows fractional ownership of film, television, music and other IP-driven content even for small investors.

Proxima also plans to create a stock exchange-like trading platform called Entertainment Stock X (ESX) to help individual film and television projects raise funds via initial public offerings. Proxicoin token holders will also be partial owners of ESX.

Cryptocurrency on the Telecom

Telecom giant AT&T will now accept cryptocurrency payments following a partnership with BitPay. Users will be able to use cryptocurrency either on AT&T’s website or through the myAT&T app.

AT&T is the first mobile operator in the US to accept cryptocurrency and has joined the likes of Whole Foods, Nordstrom and GameStop who announced earlier this month they will be accepting cryptocurrency.

At this point, we are looking at the likes of Africa’s telco and asking “MTN when crypto?”

Bonus News Unlocked

Blockchain Game Partnerships

Epic Games, developers of the video game, Fortnite, has partnered with The Abyss, a blockchain game distribution platform. The partnership will allow developers on the platform access to the Unreal Developers Network.

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