Weekly Updates: Latest Crypto News (February 26 — March 4)
Strict regulations, cryptocurrency taxation, a new vision of Poloniex and many more in TEOZ Weekly Updates.
Stay tuned!
Leading Japanese e-commerce platform launches rewards program based on cryptocurrency
The e-platform Rakuten launches a rewards program based on blockchain technology. The internal platform token will be called “Rakuten Coin”. In fact, the token will technically replace the already working rewards program called “Super points”. It is noteworthy that for 15 years, the company’s clients received $ 9.1 billion in points for this program. Now the working, customized process is transferred to the crypto-exchange shell, which provides the transportability of “Rakuten Coin”. If earlier the points could be spent only in certain places, now the tokens can be easily exchanged for other cryptocurrencies. Rakuten also owns the largest messenger Viber and has a share in the online store Ozon. We can assume that with the positive experience of introducing cryptocurrency into the platform, the experiment will continue in other services. We expect that other global online giants will also introduce rewards programs based on cryptocurrency, focusing on the positive experience of pioneers.
Source: https://www.ccn.com/e-commerce-giant-rakuten-launch-cryptocurrency-rewards-program/
The largest investment funds are beginning to invest in cryptocurrencies
Wellington Management Co. has more than one trillion dollars under management. According to the February reports, cryptocurrencies appeared in some of the company’s portfolios. Wellington’s sales department now also has the opportunity to trade futures for Bitcoin. In fact, portfolio managers have long been cautiously watching the rapidly developing sphere of cryptocurrency. Previously, they invested in it indirectly, buying shares of chips and video cards manufacturers. Analysts of the company continue studying the blockchain technology. Most likely, the company develops a method of fundamental and formal evaluation of the blockchain-assets. The analytical department of TEOZ fund also develops models for assessing cryptocurrency assets. Join TEOZ fund and invest in promising cryptocurrencies and tokens along with professionals.
3) Circle acquires Poloniex for $ 400 million
According to the Coinmarketcap data Poloniex is in the TOP-15 of the world’s crypto-exchange markets. Circle is a service for instant mobile payments. It should be noted that very serious players have invested in the service: Goldman Sachs, IDG Capital Partners, Breyer Capital, Accel Partners, General Catalyst Partners, Baidu, CICC Alpha, EverBright, WangXiang and CreditEase. This transaction can have a very positive impact on the entire market as a single infrastructure and large player from the classical world acquires a serious company from the cryptocurrency world. Circle will streamline and adjust all business processes of the company, improve the client service, adjust the risk system, gradually develop a legal basis for all operations. Now, the plans include the introduction of the USD, EURO and GBR. The analytical department of TEOZ extremely positively assesses the synergetic effect of this deal for both companies and the industry as a whole.
Source: https://blog.circle.com/2018/02/26/circle-acquires-poloniex/
News on the cryptocurrency regulation
- The German Ministry of Finance announced that purchases for cryptocurrencies will not be taxed
Germany will not charge purchases for cryptocurrencies with additional taxes. Here is a quote from the document: “So-called virtual currencies (crypto-currencies such as Bitcoin) are considered equal to legal means of payment if these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose, except for use as a method of payment.” Many mass media disseminated this news with the headline “cryptocurrency — a means of payment now in Germany”. However, we believe that it is premature to talk about the full acceptance of the cryptocurrency in the form of a legal tender, since for the time being it is only a question of tax easing. In general, the news is positive for the industry with possible follow-up actions in other European countries.
2) The SEC wants to restore order to the ICO
More than 80 recently conducted ICO received requests for the SEC to thoroughly explain the entire mechanism for raising capital. Lawyers say that the request takes about 25 pages and is compiled in great detail. The requested information includes a list of investors, their email addresses, a detailed report on the marketing campaign, information on the organizational structure of the company, the amount of funds raised, the origin of these funds, information about advisers, the economy of the token. For a small ICO, it will be a real challenge to properly respond to this request. If the crypto industry always rejoices about this or that step on cryptocurrency legalization it will be compelled to face the regulation of this branch. We consider this process a planned development of the industry. ICO startups will have to report to regulators on attracting crypto-loans to finance their projects. We think that gradually the industry will come to the reporting standards for such projects. Now the market continues to be in the “wild west” stage, when neither start-ups nor regulators know the ideal reporting format.
Source: https://www.nytimes.com/2018/02/28/technology/initial-coin-offerings-sec.html
The TOP-10 for a week
Bitcoin was able to gain a foothold above $ 10,000. Neo and Cardano switched places, and Monero displaced IOTA from the cryptocurrency TOP list.
The Teoz fund’s Token increased from $ 2.67 to $ 2.91 (+ 8.99%).
Russian version: https://goo.gl/GPAgXD
TEOZ fund is an index fund created by financial market professionals with an in-depth understanding of the crypto industry and an underlying blockchain technology.
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