PRICE CHANGE: WTD/YTD
- BTC ($9,869): +1% / +37%
- ETH ($270): +7% / +106%
- LTC ($79): +9% / +89%
- XRP ($0.28): -2% / +46%
- Crypto Market Cap ($287B): +2% / +50%
- BTC Dominance: 63%
THIS WEEK IN CRYPTO
- Canada-based Shopify announced it was joining the Libra Association, saying it would work "collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere." Shopify noted that it wanted to make commerce better in parts of the world where money and banking could be far better. Shopify doesn't offer direct crypto support today, but does enable its merchants to accept crypto via alternative payment methods through Coinbase Commerce, BitPay, and GoCoin. Link.
- Crypto custodian BitGo has acquired security token startup Harbor, providing it with a broker-dealer license and giving it the opportunity to expand outside of its custody offerings. Harbor raised a $38 million ICO in 2018 to build out a security token marketplace, which was intended to securitize and tokenize all types of assets. Harbor's first high-profile deal to tokenize a luxury college dorm in South Carolina failed in April, and it seems the company has struggled to execute on some of its tokenization ambitions. Link.
- BlockFi raised $30 million in a Series B round led by Valar Ventures. BlockFi started as a crypto lender, allowing users to store their bitcoin or ethereum and collect a high-yield. The firm manages more than $650 million in assets on the platform with a 0% loss rate since the company began lending in Jan 2018. BlockFi is now expanding outside of the lending space and launching its own retail broker and bitcoin-rewards credit card. Link.
- The central bank of Sweden has begun testing its digital currency e-krona, a move that takes the country a step closer to issuing the world's first central bank digital currency (CBDC). E-krona would be an alternative to cash and is aimed at making payments, deposits and withdrawals simpler via a mobile app. The pilot project will run until the end of February 2021; the Central Bank will first issue e-krona to participants such as banks, who will then distribute e-krona to end-users. Link.
- A former People's Bank of China central banker and current China blockchain lead argued that a digital currency would be highly efficient, cost-effective, and convenient especially during an epidemic. Currently China has quarantined old paper notes and had to distribute new money in Huobei, which is where the coronavirus originated. Link.
- Spain's soccer club FC Barcelona is partnering with sports-focused blockchain startup Chiliz to launch the Barca Fan Token (BAR) in Q2 of this year. BAR token holders will have voting power over certain club decisions, which will be announced when the token launches. Chiliz raised over $60 million in an ICO back in 2018. Link.
- Fortress Investment Group increased its bid to buyout Mt Gox Creditors to up to $1,300 per bitcoin, or 88% of their estimated account value. Last December Fortress had offered a 70% payment of creditors claims. Mt. Gox went bankrupt in 2014 after experiencing a severe hack. Link.
- A research report found that the Lightning Network was growing increasingly centralized, with 10 percent of the nodes controlling nearly 80 percent of funds on the network. This type of centralization makes the network more vulnerable to attacks. The Lightning Network is a layer 2 platform built on top of bitcoin, allowing for speedier and cheaper transactions. Link.
- Decentraland, a VR game built on Ethereum, has now launched to the public. Users can connect their ethereum wallets and purchase virtual real estate via non-fungible tokens called LAND; decentralization allows token holders to have full control and ownership over their virtual assets. Link.
- Blockchain startup Enigma, which raised $45 million in an ICO in 2017, has settled with the SEC who accused the company of conducting an unregistered offering of securities. Enigma agreed to pay a $500,000 penalty and let investors who participated in the ICO reclaim their funds. Link.
- The IRS is holding a summit for crypto firms in March; the summit will cover topics such as taxation issues facing crypto exchanges, tax return preparations, and regulatory compliance in cryptocurrencies. Link.
- Coinbase Custody is adding support for Polkadot's DOT tokens. Investors who have been allocated the DOT tokens can claim them directly with their Coinbase Custody accounts. Polkadot first conducted a token sale in 2017. Link.
- Presidential candidate Michael Bloomberg proposed a new plan that would offer clearer rules on crypto taxes and ICOs. Link.
- Wells Fargo invested $5 million into the Series B of blockchain analytics firm Elliptic, bringing its total Series B funding to $28 million. Elliptic software advises companies on money laundering and sanction risks. Link.
- Norwegian Air, one of the largest airlines in Europe, will now allow customers to purchase their tickets with cryptocurrency. The platform has been developed in partnership with Norwegian Block Exchange (NBX). Link.
- The Korean central bank is reportedly looking for a company that can build a new blockchain system that would improve record-keeping for the bond market. The Korean bond market is one of the largest markets in Asia, and using blockchain technology could make the market more efficient and trackable. Link.