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Facebook plans June 18th cryptocurrency debut. Here’s what we know – TechCrunch

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Facebook is finally ready to reveal details about its cryptocurrency codenamed Libra. It’s currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics, according to a source who says multiple investors briefed on the project by Facebook were told that date.

Meanwhile, the company’s Head of Financial Services & Payment Partnerships for Northern Europe Laura McCracken told German magazine WirtschaftsWoche‘s Sebastian Kirsch that the white paper would debut June 18th, and that the cryptocurrency would indeed be pegged to a basket of currencies rather than a single one like the US dollar to prevent price fluctuations. Kirsch tells me “I met Laura at Money2020 Europe in Amsterdam on Tuesday” after she watched fellow Facebook payments exec Paulette Rowe’s talk. “She told me that she wasn’t involved in what David Marcus’ [Facebook Blockchain] team was doing. But that I’d have to wait until June 18th when a whitepaper was supposed to be published to get more details.” She told him she thought the date was already a publicly known fact, which it wasn’t.

Then, yesterday TechCrunch received a request for a June 18th news embargo from one of the communications managers for Facebook’s blockchain team. The Information’s Alex Heath and Jon Victor also reported yesterday that Facebook’s cryptocurrency project would launch later this month.

Facebook declined to comment on any news regarding its cryptocurrency project. There is always a chance that the announcement date could fluctuate if snafus with partners or governments arise. One source says Facebook is targeting a 2020 formal launch of the cryptocurrency

The debut of Libra or whatever Facebook decides to call it could unlock a new era of commerce and payments for the social network. It could be used to offer low or no-fee payments between friends or remittance of earnings to familys from migrant workers abroad who are often gouged by money transfer services.

Sidestepping credit card transaction fees could also allow Facebook’s cryptocurrency to offer a cheaper way to pay merchants for traditional ecommerce, or facilitate microtransactions for a la carte news articles or tipping of content creators. And a better understanding of who buys what or which brands or popular could aid Facebook in ad measurement, ranking, and targeting to amplify its core business.

How Facebook’s cryptocurrency works

Here’s what we know about Facebook’s blockchain project:

Name: Facebook will likely use the Libra codename as the public facing name for its cryptocurrency, which The Information reports won’t be called GlobalCoin as the BBC had claimed. Facebook has registed a company called Libra Networks in Switzerland for financial services, Reuters reported. Libra could be a play on the word LIBOR, an abbreviation for the London Inter-bank Offered Rate that’s used as a benchmark interest rate for borrowing between banks. LIBOR is for banks, while Libra is meant to be for the people.

Token: The cryptocurrency will be a stablecoin — a token designed to have a stable price to prevent discrepancies and complications due to price fluctuations during a payment or negotiation process. Facebook has spoken with financial institutions regarding contributing capital to form a $1 billion basket of multiple international fiat currencies and low-risk securities that will serve as collateral to stabilize the price of the coin, The Information reports. Facebook is working with various countries to pre-approve the rollout of the stablecoin.

The head of Facebook’s Blockchain team David Marcus (left) speaks at TechCrunch Disrupt 2016

Usage: Facebook’s cryptocurrency will be transferrable with zero fees via Facebook products including Messenger and WhatsApp. Facebook is working with merchants to accept the token as payment, and may offer sign-up bonuses. The Information also reports Facebook also wants to roll out physical devices for ATMs so users can exchange traditional assets for the cryptocurrency.

Team: Facebook’s blockchain project is overseen by former PayPal President and VP of Facebook Messenger David Marcus. His team includes former Instagram VP of product Kevin Weil, Facebook’s former corporate head of treasury operations Sunita Parasuraman who The Information reports will oversee the token’s treasury, and many elite engineers cherrypicked from Facebook’s ranks. They’ve been working in a dedicated part of Facebook’s headquarters off-limits to other employees to boost secrecy, though the nature of the partnerships needed for launch have led to many leaks.

Governance: Facebook is in talks to create an independent foundation to oversee its cryptocurrency, The Information reports. It’s asking companies to pay $10 million to operate a node that can validate transactions made with its cryptocurrency in exchange for a say in governance of the token. It’s possible that node operators could benefit financially too. By introducing a level of decentralization to the governance of the project, Facebook may be able to avoid regulation related to it holding too much power over a global currency.

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Ivanti has acquired security firms MobileIron and Pulse Secure – TechCrunch

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IT security software company Ivanti has acquired two security companies: enterprise mobile security firm MobileIron, and corporate virtual network provider Pulse Secure.

In a statement on Tuesday, Ivanti said it bought MobileIron for $872 million in stock, with 91% of the shareholders voting in favor of the deal; and acquired Pulse Secure from its parent company Siris Capital Group, but did not disclose the buying price.

The deals have now closed.

Ivanti was founded in 2017 after Clearlake Capital, which owned Heat Software, bought Landesk from private equity firm Thoma Bravo, and merged the two companies to form Ivanti. The combined company, headquartered in Salt Lake City, focuses largely on enterprise IT security, including endpoint, asset, and supply chain management. Since its founding, Ivanti went on to acquire several other companies, including U.K.-based Concorde Solutions and RES Software.

If MobileIron and Pulse Secure seem familiar, both companies have faced their fair share of headlines this year after hackers began exploiting vulnerabilities found in their technologies.

Just last month, the U.K. government’s National Cyber Security Center published an alert that warned of a remotely executable bug in MobileIron, patched in June, allowing hackers to break into enterprise networks. U.S. Homeland Security’s cybersecurity advisory unit CISA said that the bug was being actively used by advanced persistent threat (APT) groups, typically associated with state-backed hackers.

