According to recent reports, a leading social media network and a global messaging firm will each launch their own cryptocurrency over the next year, allowing users to send cryptocurrency across international borders through their respective messaging systems. The social media network's cryptocurrency reportedly will be pegged to the value of a basket of different foreign currencies, rather than just the U.S. dollar. The global messaging firm's cryptocurrency will operate like a traditional cryptocurrency, with fluctuating values and a decentralized design. Meanwhile, Tether has announced plans to launch a new cryptocurrency backed one-to-one by U.S. dollars in partnership with the Tron Foundation. Tether currently offers a cryptocurrency for the bitcoin and ether blockchains that is tied to the U.S. dollar.

TrustToken recently announced a new feature available to traders of the firm's TrueUSD cryptocurrency. TrustToken will partner with an accounting firm to offer traders real-time confirmation that TrueUSD is backed by real-world value. The new service aims to make this information for collateralized cryptocurrencies available quicker and may set a new standard for tokenized assets in the future. Medici Ventures recently announced that its portfolio company Bitt will use blockchain technology to pilot a digital version of the Eastern Caribbean Central Bank's (ECCB) dollar across the Eastern Caribbean Currency Union. The ECCB is the third-largest monetary union in the world. Bitt's pilot will offer the digital EC dollars to the public in phases. The company's ultimate goal is to use blockchain technology to provide banking options to countries in the Eastern Caribbean region and ultimately stimulate economic growth and financial access.

The difficulties faced by cryptocurrency companies in gaining access to banking services was the subject of two news reports this week. One report noted that many large financial institutions refuse to work with cryptocurrency companies due to the banking industry's rigid know-your-customer and anti-money laundering policies. The report noted that a compliance and monitoring system that meets these standards but also accommodates the distributed network structure will be expensive – and most banks conclude that the risk isn't worth the reward. Another report noted that despite Malta's bid to bring more blockchain firms to the country, Maltese financial institutions are reluctant to service these firms and are willing to open accounts only for firms that are able to secure a Malta Financial Services Authority (MFSA) license. The MFSA aims to issue its first licenses for registration as VFA Agents under Malta's Virtual Financial Assets Act within the first quarter of the year. Access to banking was also at issue in a recently introduced bill in California. The new law would allow cannabis companies to make tax payments in cryptocurrency to facilitate electronic payments without traditional banking services and reduce the vast amounts of cash that end up in state tax offices.

Finally, a major online payments processor and Blockstream's co-founder and CEO made news this week by supporting the Bitcoin Lightning Network through participation in a transaction on what has become known as the Lightning Torch. Separately, despite U.S. sanction concerns, the Lightning Torch also made it to Iran early this week. The capacity of the Bitcoin Lightning Network reportedly surpassed $2 million in December of last year.

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