Blockchain & Crypto Week In Review, Issue #5 (01.02.19)
Welcome to our Ferrum Network media digest. Here we will provide you with regular updates on developments from the blockchain & cryptocurrency sphere.
Here is a rundown of the last week, but first a quick note from our COO:
Hello Community, I know I sometimes feel overwhelmed with the amount of news coming out of the blockchain sector. What to make of it? Bearish? Bullish? What does it mean for me? To give some context to the weekly news stories, I will be writing a brief insight on each week’s developments and how they relate to Ferrum Network.
For instance, this week I’d like to focus on the story that Gemini passed their security audit. This kind of transparency is critical for stable-coin issuer because we now have trusted independent verification that they have $91 million in reserves backing up Gemini Dollar. Ferrum Network is more confident than ever that bringing GUSD to Nigeria through our exchange was not only a great business decision, but it will also help millions of people have access to what are effectively digital US Dollars. More news on Kudi Exchange coming soon.
Thank you for your continued support Ferrum Network. Until next week.
Ian Friend (Ferrum Network COO)
Trending this week:
Fidelity May Formally Launch Its Crypto Custody Service in March: Fidelity Investments is targeting a March launch date for its Bitcoin custody service as the mutual-fund giant moves forward with a plan that could help ease fears of trading cryptocurrencies. In October, the Boston-based firm announced it would offer a range of crypto products designed for large investors like hedge funds. Bitcoin storage will be the first one available, according to employees of three firms that spoke with Fidelity in the past several weeks and asked not to be named discussing plans that are still private. Ether custody is expected to be next, they said. Read more.
Crypto Exchange Gemini Passes Security Audit Conducted by Deloitte: Cryptocurrency exchange and custodian Gemini has said it has passed a security compliance review conducted by “Big Four” auditing firm Deloitte. Announcing the news on Tuesday, Cameron and Tyler Winklevoss-founded Gemini claimed to be the first crypto firm to have successfully completed the System and Organization Controls 2 Type 1 examination. “SOC 2 examinations are specifically designed to address controls at a service organization relevant to the systems at the service organization used to process users’ data,” according to the American Institute of Certified Public Accountants. Read more.
Want a Bitcoin Tax Refund? You Might Need an Accountant: It’s tax season again, and unlike last year at this time — when many Bitcoin investors were sitting on exponential 2017 gains — there may be another reason for cryptocurrency holders to file their taxes: the possibility of a Bitcoin tax refund. But figuring out the Bitcoin price when you bought it — also known as cost basis — and the price at which you sold it may be harder than it seems, says Jake Benson, founder and CEO of Libra, which built the first cryptocurrency tax calculator. Read more.
JPMorgan Says Blockchain Is Making Progress Outside of Crypto: It may take a few years for blockchain’s impact to be felt meaningfully, but it will provide some advancements in certain areas even as cryptocurrencies falter, according to JPMorgan Chase & Co. “Blockchain isn’t going to reinvent the global payment system, but it will provide marginal improvements,” JPMorgan’s chair of global research, Joyce Chang, said in an interview on Monday. “The most meaningful impact will probably be three to five years away and mostly on trade finance.” Read more.
Monero’s Riccardo Spagni: “Financial Privacy Is a Basic Human Right:” Speaking in Davos at an event co-hosted by The Block and E8 Partners, Riccardo Spagni, the lead maintainer of a privacy project Monero, spoke about why privacy matters to him and why he thinks it should matter to everyone. Spagni is convinced that financial privacy is a basic human right. “Privacy is not when you want to hide when you plan to overthrow the government, but privacy is the natural state of things,” he says. “As an example, when you go to the bathroom, especially a public bathroom, you typically close the door. And the reason you do that is because you’re not going into the bathroom and planning to overthrow the government. You could be but chances are you aren’t. You’re going to use the bathroom.” Read more.