The Intersection: Crypto And Wall Street This Week - June 1, 2019

FSB says checks for crypto risks needed as Salesforce unveils blockchain service

FSB SAYS CHECKS FOR CRYPTO RISKS NEEDED: The Financial Stability Board said regulators need to bolster risk assessments of the cryptocurrency space as existing rules are patchy and rapid technological shifts could lead to gaps in policies, Reuters’ Tom Wilson reported Friday. The FSB said regulators should foresee risks in the industry that could affect financial stability and an assessment of banks’ and other financial firms’ exposure to cryptocurrency was one potential tool. The agency added that virtual currency does not currently present a material stability risk.

SALESFORCE UNVEILS BLOCKCHAIN SERVICE: Salesforce (CRM) announced on Wednesday Salesforce Blockchain, a "low-code platform that enables organizations to share verified, distributed data sets across a trusted network of partners and third parties." Salesforce Blockchain made its debut at TrailheaDX, Salesforce's fourth annual developer conference. "We help companies build for the future by making breakthrough technology accessible and easy to use-today we are doing just that with Salesforce Blockchain," said Bret Taylor, president and chief product officer. "Now, companies will be able to create new ecosystems and achieve new levels of interconnectivity through trusted partner networks."

COINBASE LAUNCHES EOS SUPPORT: Coinbase announced in a Wednesday blog post that it would support EOS at and in the Coinbase Android and iOS apps. The company said, “Coinbase customers can now buy, sell, convert, send, receive, or store EOS. EOS will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York. Additional jurisdictions may be added at a later date. EOS is a cryptocurrency designed to support large-scale decentralized applications. There are no fees to send or receive EOS. Instead, the protocol requires EOS to use resources like RAM, CPU, and network bandwidth. It also rewards the entities that run the network periodically with new EOS, effectively substituting inflation for transaction fees.”

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