notmlong.png
Sponsored by:

Stable.Report, Apr. 22 —Apr. 28

Stablecoin News Of The Week:

Stablecoins May Have Caused a 15% Increase in Bitcoin’s Price 📈 On April 2nd, Bitcoin rose 15% in half an hour, LongHash plotted the total transaction volume of 8 stablecoins and Bitcoin prices over the past month and found a correlation between the rising price of Bitcoin and increased stablecoin volume.  -via LongHash


JPMorgan Eyes Modernizing Settlements via Its Interbank Blockchain Service 🏦 The IIN’s new settlement functionalities will be aimed at giving participant banks (over 200) the ability to reduce the time for such resolutions, offering real-time validation of transactions. The IIN is built on Quorum, a private or permissioned version of the Ethereum developed by the bank, and comes after their February announcement that they would be releasing a stablecoin-like token, the JPM Coin. -via Blockonomi


It’s Not ‘Unreasonable’ for Businesses to Create and Use Their Own Cryptocurrencies 📺 “What we’re seeing really is the democratization of money so you know, if you and I wanted to, we could create a CNBC coin,” said Gavin Brown, co-founder and director at VC firm, Blockchain Capital Limited, during a brief interview. -via CNBC


Blockchain Surveillance Start-up, Chainalysis, Adds Binance [BNB] Coin And 3 Stablecoins On April 24th, the firm announced the addition of four new cryptocurrencies to its Know Your Transaction (KYT) initiative, the firms anti-money laundering service. Those are Binance (BNB) coin, Gemini Dollar, USD coin, and USD Tether. -via CoinGape


Nike Coin? Nike Files Trademark Application for “Cryptokicks” ✔️ According to the filing, Cryptokicks would serve as “…a digital currency or digital token for use by members of an on-line community via a global computer network; facilitation of financial transactions using unconventional currency systems and bartering, namely, facilitating transfers of electronic cash equivalents; facilitation of crypto-currency transactions, namely, virtual currency exchange transaction services for transferrable electronic cash equivalent units having a specified cash value”. We can only say “ Just do it!” -via Blockonomi


Samsung Joins Corporate Giants Reportedly Eyeing Bespoke Crypto 👍 This April 24th, an inside source within Samsung revealed that the company’s blockchain division was developing an Ethereum-based blockchain mainnet. According to the source, the project would also create a virtual asset dubbed “Samsung Coin.” The company has revealed that its flagship Galaxy S10 smartphone will have a built-in cryptocurrency wallet, and recently participated in a $4 million investment round for ZenGo — a smartphone cryptocurrency wallet app. -via CoinTelegraph


NY Attorney General Sues Bitfinex and Tether to Unearth “Fraud Being Carried Out” by the Firms 🚨 This was the biggest news of the week across cryptocurrency, and was first reported by TheBlock. Details from the suit paint a picture of Bitfinex and Tether engaging in “undisclosed, conflicted transactions to cover Bitfinex’s losses by transferring money out of tether reserve funds.” According to the Attorney General’s office (OAG) at least $700 million was drained from Tether’s reserves. You can read the full 23-page document here. -via TheBlock


Tether Responds to New York Attorney General’s Actions 🤺 Tether and Bitfinex issued a public 4-paragraph response to the NYAG’s lawsuit, stating that the court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. These funds have in fact being seized and safeguarded, and the post claims that “Both Bitfinex and Tether are financially strong — full stop.” -via Tether


Bitfinex and Tether in Hot Water over Alleged $850m Cover Up 📺 An interview with CementDAO Founder, Edan Yago, regarding the Tether Drama, arguing that “[Bitfinex] would much prefer that people convert out of Tether and into other stablecoins, for them its a much more convenient off-ramp.” -via BlockTV


TRON Keeps On Campaigning for Tether 🇨🇳 Tron Founder and CEO, Justin Sun, tweeted on April 25th: “#TRON now occupies 3.5% of total #USDT supply, 100 million out of 2.8 billion. We will reach 200 million USDT very soon!”

