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John McAfee to Integrate Tron Blockchain with McAfeeDEX on November 8

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  • Yuri Molchan
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    The crypto baron John McAfee keeps his word and is about to integrate the Tron chain with his recently launched DEX as was announced previously

John McAfee to Integrate Tron Blockchain with McAfeeDEX on November 8
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The crypto influencer John McAfee who has recently launched his own decentralized exchange (dex), McAfeeDex, announces that he is finally prepared to integrate the Tron blockchain with it. The event will happen in about a week – on November 8.

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McAfee launches his dex

The dex was launched about three weeks ago, when the crypto baron announced that he was going to release a product that he and his team had been working on for over a year.

Known for his negative attitude towards centralized crypto exchanges, which hold customers’ private keys, McAfee gave the world an Ethereum-based decentralized exchange where everyone can list their coin free of charge.

He even offered everyone to use a ‘franchise’ – McAfeedex portals that will help power trading operations on the exchange and will get 0.05% off every trade. The cost of the package to install such a port is $395.

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McAfee to add Tron blockchain to his crypto exchange

As per the tweet on the MacAfee’s account, as of November 8, the dex will also start running on the Tron chain.

This will be another major milestone for Tron, due to McAfee’s ‘big name’ and reputation of an influencer in the crypto industry. However, not as big, it seems, as Tron’s recently announced partnership with the electronics behemoth Samsung.

The Tron chain is now integrated with Samsung Blockchain Keystore. Samsung has added Tron APIs and is going to work with Tron-based transactions and dApps.

 

What do you think of McAfee’s dex integrating Tron? Share your view in the comment section!

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
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The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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