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Exec Who Launched PwC Switzerland’s Blockchain Division to Become CFO at Tezos

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The man who launched a blockchain and cryptocurrency assurance division for PwC in Switzerland is joining Tezos as chief financial officer, the foundation confirmed in a news release on June 11.

Roman Schnider is leaving the Big Four firm after 15 years, and Tezos says he is already familiar with the organization, since it was the first major blockchain project to have its finance and business operations audited by PwC.

Tezos describes itself as a platform focusing on smart contracts and decentralized applications that offers a protocol governed by stakeholders. Ryan Jesperson, the president of the Tezos Foundation, said:

“As the foundation continues to provide resources to a growing Tezos ecosystem, the CFO and operations lead will be critical to our success. Roman’s experience makes him the ideal finance and operations specialist for our team. He is already familiar with the opportunities and challenges blockchain projects face and has a deep understanding of the Tezos Foundation from his time at PwC.”

Schnider is succeeding Eelco Fiole in the CFO role, and said he was looking forward to “serving and supporting the Tezos community in the most effective, efficient and transparent way possible.”

Late last month, reports revealed that Tezos was about to undergo its first token holder administered update after proposals were approved in a three-month vote.

In March, it emerged that PwC was the top recruiter for blockchain-related jobs on the Indeed website — comfortably surpassing rival auditing firms such as Ernst & Young, Deloitte and KPMG.

Tezos set records back in July 2017 when it managed to raise bitcoin (BTC) and ether (ETH) worth $232 million at the time. It took a year for the foundation to launch its beta network after the project was rocked by internal disputes and class-action lawsuits, as covered by a Cointelegraph analysis.





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Fidelity-Backed Crypto Analytics Firm to Integrate Twitter-Based Crypto Sentiment Feed

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Crypto analytics firm Coin Metrics partnered with Social Market Analytics (SMA) to collaborate on a feed of real-time sentiment towards cryptocurrency based on social media data, according to a press release on June 17.

The new partnership intends to collect and analyze data posted by crypto community on social media in order to provide a new tool to help crypto traders to track social media sentiment data to build their portfolio strategies.

The new product will initially target sentiment data solely on social media giant Twitter, Coin Metrics CEO Tim Rice confirmed to Cointelegraph, adding that the firms are currently not considering integration of the service into Facebook.

Specifically,Coin Metrics will incorporate the product into market data platform, called the SMA cryptocurrency Sentiment Feed, providing calculated metrics of data on Twitter, according to a report by crypto media outlet The Block. In the report, Rice said that the calculation algorithms would include relevant tweets and calculate “19 different aggregate sentiment metrics down to snapshots of one minute.”

Social Market Analytics is providing social media-powered predictive data analytics to traditional capital markets participants in various markets, including stocks, forex, Exchange-Traded Funds (ETFs), futures, among others. Since its establishment in 2012, SMA has been a Twitter Finance partner, the firm’s CEO Joe Gits stated in an email to Cointelegraph.

Meanwhile, Coin Metrics is backed by major American investment management company Fidelity in February 2019, which participated in a $1.9 million funding round in February 2019.

Earlier today, social media giant Facebook released the white paper for its long-anticipated cryptocurrency and blockchain-powered financial project known as Libra stablecoin.





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Bitcoin Falls Near $9,000 as US Stock Market Sees Gains

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Monday, June 17 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls Near $9,000 mark again.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently down about 3% on the day, trading around $9,045 at press time, according to Coin360. Looking at its weekly chart, the coin is up around 11%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported earlier today, bitcoin surpassed one million daily active addresses on June 14, according to blockchain statistics website CoinMetrics.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $28.2 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $18.1 billion at press time.

Coin360 data shows that ETH has seen its value decrease by about 2.27% over the last 24 hours. At press time, ETH is trading around $265. On the week, the coin has also gained almost 6.8% of value.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

XRP is down by just over 0.43% over the last 24 hours and is currently trading at around $0.430. On the week, the coin is up about 6.7%.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Yesterday news broke that major money transmission network MoneyGram has entered into a strategic partnership with blockchain-based payments firm Ripple.