-via Twitter


Paxos CEO Responds to Tether Allegations: ‘We Knew This Was Coming’ 🗣️ “The industry is trading billions of dollars worth of cryptocurrencies daily, and relying on these exchanges and stablecoins that have no licensing, no registration, no oversight. It’s bad for business and reckless in the long term,” said Charles Cascarilla. -via Yahoo Finance


Project Updates:

ARYZE CEO Jack Nikogosian Makes Danish Top 100 Talents List 🙋‍♂️ ARYZE CEO, Jack Nikogosian, has been selected for the prestigious list of top 100 Danish talents under the age of 36, Talent100. -via ARYZE


Bitspark Releases Stablecoin Pegged to Philippine Peso 🇵🇭 This is the first stablecoin pegged to the PHP — one of the largest remittance markets- and through Bitspark’s platform you can now get access to 8 different stablecoins, CNY, HKD, GBP, EUR, USD, SGD, PHP, AUD. Amazing. -via CoinTelegraph


Fixed Point Math in Solidity 🤓 CementDAO, currently on TestNet, shares some programing insights it has found along this process. Solidity supports integers but no decimals, so they coded a fixed point arithmetic contract, made it safe against overflow, and tested it extensively. It underpins the CementDAO deployment in Ropsten. -via CementDAO


How to Open and Set Up your MainNet Wallet 👛 After announcing the release of their private version on MainNet, COTI wrote this explainer post to download their wallet as part of the coin distribution process, which will take 8–10 weeks to get beta tester and early stage merchant reviews and bug reports. -via COTI


COTI Lays Out its Plan for the Korean Market 🇰🇷 COTI has appointed a local senior adviser to lead strategic efforts and operation developments with Korea’s top enterprises. -via COTI


Everex US Provisional Patent Application Has Been Submitted 📄 The patent for System, Apparatus, and Business method for payments with stable token settlement was filed on April 15th, 2019, with the United States Patent and Trademark Office (USPTO). Inventors on the patent are Alexi Lane, CEO of Everex and Anna Vladi COO of Everex US.  -via Everex


Weekly Progress Report (April 15th-21st) 📅 It was a busy week for the everiToken team, this post details all the meetings and events the team had, as well as technical developments. -via everiToken


Fighting Internal Fraud with Blockchain 🛡️ More than $7 billion has been lost globally to internal fraud in 2018, this post goes over the main types of fraud (asset misapropriation, collusion, financial statement fraud), and how Blockchain technology can help mitigate these issues — but it is no silver bullet, human supervision and fraud controls are needed. -via Jibrel


Kinesis Announces North Block Capital as New Investor and Advisor 🤝 “We are delighted to be advisor and investor in Kinesis. The project is a valuable addition to our portfolio, we expect strong demand for the platform. We look forward to working with Kinesis to help them grow globally.”- Simon Wajcenberg, CEO of North Block Capital. -via Kinesis Money


Creditor Takes Crypto Startup London Block Exchange to Court LBX was the first company to announce a GBP-backed stablecoin late last year. “We filed a winding-up petition against the company as a matter of public record for a debt we are owed” said Russell Hill, a partner at Squire Patton Boggs. Benjamin Dives, LBX CEO responded “We’re getting calls from people who think we’re going out of business, but we’re not going into liquidation” -via CoinDesk


Maker DAO: Leadership Conflict and Multiple Departures 😔 The favorite decentralized stablecoin may no longer be as decentralized, according to former senior employees who were forced to quit after opposing founder Rune Christensen’s request to surrender their control of the foundation’s ~$200M Development Fund. Originally, the fund was overseen by multiple parties, all of which had their own keys to collectively unlock funds for the organization to use.  -via TheBlock


MakerDAO’s former CTO, Andy Milenius, leaked a 24-page letter from April 3rd in which he details how the drama has been unfolding from the early days — a great read and inside look at how decentralized organizations can work and devolve. Software may be trust-less, but can’t be built by a team that does not trust each other.


