From the Cypher 2
What you need to know from the last week in crypto
This week we’re going global with Facebook, visiting the Pyramids in Egypt, and peeking in on Huobi in Singapore. Buckle-up!
◆ KIKing the SEC◆
Beleaguered by a several month engagement with the SEC regarding whether KIN should be considered a security, Kik has launched a crowdfunding campaign to support its potential court battle with the regulator.
After spending nearly $5 million during the initial phase of talks, the Defend Crypto campaign is intended to help set a precedent for the way U.S. regulators deal with crypto assets. The SEC has held its cards quite close to the vest throughout discussions with Kik/Kin and has been rather ambiguous with their overall approach to the industry. This has the makings for a landmark court case should the SEC choose to engage.
◆ You get a listing, and you get a listing, and you… ◆
Yesterday, Coinbase announced support for EOS via Coinbase.com and iOS & Android applications.
In September 2018, Coinbase introduced a new process for listing assets that would meet demands from users requesting more trading options on the platform, and they have delivered. In addition to recently added Stellar (XLM) and Augur (REP), EOS’ listing will increase liquidity and retail exposure for the asset as well as boost the project’s clout and visibility. At the time of this writing, price is up 11.4%.
◆ Down at the Trade Wash ◆
Huobi Global, the Singapore-based crypto exchange, recently defended steps it took to eliminate wash trading on the platform following implications in a recent Bitwise Asset Management report that it was faking trading volumes.
In March, Bitwise first released a report claiming 95% of reported bitcoin trading volume is fake. In the weeks to follow, wash trading on the Huobi platform appeared to dissipate, but Bitwise alleges the wash tactics may have just come more in line with their detection techniques as Bitcoin volumes did not significantly fall during that period. Bitwise is currently trying to launch a bitcoin ETF, and these efforts are an attempt to demonstrate that a sub-segment of the bitcoin market are healthy and transparent.
◆ Crypto on the Nile ◆
In news out of the Middle East, the Central Bank of Egypt has passed a law requiring individuals to obtain licenses prior to engaging in activities related to issuing or trading of cryptocurrencies.
The law will provide a legal framework for expansion of cryptocurrency utilization in the country, as Egypt intends to keep pace with technological innovations in the financial sector. While it is not likely Egypt will become a major player in the crypto space in the short-term, the move is a signal that crypto’s relevance is growing and can no longer be ignored by reluctant adopters.
◆ ZuckerbergCoin ◆
Facebook has officially set a time frame for the much anticipated launch of its “Project Libra” stablecoin, GlobalCoin, targeting a Q1 2020 rollout to 12 countries.
The social media titan is apparently in talks with Coinbase and Gemini (Zuckerberg/Winklevoss, bitter rivals reconciled?) for trading and custody services to support its crypto project that will look to raise $1 billion in funding. The asset is intended to enable Facebook users to transfer funds and make online purchases and stands to become a major player in the space overnight. Proponents of GlobalCoin have claimed it could help bring legitimacy to the crypto markets with 2 billion potential users having access to the asset.
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