PRICE CHANGE WTD/YTD
- BTC ($5,087): -2% / +36%
- ETH ($164): -6% / +23%
- LTC ($79): -15% / +159%
- XRP ($0.33): -8% / -6%
- Crypto Market Cap ($174B): -4% / +38%
- BTC dominance: 52%ß
THIS WEEK IN CRYPTO
- Coinbase users in the UK can now spend their crypto balances using a Coinbase debit card. Users can pay with any cryptocurrency Coinbase supports and the card grabs those balances directly from a users Coinbase account. Each transaction costs 2.5 percent in fees - 1.5 percent in conversion fees and 1 percent in transaction fees. Eventually Coinbase plans to roll out the Coinbase Card in other European countries. Link.
- Coinbase Pro announced it was going to list EOS (smart contract platform for decentralized apps), Augur (a crypto-asset for prediction markets), and Maker (smart contract platform used to stabilize value of the Dai stablecoin). Traditionally tokens listed on Coinbase Pro are soon available on Coinbase.com. Link.
- General Motors and BMW are considering using blockchain tech as part of the Mobility Open Blockchain Initiative (MOBI). Both auto giants are interested in sharing data gathered by autonomous vehicles on a blockchain. According to BMW, car markers are keeping the data to themselves which is posing as a "major barrier" in the adoption of self-driving cars. Link.
- Blockstack, a decentralized computing network, announced plans to conduct a $50 million token offering under the SEC Regulation A+ framework. Upon approval, the offering is expected to be the first SEC-qualified token offering of its kind. Users will be able to purchase Blockstack's Stacks (STX) token through a dedicated Stacks site. The net proceeds will be used to accelerate the development of the Blockstack decentralized computing network and app ecosystem. The company has previously raised over $50 million from investors like Union Square, YC, Lux Capital, and Naval Ravikant. Link.
- Chinese regulators announced a potential ban on cryptocurrency mining citing the massive waste and pollution caused by mining. The ban, if carried out, could have a massive impact on massive Chinese companies like Bitmain that provide mining and production tools to the industry. Link.
- Social media giant Facebook is said to be raising as much as a billion dollars in outside funding for its stablecoin. The company reportedly would use the funds as collateral to back the token. Facebook has been developing its own stablecoin for money transfers over WhatsApp. Link.
- Coinbase's institutional head Dan Romero announced he was leaving Coinbase this month after five years at the firm. The departure comes soon after 2 other execs from the institutional team, Christine Sandler and Adam White, also left the firm. The departures raise questions about the future of Coinbase's institutional business. Link.
- A group of bipartisan Congress members wrote to the IRS asking for clarification regarding tax on cryptocurrencies. The IRS issued preliminary guidance regarding cryptocurrencies in 2014 but it is outdated and does not address new advancements such as hard forks. Specifically the letter outlines questions around calculating and assigning cost basis, and the treatment of forks. Link.
- The New York Department of Financial Services rejected Seattle-based crypto exchange Bittrex's application for a BitLicense, citing concerns around Bittrex's anti-money laundering procedures. The decision means Bittrex has 14 days to cease conducting business in New York and 60 days to transfer any assets it custodies for New York residents. Link.
- BitStamp, one of Europe's largest crypto exchanges, was the 19th company to be awarded a BitLicense from the New York Department of Financial Services. The exchange can now offer bitcoin, litecoin, bitcoin cash, ether, and XRP trading pairs to New York state residents. Link.
- The Bitcoin blockchain recently surpassed 400 million transactions in its history. The historic transaction took place on April 8 at block 570,761. The 400 million number represents the total history recorded on-chain and excludes batching, off chain transactions, and other layers, dating back more than 10 years. There is some hope that the month’s increase shows bitcoin is entering a new bull market. Link.
- Polychain Capital, the crypto hedge fund founded by Olaf Calrson-Wee, saw its assets under management drop to $591 million in Q4 2018 from its $1 billion peak. The decline had largely to do with a drop in the value of its holdings, rather than with redemptions by investors. Though the fund fell 40 percent, it still outperformed the broader market which fell 70 percent in 2018. Polychain investors include Andreessen Horowitz, Union Square Ventures, Sequoia Capital, and Bessemer Ventures. Link.
- Albertsons, the worlds second-largest supermarket company by sales, has joined IBM's Food Trust blockchain, a digital system for tracking and tracing food between retailers and suppliers. Albertsons will begin with a pilot involving suppliers of Romain lettuce - a product which was last year linked to a widespread outbreak of E-Coli. Walmart is also a partner with IBM Food Trust and issued a mandate to all of its suppliers of leafy greens that they had to get on to the blockchain by the end of September 2019. Link.
- Magic Leap, the AR tech startup that has raised over $2 billion from investors, has multiple positions open for blockchain engineers. The engineers will join Magic Leap's "Lifestream" team which will use blockchain tech to develop a repository of user data that users can engage with in AR. Link.