Update: The Road to Multi-Collateral Dai — Kovan Release v0.2.4 🔨 This release covers the newest development updates within: MCD CDP Portal, Dai.js, and New Contract Addresses. -via MakerDAO


MakerDAO Stability Fee is Now at 16.5% per Year 🙀 -via MakerDaiBot on Twitter


Neutral Dollar Project Rejects Tether And Gemini ❌ The Neutral Dollar is currently backed by a basket of four stablecoins: USDC, PAX, TUSD and DAI. GUSD nor Tether met the project’s requirements for inclusion. Although the project did not elaborate. -via CryptoBriefing


NuBits Gets Funds To Re-Peg nUSD After Long Death 🧟 Good news for Nu holders. Nu will be partnering with Estonias Barter Trade Exchange to restore their long-lost USD-peg. A vote was held to allocate 125k USD value of USNBT and 225k USD value of NSR from Nu to support the pairs on the exchange. This news was from 2 weeks ago, but we totally missed it, apologies! -via NuBits


Bringing PAX to More Payments Systems, Wallets, Lending Platforms and Exchanges 👍 This post looks at how you can use PAX today for different financial goals, and the partnerships which have been forged so far to allow customers to do so. -via Paxos


‘Up to 100 Million’ Paxos Stablecoins to Be Issued on Ontology Blockchain 🤝 “The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.” — Ontology Co-founder, Andy Ji -via CoinDesk


TokenSets is Live: Automate your Crypto Portfolio Now 🎉 TokenSets initially supports 6 Sets optimized based on how bullish or bearish you are of the crypto market. The “Stable Set” is not yet available. -via Set Protocol


sETH, sBNB, and Inverse Synths are Now Live! 🎊 Synthetix -known for its sUSD stablecoin- deployed five additional “Synths”: sETH and sBNB are pegged to ETH and BNB respectively, whereas iBTC, iETH, and iBNB are ‘Inverse Synths’ that allow you to essentially short the price of these cryptocurrencies. -via Synthetix


TrustToken Announces Four New Stablecoins & Updated Designs 🗺️ TrustToken announced new stablecoins to be backed by different currencies, namely Australian dollars (TrueAUD), Euros (TrueEUR), Canadian dollars (TrueCAD), and Hong Kong dollars (TrueHKD). Exchanges can immediately start listing TrueAUD, with TrueCAD and TrueEUR set to launch in Q2 and TrueHKD later in 2019. Also, new designs for each stablecoin! -via TrustToken


5 New Companies Announce Support for USDC 🤝 The new projects — Bitpanda, Crypterium, Nexo, Nitrogen, and Chainalysis — join the more than 100 exchanges, protocols, platforms, applications, wallets and service providers that are part of the USDC ecosystem. -via Centre Blog


USDX Wallet Announces Integration With First Crypto Exchange 💱 ExMarkets is the first exchange to list LHT, available in trading pairs with Bitcoin and Ethereum. -via USDX Wallet


How It All Started: Early Crypto Adopters 📺 A cool little video (2min) by USDX on how to start trading cryptocurrencies. -via USDX Wallet


VALOR Lists on Bitmax.io 💱 Smart Valor, the first European security token exchange for alternative investments will be listed on Bitmax on Monday, 29 April. -via Smart Valor


Wirex Launches 26 Stablecoins On Stellar Network 🎉 Wirex already launched a Visa card allowing users to convert and spend cryptocurrencies where Visa is accepted, and will be available to over 2 million retail and 5 thousand corporate customers across more than 130 countries worldwide. “Since payments (cross-border and daily) are Wirex’s main focus, we added support for local currencies with the aim of using stablecoins for international transfers. Local currency-pegged stablecoins don’t require a local liquidity provider, and can be easily and affordably exchanged to the equivalent local fiat currency.”” said Pavel Matveev, Wirex’s co-founder. -via Forbes