Today in the headlines, another Coinbase employee departed, BitTorrent built a cryptocurrency on TRON’s blockchain, and India’s reserve bank made cryptocurrency statements. ConsenSys also teamed up with AMD, and Apple’s nose-dive was compared to crypto.
Catch up on the details:
BitTorrent moves to decentralize the internet
In a recent move, the BitTorrent software company released its own cryptocurrency built on TRON’s blockchain.
The new BitTorrent Token (BTT) project looks to build an ecosystem around computer storage, bandwidth and networking, utilizing a decentralized network.
TRON founder Justin Sun has also jumped on board as the new CEO for BitTorrent. As reported in BitTorrent’s recent blog post, Sun explained the “BitTorrent token is the first in a series of steps to support a decentralized internet […]. In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”
What’s behind the Coinbase executive exodus?
Another Coinbase brass has left the operation, according to recent reports. Coinbase’ senior compliance manager Vaishali Mehta recently left her position to join the TrustToken team.
According to her LinkedIn profile, Mehta joined TrustToken in December as their head of compliance. TrustToken is responsible for the TrueUSD (TUSD) stablecoin, one of many young stablecoin projects on the crypto scene.
Over the past several months, Coinbase has seen departures from several key figures, including its policy officer and its institutional platform head.
India: Central Bank report states crypto does not threaten financial stability
“[C]rypto-assets do not pose risks to global financial stability currently. The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with the core of the regulated financial system.”
Ethereum studio ConsenSys teams up with chip manufacturer AMD
An announcement today showed ConsenSys has teamed up with computer processor development company AMD “to develop a new cloud computing infrastructure based on blockchain technology,” CoinDesk reported.
ConsenSys also collaborated with Halo Holdings for the project. Named W3BCLOUD, the project was developed with decentralized applications in mind.
AMD will supply ConsenSys with quality hardware to better scale decentralized solutions, according to AMD’s Jerog Roskowetz.
Apple loses almost as much as bitcoin’s entire market cap in one day
Yesterday the market watched as Apple’s stock lost $65 billion in value, leaving the company with a market cap under $700 billion.
Cryptocurrency’s total market cap lost roughly $700 billion last year. This loss, paired with Apple’s current situation, shows just how massive traditional markets are in comparison.
An article from Bitcoinist from today showed that FAANG (Facebook, Amazon, Apple, Netflix, Google) stocks “have lost upwards of $1 trillion from their all-time highs.”
eToro analyst Mati Greenspan explained people may look to bitcoin as an alternative to said traditional markets if crypto assets continue their inversely correlated climb.