Meanwhile, CISA also warned that Pulse Secure was one of several corporate VPN providers with vulnerabilities that have since become a favorite among hackers, particularly ransomware actors, who abuse the bugs to gain access to a network and deploy the file-encrypting ransomware.

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Google launches Android Enterprise Essentials, a mobile device management service for small businesses – TechCrunch

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Google today introduced a new mobile management and security solution, Android Enterprise Essentials, which, despite its name, is actually aimed at small to medium-sized businesses. The company explains this solution leverages Google’s experience in building Android Enterprise device management and security tools for larger organizations in order to come up with a simpler solution for those businesses with smaller budgets.

The new service includes the basics in mobile device management, with features that allow smaller businesses to require their employees to use a lock screen and encryption to protect company data. It also prevents users from installing apps outside the Google Play Store via the Google Play Protect service, and allows businesses to remotely wipe all the company data from phones that are lost or stolen.

As Google explains, smaller companies often handle customer data on mobile devices, but many of today’s remote device management solutions are too complex for small business owners, and are often complicated to get up-and-running.

Android Enterprise Essentials attempts to make the overall setup process easier by eliminating the need to manually activate each device. And because the security policies are applied remotely, there’s nothing the employees themselves have to configure on their own phones. Instead, businesses that want to use the new solution will just buy Android devices from a reseller to hand out or ship to employees with policies already in place.

Though primarily aimed at smaller companies, Google notes the solution may work for select larger organizations that want to extend some basic protections to devices that don’t require more advanced management solutions. The new service can also help companies get started with securing their mobile device inventory, before they move up to more sophisticated solutions over time, including those from third-party vendors.

The company has been working to better position Android devices for use in workplace over the past several years, with programs like Android for Work, Android Enterprise Recommended, partnerships focused on ridding the Play Store of malware, advanced device protections for high-risk users, endpoint management solutions, and more.

Google says it will roll out Android Enterprise Essentials initially with distributors Synnex in the U.S. and Tech Data in the U.K. In the future, it will make the service available through additional resellers as it takes the solution global in early 2021. Google will also host an online launch event and demo in January for interested customers.

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U.S. shopping app downloads on Black Friday reached a record 2.8M installs – TechCrunch

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Many U.S. consumers spent this year’s Black Friday sales event shopping from home on mobile devices. That led to first-time installs of mobile shopping apps in the U.S. to break a new record for single-day installs on Black Friday 2020, according to a report from Sensor Tower. The firm estimates that U.S. consumers downloaded approximately 2.8 million shopping apps on November 27th — a figure that’s up by nearly 8% over last year.

However, this number doesn’t necessarily represent faster growth than in 2019, which also saw about an 8% year-over-year increase in Black Friday shopping app installs, the report noted. This could be because mobile shopping and the related app installs are now taking place throughout the month of November, though, as retailers adjusted to the pandemic and other online shopping trends by hosting earlier sales or even month-long sales events.

Image Credits: Sensor Tower

The data seems to indicate this is true. Between Nov. 1 and Nov. 29, U.S. consumers downloaded approximately 59.2 million shopping apps from across the App Store and Google Play — an increase of roughly 15% from the 51.7 million they downloaded in Nov. 2019. That’s a much higher figure than the 2% year-over-year growth seen during this same period in 2019.

Another shift taking place in mobile shopping is the growing adoption of app from brick-and-mortar retailers. During the first three quarters of 2020, apps from brick-and-mortar retailers grew installs 27%. This trend continued on Black Friday, when 5 out of the top 10 mobile shopping apps were those from brick-and-mortar retailers, led by Walmart.

Image Credits: Sensor Tower

Walmart saw the highest adoption this year, with around 131,000 Black Friday installs, followed by Amazon at 106,000, then Shopify’s Shop at 81,000. Combined, the top 10 apps saw 763,000 total new installs, or 27% of the first-time downloads in the Shopping category.

Because the firms are only looking at new app installs, they aren’t giving a full picture of the U.S. mobile shopping market, as many consumers already have these apps installed on their devices. And many more simply shop online via a desktop or laptop computer.

To give these figures some context, Shopify reported on Saturday it had seen record Black Friday sales of $2.4 billion, with 68% on mobile. And today, Amazon announced its small business sales alone topped $4.8 billion from Black Friday to Cyber Monday, a 60% year-over-year increase, but it didn’t break out the percentage that came from mobile.

Sensor Tower and rival app store analytics firm App Annie largely agreed on the top 5 shopping apps downloaded this Black Friday. They both saw Walmart again beating Amazon to become the most-downloaded U.S. shopping app on Black Friday — as it did in 2019. The two firms reported that Amazon remained No. 2 by downloads, followed by Shopify’s Shop app, then Target. However, Sensor Tower put Best Buy in 5th place, followed by Nike, while App Annie saw those positions swapped.

Image Credits: App Annie

The rest of Sensor Tower’s top 10 included SHEIN, Sam’s Club, Klarna, then Offer Up, while App Annie’s list was rounded out by SHEIN, Sam’s Club, Wish, then Offer Up.

The pandemic’s impact may not have been obvious given the growth in online shopping this year, but the recession it triggered has played a role in how U.S. consumers are paying for their purchases. “Buy Now, Pay Later” apps like Klarna were up this year, even breaking into the top 10 per Sensor Tower’s data. The firm also noted that many new shopping apps launched this year focused on discounts and deals and retailers ran longer sales this year, as well.

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