Morning Brief 10.13.20: Facebook adds incentives to its bug bounties

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Bountiful

Facebook has developed an incentive marketing program for white hat hackers, along with updated policies governing how bugs are reported. Called The Facebook Bug Description Language, it standardizes description language to attract security researchers from different backgrounds.

The incentives include performance-based rewards, bonuses and early access to test new products and features, reports Venturebeat. Facebook has operated bug bounties since 2011 and has paid out more than $10 million to researchers. But the bounties have limits, as a series of glitches and breaches hit Facebook in 2019.

Many companies, including Square, Western Union and PayPal have used bug bounties for years, finding the programs to be an effective addition to internal security.

CBDC 7

A coalition of central banks have set principals for how central bank digital currencies should work and fit in with monetary policies.

The Federal Reserve, The European Central Bank, the Bank for International Settlements and the central banks of the U.K. Japan, Canada, Switzerland and Sweden have set out core principals, reports Yahoo Finance.

The group says the currency should work alongside cash and existing payment types and support wider policy objectives. The CBDCs should also promote innovation and efficiency.

Government stimulus

The People's Bank of China and part of Shenzhen are giving away 10 million digital yuan, or about $1.5 million.

The government is positioning the disbursements as "red envelope gifts," a nod to the Chinese tradition of giving cash as a gift for a special occasion, reports Coindesk. It's also part of a pilot of China's central bank digital currency.

The digital currency can be spent at about 3,400 stores. McDonald's and Starbucks earlier this year signed up to test China's digital yuan.

Political debate

About 60 of Coinbase's staff of 1,200 have accepted severance packages under CEO Brian Amstrong's offer to pay employees who are unhappy with the company's apolitical stance to quit.

Dan Yoo, vice president of business and data, is among those who have accepted the offer, reports Finextra. Armstrong offered severances after deciding the cryptocurrency company would not address political or social issues.

Some of the company's engineers had earlier staged a walkout after Amstrong did not make a statement on the Black Lives Matter movement.

From the web

Exclusive: Chinese regulatory probe delays approval for Ant's IPO, sources say
REUTERS | Tuesday, October 13, 2020
China's securities regulator is probing a potential conflict of interest in fintech giant Ant Group's planned $35 billion stock listing, delaying approval for what could be the world's largest IPO, three people with direct knowledge of the matter said.

Hong Kong and New York-based Easyship joins Shopify Plus’ tech partner program
TECHCRUNCH | Tuesday, October 13, 2020
Easyship, a logistics startup that allows e-commerce sellers to add multiple carriers to their stores, announced it has joined the Shopify Plus Technology Partner Program. Easyship is headquartered in Hong Kong and New York.

Hoping to be LatAm’s top digital bank for SMBs, Xepelin launches a lending and revenue management service
TECHCRUNCH | Tuesday, October 12, 2020
There’s another entrant in the startup race to provide financial services to Latin America’s small and medium-sized businesses.

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