Facebook scales back cryptocurrency plan; Revlon lenders to keep the money americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
The Diem cryptocurrency, once known as Libra, has undergone so much change in the past year that some observers at least might argue it’s almost an entirely different project. The latest development emerged late Wednesday with the announcement that the Diem Association is moving its operations from Switzerland to the United States and focusing on a U.S. dollar stablecoin to be issued by La Jolla, Calif.-based Silvergate Bank, a unit of Silvergate Capital Corp.
The move comes a little more than a year after the project, enmeshed in criticism from banking authorities around the world, applied for a key payments-system license and
Luis Carlos Castillo Cervantes’ nickname, “El Dragón,” makes him sound like a ruthless drug trafficker. His alias’ roots, however, are in the fairly mundane business he was known for in Mexico: He had the country’s exclusive license to lease a popular brand of road paving equipment. The machines, which scrape up and shred old asphalt as they pave roads, belch dark clouds of smoke. Hence, “El Dragón,” “the Dragon,” or “the King of Dragons,” as he’s also known.
Castillo built his business empire by being generous, including sending politicians duffel bags full of cash. Working with state governments in Mexico, Castillo seemed to find it almost impossible to do business without paying bribes. It was later revealed that he’d spent millions lining the pockets of officials across the country by inflating the value of his contracts to cover the added expenses. With money rolling in, he did what so many successful businessmen from northern Mexico do: He moved to
U S launches operation targeting migrant-smuggling gangs msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.