Among the top 20 cryptocurrencies, the only ones reporting gains are binance coin (BNB), which is over 1% up, and DASH, which is up over 2%.

At press time, the total market capitalization of all cryptocurrencies is $282.8 billion, over 11.6% higher than the value it reported a week ago.

As Cointelegraph reported earlier today, Social media giant Facebook has released the white paper for its long-awaited cryptocurrency and blockchain-based financial infrastructure project.

In traditional markets, the United States stock market is seeing gains so far today, with the S&P 500 up 1.17% and the Nasdaq up 1.73% at press time. The CBOE Volatility Index (VIX), on the other hand, has lost 0.46% on the day at press time.

Major oil futures and indexes are mixed movements today, with WTI Crude up 3.99%, Brent Crude up 2.43% and Mars US down 0.83% at press time. The OPEC Basket is up 0.57% and the Canadian Crude Index has seen its value increase by 5.57% in the 24 hours by press time, according to OilPrice.





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Facebook Has Yet to Answer US Lawmakers’ Questions About Libra Crypto

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Facebook is still working on its responses to a plethora of consumer protection questions about the Libra cryptocurrency asked by a group of U.S. senators last month.

The Senate Banking Committee wrote an open letter to Facebook at the beginning of May, asking the social media giant a number of questions about Libra, after word of the project leaked out in the press. The questions primarily centered around user privacy and data protection, though a few concerned the cryptocurrency network itself.

After months of speculation and rumors, the company formally unveiled its vision for Libra on Tuesday – but it has not yet submitted a response to the letter.

“We received the letter and are addressing the senators’ questions,” a Facebook spokesperson told CoinDesk Tuesday morning.

Early clues

To be sure, the documentation Facebook published offers a hint of what the answers to some of the committee’s questions might be.

Take, for example, the senators’ first two questions:

  1. How would this new cryptocurrency-based payment system work, and what outreach has there been to financial regulators to ensure it meets all legal and regulatory requirements?
  2. What privacy and consumer protections would users have under the new payment system?

Facebook’s new Libra white paper and supporting documentation outline the mechanism for the basket of fiat currencies and government securities that back the Libra token, as well as the Libra investment token that gives its governance council the ability to monitor and modify the network and its protocols.

Moreover, Facebook said in other documentation that it, or at least its new Calibra subsidiary, would secure money transmitter licenses in various U.S. states that treat cryptocurrencies as money. Calibra has also registered as a money services business (MSB) with the Financial Crime Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. (Though it is a legal requirement for businesses conducting financial transactions, registering as an MSB does not indicate any sort of regulatory approval.)

Calibra says it will also abide by European Union and Financial Action Task Force (FATF) guidelines, as well as the laws of each jurisdiction it provides services in. Facebook has also reportedly held talks with the Commodity Futures Trading Commission (CFTC) about Libra.

The Senators also asked if Facebook shares or sells any consumer information (or information derived from such data) with any unaffiliated third parties. Company literature says that neither Facebook nor Calibra will do so without consent from the customer.

Stay tuned

Still, the senators may want more detailed answers to these questions and others, specifically:

  1. What consumer financial information does Facebook have that it received from a financial company?
  2. To the extent that Facebook has received such information, what does the company do with it and how does it safeguard the data?
  3. Does Facebook have any information bearing on an individual’s (or group of individuals’) creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics or mode of living that is used (either by Facebook or an unaffiliated third party) to establish eligibility for, or marketing of a product or service related to, credit, insurance, employment or housing?
  4. How does Facebook ensure that such information is not used in violation of the Fair Credit Reporting Act?

The senators’ letter did not give a deadline for Facebook to respond, and it is unclear when the answers will be sent.

Facebook CEO Mark Zuckerberg image via Shutterstock

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